NRx Pharmaceuticals, Inc. Price & Performance (NRXP)

Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward looking statements under U. S. Federal Securities Laws. These statements are subject to risks and uncertainties that could cause actual results differ materially from historical experience or present expectations. Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the Securities and Exchange Commission. The forward looking statements made during this call speak only as of the date hereof. And the company undertakes no obligation to update or revise the forward looking statements. Information presented on this call is contained in the press release issued this morning and the company's Form 10 ks which was filed on Friday. And may be accessed from the investor page of the NRx Inc. Website. Joining me today on the call are Jonathan Javed, our Founder, Chairman and CEO and Michael Abrams, Chief Financial Officer. Doctor. Javitt will provide an overview of our company's progress, as reported in the 10 ks and in the press release, following which Mike will review the company's financial results. Following our prepared remarks, we will address investor questions.

I will now turn the call over to Jonathan. Jonathan? Thank you, Matt. Good morning, everyone. Thank you for joining us.

As you know, the Board asked me to assume leadership of NRx five months ago and to chart a path forward in the context of the capital market environment that's been less than supportive of pre revenue biotechnology companies. Over the past five months, we've raised new capital retired toxic debt, and begun executing on a path that leads our enterprise from a purely research and development focused company to a healthcare company that has potential to generate revenue and look forward to profit. By the end of twenty twenty five. We believe that's rare, among small cap biotech companies. At NRx, we continue to be driven by our mission to treat and prevent suicidality, depression, PTSD, and related disorders. While our mission has not changed, our path to revenue has advanced. Moreover, the US government and particularly the new administration has expressed increased commitment to the treatment of these lethal conditions with the class of medicines and clinical approaches that are central to our business. NRx, Inc. Now owns two operating entities: the original NeuroRx business and the newly created Hope Therapeutics. All drugs under development are owned by NRx, while hope is focused on delivering clinical care. Under the original NeuroRx business, we've initiated filing a new drug application or NDA for NRx100 our preservative free intravenous ketamine.

Based on stability data that support more than two years of room temperature shelf stability. We have proven manufacturing capacity to supply more than 1,000,000 doses per month should we gain FDA approval. We believe the strategic term sheet we have received to acquire this product for more than $300,000,000 in total milestones and a double digit royalty provides further validation of our drug development approach. NeuroRx is further preparing an accelerated NDA filing for NRx101, a fixed dose combination of these types of serine and lurasidone. With the anticipation that we will initiate an NDA filing in the coming quarter under accelerated approval. Last year, we incorporated Hope Therapeutics as a wholly owned subsidiary and began refining its mission. Simply put, NeuroRx will continue developing life saving drugs while HOPE will own clinics to treat patients with depression, PTSD, and other life threatening brain diseases with a combination of drugs, medical devices, digital therapeutics, and integrated psychiatric care. Those wishing to understand the mission of HOPE may gain insight from our at the SACS Biotechnology Innovation Forum cited in our annual report. In the past ten years, treatment of these diseases has transformed from a hopeless world in which psychiatric hospitalization, electric shock therapy, and frequently ineffective drugs were the only alternatives for patients contemplating suicide.

To a world in which clinical success is being reported routinely in the public arena and being demonstrated in a number of well controlled clinical trials published in first tier journals. However, the totality of evidence as we see it suggests that no single treatment will yield the long term remission from the disease that Winston Churchill called his black dog. A disease that claims the life of well more than five hundred thousand Americans each year. The totality of evidence suggests that many patients require a combination of NMDA antagonist drugs or perhaps newer psychedelic therapies when they're approved Plus neuromodulatory therapy such as transcranial magnetic stimulation, to achieve long term remission. All of these approaches are believed to work by a common pathway, namely raising the level of glutamate and other beneficial chemicals in the brain, and causing the brain to form new healthy connections. Otherwise known as synapses. Hope has signed non binding letters of intent to acquire three already profitable interventional psychiatry clinics. Our pipeline includes a number of additional clinics in Florida with whom we're in negotiation. As well as additional clinic groups in other geographies. We're in the process of drafting definitive acquisition documents and navigating the complexities of purchasing medical treatment facilities under state regulations.

We're dedicated to building a company that will bring lifesaving treatments to patients, and financial returns to our investors. Let's look at these programs in more detail. Suicidality is a national epidemic. Approximately three point eight million Americans make an active plan to commit suicide each year, according to the CDC. An American dies from suicide every eleven minutes and worldwide somebody dies from suicide every minute. Today, are faced with a system where all patients who need life saving precision psychiatry care with ketamine and other therapies are not routinely able to get it. Ketamine, for example, is available today almost exclusively to those who can afford to pay out of pocket and will remain so until FDA approval of ketamine for treating suicidal depression is obtained. We've initiated filing of our NDA NRx100, our intravenous preservative free ketamine and the treatment of suicidal depression. An indication with no approved pharmacotherapies. This NDA is supported with efficacy data from multiple well controlled trials. As identified in our 10 ks, we've accepted non binding potential terms from a commercial pharmaceutical company to license and distribute NRx100. Valued at potentially more than $300,000,000 in milestones [indiscernible] a tiered double digit royalty.

The issue of ketamine safety is one that will garner increased attention as the repeated use of ketamine becomes more widespread. Data from both primate and human studies show that repeated ketamine doses on the order of sixty doses or more of a currently available commercial intravenous ketamine may be toxic to the brain. The currently available ketamine preparation was designed for single use of the product in anesthesia. Ketamine is currently sold in a multi dose vial, where it was anticipated that doctors would draw from the same vial for multiple doses. Back in the 1960s when this preparation was formulated, it was manufactured with a potentially toxic preservative, benzathonium chloride. While there is no evidence that benzothonium chloride is toxic at its current concentration, for the intended use in anesthesia, Its safety has never been shown or even proposed for repeated use. The manufacturers of benzothonium chloride identify it as caustic, toxic, and capable of causing severe burns. This class of preservatives has increasingly been removed from eye drops because of clear evidence of toxicity to the cornea and conjunctiva even at the currently allowed levels. Chronic use of ketamine is associated in the literature with ulcerative cystitis.

A dangerous bladder condition. This condition may be caused by the excretion of the preservative rather than by ketamine itself. Notably, there are no cases reported of interstitial cystitis following the use of Spervado, a nasal form of S ketamine that does not contain chloride. Accordingly, we are filing a citizen's petition with the FDA to remove ketamine preparations with benzathlonian fluoride from the market. Until it can be shown safe for repeated use. In light of our success in achieving long term stability with preservative free ketamine, the company is also filing an abbreviated NDA or ANDA for preservative free ketamine for all currently approved human and veterinary uses of intravenous ketamine. Hence, although we will never lose sight of our core mission to treat lethal CNS diseases, including suicidal depression, and PTSD, the market for NRx100 may be far than originally anticipated. We have current manufacturing capability to supply 1,000,000 vials of ketamine per month with the potential to scale up if needed. The toxic preservative is not the only challenge, with the old Vietnam Era Ketamine formulation. It's supplied at a pH of less than four which can be administered intravenously but cannot be injected subcutaneously because it causes pain and may cause skin ulcers.

If you raise the pH ketamine precipitates out of solution. Those who have tried to give ketamine by mouth have learned that the resulting blood levels can be highly inconsistent. Similar problems have occurred with ketamine nose spread. While intravenous administration is completely reliable in achieving intended blood levels, this mode of administration requires skilled nurses and clinic facilities. An attractive alternative is to give ketamine subcutaneously in the same way that insulin and newer obesity drugs are given. That route of administration is only enabled by a pH neutral form of ketamine. We've now developed a patentable version of pH neutral ketamine that remains stable at room temperature. And our HTX100 and we expect to begin human bioequivalence studies this year. As is well known, bioequivalence is far simpler and less expensive to prove than safety and efficacy. If we are successful in gaining FDA approval, for NRx100, we have the potential to expand the number of patients who currently benefit from this form of care many fold. The current off label use of ketamine in brain disorders is generally only available to patients who can pay out of pocket. We expect NRx100 once approved to be widely reimbursed thus providing access to the vast majority of people in need.

Not just those with the means to spend thousands of dollars in cash for treatment. NRx100 represents a major opportunity for our company. Given the current market, for intranasal esketamine J and J Spravato, which is already approximately $1,000,000,000 And the label states that it has not demonstrated anti suicidal properties. Now let's discuss NRx101, our oral combination of D cycloserine and NMDA receptor block and lurasidone. The standard of care in bipolar depression. Bipolar depression affects approximately seven million people in [indiscernible] Current treatment options all 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. NRx101 could represent a paradigm changing breakthrough in the care of bipolar depression. In clinical trials, we've demonstrated comparable antidepressant effect to the leading antidepressant in this space with a statistically significant improvement in the safety of NRx-one hundred one when compared to the standard of care that is lurasidone, In our recently completed clinical trial presented at American Society of Clinical Psychopharmacology, NRx-one hundred one demonstrated comparable ability to reduce symptoms of depression when compared to lirazidone.

Critically, NRx-one hundred one demonstrated a reduction in symptoms of suicidality And it's the first oral antidepressant to reduce symptoms of akathisia. A potentially lethal side effect of nearly all antidepressants. This could represent a new paradigm for treatment of bipolar depression. You may not have encountered the word akathisia before, however, key opinion leaders and patients who have suffered from akathisia regarded as the worst side effect of antidepressants. Patients frequently describe it as a feeling of jumping out of their skin. Patients with akathisia are known to jump off roofs and in front of oncoming trains. Recently, a patient petitioned the British Columbia Supreme Court for the right to end her life rather than continue to suffer from akathisia. Patients have simply had to endure the side effect in order to achieve the critical antidepressant effects that are needed control bipolar depression. The data we presented at ASCP confirms data from our earlier SABLE B trial demonstrating that NRx-one hundred one is the first oral antidepressant to have effective antidepressant properties, while simultaneously decreasing a incapacitated suicidality. We believe this product profile could lead to NRx-one hundred one becoming the drug of choice. In bipolar depression. We are initiating the filing of an NDA for accelerated approval of NRx-one hundred one for suicidal bipolar depression in patients at risk of akathisia.

Given our strong data and the lack of treatment options, for this group of people with bipolar depression, We and our regulatory council believe this to be a vital unmet need and appropriate for consideration of accelerated approval. We plan to initiate filing in the early second quarter and anticipate a 2025 PDUFA date. The company estimates that the market for the initial indication is over $2,000,000,000 while the broad bipolar market could exceed $5,000,000,000 We've made substantial progress with Hope Therapeutics in recent months. During the second half of twenty twenty four, we began outlining the plan for HOPE Therapeutics, as a national and ultimately international network of interventional psychiatry centers that would combine neuroplastic treatments in an integrated and reproducible manner. The business model for Hope Therapeutics is analogous to that of companies who've been instrumental in making kidney dialysis reliable and reproducible. In a manner that transformed the industry. We've learned that ketamine alone is not sufficient to maintain remission from suicidality many patients with depression and PTSD. In clinical settings, ketamine has rapidly achieved 50% reduction in suicidal ideation. In numerous trials and real world settings. This magnitude and rapidity of effect is a dramatic improvement from the prior fifty years of experience with SSRI and other serotonin targeted antidepressants.

The critical element is maintaining and enhancing ketamine effect. This will, in our view, require a full range of additional therapies. In the fourth quarter, we announced our first major move to implement the HOPE business plan when we announced signing of a non binding letter of intent. To acquire Kadema LLC, a pioneering interventional psychiatry clinic La Jolla, California. Kadema's founder, Doctor. David Feifill, agreed to serve as Hope's Chief Medical Innovation Officer post acquisition. And you heard his presentation with me at the SACS Forum. He is one of the first academic psychiatrists to move ketamine and TMS therapy the community care model, and is frequently featured in the national media such as Rolling Stone, and on Peacock as one of the most knowledgeable experts in the safe and appropriate use of ketamine and other advanced therapies. In mental health treatment. Subsequent to the commitment the company has or is poised to contract to acquire and partner with nine facilities in Florida. Aiming for 15 to 20 facilities in Florida by year end 2025. The clinical centers that are being incorporated in this acquisition program are revenue generating, and EBITDA positive centers that the company believes can experience substantial revenue growth through the addition of a broader array of comprehensive services.

Looking at the market, we estimate that the acquisition of 20 clinic networks each with current revenue of approximately 5,000,000 will be required to meet the 2025 growth target. On the financial front, the best in class plan currently generate operating margins of around 30%. With significant opportunities for further growth. We expect funding for HOPE to be independent of and thus non dilutive to NRx shareholders. However, we expect that a portion of the earnings generated through HOPE will support NRx's path to profitability and support our plan path to a spin out of the company and subsequent listing on a national stock exchange.

Further, we recently announced the closing of our third tranche of funding from ASIN funds an institutional investor bringing the total amount of financing to nearly 20,000,000 We anticipate that Hope Clinics will be financed by traditional bank loans supplemented by private equity and strategic lenders. We recently received a term sheet from a manufacturer of TMS technology to supplement funding from banks and similar financial institutions. As you've seen in our 10 we've substantially reduced operating expenses and are forecasting profitability on a going forward run rate basis by the end of twenty twenty five with revenue and EBITDA from Hope Therapeutics. Along with projected sales of our medications. My first action when the Board asked me to assume the leadership of NRx was to invite Mr. Michael Abrams to become our first full time CFO. Mike has decades of experience as an investment banker, biotechnology executive, and chief financial officer. He stepped into NRx just two months before the end of the fiscal year and achieved his first audit on time and with no material concerns raised by the auditors. Now, I'd like Mike to review our financial results from 2024. Michael? Thank you, Jonathan. For the year ended 12/31/2024, NRx pharmaceuticals reduced its loss from operations by approximately 9,300,000.0 or 33.5% to $18500000.027800000.0 for the year ended December 3123.

This change was primarily driven by a decrease in research and development expense. For the year ended 12/31/2024 research and development expense decreased by approximately 7,200,000.0 or 53.6%. To 6,200,000.0 as compared to $13,400,000 for the year ended 12/31/2023. This change is primarily driven by a decrease in clinical trial and development expense due to the conclusion of the phase 2bthree study for NRx101. Finally, general and administrative expense for the year ended 12/31/2024 decreased by approximately 7,700,000.0 to 13,500,000.0 as compared to 14,200,000.0 for the year ended 12/31/2023. This change was primarily driven by a reduction in insurance and employee costs and partially offset by an increase consulting fees related to potential acquisition of several psychiatry clinics in support of the growth model for Hope Therapeutics. As of 12/31/2024, we had approximately 1,400,000.0 in cash and cash equivalents. As noted above in January 2025, the company completed two financings with aggregate gross proceeds of approximately 8,500,000.0. Management believes the current available cash resources will be sufficient to support ongoing operations through at least the end of twenty twenty five. NRx continues to implement operational efficiencies to extend cash runway and maintain focus on our path of generating revenue and value for our shareholders.

Please see detailed financials on our Form 10 ks filed with Securities and Exchange Commission, which will also be available on our website. With that, I turn the call back to Jonathan. Jonathan?

Thank you, Michael. The nature of NRx to prevent and treat suicidality in patients with depression and PTSD has continued to move forward. Over the last year, we've streamlined operations we've retired toxic debt, we've capitalized the company to move forward. Planned 2025 PDUFA dates for our two NDAs and continuing the development of Hope Therapeutics National Network for Care Delivery, are transformative steps for the company and for the treatment of mental health in The United States. I'd like to thank the NRx team our investors, and most importantly, the patients who participated in our clinical [indiscernible] For their steadfast support of our pursuit of this vision. Operator, we're ready to take questions from the audience.

Thank you. Ladies and gentlemen, we will begin the question and answer session. Should you have a question You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Jason with D. Borrow Capital. Your line is now open.

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 formulation? And for example, what do you do in its place? When you say what do you do in its place, why do you need to do anything in place?

Why is it there in the first place? Does ketamine degrade? Great question. So the preservative was stuck in ketamine way back when, because an anesthesiologist would it on the cart in the hospital and would draw out of the vial multiple times. Anytime you stick more than one needle into a sterile vial, it's considered to be contaminated and to require a germicidal preservative in the bottle. Gotcha. As long as you have a single use [indiscernible] by law, you don't need a preservative. Now, when we started this, people said, oh yeah, but that is critical to the stability and sterility of ketamine. Well, it turns out not to be true. That turns out to be a a novel and surprising finding. And that's why we've pointed out that we've now got the ability to file for two year shelf stability at room temperature for preservative free ketamine. And you've seen this happen in the ophthalmology industry. Where it was assumed that glaucoma eye drops and other eye drops that people use on a long term basis Would always be in a big bottle with a preservative in it. The same was true for artificial tears that people were used to buying in the drugstore.

And at 15 or or more years ago, was involved in research that showed that those preservatives are actually quite toxic. To the cornea and the conjunctiva. And that's why more often than not, people are buying artificial tears and single dose preservative free vials. And more and more of the prescription eye drops have been moved to single dose preservative free vials. If you read the material data sheet on benzatholium chloride, it's pretty frightening. Material data sheet says [indiscernible] product is caustic it's toxic, it may cause severe burns. And clinical evidence is that it's anything but safe. Perfect, thank you. I just 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 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.

Well Florida has the become a geography of focus for us. Partly because we've identified a group of clinics that in our view are already doing it right. Not to paint with too broad brush, but you can find Academy in clinic on every other street corner in The United States today. Many of them are clinics that do ketamine on Mondays and vitamin drips on Tuesdays, God knows what on Wednesday. Organizations that know how to combine ketamine and in the future other psychedelic drugs with neuromodulatory technology like TMS, are few and far between. These are tough patients to treat on a comprehensive basis. And anybody who's says come on in for your ketamine shot, and go elsewhere for the rest of your care is not doing any patient any favors. So, that's why we retain BTIG and have partnered with BTIG to cast a broad net for clinics that we believe are doing it right, And to use that platform of acquired clinics as a basis for building out a nationwide network. When we talk about the kinds of financing that's available you're talking about a tiered risk financing. Our conversations so far suggest that commercial banks are prepared to finance up to 50% loan to value [indiscernible] fairly attractive commercial terms.

Our conversation so far suggests that clinic owners are willing to take some piece of the acquisition in the form of Hope Therapeutics shares. And that leaves financing in the middle, perhaps 20% to 30% of each acquisition that will come from investors who expect a higher rate of return, but a rate of return that Hope can certainly afford to pay. So, the capital stack from our perspective is not a major impediment to getting our initial acquisitions done. The hard work is the pile of legal documents that are required to acquire any healthcare facility in The United States, especially in states that have corporate practice of medicine laws. And the due diligence that we have to do both on the financial front and on the regulatory front on each acquisition. To make sure that these are acquisitions we can put on the balance sheet and offer to our shareholders. Perfect. I completely understand. Thank you. One last question. In the press release you talk a little bit about potential for a ketamine deal, 300,000,000 in miles, milestones and tiered royalties and the fact that you have you know, 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.

Investors.

Yeah, a deal is never done till it's done. But as we've moved closer to having a marketable drug, There's a real desire out there on the part of already commercial organizations to be able to offer such a drug to patients. I don't think anybody questions the size of the available market And having a partner that already has a Salesforce in the field could be more attractive than raising the money to launch the drug ourselves. So we're gratified that commercial partners have started showing up And we've told our investors what we can say today about what that might look like.

Thanks, Jonathan. Very exciting times.

Your next question comes from Tom Schrader with BTIG. Your line is now open.

Good morning. Thanks for taking the question. Good luck on the busy year.

I have 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? [indiscernible] is that nine independent negotiations? We look for this target to happen in big chunks?

And then maybe if you can 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? 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.

So, on the ketamine front, I think you should expect acquisitions to be chunky, your word, to represent more than in general, more than one clinic at a time. In the case of Tidema, which is a one site facility, We started there because we've been unable to identify another clinic that's doing so many things right all at the same time.

But in general, the clinics that are doing it well, are doing it at multiple locations. And we would expect that to be part of our acquisition path. With regard to an ANDA and an NDA, the NDA is specifically to ask the division of psychiatry products to add the depression and suicidality indications to the Ketamine label. And quite frankly, probably could have come along and said, well, let's do that with the original formulation that has the preservative in it. But it's really a scientific exercise in attempting to prove safety and efficacy to the satisfaction of review division, while also satisfying the manufacturing side of FDA. Well, that same manufacturing package, that same module three that we've already submitted, While it's necessary to the new drug approval application, While it's necessary to the psychiatry indications, it's both necessary and largely sufficient for an ANDA, because under the ANDA, we're not seeking to change the label of ketamine, we're seeking to offer a preservative free version of a drug that's already generic.

And so the endo would be for analgesia.

The ENDO would have the same indications as the currently marketed forms of ketamine, but it wouldn't have the toxic preservative in it. Okay, thanks for the color.

Your next question comes from Vernon Bernardino with H. C. Wainwright. Your line is now open.

Hi, good morning everyone. Thanks for taking my question and congrats on the progress.

Looks like it'll be a busy second quarter. Regarding the terms with the commercial pharmaceutical company for NRx100, Do you anticipate that will be a second quarter announcement as far as the finalization of the deal?

Well, we hope it may be and the deal's never done till it's done. On the other hand, we see the expression of interest as one that may even become broader. So we have the resources to continue to move these applications forward. We don't need a commercial deal right now. But we would certainly welcome the right partner. [indiscernible] Consider in terms of the ketamine intended for intravenous use and removing benzathonium chloride So the idea there is a single use. How easy would it be for a competitor to make their own single use presentations of ketamine for intravenous use.

Well, are a couple of challenges that anybody who wants to enter the market will have today. Certainly the sponsor of ketamine who owns the label could certainly do it. If they wanted to, But if they don't already have a preservative free formulation up for stability, they've got a couple years of work before they can enter the market and file that ANDA. Do we expect that we'll long term have the ketamine market to ourselves? I think that's too much for anybody to expect for a market that's quite that large. But for a period of time, we may well and if if some of the advice we've received that preservative free formulation we've engineered is surprising and ultimately stands up patent review. We could have that market first to ourselves for longer than anticipated.

Thanks for that additional information. Then regarding the [indiscernible] psychiatry centers you intend to acquire, those are still projected to be ones you think we'll have run rates of about $5,000,000 a year in revenue? [indiscernible] Okay. And one of those [indiscernible] includes Kadema or these are in addition to Kadema?

That includes KIDEMA.

Okay. And then lastly, for me, the term sheet with the publicly traded strategic investor that manufactures TMS devices manufacture their own or several devices or probably wouldn't be appropriate to say anything more at this time. Okay. Great.

Thanks for taking my questions.

Thank you.

Yeah, and congrats on the progress.

Your next question comes from Ed Woo with Ascendiant Capital. Your line is now open.

Yeah, congratulations on the progress.

As you may potentially have NRx100 and NRx101 approval this year. The FDA, have you thought about what you might do internationally with both of them?

Well, we've talked in previous calls and previous filings about relationships that we've developed in France.

A European country that is highly focused on this disease, The French estimate that somebody becomes suicide in France every forty five seconds. And as you know, one of the clinical trials that we're citing to FDA is a French government funded study conducted at seven French hospitals It could be that the largest study ever attempted in patients with suicidal depression. So were that to continue to evolve and our relationship with Fundamental result in a European filing. That would certainly have resonance throughout Europe. We've not We've not considered going beyond US and Europe by ourselves. As you know, we've had relationship with Asia Pacific [indiscernible] And as we gain momentum, we expect we expect that interest to increase at the same time.

Great. Well, thanks for answering my questions and I wish you guys good luck.

Thank you.

Ladies and gentlemen, I will now turn the call over to Matt for other questions.

Thank you, Joelle. Jonathan, have one other question electronically that came in, and that regard is regarding hope. And the question is that hope sounds very interesting but how does it directly benefit NRx shareholders that NRx owns the equity in hope at this point?

Well, right now, HOPE is an asset on the NRx balance sheet. And to the extent that NRx continues to own shares of Hope Therapeutics, if hope becomes profitable those profits will roll up to the benefit of NRx as other investors come into hope, those profits will devolve to the benefit of all investors in HOPE, But a prominent investor is likely to remain NRx. We've talked about our desire to spin out HOPE shares to those who own NRx stock at the time of the spin out. Yeah, it was disclosed last year That was slowed down by a toxic lender who ultimately was guided by the court that they couldn't block the hope spin out. So we continue to be in a position to move forward towards spinning out some of those shares need to make sure that we do it in a tax free manner. To NRx shareholders. But meanwhile, as long as NRx is on the as long as Hope is on the NRx balance sheet, anything that hope does devolves to the benefit of NRx shareholders.

Okay, thank you very much. Everyone, that's all we have the time we have for questions today. Thank you everyone for joining us this morning. We're extremely excited about the year ahead and with our two potential drug approvals and a subsidiary targeting multiple profitable mental health clinics. This concludes the NRx Pharmaceuticals fourth quarter twenty twenty four results conference call.

Thank you all for participating and have a great day.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.