Document:

EX-10.25

 Exhibit 10.25 

AMENDMENT TO DEVELOPMENT AND LICENSE AGREEMENT (this “Agreement”), effective as of October 19, 2016 modifies the Development and
License Agreement effective as of May 2, 2016 (the “Effective Date”), and also cancels the amendment to this agreement dated October 6, 2016 between GLYTECH LLC, a Delaware limited liability company with offices at 2711 Centerville Road,
Wilmington, DE, as licensor (“Glytech”), and NEURORX, INC., a corporation organized under the laws of the State of Delaware, with offices at 913 North Market Street, Suite 200, Wilmington, DE, as licensee (“NeuroRx”). 

Glytech possesses certain proprietary information and technology related to rapid-onset therapy for
treatment resistant depression (collectively, and as more definitively described below, the “Licensed Technology”). 
 NeuroRx
wishes to acquire, and Glytech desires to grant to NeuroRx, a license to the Licensed Technology to research, develop, manufacture, have manufactured, sell, have sold and market products utilizing the Licensed Technology and to provide related
Know-How, on the terms and conditions set forth herein. 
 Glytech and NeuroRx have agreed on a three-phase development strategy, consisting
of an initial financing round and a second financing round, both of which have occurred prior to the Effective Date, followed by a larger financing round, which financing rounds were and will be led by Dr. Jonathan C. Javitt as the initial
Chief Executive Officer of NeuroRx. 
 NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged,
and for the mutual promises and covenants disclosed herein, the parties agree as follows: 
 1.     Amended and
Restated Agreement; Definitions 
  

	 	1.1	 Amended and Restated Agreement. The parties acknowledge and agree that, as of the Effective Date, this
Amendment modifies the May 2, 2016 agreement. The parties further acknowledge that the modification signed on October 6, 2016 is cancelled. 

  

	 	1.2	 Effective Date of the Modification. The Modification to the agreement shall become effective upon the
sale by NeuroRx of Preferred B1 Shares of stock in an amount which exceeds $5 million upon terms approved by NeuroRx’s board including the Glytech Shareholder.. 

2.1     Terms of the Modification. The definition of Third Financing Round, as defined on page 16 of the Development
and License agreement, shall be modified as follows: 
 “Third Financing Round” shall mean a transaction or a series of transactions
(excluding the first two financing rounds that occurred after the Original Effective Date and prior to the Effective Date and the proceeds thereof) involving the issuance of Third Financing Shares of NeuroRx, or the equivalent thereof (including a
transaction involving an initial public offering of NeuroRx), resulting in aggregate gross proceeds to NeuroRx of at least $20,000,000 $5,000,000 (Five Million USD) for the purpose of organizing and conducting, to 

 
the extent necessary to support Regulatory Approval, one or more clinical studies, including but not limited to a pivotal trial for the first Product using the Licensed Technology. 

All other terms of the Development and License agreement shall remain in full force and effect. 

Agreed to this 19th day of October 2016 
  

									
	GLYTECH LLC	 		 		 	NEURORX INC.
					
	By:	 	 /s/ Daniel C. Javitt
	 		 		 	 /s/ Jonathan C. Javitt

	Name:	 	Daniel C. Javitt, PhD, MD	 		 		 	Jonathan C. Javitt, MD, MPH
	Title:	 	Managing Member	 		 		 	CEO and President

  
 2EX-10.26

 Exhibit 10.26 

FINAL 
 SECOND AMENDMENT
TO 
 AMENDED AND RESTATED DEVELOPMENT AND LICENSE AGREEMENT 

THIS SECOND AMENDMENT TO THE AMENDED AND RESTATED DEVELOPMEMT AND LICENSE AGREEMENT (this “Amendment”) is made as of June 13,
2018 (the “Effective Date” hereof) by and between Glytech LLC (“Glytech”) and NeuroRx, Inc. (“NeuroRx”). 

Glytech and NeuroRx are parties to the Development and License Agreement dated as of August 6, 2015 (the “Original License
Agreement”), as amended and restated by the Development and License Agreement dated as of May 2, 2016 (the “Amended and Restated License Agreement”), as further amended by the Amendment to Development and License Agreement dated
as of October 19, 2016 (the “First Amendment”; together with the Amended and Restated License Agreement, the “License Agreement”). 

The parties desire to amend the License Agreement (i) to include claims under certain new Patent Rights developed by Glytech in the
definitions of Licensed Patent Rights and Excluded Technology, as those terms are defined in the License Agreement, (ii) to confirm NeuroRx’s obligations to reimburse Glytech for certain development expenses incurred and (iii) to
provide for indemnification of Glytech for claims by third parties related to the Licensed Patent Rights. 
 NOW, THEREFORE, in
consideration of the mutual covenants and conditions set forth herein, Glytech and NeuroRx hereby agree as follows:  
 1.
Definitions. Unless otherwise indicated herein, words and terms which are defined in the License Agreement shall have the same meaning where used in this Amendment. 

2. Amendment to License Agreement. 

(a) Schedule B of the License Agreement is revised to add certain additional Patent Rights (the “Additional Patent Rights”) to the
Licensed Patent Rights, identified as such in the revised Schedule B attached hereto. The existing definitions set forth in Schedule A of the License Agreement are unchanged. For clarification, any claims in the Additional Patent Rights related to
the use of D-cycloserine or lurasidone in the field of bipolar disorder will be included as Licensed Patent Rights. In contrast, claims in the Additional Patent Rights not related to the use of D-cycloserine or lurasidone in such field will be
deemed Excluded Technology. 
 (b) NeuroRx shall pay to Glytech the sum of $232,060 as reimbursement for patent and related development
expenses incurred by Glytech in connection with its initial development of the Additional Patent Rights and related Know-How, $70,000 to be paid within 30 days of invoicing and the remainder ($162,060) to be
paid within six (6) months of the Effective Date hereof and otherwise as provided in Section 2.3(d) of the License Agreement. Glytech shall provide NeuroRx with invoices and underlying work product to support reimbursement of the above
amount in conformance with Generally Accepted Accounting Principles (GAAP), as implemented by NeuroRx’s auditors. NeuroRx shall also reimburse Glytech the reasonable costs of Glytech’s legal counsel in preparing this Agreement. 

(c) The following Section 8A shall be added to the License Agreement: 

“8A. Indemnification for Certain Claims Involving Licensed Patent Rights. 

8A.1 In addition to the provisions of Section 3.3 of this License Agreement, NeuroRx hereby agrees to Indemnify the
Glytech Indemnitees from and against all Losses resulting from any Third-Party Claims against any of the Glytech Indemnitees based on any 

 
intellectual property rights, contractual rights or other rights a third party may assert with respect to any of the Licensed Technology or the Excluded Technology, including without limitation
any rights to or in any of the Additional Patent Rights. For purposes of this Section 8A, a “Third-Party Claim” shall include the participation in or intervention by a third party in any proceeding, which third party participation or
intervention is adverse to the rights of the Glytech Indemnitees in the Licensed Technology or the Excluded Technology, except that there shall be no indemnification under this Section 8A for any proceeding giving rise to Losses that
(A) arise from the gross negligence or willful misconduct of any Glytech Indemnitee or (B) arise from any breach by Glytech of the License Agreement. To be eligible to be Indemnified hereunder, Glytech shall provide NeuroRx with prompt
notice of any Third-Party Claim giving rise to the indemnification obligation under this Section 8A. Such notice will also specify whether, at Glytech’s sole option, Glytech elects either (x) to authorize NeuroRx to defend (with the
reasonable cooperation of Glytech) or settle any such claim (provided, however, that in such instance NeuroRx shall not enter into any settlement that admits fault or wrongdoing by Glytech or creates any obligation on the part of Glytech without
Glytech’s written consent, such consent not to be unreasonably withheld or delayed) or, alternatively, (y) to defend or settle such claim on its own, in which instance NeuroRx shall reimburse Glytech for all Losses incurred in connection
therewith, including without limitation the costs of Glytech’s counsel, which counsel shall be reasonably satisfactory to NeuroRx and which settlement amounts, if any, also shall be reasonably satisfactory to NeuroRx. 

8A.2 NeuroRx shall pay the legal fees, costs and reasonable retainers (“Legal Expenses”) incurred by the Glytech
Indemnitees in connection with any Third-Party Claim, and such payment shall be made within thirty (30) days after the receipt by NeuroRx of a statement or invoice reflecting such Legal Expenses from time to time, whether prior to or after
final disposition of any such Third-Party Claim. 
 3. Continued Validity of License Agreement. Except as specifically amended
hereby, the License Agreement shall continue in full force and effect as originally constituted and is ratified and reaffirmed by the parties hereto. The Parties confirm that any breach of this Amendment shall constitute a breach of the License
Agreement, and shall entitle the non-breaching Party to all rights and remedies set forth in the License Agreement. 

4. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

  
 2 

 [Signature Page of Amendment to Amended and Restated Development and License
Agreement] 
 IN WITNESS WHEREOF, the undersigned parties have executed this Amendment as of the date first written above. 

 

			
	GLYTECH LLC
		
	 By:
	 	 /s/ Daniel C. Javitt, PhD, MD

		 	Name:  Daniel C. Javitt, PhD, MD
		 	Title:    Managing Member
	
	NEURORX INC.
		
	 By:
	 	 /s/ Jonathan C. Javitt, MD, MPH

		 	Name: Jonathan C. Javitt, MD, MPH
		 	Title:   CEO and President

  
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 Schedule B (Revised) 

Licensed Patent Rights* 
  

	I.	 Patent Rights – Original Patent Rights 

 

															
	 Country
	  	App. No.	  	    Filing    
    Date    	  	            Pub. No.            	  	    Pub. Date    	  	Patent No.	  	    Grant    
Date	  	        Status        
	 US
	  	13/936198	  	7/7/13        	  	2014/0018348	  	1/16/14	  	9737531	  	8/22/17	  	granted
	 WO
	  	PCT/US2013/49653	  	7/9/13	  	WO2014/011590	  	1/16/14	  	n/a	  	n/a	  	entered
 nationalphase

	 CA
	  	2878565	  	7/9/13	  	2014011590	  	1/16/14	  	n/a	  	n/a	  	pending
	 AU
	  	2013288827	  	7/9/13	  	2013288827	  	2/19/15	  	2013288827 B2	  	3/8/18	  	pending
	 EP*
	  	20130816622	  	7/9/13	  	2872139	  	5/20/15	  	2872139 B2	  	11/1/17	  	granted
	 CN
	  	2013837202	  	7/9/13	  	104507477	  	4/8/15	  	ZL.
 201380037202.7
	  	1/19/18	  	granted
	 IL
	  	20150236687	  	1/12/15	  	236687	  	2/26/15	  	n/a	  	n/a	  	abandoned        
	 JP
	  	20215-521708	  	7/9/13	  	n/a	  	n/a	  	n/a	  	n/a	  	pending

  

	 	II.	 Patent Rights – Additional Patent Rights (added by Second Amendment to Development and License
Agreement, June 2018 

  

															
	 Country
	  	App. No.	 	    Filing    
Date	  	Pub. No.	  	    Pub.    
Date	  	Patent No.	  	Grant Date	  	Status
	 US
	  	14/844021	 	9/3/15	  	2015/0374684	  	12/31/15	  	9486453            	  	11/8/16    	  	granted
	 US
	  	15/650912	 	7/16/17	  	2017/0312275	  	11/2/17	  	n/a	  	n/a	  	pending
	 US
	  	15/987932	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 US
	  	15/987933	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 US
	  	15/987941	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending            
	 US
	  	To be filed**	 		  		  		  		  		  	
	 WO
	  	PCT/IL2018/050565	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 WO
	  	PCT/IL2018/050567	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 WO
	  	PCT/IL2018/050570	 	5/24/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 EP*
	  	2017181057	 	7/12/17	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 AU
	  	2018203371	 	5/15/18	  	n/a	  	n/a	  	n/a	  	n/a	  	pending
	 CN
	  	201711339809	 	12/14/17	  	n/a	  	n/a	  	n/a	  	n/a	  	pending

 Licensed Patent Rights are rights in the Licensed Claims included within the Patent Rights listed in this Schedule B
specifically relate to use of D-cycloserine, lurasidone, and combination products involving these compounds. 
  

	*	 Licensed Patent Rights include rights in all patents or registrations that are national validations, in various
EU member states, of granted EP patents that are listed in this Schedule B. 

	**	 Patent application to be filed (the “CIP”) covering a method for treatment of depression or suicide
ideation comprising: (i) administering to a subject in need thereof, (ii) a first agent comprising D-cycloserine at an antagonist dose; and (iii) a second agent comprising an anti-depressant, wherein the D-cylcoserine is administered
at a dose of >500 to <1000 mg/kg, and is formulated to produce an average plasma level in the subject of greater than 25 μg/mL, thereby treating the depression or suicide ideation. NeuroRx confirms that the CIP constitutes a Continuation-in-Part of the intellectual property (the “Subject IP”) referred to in the second and third sentences of Section 6.1(v) of the License Agreement,
and that the qualifications set forth 

  
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therein are also applicable to the CIP. NeuroRx also acknowledges receipt of a letter agreement dated September 22, 2013 between Teniv LLC and Amino Acid Solutions, Inc. providing for the
parties’ respective ownership and development rights and obligations in and to the Subject IP by virtue of their joint ownership of Serotech LLC, their joint venture entity. 

  
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