NRX Pharmaceuticals Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Good morning, guys. Congratulations on all the progress. Couple of questions. Jonathan, you made a good argument for removing the preservative from ketamine. If you remove the preservative for ketamine, how does that change the formulation? And for example, what do you do in its place?

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Why is it there in the first place? Does ketamine degrade?

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Got you. Okay. Great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 17, 2025 / 12:30PM, NRXP.OQ - Q4 2024 NRX Pharmaceuticals Inc Earnings Call

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Perfect. Thank you. I just -- I didn't make the connection during the call, but I got it now, and it makes perfect sense. Can you talk a little bit about the acquisition strategy to add more clinics this year and without giving guidance, just give us some kind of rough idea on how that acquisition is going, what's the interest level, how many clinics out there, are there particular geographies that you'd like to focus on? Talk with us a little bit about what we should expect a year from now.

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Perfect. I completely understand. Thank you. One last question. In the press release, you talk a little bit about the potential for a ketamine deal, $300 million in milestones and tiered royalties, and the fact that you have -- you've received interest, non-binding term sheets. Can you expand a little bit about that because that certainly changes the company's future and creates kind of a very significant inflection point for investors?

Question: Jason Kolbert - D. Boral Capital LLC - Analyst : Thanks, Jonathan. Very exciting times.

Question: Thomas Shrader - BTIG, LLC - Analyst : Good morning. Thanks for taking the question. Good luck on the busy year. A follow-up on the last line of questionings. The ketamine clinic landscape in Florida, is it chunky? So when you say you have nine facilities, is that one deal or is that nine independent negotiations? Should we look for this target to happen in big chunks? And then maybe if you could give us a little bit of color on having an ANDA and an NDA in front of the FDA at the same time. How unusual is that? Is it the same people that deal with it? Is your manufacturing packet enough for both? Just it's unusual to me and I thought you could talk a little bit about what it would look like at the FDA. Thank you.

Question: Thomas Shrader - BTIG, LLC - Analyst : So the ANDA would be for analgesia?

Question: Thomas Shrader - BTIG, LLC - Analyst : Okay. Thanks for the color.

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Hi, good morning, everyone. Thanks for taking my question and congrats on the progress. Looks like it will be a busy second quarter. Regarding the terms with the commercial pharmaceutical company for NRX-100, do you anticipate that will be a second quarter announcement as far as the finalization of the deal?

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Great. Consider -- in terms of the ketamine intended for intravenous use and removing benzethonium chloride, so the idea there is single use. How easy would it be for a competitor to make their own single use presentations of ketamine for intravenous use?

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Thanks for that additional information. Then regarding the persistent psychiatry centers you intend to acquire; those are still projected to be ones you think will have run rates of about $5 million a year in revenue?

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Okay. And one of those you intend to acquire, you say three positions, one of those includes Kadima or these are in addition to Kadima?

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Okay. And then lastly for me, the term sheet with the publicly traded strategic investor that manufactures TMS devices, they manufacture their own or several devices or.

Question: Vernon Bernardino - H.C. Wainwright & Co., LLC - Analyst : Okay. Great. (multiple speakers) Thanks for taking my question.

Question: Edward Woo - Ascendiant Capital Markets, LLC - Analyst : Yes, congratulations on the progress. As you may potentially have NRX-100 and NRX-101 approval this year with the FDA, have you thought about what you might do internationally with both of them?

Question: Edward Woo - Ascendiant Capital Markets, LLC - Analyst : Great. Well, thanks for answering my questions. I wish you guys good luck. Thank you.