# EDGAR Filing Document

**Accession Number:** 0001719406
**File Stem:** 0001437749-25-027256
**Filing Date:** 2025-8
**Character Count:** 126646
**Document Hash:** d633e87d8e8bd0d623bde9286284dd54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-027256.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001437749-25-027256

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250818

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NRX Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001719406
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 822844431
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38302
- **FILM NUMBER:** 251228319

**BUSINESS ADDRESS:**
- **STREET 1:** 1201 ORANGE STREET
- **STREET 2:** SUITE 600
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 484-254-6134

**MAIL ADDRESS:**
- **STREET 1:** 1201 ORANGE STREET
- **STREET 2:** SUITE 600
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Big Rock Partners Acquisition Corp.
- **DATE OF NAME CHANGE:** 20171012

?xml version='1.0' encoding='ASCII'? nrxp20250818_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported) **August 18, 2025**

**NRX PHARMACEUTICALS, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38302** | **82-2844431** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**1201 Orange Street, Suite 600**

**Wilmington, Delaware 19801**

(Address of principal executive offices) (Zip Code)

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| |
|:---|
| **(484) 254-6134** |
| (Registrant's telephone number, including area code) |

---

---

| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report.) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which**<br> **registered** |
| Common Stock, par value $0.001 per share | NRXP | The Nasdaq Stock Market LLC |
| Warrants to purchase one share of Common Stock | NRXPW | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

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On August 18, 2025, NRx Pharmaceuticals, Inc., a Delaware corporation (the "Company"), entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Purchasers") for the registered direct offering of an aggregate of 3,959,999 shares of the Company's common stock, par value $0.001 per share (the "Shares"), at a purchase price of $1.65 per share (the "Registered Direct Offering"). The Registered Direct Offering will close on or about August 18, 2025, subject to the satisfaction of customary closing conditions in the Purchase Agreement, and will result in gross proceeds to the Company of approximately $6.5 million. Concurrently with the execution of the Purchase Agreement, the Purchasers entered into a Lock Up Agreement, pursuant to which the Purchasers may not, subject to certain exceptions, transfer the Shares without the consent of the Company until August 19, 2026.

The Shares were offered by the Company pursuant to a prospectus supplement to the Company's currently effective shelf Registration Statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission on June 21, 2022 (File No. 333-265492). The Company filed a final prospectus supplement in connection with the Registered Direct Offering on August 18, 2025.

The Purchase Agreement contains customary representations, warranties, agreements and conditions to closing, as well as indemnification rights and other obligations of the parties. The Purchase Agreement is filed as an exhibit to this Current Report on Form 8-K to provide investors with information regarding its terms. It is not intended to provide any other factual information about the parties to the Purchase Agreement. In particular, the representations, warranties, covenants and agreements contained in the Purchase Agreement, which were made only for purposes of the Purchase Agreement and as of specific dates, were solely for the benefit of the parties to the Purchase Agreement, may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Purchase Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors, security holders and reports and documents filed with the SEC. Investors and security holders are not third-party beneficiaries under Purchase Agreement and should not rely on the representations, warranties, covenants and agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any party to the Purchase Agreement.

The foregoing descriptions of the Purchase Agreement and Lock Up Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of each of the form of Purchase Agreement and form of Lock Up Agreement, attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated by reference herein.

In connection with the Registered Direct Offering, the Company is filing the opinion and consent of its counsel, Disclosure Law Group, a Professional Corporation, regarding the validity of the Shares being registered, as Exhibits 5.1 and 23.1, respectively, hereto.

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On August 18, 2025, the Company issued a press release (the "*Earnings Release*") announcing its financial results for the quarter ending June 30, 2025, as well as announcing the Registered Direct Offering. A copy of the Earnings Release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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See Item 2.02 above.

***Disclaimer****. The information contained in Items 2.02 and 7.01 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed* "*filed*" *for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the* "*Exchange Act*"*), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.*

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 5.1 | [<u>Opinion of Disclosure Law Group, a Professional Corporation</u>](ex_854282.htm) |
| 10.1 | [<u>Form of Securities Purchase Agreement, dated August 18, 2025</u>](ex_854271.htm) |
| 10.2 | [Form of Lock Up Agreement, dated August 18, 2025](ex_854272.htm) |
| 23.1 | [Consent of Disclosure Law Group, a Professional Corporation (included in Exhibit 5.1)](ex_854282.htm) |
| 99.1 | [Earnings Release, dated August 18, 2025](ex_854273.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NRX PHARMACEUTICALS, INC.** | **NRX PHARMACEUTICALS, INC.** |
| Date: August 18, 2025 | By: | /s/ *Jonathan Javitt* |
|  | Name: | Jonathan Javitt |
|  | Title:  | Interim Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

![logo.jpg](logo.jpg)

August 18, 2025

NRx Pharmaceuticals, Inc.

1201 Orange Street, Suite 600

Wilmington, Delaware, 19801

Ladies and Gentlemen:

You have requested our opinion, as counsel to NRx Pharmaceuticals, Inc., a Delaware corporation (the "*Company*"), with respect to certain matters in connection with the offering by the Company of 3,959,999 shares of its common stock, par value $0.001 per share (the "*Shares*"), pursuant to a prospectus supplement, dated August 18, 2025 (the "*Prospectus Supplement*"), and the accompanying base prospectus (together, the "*Prospectus*") that form a part of the Company's Registration Statement on Form S-3 (File No. 333-265492) (the "*Registration Statement*"), originally filed by the Company with the U.S. Securities and Exchange Commission (the "*Commission*") under the Securities Act of 1933, as amended (the "*Act*"), on June 6, 2022, and declared effective by the Commission on June 21, 2022, in accordance with the Securities Purchase Agreement (the "*Securities Purchase Agreement*") dated as of August 18, 2024, by and among the Company and certain investors party thereto.

As counsel to the Company in connection with the issuance and sale of the Shares we have examined: we have examined (i) the Registration Statement and the Prospectus, (ii) the Company's Second Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws, as currently in effect, (iii) certain resolutions of the board of directors relating to the issuance and sale of the Shares, (iv) the Securities Purchase Agreement, and (v) such other proceedings, documents, and records as we have deemed necessary to enable us to render this opinion. In all such examinations, we have assumed the genuineness and authenticity of all signatures, all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, and the accuracy, completeness and authenticity of certificates of public officials. We have also assumed the due execution and delivery of all documents where due execution and delivery are prerequisite to the effectiveness thereof.

The opinions set forth in this letter are limited to the Delaware General Corporation Law as in effect on the date hereof. We are not rendering any opinion as to compliance with any federal or state antifraud law, rule or regulation relating to securities or to the sale or issuance thereof. On the basis of the foregoing, and in reliance thereon, and subject to the qualifications herein stated, we are of the opinion that the Shares have been duly authorized by all necessary corporate action on the part of the Company and when sold, issued and delivered against payment therefor in accordance with the Securities Purchase Agreement and as described in the Registration Statement and the Prospectus, will be validly issued, fully paid and non-assessable.

We consent to the reference to our firm under the caption "*Legal Matters*" in the Prospectus, which forms a part of the Registration Statement, and to the filing of this opinion as an exhibit to a Current Report on Form 8-K to be filed with the Commission for incorporation by reference into the Registration Statement. In giving this consent, we do not admit that we are "experts" within the meaning of Section 11 of the Act or within the category of persons whose consent is required by Section 7 of the Securities Act.

Very truly yours,

<u>/s/ Disclosure Law Group</u>

Disclosure Law Group, a Professional Corporation

600 West Broadway Suite 700 San Diego CA 92101 T 619.272.7050 www.disclosurelawgroup.com

## Exhibit 10.1

**Exhibit 10.1**

<u>**FORM OF SECURITIES PURCHASE AGREEMENT**</u>

This **SECURITIES PURCHASE AGREEMENT** (this "**Agreement**"), dated as of August 18, 2025, is by and among NRx Pharmaceuticals, Inc., a Delaware corporation (the "**Company**"), and the investor listed on the Schedule of Buyers attached hereto ("**Buyer**").

**<u>RECITALS</u>**

**WHEREAS,** The Company and Buyer desire to enter into this transaction to purchase the Common Shares (as defined below) pursuant to a currently effective shelf registration statement on Form S-3, which has at least $40 million of unallocated securities, including Common Stock (as defined below) registered thereunder (Registration Number 333-265492) (the "**Registration Statement**"), which Registration Statement has been declared effective in accordance with the Securities Act of 1933, as amended (the "**1933 Act**"), by the United States Securities and Exchange Commission (the "**SEC**"); and

**WHEREAS,** Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, 3,959,999 shares of Common Stock (as set forth opposite Buyer's name in column (3) on the Schedule of Buyers and shall collectively be referred to herein as the "**Common Shares**" or the "**Securities**").

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Buyer hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>PURCHASE AND SALE OF COMMON SHARES</u>** 

(a) <u>Purchase Price</u>. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company shall issue and sell to Buyer, and Buyer agrees to purchase from the Company on the Closing Date (as defined below) such aggregate number of Common Shares as is set forth opposite Buyer's name in column (3) on the Schedule of Buyers.

(b) <u>Closing</u>. The closing (the "**Closing**") of the purchase of the Common Shares by Buyer shall occur at the offices of Disclosure Law Group, a Professional Corporation, 600 West Broadway, Suite 700, San Diego, CA 92101. The date and time of the Closing (the "**Closing Date**") shall be 10:00 a.m., Los Angeles time, on the first (1st) Business Day (as defined below) on which the conditions to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and Buyer). As used herein "**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in The City of Los Angeles are authorized or required by law to remain closed.

(c) <u>Purchase Price</u>. The aggregate purchase price for the Common Shares to be purchased by Buyer (the "**Purchase Price**") shall be the amount set forth opposite Buyer's name in column (4) on the Schedule of Buyers.

NRx Pharmaceuticals Page 1

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(d) <u>Form of Payment; Deliveries</u>. On the Closing Date, (i) Buyer shall pay its respective Purchase Price to the Company for the Common Shares to be issued and sold to Buyer at the Closing, by wire transfer of immediately available funds in accordance with the Flow of Funds Letter (as defined below) and (ii) the Company shall cause Issuer Direct (together with any subsequent transfer agent, the "**Transfer Agent**") through the Depository Trust Company ("**DTC**") Fast Automated Securities Transfer Program, to credit such aggregate number of Common Shares that Buyer is purchasing as is set forth opposite Buyer's name in column (3) of the Schedule of Buyers to Buyer's balance account with DTC through its Deposit/Withdrawal at Custodian system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>BUYER</u>** <u>'</u>  **<u>S REPRESENTATIONS AND WARRANTIES</u>** .

Buyer represents and warrants to the Company that the statements contained in this Section 2 are true and correct as of the date hereof and as of the Closing Date:

(a) <u>Organization and Authority of Buyer.</u> Buyer is a corporation duly organized, validly existing and in good standing under the laws of the state set forth on the Schedule of Buyers attached to this Agreement. Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution, and delivery by the Company) this Agreement constitutes a legal, valid, and binding obligation of Buyer enforceable against Buyer in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. When each other Transaction Document to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization, execution, and delivery by each other party thereto), such Transaction Document will constitute a legal and binding obligation of Buyer enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

NRx Pharmaceuticals Securities Purchase Agreement – August 18, 2025 Page- 2 -

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(b) <u>No Conflicts; Consents</u>. The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Buyer is a party, (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to Buyer, or (iv) result in the imposition of a mortgage, pledge, security interest, encumbrance, charge or other lien on any asset of the Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder. Buyer is not required to obtain any consent from, authorization or order of, or any Governmental Entity (as defined below) or any regulatory or self- regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms hereof or thereof. "**Governmental Entity**" means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal), multi- national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or any of the foregoing.

(c) <u>Information</u>. All materials relating to the business, finances and operations of the Company (including the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q) and materials relating to the offer and sale of the Securities which have been specifically requested by such Buyer or its counsel have been made available to such Buyer and its counsel, if any, and such Buyer has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

(d) <u>Governmental Review</u>. Buyer understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the Securities

(e) <u>OFAC</u>.

(i) Such Buyer should check the Office of Foreign Assets Control ("**OFAC**") website at <u>http://www.treas.gov/ofac</u> before making the following representations. Such Buyer represents that the amounts invested by it in the Company pursuant to this Agreement were not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the "**OFAC Programs**") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists; and

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(ii) To the best of such Buyer's knowledge, none of: (1) such Buyer; (2) any person controlling or controlled by such Buyer; (3) if such Buyer is a privately-held entity, any person having a beneficial interest in such Buyer; or (4) any person for whom such Buyer is acting as agent or nominee in connection with this investment is a country, territory, individual or entity named on an OFAC list, or a person or entity prohibited under the OFAC Programs. Please be advised that the Company may not accept any amounts from a prospective investor if such prospective investor cannot make the representation set forth in the preceding paragraph. Such Buyer agrees to promptly notify the Company should such Buyer become aware of any change in the information set forth in these representations. Such Buyer understands and acknowledges that, by law, the Company may be obligated to "freeze the account" of such Buyer, either by prohibiting additional subscriptions from such Buyer, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations, and may also be required to report such action and to disclose such Buyer's identity to OFAC. Such Buyer further acknowledges that the Company may, by written notice to such Buyer, suspend the redemption rights, if any, of such Buyer if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company or any of the Company's other service providers. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs

(f) <u>KYC</u>.

(i) To the best of such Buyer's knowledge, none of: (1) such Buyer; (2) any person controlling or controlled by such Buyer; (3) if such Buyer is a privately-held entity, any person having a beneficial interest in such Buyer; or (4) any person for whom such Buyer is acting as agent or nominee in connection with this investment is a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure, as such terms are defined in the footnotes below; and

(ii) To the best of such Buyer's knowledge, none of: (1) such Buyer; (2) any person controlling or controlled by such Buyer; (3) if such Buyer is a privately-held entity, any person having a beneficial interest in such Buyer; or (4) any person for whom such Buyer is acting as agent or nominee in connection with this investment is a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure, as such terms are defined in the footnotes below; and

(iii) If such Buyer is affiliated with a non-U.S. banking institution (a "**Foreign Bank**"), or if such Buyer receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, such Buyer represents and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.

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(g) <u>Understandings or Arrangements</u>. Such Buyer is acquiring the Common Shares as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Common Shares (this representation and warranty not limiting such Buyer's right to sell the Common Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Buyer is acquiring the Common Shares hereunder in the ordinary course of its business.

(h) <u>Status</u>. At the time such Buyer was offered the Common Shares, it was, and as of the date hereof it is, and will continue to be an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

(i) <u>Experience of Such Buyer</u>. Such Buyer, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Common Shares, and has so evaluated the merits and risks of such investment. Such Buyer is able to bear the economic risk of an investment in the Common Shares and, at the present time, is able to afford a complete loss of such investment.

(j) <u>General Solicitation</u>. Such Buyer is not purchasing the Common Shares as a result of any advertisement, article, notice or other communication regarding the Common Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Buyer, any other general solicitation or general advertisement.

(k) <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</u>** .

The Company represents and warrants to Buyer that the statements contained in this Section 3 are true and correct as of the date hereof and as of the Closing Date:

(a) <u>Organization and Qualification</u>. Each of the Company and each of its Subsidiaries are entities duly organized and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect (as defined below). As used in this Agreement, "**Material Adverse Effect**" means any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into in connection herewith or therewith or (iii) the authority or ability of the Company or any of its Subsidiaries to perform on a timely basis any of their respective obligations under any of the Transaction Documents (as defined below). Other than as set forth in the SEC Reports, the Company has no Subsidiaries. "**Subsidiaries**" means any Person in which the Company, directly or indirectly, (A) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (B) controls or operates all or any part of the business operations or administration of such Person, and each of the foregoing, is individually referred to herein as a "**Subsidiary**".

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(b) <u>Authorization; Enforcement; Validity</u>. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been duly authorized by the Company's board of directors and (other than the filing with the SEC of the prospectus supplement required by the Registration Statement pursuant to Rule 424(b) under the 1933 Act (the "**Prospectus Supplement**") supplementing the base prospectus forming part of the Registration Statement (the "**Prospectus**") and any other filings as may be required by any state securities agencies or the Principal Market) no further filing, consent or authorization is required by the Company, its board of directors or its stockholders or other governing body. This Agreement has been, and the other Transaction Documents will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. "**Transaction Documents**" means, collectively, this Agreement, the Common Shares, the Irrevocable Transfer Agent Instructions (as defined below) and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

(c) <u>Indemnification.</u> To the extent permitted by law, the Company shall indemnify, defend and hold harmless the Buyer, any of the Buyer's Affiliates, and any other Person controlling the Buyer within the meaning of Section 15 of the Securities Act, and each of their respective directors, managers, portfolio managers, investment advisors, officers, principals, partners, members, equity holders (regardless of whether such interest are held directly or indirectly), trustees, controlling persons, predecessors, successors and assigns, subsidiaries, employees, agents, advisors, attorneys and representatives (each a "**Company Indemnified Party**"), with respect to which any registration that has been effected pursuant to this Agreement, from and against all claims, losses, damages, expenses (including reasonable and documented fees and disbursements of external counsel) and liabilities (or action, suit, proceedings, inquiry or investigation in respect thereof), and shall reimburse each Company Indemnified Party upon demand for reasonable and documented fees and expenses of counsel and other expenses incurred by it in connection with, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect thereto, including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on (a) this Agreement (including as a result of any breach or inaccuracy of any representation, warranty or covenant of the Company herein) or (b) any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, prospectus, any amendment thereof or supplement thereto, or other document incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances in which they were made, or any violation by the Company of any rule or regulation promulgated under the Securities Act applicable to the Company as the same may relate to this Agreement, and relating to any action or inaction required of the Company in connection with any such registration, qualification or compliance, and will reimburse each Company Indemnified Party, for reasonable legal and other out-of-pocket expenses reasonably incurred in connection with defending any such claim, loss, damage, liability or action as incurred; provided that the Company will not be liable in any such case to the extent that any untrue statement or omission or allegation thereof contained in this Agreement is made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Buyer for use in preparation of any Registration Statement, prospectus, amendment or supplement; provided further, that the Company will not be liable in any such case where the claim, loss, damage or liability arises out of or is related to the failure of the Buyer to comply with the covenants and agreements contained in this Agreement respecting sales of the Securities under the Registration Statement which gave rise to such indemnification obligation. No Company Indemnified Party shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Company, for or in connection with the transactions contemplated hereby, except to the extent such liability results from such Company Indemnified Party's bad faith, actual fraud, gross negligence or willful misconduct. No Company Indemnified Party shall be liable for any damages arising from the use by unauthorized persons of any information made available to the Company Indemnified Parties by or on behalf of the Company or its representatives through electronic, telecommunications or other information transmission systems that is intercepted by such persons.

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Notwithstanding anything to the contrary set forth above, to the extent any claim for indemnification under this Section 3(c) is made by any Company Indemnified Party, the Company Indemnified Party or Parties shall be represented in any such action by a single counsel selected by the Company Indemnified Party or Parties and reasonably acceptable to the Company, rather than by separate counsel for each Company Indemnified Party or Parties, notwithstanding any conflicts that may arise or exist between such Parties; *provided, further* that in any such claim, action, suit or proceeding, the Company shall have the right to participate in the defense of any claim, action, suit or proceeding brought against the Company Indemnified Party or Parties with respect to which such Company Indemnified Party or Parties is entitled to indemnity hereunder. The Company Indemnified Party or Parties shall provide Company with reasonable notice of any such claim or proceeding and shall keep the Company reasonably informed of the status thereof.

(d) <u>Capitalization</u>.

(i) <u>Authorized and Outstanding Capital Stock</u>.As of the date hereof, the authorized capital stock of the Company consists of (A) 500,000,000 shares of Common Stock, of which, 19,809,902 are issued and outstanding and 23,144,440 shares are reserved for issuance pursuant to convertible securities exercisable or exchangeable for, or convertible into, shares of Common Stock and; (B) 50,000,000 shares of Preferred Stock, of which none are issued and outstanding. No shares of Common Stock are held in the treasury of the Company

(ii) <u>Valid Issuance; Available Shares; Affiliates</u>. All of the outstanding shares of Common Stock (including the Securities) and Preferred Stock are duly authorized and have been, or upon issuance will be, validly issued and are fully paid and nonassessable and have been issued in compliance with all federal and state and foreign securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders. The capital stock of the Company, including the Common Stock, conforms in all material respects to the description thereof in the Registration Statement, the Prospectus and the Prospectus Supplement The SEC Documents disclose the number of shares of Common Stock that are (A) reserved for issuance pursuant to convertible securities and (B) that are, as of the date hereof, owned by Persons who are "affiliates" (as defined in Rule 405 of the 1933 Act and calculated based on the assumption that only officers, directors and holders of at least 10% of the Company's issued and outstanding Common Stock are "affiliates" without conceding that any such Persons are "affiliates" for purposes of federal securities laws) of the Company or any of its Subsidiaries. To the Company's knowledge, no Person owns 10% or more of the Company's issued and outstanding shares of Common Stock (calculated based on the assumption that all convertible securities, whether or not presently exercisable or convertible, have been fully exercised or converted (as the case may be) taking account of any limitations on exercise or conversion (including "blockers") contained therein without conceding that such identified Person is a 10% stockholder for purposes of federal securities laws).

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(iii) <u>Existing Securities; Obligations</u>. Except as set forth in the SEC Documents: (A) none of the Company's or any Subsidiary's shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered or permitted by the Company or any Subsidiary or any other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any Common Stock pursuant to the Company's charter, by-laws or any agreement or other instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except pursuant to this Agreement) and neither the filing of the Registration Statement nor the offering or sale of the Securities as contemplated by this Agreement gives rise to any rights for or relating to the registration of any Common Stock or other securities of the Company; (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (E) there are no securities or instruments containing anti-dilution, any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary or similar provisions that will be triggered by the issuance of the Securities; and (F) neither the Company nor any Subsidiary has any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. No further approval or authorization of any stockholder, the Company's board of directors or others is required for the issuance and sale of the Securities.

(e) <u>Issuance of Securities; Registration Statement</u>. Except as otherwise set forth in the SEC Documents, the Common Shares are duly authorized and, upon issuance and payment in accordance with the terms of the Transaction Documents, shall be duly and validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively "**Liens**") with respect to the issuance thereof. The Company has reserved from its duly authorized capital the maximum number of Common Shares issuable pursuant to this Agreement, The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on June 21, 2022, including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The issuance by the Company of the Common Shares has been registered under the Securities Act, the Common Shares are being issued pursuant to the Registration Statement and all of the Common Shares are freely transferable and freely tradable by each Buyer without restriction, whether by way of registration or some exemption therefrom. The Registration Statement is effective and available for the issuance of the Common Shares thereunder and the Company has not received any notice that the SEC has issued or intends to issue a stop-order with respect to the Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened in writing to do so. The Company, if required by the rules and regulations of the SEC, shall file the Prospectus Supplement with the SEC pursuant to Rule 424(b). The "Plan of Distribution" section under the Registration Statement permits the issuance and sale of the Common Shares hereunder and as contemplated by the other Transaction Documents. Upon receipt of the Common Shares, each Buyer will have good and marketable title to the Common Shares. The Registration Statement and any prospectus included therein, including the Prospectus and the Prospectus Supplement, complied in all material respects with the requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations of the SEC promulgated thereunder and all other Applicable Laws (as defined below), except as would have a material adverse effect. At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities Act, the Registration Statement and any amendments thereto complied and will comply in all material respects with the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendments or supplements thereto (including, without limitation the Prospectus Supplement), at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, complied, and will comply, in all material respects with the requirements of the Securities Act and did not, and will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. All corporate action required to be taken for authorization, issuance and sale of the Common Shares have been duly and validly taken. The Common Shares conform in all material respects to all statements with respect thereto contained in the Registration Statement and the Prospectus Supplement. The Company meets all of the requirements for the use of Form S-3 under the Securities Act for the offering and sale of the Securities contemplated by this Agreement and the other Transaction Documents, and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) under the Securities Act. The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act. At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) relating to any of the Securities, the Company was not and is not an "Ineligible Issuer" (as defined in Rule 405 under the Securities Act).

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(f) <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the Certificate of Incorporation (as defined below) (including, without limitation, any certificate of designation contained therein), Bylaws (as defined below), certificate of formation, memorandum of association, articles of association, bylaws or other organizational documents of the Company or any of its Subsidiaries, or any capital stock or other securities of the Company or any of its Subsidiaries, (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including United States federal and state securities laws, rules and regulations, and the rules and regulations of the Nasdaq Capital Market (the "**Principal Market**") to which either the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, or (iv) result in the imposition of a mortgage, pledge, security interest, encumbrance, charge or other lien on any asset or property of the Company or any Subsidiary (except, with respect to clauses (ii) and (iii), for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations that would not, individually or in the aggregate, have a Material Adverse Effect).

(g) <u>Compliance</u>. Neither the Company nor any of its Subsidiaries is in violation of its or their respective Articles of Incorporation, Bylaws or other organizational documents, and neither the Company nor any of its Subsidiaries is in default (and no event has occurred that with notice or lapse of time or both would put the Company or any of its Subsidiaries in default) under, nor has there occurred any event giving others (with notice or lapse of time or both) any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party. The businesses of the Company and its Subsidiaries are not being conducted, and shall not be conducted so long as Buyer (or any of its respective affiliates) own any of the Securities, in violation of any law, ordinance or regulation of any Governmental Entity, except for possible violations the sanctions for which either singly or in the aggregate have not had and would not have a Material Adverse Effect. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company, used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity, made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee. The Company and its Subsidiaries possess all licenses, certificates, authorizations and permits issued by the appropriate federal, state, provincial or foreign regulatory authorities that are material to the conduct to its business, and neither the Company nor any of its Subsidiaries has received any notice of proceeding relating to the revocation or modification of any such certificate, authorization or permit. The Company has complied in all material respects with and is not in default or violation in any material respect of, and is not, to the Company's knowledge, under investigation with respect to or has not been, to the knowledge of the Company, threatened to be charged with or given notice of any violation of, any applicable federal, state, local or foreign law, statute, ordinance, license, rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any federal, state, local or foreign governmental or regulatory authority. Except for statutory or regulatory restrictions of general application, no federal, state, local or foreign governmental or regulatory authority has placed any material restriction on the business or properties of the Company.

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(h) <u>SEC Documents, Financial Statements</u>. During the two (2) years prior to the date hereof, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements, notes and schedules thereto and all documents incorporated by reference therein being hereinafter referred to as the "**SEC Documents**"). The Company has delivered or has made available to Buyer or their respective representatives true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("**GAAP**"), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate). The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial statements or otherwise. The Company is not currently contemplating to amend or restate any of the financial statements (including, without limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents (the "**Financial Statements**"), nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of the Financial Statements.

(i) <u>Transactions With Affiliates</u>. Except as set forth in the SEC Documents, none of the officers, directors, or employees of the Company or any of its Subsidiaries is presently a party to any transaction with the Company or any of its Subsidiaries (other than for ordinary course services solely in their capacity as officers, directors or employees), including, without limitation, any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such officer, director or employee or any corporation, partnership, trust or other entity in which any such officer, director, or employee has an ownership interest of five percent or more or is an officer, director, trustee or partner.

(j) <u>Intellectual Property</u>. The Company and its Subsidiaries own or possess rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor ("**Intellectual Property Rights**") necessary to conduct their respective businesses as now conducted. None of the Company's Intellectual Property Rights have expired or terminated or have been abandoned or are expected to expire or terminate or are expected to be abandoned, within three years from the date of this Agreement. The Company does not have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the Company or any of its Subsidiaries regarding its Intellectual Property Rights. Neither the Company nor any of its Subsidiaries is aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights.

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(k) <u>Title</u>. The Company and its Subsidiaries have good and marketable title in fee simple to all real property and good and merchantable title to all personal property owned by them that is described in the Registration Statement, the Prospectus and the Prospectus Supplement as being owned by them or material to the business of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances, security interests and defects except such as would not, individually or in the aggregate, result in a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases except such as would not, individually or in the aggregate, result in a Material Adverse Effect.

(l) <u>Tax Status</u>. The Company and each of its Subsidiaries has made or filed all foreign, U.S. federal, state, provincial and local income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim. The Company has not executed a waiver with respect to any statute of limitations relating to the assessment or collection of any foreign, federal, state, provincial or local tax. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of the Company for which there is not an adequate reserve reflected in the Company's financial statements included in the Registration Statement, the Prospectus and the Prospectus Supplement. None of the Company's tax returns is presently being audited by any taxing authority.

(m) <u>Listing</u>. Except as has previously been cured or as otherwise set forth in the SEC Documents, (i) the Company has not, in the 12 months preceding the date hereof, received notice from the Principal Market to the effect that the Company is not in compliance with the listing or maintenance requirements of the Principal Market, and (ii) the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Securities are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

(n) <u>Insurance</u>. The Company and each of its Subsidiaries as in force fire, casualty, product liability and other insurance policies with extended coverage, sufficient in amount to allow it to replace any of its material properties or assets which might be damaged or destroyed or sufficient to cover liabilities to which the Company may reasonably become subject, and such types and amounts of other insurance with respect to its business and properties, on both a per occurrence and an aggregate basis, as are customarily carried by persons engaged in the same or similar business as the Company. No default or event has occurred that could give rise to a default under such policy.

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(o) <u>No Brokers</u>. The Company has taken no action that would give rise to any claim by any person for brokerage commissions, finder's fees or similar payments by Buyer relating to this Agreement or the transactions contemplated hereby.

(p) <u>Investment Company</u>. The Company is not and, after giving effect to the offering and sale of the Securities, will not be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended.

(q) <u>No Integrated Offering</u>. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Principals Market on which any of the securities of the Company are listed or designated.

(r) <u>Anti-Bribery and Anti-Money Laundering Laws</u>. Each of the Company, its Subsidiaries, its affiliates and any of their respective officers, directors, supervisors, managers, agents, or employees, each in their respective roles with the Company, has not violated, its participation in the offering will not violate, and the Company and each of its Subsidiaries has instituted and maintains policies and procedures designed to ensure continued compliance with, each of the following laws: anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality in which the Company does business, including but not limited to any applicable law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977 (the "**FCPA**"), as amended, the U.K. Bribery Act 2010 (to the extent applicable), or any other applicable law, rule or regulation of similar purposes and scope, or anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder.

(s) <u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>COVENANTS</u>** .

(a) <u>Best Efforts</u>. Buyer shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 7 of this Agreement.

(b) <u>Prospectus Delivery</u>. Prior to the execution of this Agreement, the Company shall have delivered to the Buyer, and as soon as practicable after execution of this Agreement the Company shall file, the Prospectus Supplement with respect to the Securities to be issued on the Closing Date, as required under, and in conformity with, the 1933 Act, including Rule 424(b) thereunder. The Company shall provide Buyer a reasonable opportunity to comment on a draft of each Prospectus Supplement, shall give due consideration to all such comments and shall deliver or make available to the Buyer, without charge, an electronic copy of each form of Prospectus Supplement, together with the Prospectus, on the Closing Date (which such delivery may be satisfied via a link to the filing on the SEC's Electronic Data Gathering, Analysis, and Retrieval "**EDGAR**" system). The Company consents to the use of the Prospectus (and of any Prospectus Supplements thereto) in accordance with the provisions of the 1933 Act and with the securities or "blue sky" laws of the jurisdictions in which the Securities may be sold by Buyer, in connection with the offering and sale of the Securities and for such period of time thereafter as the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is required by the 1933 Act to be delivered in connection with sales of the Securities. If during such period of time any event shall occur that in the judgment of the Company and its counsel is required to be set forth in the Registration Statement or the Prospectus or should be set forth therein in order to make the statements made therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, or if it is necessary to amend the Registration Statement or supplement or amend the Prospectus or any free writing prospectus to comply with the 1933 Act or any other applicable law or regulation, the Company shall forthwith prepare and file with the SEC an appropriate amendment to the Registration Statement or Prospectus Supplement to the Prospectus (or supplement to the free writing prospectus) and shall expeditiously furnish or make available to the Buyer an electronic copy thereof (which may be satisfied by delivering a link to the filing on the SEC's EDGAR system).

(c) <u>Blue Sky Laws</u>. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to, qualify the Securities for sale to Buyer at the Closing pursuant to this Agreement under applicable securities or "Blue Sky" laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to Buyer on or prior to the Closing Date.

(d) <u>Reporting Status</u>. Until the date on which Buyer shall have sold all of the Securities (the "**Reporting Period**"), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

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(e) <u>Listing</u>. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Common Shares upon each national securities exchange and automated quotation system, if any, upon which the Common Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing or designation for quotation (as the case may be) of all of the Common Shares on such national securities exchange or automated quotation system. The Company will use its best efforts to continue to maintain the Common Stock's listing or authorization for quotation (as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE American, the Nasdaq Global Market. the Nasdaq Global Select Market, or the OTCQB (each, an "**Eligible Market**"). Neither the Company nor any of its Subsidiaries will take any action which could be reasonably expected to result in the delisting or suspension of the Common Stock on an Eligible Market

(f) <u>Exchange Cap</u>. The Buyers and the Company agree that the total cumulative number of shares of Common Stock issued to the Buyers under the Transaction Documents may not exceed 19.99% of the number of shares of Common Stock issued and outstanding (the "**Exchange Cap**") pursuant to the requirements of Rule 5635(d) of The Nasdaq Stock Market LLC or other applicable rules of the Trading Market. For purposes of this paragraph, the Exchange Cap shall be calculated based on the number of shares of Common Stock issued and outstanding as of the date of this Agreement, which number shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement under the applicable rules of the Trading Market..

(g) <u>Legal Compliance</u>. The Company shall conduct its business and the business of its Subsidiaries in compliance with all laws, ordinances or regulations of governmental entities applicable to such businesses, except where the failure to do so would not have a Material Adverse Effect.

(h) <u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) if required by Buyer, on or before the fourth business day after the Closing Date, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange Act. From and after the filing of such Form 8-K, the Company represents to Buyer that it shall have publicly disclosed all material, non-public information delivered to Buyer by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. The Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide Buyer or its respective agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto Buyer shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that Buyer shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and Buyer shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and the Company shall not issue any such press release nor otherwise make any such public statement without the prior consent of Buyer, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of Buyer, or include the name of Buyer in any filing with the SEC or any regulatory agency or Principal Market, without the prior written consent of Buyer, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the SEC and (b) to the extent such disclosure is required by law or Principal Market regulations, in which case the Company shall provide Buyer with prior notice of such disclosure permitted under this clause (b).

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(i) <u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that Buyer is an "Acquiring Person" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that Buyer could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and Buyer.

(j) <u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4(g), the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide Buyer or its agents or counsel (other than the Placement Agent) with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto Buyer shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that Buyer shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to Buyer without Buyer's consent, the Company hereby covenants and agrees that Buyer shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that Buyer shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. The Company understands and confirms that Buyer shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

(k) <u>Use of Proceeds</u>. The Company will apply the net proceeds from the sale of the Securities to be sold by it hereunder for the purposes set forth in the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>TRANSFER AGENT INSTRUCTIONS</u>** .

(a) <u>Register</u>. The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to each holder of Securities), a register for the Common Shares in which the Company shall record the name and address of the Person in whose name the Common Shares have been issued (including the name and address of each transferee), the number of Common Shares held by such Person. The Company shall keep the register open and available to Buyer during business hours for inspection after reasonable notice to the Company from Buyer or its legal representatives.

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(b) <u>Transfer Agent Instructions</u>. The Company shall issue irrevocable instructions to its Transfer Agent (the "**Irrevocable Transfer Agent Instructions**") to credit shares to the applicable balance accounts at DTC, registered in the name of Buyer, for the Securities in such amounts as specified by Buyer prior to the Closing Date. The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5(b) will be given by the Company to its Transfer Agent with respect to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement and the other Transaction Documents. The Company shall cause its counsel to issue a legal opinion referred to in the Irrevocable Transfer Agent Instructions to the Transfer Agent at the Closing. Any fees (with respect to the Transfer Agent, counsel to the Company or otherwise) associated with the issuance of such opinions or the removal of any legends on any of the Securities shall be borne by the Company.

(c) <u>Legends</u>. Certificates and any other instruments evidencing the Securities shall not bear any restrictive or other legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>CONDITIONS TO THE COMPANY</u>** <u>'</u>  **<u>S OBLIGATION TO SELL</u>** .

The obligation of the Company hereunder to issue and sell the Common Shares to Buyer at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion by providing Buyer with prior written notice thereof:

(a) Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

(b) Buyer shall have delivered to the Company the Purchase Price for the Common Shares being purchased by Buyer at the Closing by wire transfer of immediately available funds in accordance with the letter on the letterhead of the Company, duly executed by the Chief Executive Officer of the Company, setting forth the wire amounts of Buyer and the wire transfer instructions of the Company, attached hereto as <u>Exhibit A</u> (the "**Flow of Funds Letter**").

(c) The representations and warranties of Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by Buyer at or prior to the Closing Date. The Company shall have received a certificate, duly executed by the Chief Executive Officer of Buyer, dated as of the Closing Date, to the foregoing effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>CONDITIONS TO BUYER</u>** <u>'</u>  **<u>S OBLIGATION TO PURCHASE</u>** .

The obligation of Buyer hereunder to purchase the Common Shares at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for Buyer's sole benefit and may be waived by Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

(a) The Company shall have duly executed and delivered to Buyer (i) each of the Transaction Documents and the Company (ii) such aggregate number of Common Shares set forth across from Buyer's name in column (3) of the Schedule of Buyers as being purchased by Buyer at the Closing pursuant to this Agreement.

(b) Buyer shall have received the opinion of Disclosure Law Group, a Professional Corporation, the Company's counsel, dated as of the Closing Date, in the form reasonably acceptable to Buyer.

(c) The Buyer shall have received the Indemnification from the Company in Section 3(c).

(d) The Company shall have delivered to Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form reasonably acceptable to Buyer, which instructions shall have been delivered to and acknowledged in writing by the Company's transfer agent.

(e) The Company shall have delivered to Buyer a certificate, in the form reasonably acceptable to Buyer, executed by the Secretary of the Company and dated as of the Closing Date, as to the resolutions consistent with Section 3(b) as adopted by the Company's board of directors in a form reasonably acceptable to Buyer.

(f) The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Closing Date. Buyer shall have received a certificate, duly executed by the Chief Executive Officer of the Company, dated as of the Closing Date, to the foregoing effect.

(g) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>GOVERNING LAW; MISCELLANEOUS</u>** .

(a) <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in the State of Delaware. The Company and Buyer irrevocably consent to the exclusive jurisdiction of the United States federal courts and the state courts located in the State of Delaware, County of Wilmington, in any suit or proceeding based on or arising under this Agreement and irrevocably agree that all claims in respect of such suit or proceeding may be determined in such courts. The Company irrevocably waives the defense of an inconvenient forum to the maintenance of such suit or proceeding. The Company further agrees that service of process upon the Company mailed by first class mail shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. Nothing herein shall affect the right of Buyer to serve process in any other manner permitted by law. The Company agrees that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner.

(b) <u>Headings; Gender</u>. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision in which they are found.

(c) <u>Counterparts</u>. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

(d) <u>Severability</u>. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement in any other jurisdiction.

(e) <u>Entire Agreement; Amendments</u>. This Agreement and the other Transaction Documents (including any schedules and exhibits hereto and thereto) contain the entire understanding of Buyer, the Company, their affiliates and persons acting on their behalf with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor Buyer make any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived other than by an instrument in writing signed by the party to be charged with enforcement, and no provision of this Agreement may be amended other than by an instrument in writing signed by the Company and Buyer.

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(f) <u>Notices</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) or electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient's email server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Company:

NRx Pharmaceuticals, Inc.

1201 Orange Street, Suite 600

Wilmington, DE 19801

Telephone: (484) 254-6134

Attention: Chief Executive Officer

E-Mail: javitt@nrxpharma.com

with a copy simultaneously transmitted by like means (which transmittal shall not constitute notice hereunder) to:

Disclosure Law Group, a Professional Corporation

600 West Broadway, Suite 700

San Diego, CA 92101

Telephone: (619) 272-7050

Attention: Jack Kennedy

E-Mail: jkennedy@disclosurelawgroup.com

(ii) If to Buyer, to its address, e-mail address and facsimile number set forth on the Schedule of Buyers, with copies to Buyer's representatives as set forth on the Schedule of Buyers, with a copy simultaneously transmitted by like means (which transmittal shall not constitute notice hereunder) to:

Friedman & Feiger

17304 Preston Road

Suite 300

Dallas, TX 75252

Telephone: (972) 450-7339

Attention: Jason H. Friedman

Email: jhfriedman@fflawoffice.com

or to such other address, e-mail address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine or e-mail containing the time, date, recipient facsimile number and, with respect to each facsimile transmission, an image of the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

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(g) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Except as provided herein, neither party hereto may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other party.

(h) <u>Third Party Beneficiaries</u>. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person, except as otherwise set forth in Section 4(l) and this Section 8(h).

(i) <u>Transfer Agent Fees</u>. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing (if and as available) of any instruction letter delivered by the Company and any exercise notice delivered by Buyer), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to Buyer.

(j) <u>Survival</u>. The representations, warranties, agreements and covenants shall survive the Closing.

(k) <u>Further Assurances</u>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

(l) <u>Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for any reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF,** Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **NRX PHARMACEUTICALS, INC.** | **NRX PHARMACEUTICALS, INC.** |
| By:  |  |
| Name: | Jonathan C. Javitt, MD, MPH |
| Title: | Chairman and CEO |

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**IN WITNESS WHEREOF,** each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written above.

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| |
|:---|
| **BUYER:** |
| **[BUYER]** |
| By:  |
| Name: |
| Title: |

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**[SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]**

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**<u>[Schedules and Exhibits Omitted]</u>**

## Exhibit 10.2

**Exhibit 10.2**

**Form of**

**Lock-Up Agreement**

Date: August 18, 2025

NRx Pharmaceuticals, Inc.

1201 Orange Street, Suite 600

Wilmington, DE 19801

Attn: Jonathan Javitt, Interim Chief Executive Officer

c/o Disclosure Law Group, a Professional corporation 600 West Broadway, Suite 700 San Diego, CA 92019

Ladies and Gentlemen:

As an inducement to NRx Pharmaceuticals, Inc., a Delaware corporation (the "*Company*"), consummating the transactions set forth in that certain Securities Purchase Agreement, dated August 18, 2025 (the "*Purchase Agreement*"), providing for the sale of an aggregate of 3,959,999 shares of the Company's common stock, par value $0.001 per share (the "*Common Stock*"), the undersigned hereby agrees that without, in each case, the prior written consent of the Company, during the period specified in the second succeeding paragraph (the "*Lock-Up Period*"), the undersigned will not: (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock acquired under the Purchase Agreement (the "PA Common Stock") or any securities convertible into, exercisable or exchangeable for or that represent the right to receive PA Common Stock (including without limitation, PA Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "*SEC*") and securities which may be issued upon exercise of a stock option or warrant)(the "*Undersigned*'*s PA Acquired Securities*"); (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Undersigned's PA Acquired Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of PA Common Stock, in cash or otherwise; (3) make any demand for or exercise any right with respect to, the registration of any PA Common Stock or any security convertible into or exercisable or exchangeable for PA Common Stock; or (4) publicly disclose the intention to do any of the foregoing.

The undersigned agrees that the foregoing restrictions preclude the undersigned from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned's PA Acquired Securities even if such PA Acquired Securities would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Undersigned's PA Acquired Securities or with respect to any security that includes, relates to, or derives any significant part of its value from such Securities.

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The Lock-Up Period will commence on August 18, 2025 (the "*Closing Date*"), and continue and include the date one (1) year after the Closing Date.

Notwithstanding the foregoing, the undersigned may transfer the Undersigned's PA Acquired Securities (i) as a *bona fide* gift or gifts, (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, (iii) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (1) transfers to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned or (2) distributions of shares of Common Stock or any security convertible into or exercisable for Common Stock to limited partners, limited liability company members or stockholders of the undersigned, (iv) if the undersigned is a trust, transfers to the beneficiary of such trust, (v) transfers by testate succession or intestate succession, or (vi) pursuant to the Underwriting Agreement; *provided,* in the case of clauses (i) through (v), that (x) such transfer shall not involve a disposition for value, (y) the transferee agrees in writing with the Company to be bound by the terms of this Agreement, and (z) no filing by any party under Section 16(a) of the Securities Exchange Act of 1934, as amended (the "*Exchange Act*"), shall be required or shall be made voluntarily in connection with such transfer. For purposes of this Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, nor more remote than first cousin.

In addition, the foregoing restrictions shall not apply to the establishment of any contract, instruction or plan (a "*Plan*") that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; *provided* that no sales of the Undersigned's PA Acquired Securities shall be made pursuant to such a Plan prior to the expiration of the Lock-Up Period, and such a Plan may only be established if no public announcement of the establishment or existence thereof and no filing with the SEC or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the undersigned, the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period.

Notwithstanding the foregoing, this Lock-Up Agreement will not in any way preclude the undersigned from purchasing additional Securities in the Company subsequent to the closing of the Purchase Agreement. To the extent additional Common Stock or other Securities are purchased by the undersigned separate and apart from the Undersigned's PA Acquired Securities, the Lock-Up Agreement will not apply to those Securities acquired separate from and subsequent to the Purchase Agreement. The foregoing carve-out from the Lock-Up Agreement shall apply to Common Stock or other Securities acquired in NRx Pharmaceuticals, Inc. by the undersigned that are separate transaction from the Undersigned's PA Acquired Securities whether said Common Stock is acquired via separate At-the-Market (ATM) transactions, via open market purchases, via option market purchases, or via other mechanism. For the avoidance of doubt, there shall be no limitations on sales, transfers, or other transactions related to Securities in the Company acquired separate from and subsequent to the Purchase Agreement.

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In furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Common Stock if such transfer would constitute a violation or breach of this Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that upon request, the undersigned will execute any additional documents necessary to ensure the validity or enforcement of this Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned understands that the Company is entering into the Purchase Agreement and proceeding with the sale of the shares of Common Stock in reliance upon this Agreement.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.

[*Signature page follows*]

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| |
|:---|
| Very truly yours, |
| Printed Name of Holder |
| Signature |
| Printed Name and Title of Person Signing<br> (*if signing as custodian, trustee, or on behalf of an entity*) |

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## Exhibit 99.1

**Exhibit 99.1**

![logosmall.jpg](logosmall.jpg)

**NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) Reports** 

**Second Quarter 2025 Financial Results and Provides Corporate Update**

**NRx Drug Development**

&nbsp;&nbsp;&nbsp;&nbsp;● *Grant of expanded Fast Track Designation for NRX-100 from the FDA for all indications and types of depression and related disorders based on its potential to satisfy an unmet medical need.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Represents an approximately 10-fold expansion of the addressable market to 13 million Americans, compared to the original Fast Track Designation issued in 2017 for bipolar depression alone.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *The Designation letter contains a specific finding that NRX-100 addresses an* "*unmet medical need.* "*This is a specific qualifying requirement for the Commissioner* ' *s National Priority Voucher Program.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Filing of Commissioner* ' *s National Priority Voucher application for intravenous ketamine (NRX-100).* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Submission of draft labeling for NRX-100 in the treatment of suicidal depression based on the Fast Track Designation received.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Filing of an Abbreviated New Drug Application (ANDA) for NRX-100 (preservative-free intravenous ketamine).* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Submission of stability data for NRX-100 to the manufacturing data on file with FDA sufficient to support three years of room temperature shelf stability for NRX-100.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Completion of a toxicology assessment of Benzethonium Chloride<sup>1</sup>, documenting its lack of* "*Generally Recognized as Safe* "*(GRAS) status and lack of safety data to support its use in intravenous presentations of ketamine.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Filing of a Citizen* ' *s Petition with the U.S. Food and Drug Administration to seek the removal of benzethonium chloride, a toxic preservative, from all ketamine products for intravenous administration.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Filing of a patent application for NRX-100, the Company* ' *s proprietary preservative-free formulation of intravenous ketamine.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Receipt of a PDUFA filing fee waiver from the FDA for NRX-100.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Filing of module 3 manufacturing data to support a New Drug Application for NRX-101 in the treatment of patients with suicidal bipolar depression and akathisia despite treatment with already-approved medication.* 

**HOPE Therapeutics**

&nbsp;&nbsp;&nbsp;&nbsp;● *Execution of definitive Purchase Agreement and receipt of final regulatory clearance from Florida* ' *s Agency for Health Care Administration (* "*ACHA* "*) to proceed with closing the acquisition of Dura Medical.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Execution of binding letter of intent to acquire the assets of NeuroSpa TMS Holdings of Tampa, FL.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Execution of a binding letter of intent to acquire a 49% interest in Cohen and Associates, LLC.* 

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<sup>1</sup>Sapko, M. T., Panicucci, R., & Javitt, J. (2025). Toxicological Evaluation of Benzethonium Chloride in Ketamine Formulations. Zenodo. <u>https://doi.org/10.5281/zenodo.16883346</u>

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![logosmall.jpg](logosmall.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;● *Receipt of approval, pending legal stipulations, for $7.8 million of debt financing to support the acquisition of Dura Medical, NeuroSpa TMS Holdings, and Cohen and Associates, LLC.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Execution of a definitive purchase agreement, subject to standard closing conditions and agreement between the parties regarding the resolution of ongoing discussions, to purchase the non-clinical assets of Kadima Neuropsychiatry Institute.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Execution of a non-binding term sheet for a strategic investment from a global medical device manufacturer into HOPE.* 

**Corporate (subsequent to the filing of form 10-Q)** 

&nbsp;&nbsp;&nbsp;&nbsp;● *$6.5 million dollar investment to purchase approximately 3.9 million shares of common stock of NRx Pharmaceuticals on August 18, 2025, by a consortium of experienced biotechnology investors led by B Group Capital. The purchase is subject to a one-year lockup on trading, shorting, or otherwise hypothecating said securities. The investment has no warrants, repricing provisions, commissions, or other structure.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *The B Group Capital led consortium of ultra long-term healthcare specialist investors is highly strategic with extensive experience in complex clinical, regulatory, and commercial therapeutics but also direct ownership and management of multi-unit retail operations with potentially positive long-term implications for efforts to continue to scale and develop HOPE Therapeutics.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *A live webcast of the conference call will be available on the Company* ' *s website at 8:00 a.m. ET Wednesday August 20, 2025.* 

**WILMINGTON, Del.,** August 18<sup>th</sup>, 2025 – NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals", the "Company"), a clinical-stage biopharmaceutical company, today announced financial results for the quarter ended June 30, 2025, and provided a corporate update.

"NRx has made remarkable progress with all three of our lead programs in recent months. Additionally, as announced today, we have now attracted our first group of fundamental biotechnology investors who have joined us to partner in building a successful commercial enterprise and contributed sufficient capital to reach expected regulatory inflection points. The investor group has aligned its interests in the future growth of our enterprise by purchasing restricted common stock that is subject to a one-year lockup agreement and is devoid of warrants, repricing mechanisms, or other mechanisms that are likely to cause future dilution. Furthermore, the B Group Capital led consortium of investors is strategic as it relates to our efforts to scale-up and develop our HOPE Therapeutics business with the potential to bring future partnerships and operational infrastructure to more quickly realize the potential of our HOPE clinic strategy."

Last week, we received a markedly expanded Fast Track designation from FDA that establishes the unmet medical need associated with using NRX-100 (preservative-free intravenous ketamine) to treat suicidal depression in more than 13 million Americans each year. Over the past quarter and in subsequent events, we filed an application under the Commissioner's National Priority Voucher Program (CNPV), filed a patent with the USPTO, filed an ANDA for existing indications, and a Citizen's Petition to remove Benzethonium Chloride from IV ketamine products. The Fast Track determination just received qualifies NRX-100 for the stated requirements of the CNPV. We have continued to advance NRX-101 (oral D-cycloserine/lurasidone), initiated filing of an NDA for Accelerated Approval in bipolar depression and akathisia, and advanced our development of the HOPE clinic network," said Jonathan Javitt, MD, MPH, Chairman and CEO of NRx Pharmaceuticals. "This continuing flow of accomplishments reflects our commitment to Bringing Hope to Life by delivering life-saving treatments to soldiers, first responders, veterans, and civilians in urgent need."

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**<u>Key Research and Development and Corporate Activities</u>**

**NRX-100**

We have undertaken two paths to market for NRX-100: a generic-approval path under an Abbreviated New Drug Application (ANDA) to address the current generic market for ketamine, and an innovative drug path under a New Drug Application (NDA) to develop ketamine for use in treating suicidal depression. The ANDA market is estimated at $750 million today and we anticipate entering this market in early 2026. There is one innovative ketamine-based drug currently marketed for treatment of depression whose manufacturer recently reported $1.3 billion in 2024 sales. The label of that product specifies that it does not reduce suicidal ideation. Our objective is to achieve an accelerated approval of NRX-100 as the first drug to treat suicidal ideation in depression, including bipolar depression. Detailed information is in our 10-Q filing for the quarter ended June 30, 2025. With recent positive changes in the regulatory environment, we similarly anticipate entering the innovative market for ketamine in mid-2026.

Our proprietary, preservative free formulation is the subject of a US patent filing that has potential to confer orange-book exclusivity. In addition, we have filed a Citizen's Petition with FDA noting that the Benzethonium Chloride (BZT) preservative in all current commercial forms of ketamine is not Generally Recognized as Safe (GRAS) and has not been demonstrated to be safe in the context of this product. Historically, BZT was added to ketamine to enable multidose use and multi-patient use from a single vial. Those uses are no longer common in US healthcare facilities. We have performed an extensive review of the toxicology literature around BZT and determined that FDA no longer allows BZT to be used in hand cleansers and topical antiseptics. BZT is part of a class of quaternary amines that have been shown to be toxic to corneal and conjunctival cells. A related compound in this class, Benzalkonium Chloride, has been removed from many eyedrops because of this demonstrated toxicity. The toxicology review link suggests that while single dose administration of preserved ketamine is generally thought of as safe, the cumulative dose of BZT with repeated intravenous administration may approach a toxicologically-concerning exposure to this compound.

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In general, we anticipate that a preservative-free form of ketamine will be welcomed by physicians and patients, which may enable NRX-100 to gain a larger share of the existing ketamine market than would be available to an undifferentiated product. However, should the Citizen's Petition be granted the share of the generic market captured by NRX-100 could be considerably higher.

Our path to New Drug Approval of Ketamine for treatment of depression was substantially augmented on August 8, 2025 by award of an expanded Fast Track Designation (FTD) to NRX-100 by the FDA Division of Psychiatry Products. This is a major expansion of the 2017 designation awarded to NRX-100 which was limited to the treatment of suicidal bipolar depression. Last week's designation for "treatment of suicidal ideation in depression, including bipolar depression," addresses the 13 million Americans that develop suicidal ideation each year, with 1.5 million attempting suicide and an American dying of suicide every 11 minutes.

FDA further augmented the potential path to market of NRX-100 by establishing the Commissioner's National Priority Voucher Program (CNPV). The key criteria are shown below, taken from the FDA website. To receive a CNPV, a product must meet at least one of the criteria below. Management believes that NRX-100 meets all five criteria.

● Addressing a U.S. public health crisis.

● Delivering more innovative cures for the American people.

● Addressing a large unmet medical need.

● Onshoring drug development and manufacturing to advance the health interests of Americans and strengthen U.S. supply chain resiliency.

● Increasing affordability.

Receipt of a CNPV would afford a substantially faster review time of 1-2 months vs. 10-12 months, enhance communication throughout the review process, and create potential for accelerated approval of NRX-100. CNPV requires that a Company's module 3 manufacturing data be on file, a requirement that was met in December 2024, with stability data updated in July 2025 to support three years of room temperature shelf stability.

**NRX-101: Oral Treatment for Suicidal Bipolar Depression**

Bipolar depression affects over seven million people in the US. Current treatment options carry the risk of suicide and akathisia, a side-effect of serotonin active antidepressants which is closely related to suicide. People with bipolar depression and akathisia or suicidality are at imminent risk of self-harm. These patients need better treatment options urgently.

During Q2 2025 and in subsequent events, management has focused on preparing the New Drug Application of NRX-101, submitting more than 80,000 pages of manufacturing, non-clinical, and clinical material in July 2025. Breakthrough Therapy Designation was awarded to NRX-101 by the FDA in 2018. Clinical progress related to NRX-101 is documented in recently filed reports with the Securities and Exchange Commission under Forms 10-K and 10-Q.

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As noted previously, NRX-101 demonstrated a statistically-significant benefit in reduction of suicidality and reduction of akathisia in a randomized, well-controlled trial against lurasidone. These findings confirm the initial results reported in the Company's STABIL-B trial. The Company anticipates filing an NDA for Accelerated Approval of NRX-101 for treatment of "Suicidal Bipolar Depression in patients with Akathisia and Active Suicidal Ideation despite standard of care therapy." NRX-101 is the only oral medicine that has ever been demonstrated in two randomized trials to reduce active suicidality and akathisia, to the Company's knowledge. The Company is in active discussion with an academic medical center that has already demonstrated leadership in the successful phase 2 trial to conduct the confirmatory research required post Accelerated Approval under an already-funded national multicenter trial. The Company is currently applying for a PDUFA fee waiver for NRX-101 from FDA on the grounds of overwhelming public health need.

Recent evidence suggests that NRX-101 may confer a significant added advantage to the clinical results of Transcranial Magnetic Stimulation (TMS).<sup>2</sup> The Company is initiating an expanded-access protocol to make NRX-101 available for this application and is organizing a phase 2b/3 randomized clinical trial to confirm this finding. If NRX-101's synergistic effects in combination with TMS are confirmed, NRX-101 could be an excellent strategic fit with our HOPE clinic network and its patients and caregivers.

**HOPE Therapeutics: Interventional Psychiatry Clinic Network** 

HOPE Therapeutics, a wholly owned subsidiary of NRx Pharmaceuticals, is creating a clinic network to develop and implement a new, enhanced clinical paradigm for the treatment of depression, PTSD, obsessive-compulsive disorder, and related CNS conditions.

HOPE is committed to delivering integrated, neuroplastic treatment to the millions of patients with suicidal depression, PTSD, and related CNS conditions – at the highest level of care, and with each of these services offered in the same location. We believe that mental health treatment has been fragmented for too long, and through its national network of interventional psychiatry clinics, HOPE aims to seamlessly deliver comprehensive care.

A major clinical paradigm shift is underway, whereby "neuroplastic therapies" – i.e. those that create new connections (synapses) between brain cells – are seen to markedly reduce symptoms of depression, PTSD, and suicidality. Sometimes these treatments are called psychedelic treatments because of their hallucinatory side effects. Neuroplastic therapies include NMDA-targeted drugs, such as NRX-100 and NRX-101, Transcranial Magnetic Stimulation ("TMS"), hyperbaric therapy, digital therapeutics, and some forms of psychotherapy. Properly deployed, these treatments can deliver remission from depression and suicidality within hours and be maintained over the long term.

The Company has announced initial clinic acquisitions as detailed in the 10-Q and additional public filings. These initial acquisitions are moving toward closing in the near term, subject to certain closing conditions and finalizing financing. Together, these clinics are expected to be accretive to HOPE revenues and EBITDA in 2025, with potential forward pro forma revenues of more than ~$15 million.

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<sup>2</sup> Cole J, et.al. Efficacy of Adjunctive D-Cycloserine to Intermittent Theta-Burst Stimulation for Major Depressive Disorder: A Randomized Clinical Trial. JAMA Psychiatry. 2022;79(12):1153–1161. doi:10.1001/jamapsychiatry.2022.3255

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The Company is also in negotiation to acquire and/or partner with a number of facilities in Florida, the Mid-Atlantic and Midwest, aiming for $100 million in total, forward pro-forma revenue by year-end 2025. Each of the clinical centers being incorporated has already demonstrated profitability that the Company believes can expand through the addition of a broader array of comprehensive services and operational efficiencies. Management estimates that the acquisition of a portion of these clinic networks will allow the Company to meet its 2025 growth targets.

**Financial Results for the Quarter Ended June 30, 2025**

For the three months ended June 30, 2025, the Company reported a net loss of $17.6 million versus a net loss of $7.9 million for the comparable quarter in 2024. The change was primarily attributable to fair value accounting measurements, which are non-cash. For the three months ended June 30, 2025, the Company reported a loss from operations of $3.7 million versus a loss from operations of $7.1 million for the comparable quarter in 2024. As of June 30, 2025, NRx Pharmaceuticals had approximately $2.9 million in cash and cash equivalents.

The Company believes that its current cash position will support operations into 2026 and provide sufficient capital to reach expected regulatory inflection points.

**Conference Call and Webcast Details**

A live webcast of the conference call will be available on the Company's website at 8:00 a.m. ET Wednesday August 20, 2025, at <u>https://ir.nrxpharma.com/events</u>. An archive of the webcast will be available on the Company's website for 30 days. Participants that are unable to join the webcast can access the conference call via telephone by dialing domestically 1-800-717-1738 or internationally 1-646-307-1865.

**About NRx Pharmaceuticals, Inc.**

NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression; the company recently filed module 3 manufacturing data to support the New Drug Application for NRX-101.

NRx has recently filed an Abbreviated New Drug Application (ANDA) and initiated a New Drug Application filing for NRX-100 (IV ketamine) with an application for the Commissioner's National Priority Voucher Program for the treatment of suicidal depression. The filing is based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and the Government of France, licensed under a data sharing agreement.

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**About HOPE Therapeutics, Inc.**<br> HOPE Therapeutics, Inc. (<u>www.hopetherapeutics.com</u>), a subsidiary of NRx Pharmaceuticals, is a Healthcare delivery company that is building a best-in-class network of interventional psychiatry clinics to offer ketamine, transcranial magnetics stimulation (TMS), and other lifesaving therapies to patients with suicidal depression and related disorders, together with a digital therapeutic-enabled platform designed to augment and preserve the clinical benefit of NMDA-targeted drug therapy.

**Notice Regarding Forward-Looking Statements**

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at <u>http://www.sec.gov</u>. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

**<u>For further information:</u>**

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| | |
|:---|:---|
| ***Matthew Duffy***<br> Co-CEO, Hope Therapeutics, Inc.<br> Chief Business Officer, NRx Pharmaceuticals, Inc.<br> <u>mduffy@nrxpharma.com</u> | ***Brian Korb***<br> Managing Partner, astr partners<br> (917) 653-5122<br> <u>brian.korb@astrpartners.com</u> |

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