The PennZone

MIAMI - PennZone -- NRx Pharmaceuticals, Inc. (N A S D A Q: NRXP) is rapidly emerging as one of the most compelling growth stories in mental-health therapeutics. With three revenue-generating treatment facilities now operating in Florida—and six expected by year-end—the company is entering 2026 with accelerating clinical operations, expanding market share, and advancing two FDA-directed regulatory pathways for ketamine-based therapeutics aimed at suicidal depression, one of the largest unmet needs in mental health.

Backed by strong clinical data, FDA Fast Track designations, and third-party revenue projections, NRXP appears positioned to capitalize on a rapidly expanding U.S. ketamine market currently estimated at $750 million, projected to reach $3.35 billion globally by 2034.

Adding to investor enthusiasm, analyst D. Boral issued a Buy rating and a $34 price target, citing NRXP's accelerating execution and diversified commercialization strategy.

A Mission Targeting One of America's Most Pressing Health Crises

More than 13 million Americans seriously consider suicide each year (CDC). NRXP is developing next-generation therapeutics aimed directly at this crisis through its NMDA-based drug platform:

Key Pipeline Assets

• NRX-100 (IV Ketamine):
• FDA Fast Track designation for suicidal ideation in depression, including bipolar depression.
• Multiple commercial lots produced with three-year shelf life stability.
• NDA submission expected in Q4 2025, supported by real-world patient data from more than 60,000 IV ketamine cases.
• KETAFREE™ (preservative-free ketamine):
• Pursuing approval via an ANDA (generic) pathway.
• Recently received supportive FDA correspondence confirming no major deficiencies and on track for a Q2 2026 GDUFA date.
• Addresses a ketamine market worth ~$750 million annually.
• NRX-101 (D-cycloserine + lurasidone):
• FDA-designated Investigational Breakthrough Therapy.
• Targets suicidal treatment-resistant bipolar depression, chronic pain, and potential utility in complicated UTIs.
• New real-world data suggest its active ingredient doubles the effectiveness of TMS—a potential major indication expansion.

NRXP is partnered with Alvogen Pharmaceuticals for the development and commercialization of NRX-101.

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A Dual-Path Strategy for NRX-100: Innovative and Generic Market Entry

NRXP's regulatory strategy is unique: it is simultaneously pursuing both an innovative NDA pathway and a generic ANDA pathway for NRX-100 and KETAFREE™.

This creates two powerful value drivers:

1. Innovative NDA for Suicidal Depression

• Expected completion: Q4 2025.
• Includes comparative real-world data showing IV ketamine may have faster onset and greater effect than intranasal S-ketamine.
• NRXP has applied for a Commissioner's National Priority Voucher, which could accelerate FDA review.

2. ANDA for KETAFREE™ (Generic Ketamine)

• Re-filed after FDA approved NRXP's Suitability Petition for its preservative-free formulation.
• Supportive FDA feedback in November 2025 indicated no significant deficiencies.
• A Citizen Petition filed to remove toxic preservative benzethonium chloride from ketamine products could reshape the competitive landscape.

With commercial lots already manufactured, NRXP is positioned for a swift commercial rollout upon approval.

HOPE Clinics: Expanding Revenue Footprint Across Florida

NRXP's HOPE Therapeutics subsidiary is advancing a scalable clinic model for ketamine and advanced TMS-based interventions.

Current & Expected Expansion

• 3 operational facilities in Florida
• 6 additional facilities planned by year-end

These facilities support:

• NRX-100 Expanded Access Program
• Ketamine-based clinical services
• ONE-D single-day TMS depression treatments
• Veterans, first responders, and active-duty military populations

Management expects increased revenue contributions from clinical operations through 2026.

Breakthrough ONE-D: First-in-Florida Deployment with Ampa Health

In November, NRXP launched patient treatment using Ampa Health's ONE-D protocol—a groundbreaking approach reporting:

• 87% response rate
• 72% remission
• Achieved in one day, instead of traditional 90-day TMS schedules

ONE-D combines:

• Ampa's FDA-cleared TMS device
• D-cycloserine (NRX-101 active ingredient)
• Lisdexamfetamine

ONE-D is being deployed at HOPE clinics in Sarasota, Naples, and Fort Myers, with additional locations coming online in 2025.

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This marks a major competitive differentiator for NRXP in the mental-health treatment sector.

Financial Position: Capital Secured Through July 2026

NRXP reported securing sufficient operating capital to support its drug development programs through July 2026, complementing increasing clinical revenues.

Third-quarter results (released November 17, 2025) highlighted:

• Progress across all clinical and regulatory objectives
• Expanded Fast Track designation for NRX-100
• EU and NIH data enhancing regulatory strategy
• Growth of the HOPE facility platform
• Enhanced IP and formulation positioning

The full Q3 update and webcast are available on the NRXP investor relations site.

High-Value Licensing Opportunity

NRXP has accepted non-binding potential terms from an international pharmaceutical partner for the licensing and distribution of NRX-100. Terms include:

• Over $300 million in milestone payments
• Tiered double-digit royalties

If finalized, this could represent a transformative revenue opportunity for the company.

Investment Outlook

With:

• Multiple clinical catalysts approaching
• Two regulatory pathways advancing for NRX-100
• FDA Breakthrough Therapy designations
• National leadership in cutting-edge TMS + D-cycloserine therapy
• Increasing real-world data support
• A growing network of revenue-producing treatment centers
• Newly manufactured commercial drug supply
• And a strong capital runway

NRx Pharmaceuticals is attracting increased attention from both institutional and retail investors.

The recent $34 price target from D. Boral underscores growing confidence in NRXP's ability to execute on a scalable, high-margin strategy targeting one of the most underserved and urgent areas of mental health.

For More Information

NRx Pharmaceuticals, Inc. (N A S D A Q: NRXP)
Website: www.nrxpharma.com
Chief Business Officer: Matthew Duffy
Email: mduffy@nrxpharma.com
Phone: (484) 254-6134

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