aibioNRx Pharmaceuticals files late notice for quarterly report for June 30, 2025
Tickers NRXP
NRx told the SEC it will miss the regular deadline for its June quarter report and needs more time to compile information. It expects to file within the form's five-day grace period, and the notice gives no figures.
Key facts
- Company
- NRX Pharmaceuticals, Inc. (NASDAQ: NRXP)
- News type
- Distress
- Primary source
- NRX Pharmaceuticals, Inc. NT 10-Q (2025-08-14)
What the notice says
NRx Pharmaceuticals, Inc. told the Securities and Exchange Commission on August 14, 2025 that it will not file its quarterly report for the period ended June 30, 2025 by the regular deadline. The Wilmington, Delaware company made the disclosure on a Form 12b-25 notification of late filing, marked for the Form 10-Q.
The notice gives one reason. In Part III, the company says it "requires additional time to compile certain information into the Form 10-Q necessary for a complete presentation." It expects to file on or before the fifth calendar day after the prescribed due date. A Form 12b-25 notice gives a company that short grace period when it cannot file on time without unreasonable effort or expense.
The filing names Michael Abrams, the chief financial officer, as the contact. The company answered yes when asked whether all other periodic reports for the past 12 months had been filed. It answered no when asked whether a significant change in results of operations was expected for the quarter.
What the company is developing
NRx describes itself as a clinical-stage bio-pharmaceutical company. Its drugs act on the N-methyl-D-aspartate (NMDA) receptor in the brain, and its stated targets include suicidal depression, chronic pain and post-traumatic stress disorder. The annual report for 2024, filed March 14, 2025, names two lead candidates. NRX-101 is an oral fixed-dose combination of D-cycloserine and lurasidone. NRX-100 is a preservative-free formulation of ketamine for intravenous infusion.
The annual report gives two different timetables for FDA decisions on those candidates. In its business summary it places the decision dates by the end of June 2025. In a later section it gives dates before December 30, 2025 for NRX-100 and before December 31, 2025 for NRX-101. The same report says the New Drug Application for NRX-101 was only initiated in the fourth quarter of 2024, and that work on its manufacturing section was still ongoing.
The report also describes a non-binding offer from a commercial pharmaceutical company to license and distribute NRX-100. The company says the offer provides for $325 million in potential milestones plus a sliding royalty of 11% to 16% of sales. The August notice does not mention the offer.
Financing and the HOPE clinics
The annual report describes financing agreements with an institutional investor for up to $16.3 million in debt capital. The company closed $10.87 million of that in 2024 and then closed $8.5 million in January 2025, in a combination of convertible debt and an above-market common stock and warrant offering.
At the report's date, two further financings were still being negotiated. Management was negotiating a term sheet with a publicly traded strategic investor and was talking with several commercial lenders. The report says that, if those financings close, management believes the company will have enough money to complete its acquisitions and business plan. That belief depends on deals that had not closed.
NRx incorporated HOPE Therapeutics, Inc. in February 2024. The report describes HOPE as a medical care delivery organization planned to own or operate clinics for interventional psychiatric treatment, using NMDA-targeted and other psychedelic drugs, neuromodulatory devices such as transcranial magnetic stimulation, and digital therapeutics. The report says NRx is organized as a research company, while HOPE is organized as a care delivery company. The plan is to move NRx from pre-revenue to revenue-generating through HOPE.
What the delay leaves open
The notice means the quarter ended June 30, 2025 will be reported after its due date. It gives no cash, loss or revenue figures for that quarter. Its only stated reason is the need for more time to compile information.
The financing terms described above come from the annual report filed in March 2025, before the quarter under review ended. Investors reading the late notice alongside that report have no quarterly figures to check the company's financing and development timetable against until the 10-Q is filed.