RADNOR, PA — NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) recently released its Q3 2023 financial results, revealing several improvements compared to the same period last year. The company also provided an update on its business operations.
For the quarter ending September 30, 2023, NRx Pharmaceuticals reported $3.3 million in research and development expenses, a decrease of $0.8 million compared to the $4.1 million recorded for the same period in 2022. This reduction is primarily due to a decrease in clinical trials and development expenses related to the NRX-101 program for Suicidal Treatment-Resistant Bipolar Depression.
General and administrative expenses for Q3 2023 were recorded at $2.5 million, a significant drop from the $5.0 million reported for Q3 2022. This decrease is attributed to lower insurance expenses, employee costs, and legal, professional, and accounting fees.
NRx Pharmaceuticals also reported a net loss of $6.1 million for Q3 2023, a considerable improvement compared to the $9.1 million net loss reported for Q3 2022. For the nine months ending September 30, 2023, the company recorded a net loss of $25.8 million, compared to a net loss of $29.5 million for the same period in 2022.
As of September 30, 2023, NRx Pharmaceuticals had $8.9 million in cash and cash equivalents. The company believes this amount is sufficient to fund operations through the delivery of upcoming milestones. It is also evaluating operational efficiencies to extend this runway.
The Q3 2023 results demonstrate NRx Pharmaceuticals’ commitment to financial efficiency and responsible management as it continues its vital research and development work. The company’s progress in reducing its expenses and net loss marks a positive step forward for its financial health, offering encouraging news for investors and stakeholders alike.
Additional details and information can be found on the NRx Pharmaceuticals website.