NRx Receives Nasdaq Notice of Listing Compliance
NRx Pharmaceuticals has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a notice received on December 1, 2022. The company maintained a closing bid price above $1.00 per share for 10 consecutive business days from November 16 to November 30, 2022. This compliance is crucial for NRx Pharmaceuticals as it ensures continued listing on the Nasdaq exchange, potentially boosting investor confidence and stabilizing stock performance.
- Regained compliance with Nasdaq's minimum bid price requirement.
- Closing bid price was above $1.00 for 10 consecutive business days.
- None.
RADNOR, Pa., Dec. 2, 2022 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals", the "Company"), a clinical-stage biopharmaceutical company, today announced it received written notice on December 1, 2022 from The Nasdaq Stock Market informing NRx Pharmaceuticals that it has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rule 5450(a)(1) (which requires the Company to maintain a minimum closing bid price of
Up to
NRX-101 is one of the first oral antidepressants currently in late-stage clinical studies targeting the NMDA-receptor in the brain, which represents potentially a key new mechanism to treat depression with and without suicidality, as well as PTSD and other indications. To date, NRX-101 is the only oral NMDA investigational medicine focused on bipolar depression in patients with acute and sub-acute suicidality.
NRx Pharmaceuticals expects to begin its registration trial for NRX-101 under a SPA in 4Q 2022 or early Q1 2023.
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics for the treatment of central nervous system disorders, specifically suicidal depression and post-traumatic stress disorder (PTSD). The company's lead program NRX-101, an oral, fixed-dose combination of D-cycloserine and lurasidone, targets the brain's NMDA receptor and is being investigated in a Phase 3 trial under a Food and Drug Administration ("FDA") Special Protocol Agreement and Breakthrough Therapy Designation in patients with bipolar depression and acute suicidal ideation, an indication for which the only approved treatment is electroshock therapy. NRx Pharmaceuticals has also initiated a Phase 2b clinical trial in patients with Sub-Acute Suicidality, potentially a substantially broader indication. The Breakthrough Therapy Designation and Special Protocol Agreement were awarded by the FDA based on the Company's prior STABIL-B trial that demonstrated substantial improvement over available therapy in reducing depression and suicidality compared to placebo when patients were treated with NRX-101 after a single dose of ketamine.
This announcement of NRx Pharmaceuticals, Inc. includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which may include, but are not limited to, statements regarding our financial outlook, product development,
business prospects, and market and industry trends and conditions, as well as the Company's strategies, plans, objectives, and goals. These forward-looking statements are based on current beliefs, expectations, estimates, forecasts, and projections of, as well as assumptions made by, and information currently available to, the Company's management.
The Company assumes no obligation to revise any forward-looking statement, whether as a result of new information, future events or otherwise. Accordingly, you should not place reliance on any forward-looking statement, and all forward-looking statements are herein qualified by reference to the cautionary statements set forth above.
CORPORATE CONTACT
Molly Cogan
Sr. Director, Global Communications
mcogan@nrxpharma.com
INVESTOR RELATIONS
Suzanne Messere
Investor Relations
suzanne.messere@sternir.com
NRX PHARMACEUTICALS, INC CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
September 30, 2022 | December 31, 2021 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 18,249 | $ | 27,605 | ||
Prepaid expenses and other current assets | 6,552 | 5,109 | ||||
Total current assets | 24,801 | 32,714 | ||||
Other assets | 23 | 15 | ||||
Total assets | $ | 24,824 | $ | 32,729 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 2,168 | $ | 3,687 | ||
Accrued and other current liabilities | 5,067 | 2,375 | ||||
Accrued clinical site costs | 751 | 469 | ||||
Earnout Cash liability | — | 4,582 | ||||
Warrant liabilities | 56 | 292 | ||||
Note payable and accrued interest | — | 518 | ||||
Total liabilities | $ | 8,042 | $ | 11,923 | ||
Preferred stock, | — | — | ||||
Common stock, | 68 | 59 | ||||
Additional paid-in capital | 229,470 | 203,990 | ||||
Accumulated deficit | (212,756) | (183,243) | ||||
Total stockholders' equity | 16,782 | 20,806 | ||||
Total liabilities and stockholders' equity | $ | 24,824 | $ | 32,729 | ||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||
NRX PHARMACEUTICALS, INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
Three months ended | Nine months ended | |||||||||||
September 30, | September 30, | |||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
Operating expenses: | ||||||||||||
Research and development | $ | 4,129 | $ | 6,276 | $ | 12,571 | $ | 13,844 | ||||
General and administrative | 5,012 | 13,823 | 21,876 | 28,382 | ||||||||
Settlement expense | — | — | — | 21,366 | ||||||||
Reimbursement of expenses from Relief Therapeutics | — | — | — | (771) | ||||||||
Total operating expenses | 9,141 | 20,099 | 34,447 | 62,821 | ||||||||
Loss from operations | (9,141) | (20,099) | (34,447) | (62,821) | ||||||||
Other (income) expenses: | ||||||||||||
Gain on extinguishment of debt | — | — | — | (121) | ||||||||
Interest income | (95) | — | (119) | — | ||||||||
Interest expense | — | 5 | 3 | 16 | ||||||||
Change in fair value of warrant liabilities | 37 | 16,537 | (236) | (823) | ||||||||
Change in fair value of Earnout Cash liability | — | 408 | (4,582) | 763 | ||||||||
Total other (income) expenses | (58) | 16,950 | (4,934) | (165) | ||||||||
Net loss | (9,083) | (37,049) | (29,513) | (62,656) | ||||||||
Deemed dividend | — | — | — | (255,822) | ||||||||
Net loss attributable to common stockholders | $ | (9,083) | $ | (37,049) | $ | (29,513) | $ | (318,478) | ||||
Net loss per share: | ||||||||||||
Basic | $ | (0.14) | $ | (0.72) | $ | (0.45) | $ | (1.45) | ||||
Diluted | $ | (0.14) | $ | (0.72) | $ | (0.45) | $ | (1.45) | ||||
Net loss per share attributable to common stockholders: | ||||||||||||
Basic | $ | (0.14) | $ | (0.72) | $ | (0.45) | $ | (7.36) | ||||
Diluted | $ | (0.14) | $ | (0.72) | $ | (0.45) | $ | (7.36) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic and diluted | 66,449,593 | 51,739,452 | 65,532,409 | 43,290,675 | ||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||||||||
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SOURCE NRx Pharmaceuticals, Inc.
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