NRX Pharmaceuticals reports first-half 2026 net loss narrows

NRX Pharmaceuticals (NASDAQ: NRXP ) released second-quarter financial results and hosted an earnings call on Monday.

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For comprehensive financial data and transcripts, visit View the webcast at Summary NRX Pharmaceuticals reported a net loss of $18.0 million for the first half of 2026, an improvement from a net loss of $23.1 million in the same period last year, primarily due to non-recurring charges in 2025.

The company has advanced several strategic initiatives, including progressing FDA reviews and trials for their drugs, such as the ANDA for preservative-free ketamine and the SPARC TMS trial for NRX101.

NRX Pharmaceuticals completed the acquisition of GeNeuro assets, aiming to develop new treatments for ALS and other diseases, with potential non-dilutive funding from military and government sources.

The company increased its cash reserves to $26.7 million as of June 30, 2026, primarily from a public offering, and anticipates sufficient resources for operations for at least a year.

Management expressed optimism about the expanded market opportunities for NRX101, potential military partnerships, and the international implications of their drug developments.

Full Transcript OPERATOR Good afternoon ladies and gentlemen and welcome to the NRX Pharmaceuticals second quarter 2026 results conference call.

At this time all lines are in a listen-only mode.

Following the presentation we will conduct a question and answer session.

If you require any operator assistance, you may press star zero.

I would now like to turn the conference call over to Sebastian Gomez of Astar Partners.

Please go ahead.

Sebastian Gomez, Astar Partners Thank you, operator, and welcome everyone.

Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under U.S. federal securities law.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.

Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC.

The forward-looking statements made during this call speak only as of the date hereof and the company undertakes no obligation to update or revise the forward-looking statements.

Information presented on this call is contained in the press release issued today and in the company's Form 10-Q, which may be accessed from the investor page of the NRX Pharmaceuticals website.

Joining me on today's call is Dr.

Jonathan Javitt, our founder, chairman and CEO, and Michael Abrams, our chief financial officer.

Dr.

Javitt will provide an overview of the company's progress during both the first half of the year and second quarter, following which Michael Abrams will review our financial results.

Following their prepared remarks, we will address investor questions.

I will now turn the call over to Jonathan.

Jonathan Javitt, Founder, Chairman and CEO Thank you, Sebastian.

Good morning everyone.

Thank you for joining us.

The second quarter of 2026 was a major inflection point for our company across multiple key objectives as we advanced our mission to bring HOPE to valuable patients battling depression and suicidal ideation.

We continue to drive forward toward those key objectives with quarterly results that include completing the first-cycle FDA review of our ANDA for preservative-free ketamine, with only a single remaining major deficiency to resolve; with FDA advancing the path to approval for NRX100 supported by White House and Congress guidance to the FDA for the use of real-world evidence to establish comparable or superior efficacy; working in concert with the U.S. military as the prime contractor that's been identified for the SPARC TMS trial—that's an FDA-approved phase 2/3 trial of NRX101 with robotic TMS—that we expect will include 240 patients in our HOPE clinics and at Harvard McLean, together with another 160 patients at military treatment facilities, all funded through the military, and we're still in the contracting process for that; completing the acquisition of the GeNeuro assets and the resulting partnership with NIH to potentially develop the first disease-modifying drug to treat ALS; and finally continuing growth and development of the HOPE Therapeutics clinic footprint with expanded operations in Florida.

Let me start with the ANDA for preservative-free ketamine.

As we discussed on our August 10th conference call, the FDA identified no major deficiencies related to the drug or to its manufacturer.

A single major deficiency was identified, however, related to the Luer lock component of the vial.

That's the little prongs on the tip of the vial that connects the vial to a syringe without having to use a needle.

And FDA requested that the company provide a manufacturer's attestation that the vial is manufactured in the same manner as it is for three other currently approved drugs that ship more than 12 million units a year.