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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NRX Pharmaceuticals Inc | NASDAQ:NRXP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.58 | 2.30 | 2.50 | 15 | 10:09:46 |
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| | | | F-1 | | |
| | |
Years ended December 31,
|
| | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 20,257 | | | | | $ | 10,625 | | | | | $ | 9,632 | | |
General and administrative
|
| | | | 74,944 | | | | | | 11,436 | | | | | | 63,508 | | |
Settlement expense
|
| | | | 21,366 | | | | | | 39,486 | | | | | | (18,120) | | |
Reimbursement of expenses from Relief Therapeutics
|
| | | | (771) | | | | | | (10,160) | | | | | | 9,389 | | |
Total operating expenses
|
| | | | 115,796 | | | | | | 51,387 | | | | | | 64,409 | | |
Loss from operations
|
| | | $ | (115,796) | | | | | $ | (51,387) | | | | | $ | (64,409) | | |
Other (income) expenses: | | | | | | | | | | | | | | | | | | | |
Gain on extinguishment of debt
|
| | | | (121) | | | | | | — | | | | | | (121) | | |
Interest expense
|
| | | | 18 | | | | | | 56 | | | | | | (38) | | |
Change in fair value of warrant liability
|
| | | | (1,692) | | | | | | — | | | | | | (1,692) | | |
Change in fair value of Earnout Cash liability
|
| | | | (20,938) | | | | | | — | | | | | | (20,938) | | |
Change in fair value of embedded put
|
| | | | — | | | | | | 27 | | | | | | (27) | | |
Loss on conversion of convertible notes payable
|
| | | | — | | | | | | 307 | | | | | | (307) | | |
Total other (income) expenses
|
| | | | (22,733) | | | | | | 390 | | | | | | (23,123) | | |
Loss before tax
|
| | | | (93,063) | | | | | | (51,777) | | | | | | (41,286) | | |
Net loss
|
| | | $ | (93,063) | | | | | $ | (51,777) | | | | | $ | (41,286) | | |
| | |
Years ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash
|
| | | $ | 27,605 | | | | | $ | 1,859 | | |
Total assets
|
| | | | 32,729 | | | | | | 2,941 | | |
Earnout cash liability
|
| | | | 4,582 | | | | | | — | | |
Total liabilities
|
| | | | 11,923 | | | | | | 46,712 | | |
Total stockholders’ equity (deficit)
|
| | | | 20,806 | | | | | | (43,771) | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | (37,703) | | | | | | (2,265) | | |
Net cash used in investing activities
|
| | | | (7) | | | | | | (2) | | |
Net cash provided by financing activities
|
| | | | 63,456 | | | | | | 3,249 | | |
Net increase in cash
|
| | | $ | 25,746 | | | | | $ | 982 | | |
|
Trial Name
|
| |
IND NCT
|
| |
Phase
|
| |
Route of
Admin. |
| |
Sponsor
|
| |
Approximate Enrollment
|
| |
Status /Results
|
|
| COVID-AIV | | |
149,152
04311697
|
| |
IIb/III
|
| |
IV
|
| | NRx | | | 131 drug/65 control | | | Completed. Did not meet primary endpoint without adjusting for prespecified covariates. | |
| High Comorbidity Open Label | | |
149,152
04453839
|
| |
II
|
| |
IV
|
| | Investigator Sponsored | | | 21 drug/24 standard of care | | | Completed. Significant difference in mortality and recovery. | |
| ACTIV3b/TESICO | | |
154,701
04843761
|
| |
III
|
| |
IV
|
| | NIAID NIH | | | 465 of 640 in multiple arms including placebo, study is still blinded (approximate enrollment as of March 15, 2022) | | | Enrolling. | |
| SAMICARE (Expanded Access programs) | | |
149,152
04453839
|
| |
III
|
| |
IV
|
| | NRx | | | 351 ZYESAMI only | | | Ongoing, open label, benefit in line with randomized study. | |
| AVICOVID-2 | | |
151,070
04360096
|
| |
IIb/III
|
| |
Inhaled
|
| | NRx | | | 62 of 144 2:1 ZYESAMI: placebo study still blinded | | | Paused. | |
| I-SPY | | |
150,378
04488081
|
| |
II
|
| |
Inhaled
|
| | Quantum Leap | | | 52 ZYESAMI only arm | | | Stopped. | |
Trial Name
|
| |
Phase
|
| |
Route of Admin.
|
| |
Sponsor
|
| |
Approximate Enrollment
|
|
COVID-AIV | | |
IIb/III
|
| |
IV
|
| | NRx | | | 131 drug/65 control | |
ACTIV3b/TESICO | | |
III
|
| |
IV
|
| | NIAID NIH | | | 465 of 640, study remains blinded | |
SAMICARE (Expanded Access) | | |
III
|
| |
IV
|
| | NRx | | | 351 aviptadil only | |
Right to Try Program | | |
N.A.
|
| |
IV
|
| | NRx | | | 50 | |
AVICOVID-2 (Inhaled ZYESAMI) | | |
IIb/III
|
| |
Inhaled
|
| | NRx | | | 62 of 144 (2:1 aviptadil / placebo, study remains blinded) | |
I-SPY (Inhaled ZYESAMI) | | |
II
|
| |
Inhaled
|
| | Quantum Leap Healthcare Collaborative | | | 52 aviptadil only arm, stopped | |
|
End of Phase I Clinical Trials of Licensed Product
|
| | | $ | 100,000 | | |
|
End of Phase II Clinical Trials of Licensed Product
|
| | | $ | 250,000 | | |
|
End of Phase III Clinical Trials of Licensed Product
|
| | | $ | 250,000 | | |
|
First Commercial Sale of Licensed Product in U.S.
|
| | | $ | 500,000 | | |
|
First Commercial Sale of Licensed Product in Europe
|
| | | $ | 500,000 | | |
|
Annual Revenues Reach $100,000,000
|
| | | $ | 750,000 | | |
| | |
NRx
Pharmaceuticals Share |
| |
Relief Share
|
| ||||||
NRx Territory
|
| | | | 50% | | | | | | 50% | | |
Relief Therapeutics Territory
|
| | | | 15% | | | | | | 85% | | |
Rest of the World
|
| | | | 20% | | | | | | 80% | | |
Jurisdiction
|
| |
Patent/ Appl. No.
|
| |
Filing Date
|
| |
Grant Date
|
| |
Notes
|
|
USA | | | US 9,486,453 | | | 9/3/2015 | | | 11/8/2016 | | | | |
USA | | | US 9,737,531 | | | 7/7/2013 | | | 8/22/2017 | | | | |
USA | | | US 10,660,887 | | | 7/16/2017 | | | 5/26/2020 | | | | |
Europe | | | EP 2 872 139 | | | 7/9/2013 | | | 11/1/2017 | | | Validated in: GB, FR, DE, IT, ES, NL, SE, PL, PT, | |
Europe | | | EP 3 263 108 | | | 7/9/2013 | | | 10/2/2019 | | | Validated in: GB, FR, DE, IE, IT, ES, NL, PL, PT, | |
Japan | | | JP 6416762 | | | 7/9/2013 | | | 10/23/2018 | | | | |
Australia | | | AU 2013-288827 | | | 7/9/2013 | | | 3/8/2018 | | | | |
Australia | | | AU 2018-203371 | | | 5/15/2018 | | | 3/5/2020 | | | | |
China | | | CN 104507477 | | | 7/9/2013 | | | 1/19/2018 | | | | |
China | | | CN 107875389 | | | 12/14/2017 | | | 2/2/2021 | | | | |
USA | | | US 16/166,101 | | | 10/21/2018 | | | | | | Pending | |
Israel | | | IL 271371 | | | 5/23/2018 | | | | | | Pending | |
USA | | | US 16/812,382 | | | 3/9/2020 | | | | | | Pending | |
Europe | | | EP 18731195.6 | | | 5/24/2018 | | | | | | Pending | |
Japan | | | JP 2019-568331 | | | 5/24/2018 | | | | | | Pending | |
Canada | | | CA 3,067,162 | | | 5/24/2018 | | | | | | Pending | |
Australia | | | AU 2018284335 | | | 5/24/2018 | | | | | | Pending | |
Brazil | | | BR 11 2019 0264493 | | | 5/24/2018 | | | | | | Pending | |
China | | |
CN 201880051813.X
|
| | 5/24/2018 | | | | | | Pending | |
Georgia | | | GA AP201815254 | | | 5/24/2018 | | | | | | Pending | |
Jurisdiction
|
| |
Patent/ Appl. No.
|
| |
Filing Date
|
| |
Grant Date
|
| |
Notes
|
|
Mexico | | | MX/a/2019/015120 | | | 5/24/2018 | | | | | | Pending | |
South Korea
|
| | KR 10-2020-700844 | | | 5/24/2018 | | | | | | Pending | |
Russia | | | RU 2020100230 | | | 5/24/2018 | | | | | | Pending | |
South Africa
|
| | ZA 2020/00193 | | | 5/24/2018 | | | 12/29/2021 | | | | |
New Zealand
|
| | NZ 760686 | | | 5/24/2018 | | | | | | Pending | |
Israel | | | IL 270885 | | | 5/23/2018 | | | | | | Pending | |
USA | | | US 10,881,665 | | | 5/24/2018 | | | 1/5/2021 | | | | |
USA | | | US 17/139,999 | | | 1/1/2021 | | | | | | Pending | |
Europe | | | EP 18805411.8 | | | 5/24/2018 | | | | | | Pending | |
Japan | | | JP 2019-564988 | | | 5/24/2018 | | | | | | Pending | |
Canada | | | CA 3,065,003 | | | 5/24/2018 | | | | | | Pending | |
Australia | | | AU 2018274765 | | | 5/24/2018 | | | | | | Pending | |
Brazil | | |
BR 11 2019 024817-0
|
| | 5/24/2018 | | | | | | Pending | |
China | | |
CN 201880048442.X
|
| | 5/24/2018 | | | | | | Pending | |
Georgia | | | GA AP201815248 | | | 5/24/2018 | | | | | | Pending | |
Mexico | | | MX/a/2019/014114 | | | 5/24/2018 | | | | | | Pending | |
South Korea
|
| |
KR 10-2019-7038205
|
| | 5/24/2018 | | | | | | Pending | |
South Africa
|
| | ZA 2019/08616 | | | 5/24/2018 | | | 9/29/2021 | | | | |
New Zealand
|
| | NZ 760542 | | | 5/24/2018 | | | | | | Pending | |
Israel | | | IL 270916 | | | 5/23/2018 | | | | | | Pending | |
USA | | | 17/586,828 | | | 1/28/2022 | | | | | | Pending | |
Europe | | | EP 18806042.0 | | | 5/24/2018 | | | | | | Pending | |
Japan | | | JP 2019-564867 | | | 5/24/2018 | | | | | | Pending | |
Canada | | | CA 3,064,846 | | | 5/24/2018 | | | | | | Pending | |
Australia | | | AU 2018274767 | | | 5/24/2018 | | | | | | Pending | |
Brazil | | |
BR 11 2019 024802-1
|
| | 5/24/2018 | | | | | | Pending | |
China | | | CN 201880048653.3 | | | 5/24/2018 | | | | | | Pending | |
Georgia | | | GA AP201815247 | | | 5/24/2018 | | | | | | Pending | |
Mexico | | | MX/a/2019/014113 | | | 5/24/2018 | | | | | | Pending | |
South Korea
|
| |
KR 10-2019-7038209
|
| | 5/24/2018 | | | | | | Pending | |
Russia | | | RU 2019143573 | | | 5/24/2018 | | | | | | Pending | |
South Africa
|
| | ZA 2019/08617 | | | 5/24/2018 | | | 1/26/2022 | | | | |
New Zealand
|
| | NZ 760544 | | | 5/24/2018 | | | | | | Pending | |
Jurisdiction
|
| |
Patent/ Appl. No.
|
| |
Filing Date
|
| |
Grant Date
|
| |
Notes
|
|
USA | | | US 9,789,093 | | | 1/30/2012 | | | 10/17/2017 | | | | |
Europe | | | EP 2 670 409 | | | 1/30/2012 | | | 4/18/2018 | | | Validated in: CH, DE, ES, FR, GB, IE, IT, NL | |
USA | | | US 17/502,606 | | | 10/15/2021 | | | | | | Pending | |
USA | | | US 11,013,721 | | | 10/10/2019 | | | 5/25/2021 | | | | |
Canada | | | CA 2,826,180 | | | 1/30/2012 | | | 9/1/2020 | | | | |
Israel | | | 227611 | | | 1/29/2012 | | | 8/31/2020 | | | | |
Jurisdiction
|
| |
Patent/ Appl. No.
|
| |
Filing Date
|
| |
Grant Date
|
| |
Notes
|
|
USA | | | US 10,583,138 | | | 5/24/2018 | | | 3/10/2020 | | | Assigned from Glytech to NeuroRx 12/31/2020 | |
USA | | | US 63/295,058 | | | 12/30/2021 | | | N/A | | | Provisional application; pending | |
USA | | | US 17/574,753 | | | 1/13/2022 | | | | | | Pending | |
|
Name
|
| |
Age
|
| |
Position
|
| |||
| Executive Officers: | | | | | | | | | | |
|
Robert Besthof, MIM
|
| | | | 56 | | | | Interim Chief Executive Officer | |
|
Alessandra Daigneault, Esq.
|
| | | | 58 | | | |
Chief Corporate Officer, General Counsel, and Secretary
|
|
|
Randy Guggenheimer
|
| | | | 61 | | | | Chief Business Officer | |
|
Riccardo Panicucci
|
| | | | 61 | | | | CMC and Technical Operations Advisor | |
|
Ira Strassberg
|
| | | | 55 | | | | Chief Financial Officer | |
| Non-Employee Directors: | | | | | | | | | | |
|
Patrick J. Flynn
|
| | | | 73 | | | | Director | |
|
Sherry A. Glied, Ph.D.
|
| | | | 61 | | | | Director | |
|
Aaron Gorovitz
|
| | | | 63 | | | | Director | |
|
Chaim Hurvitz
|
| | | | 61 | | | | Director | |
|
Jonathan Javitt, M.D., M.P.H.
|
| | | | 65 | | | | Director | |
|
H.R. McMaster
|
| | | | 59 | | | | Director | |
|
Daniel Troy
|
| | | | 62 | | | | Director | |
Name and
Principal Position |
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
|
Jonathan Javitt(2)
|
| |
2021
|
| |
275,000
|
| |
0
|
| |
0
|
| |
0
|
| |
102,287
|
| |
377,287
|
|
Director and Former Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | |
Robert Besthof(3)
|
| |
2021
|
| |
264,000
|
| |
0
|
| |
0
|
| |
0
|
| |
0
|
| |
264,000
|
|
Interim Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | |
Alessandra Daigneault(4)
|
| |
2021
|
| |
228,000
|
| |
290,000
|
| |
1,754,611
|
| |
0
|
| |
2,961
|
| |
2,275,572
|
|
Chief Corporate Officer, General Counsel and Secretary
|
| | | | | | | | | | | | | | | | | | | | | |
Randy Guggenheimer(5)
|
| |
2021
|
| |
143,846
|
| |
0
|
| |
3,443,247
|
| |
0
|
| |
0
|
| |
3,587,093
|
|
Chief Business Officer
|
| | | | | | | | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name and
Principal Position |
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Exercise
Option Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Jonathan Javitt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Director and Former Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert Besthof
|
| | | | 3/1/2016 | | | | | | 247,200 | | | | | | — | | | | | $ | 0.20 | | | | | | 2/28/2026 | | |
Interim Chief Executive Officer
|
| | | | 10/23/2020 | | | | | | 69,440 | | | | | | 277,760 | | | | | $ | 3.07 | | | | | | 10/23/2030 | | |
Alessandra Daigneault
|
| | | | 9/1/2020 | | | | | | 23,972 | | | | | | 47,952 | | | | | $ | 3.07 | | | | | | 9/1/2030 | | |
Chief Corporate Officer,
|
| | | | 11/15/2020 | | | | | | 8,267 | | | | | | 20,667 | | | | | $ | 3.07 | | | | | | 11/15/2030 | | |
General Counsel and
|
| | | | 5/21/2021 | | | | | | 43,400 | | | | | | 105,400 | | | | | $ | 14.58 | | | | | | 5/21/2031 | | |
Secretary
|
| | | | 9/7/2021 | | | | | | 5,000 | | | | | | 25,000 | | | | | $ | 12.96 | | | | | | 9/7/2031 | | |
Randy Guggenheimer
|
| | | | 5/21/2021 | | | | | | — | | | | | | 347,200 | | | | | $ | 14.58 | | | | | | 5/21/2031 | | |
Chief Business Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Awards ($) |
| |
Total ($)
|
| |||||||||
Patrick Flynn
|
| | | $ | 31,500 | | | | | $ | 59,367 | | | | | $ | 90,867 | | |
Sherry Glied
|
| | | $ | 24,500 | | | | | $ | 59,367 | | | | | $ | 83,867 | | |
Aaron Gorovitz
|
| | | $ | 28,000 | | | | | $ | 59,367 | | | | | $ | 87,367 | | |
Chaim Hurwitz
|
| | | $ | 24,500 | | | | | $ | 59,367 | | | | | $ | 83,867 | | |
H.R. McMaster
|
| | | $ | 21,000 | | | | | $ | 59,367 | | | | | $ | 80,367 | | |
Dan Troy
|
| | | $ | 29,750 | | | | | $ | 59,367 | | | | | $ | 89,117 | | |
Name and Address of Beneficial Owners
|
| |
Number
of Shares Prior to Offering |
| |
Percentage
of Shares Prior to Offering |
| |
Number
of Shares After the Offering |
| |
Percentage
of Shares After the Offering |
| ||||||||||||
Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | |
Jonathan Javitt(1)
|
| | | | 14,768,329 | | | | | | 22.2% | | | | | | 14,768,329 | | | | | | 22.2% | | |
Patrick J. Flynn(2)
|
| | | | 1,319,151 | | | | | | 2.0% | | | | | | 1,319,151 | | | | | | 2.0% | | |
Sherry A. Glied, Ph.D.(3)
|
| | | | 58,703 | | | | | | * | | | | | | 58,703 | | | | | | * | | |
Aaron Gorovitz(4)
|
| | | | 45,531 | | | | | | * | | | | | | 45,531 | | | | | | * | | |
Chaim Hurvitz(5)
|
| | | | 1,648,638 | | | | | | 2.5% | | | | | | 1,648,638 | | | | | | 2.5% | | |
H.R. McMaster(6)
|
| | | | 22,995 | | | | | | * | | | | | | 22,995 | | | | | | * | | |
Daniel Troy(7)
|
| | | | 88,628 | | | | | | * | | | | | | 88,628 | | | | | | * | | |
Robert Besthof(8)
|
| | | | 225,440 | | | | | | * | | | | | | 225,440 | | | | | | * | | |
Alessandra Daigneault(9)
|
| | | | 130,062 | | | | | | * | | | | | | 130,062 | | | | | | * | | |
Randy Guggenheimer(10)
|
| | | | 73,733 | | | | | | * | | | | | | 73,733 | | | | | | * | | |
All Executive Officers and Directors as a Group (12 persons)
|
| | | | 18,307,477 | | | | | | 27.0% | | | | | | 18,307,477 | | | | | | 27.0% | | |
All Greater than 5% Holders | | | | | | | | | | | | | | | | | | | | | | | | | |
Jonathan Javitt(1)
|
| | | | 14,768,329 | | | | | | 22.2% | | | | | | 14,768,329 | | | | | | 22.2% | | |
Glytech, LLC(11)
|
| | | | 13,102,676 | | | | | | 19.7% | | | | | | 13,102,676 | | | | | | 19.7% | | |
Armistice Capital Master Fund Ltd.(12)
|
| | | | 6,259,781 | | | | | | 9.4% | | | | | | 727,273 | | | | | | 1.1% | | |
Name of Selling Securityholder
|
| |
Number of Shares of
Common Stock Owned Prior to Offering(6) |
| |
Maximum Number of
Shares of Common Stock to be Sold Pursuant to this Prospectus |
| |
Number of Shares of
Common Stock Owned After Offering |
| |
Percentage
of Shares After the Offering |
| ||||||||||||
Armistice Capital Master Fund Ltd(1)
|
| | | | 13,246,835 | | | | | | 12,519,562 | | | | | | 727,273 | | | | | | 1.1% | | |
Sabby Volatility Warrant Master Fund, Ltd.(2)
|
| | | | 2,573,182 | | | | | | 1,564,946 | | | | | | 1,008,236 | | | | | | 1.5% | | |
CVI Investments, Inc.(3)
|
| | | | 1,570,138 | | | | | | 1,251,956 | | | | | | 318,182 | | | | | | * | | |
Intracoastal Capital LLC(4)
|
| | | | 585,717 | | | | | | 312,990 | | | | | | 272,727 | | | | | | * | | |
Michael Vasinkevich(5)
|
| | | | 338,323 | | | | | | 250,880 | | | | | | 87,443 | | | | | | * | | |
Kira Sheinerman(5)
|
| | | | 100,244 | | | | | | 74,335 | | | | | | 25,909 | | | | | | * | | |
Noam Rubinstein(5)
|
| | | | 65,951 | | | | | | 48,905 | | | | | | 17,046 | | | | | | * | | |
Craig Schwabe(5)
|
| | | | 17,806 | | | | | | 13,204 | | | | | | 4,602 | | | | | | * | | |
Charles Worthman(5)
|
| | | | 5,276 | | | | | | 3,912 | | | | | | 1,364 | | | | | | * | | |
| Audited Consolidated Financial Statements: | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 27,605 | | | | | $ | 1,859 | | |
Account receivable, net of allowance of $257 as of December 31, 2020
|
| | | | — | | | | | | 831 | | |
Prepaid expenses and other current assets
|
| | | | 5,109 | | | | | | 240 | | |
Total current assets
|
| | | | 32,714 | | | | | | 2,930 | | |
Other assets
|
| | | | 15 | | | | | | 11 | | |
Total assets
|
| | | $ | 32,729 | | | | | $ | 2,941 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 3,687 | | | | | $ | 3,153 | | |
Accrued and other current liabilities
|
| | | | 2,375 | | | | | | 1,729 | | |
Accrued clinical site costs
|
| | | | 469 | | | | | | 1,547 | | |
Earnout Cash liability
|
| | | | 4,582 | | | | | | — | | |
Warrant liabilities
|
| | | | 292 | | | | | | — | | |
Notes payable and accrued interest
|
| | | | 518 | | | | | | 249 | | |
Accrued settlement expense
|
| | | | — | | | | | | 39,486 | | |
Total current liabilities
|
| | | | 11,923 | | | | | | 46,164 | | |
Notes payable and accrued interest
|
| | | | — | | | | | | 548 | | |
Total liabilities
|
| | | $ | 11,923 | | | | | $ | 46,712 | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Preferred stock, $0.001 par value, 50,000,000 shares authorized; 0 shares issued and
outstanding at December 31, 2021 and 2020, respectively |
| | | | — | | | | | | — | | |
Common stock, $0.001 par value, 500,000,000 shares authorized; 58,810,550 and 42,973,462 shares issued and outstanding at December 31, 2021 and 2020, respectively
|
| | | | 59 | | | | | | 43 | | |
Additional paid-in capital
|
| | | | 203,990 | | | | | | 46,366 | | |
Accumulated deficit
|
| | | | (183,243) | | | | | | (90,180) | | |
Total stockholders’ equity (deficit)
|
| | | | 20,806 | | | | | | (43,771) | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 32,729 | | | | | $ | 2,941 | | |
| | |
Year ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 20,257 | | | | | $ | 10,625 | | |
General and administrative
|
| | | | 74,944 | | | | | | 11,436 | | |
Settlement expense
|
| | | | 21,366 | | | | | | 39,486 | | |
Reimbursement of expenses from Relief Therapeutics
|
| | | | (771) | | | | | | (10,160) | | |
Total operating expenses
|
| | | | 115,796 | | | | | | 51,387 | | |
Loss from operations
|
| | | | (115,796) | | | | | | (51,387) | | |
Other (income) expenses: | | | | | | | | | | | | | |
Gain on extinguishment of debt
|
| | | | (121) | | | | | | — | | |
Interest expense
|
| | | | 18 | | | | | | 56 | | |
Change in fair value of warrant liability
|
| | | | (1,692) | | | | | | — | | |
Change in fair value of Earnout Cash liability
|
| | | | (20,938) | | | | | | — | | |
Change in fair value of embedded put
|
| | | | — | | | | | | 27 | | |
Loss on conversion of convertible notes payable
|
| | | | — | | | | | | 307 | | |
Total other (income) expenses
|
| | | | (22,733) | | | | | | 390 | | |
Loss before tax
|
| | | | (93,063) | | | | | | (51,777) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Net loss
|
| | | | (93,063) | | | | | | (51,777) | | |
Deemed dividend – warrants
|
| | | | (2,692) | | | | | | — | | |
Deemed dividend – Earnout Shares
|
| | | | (253,130) | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (348,885) | | | | | $ | (51,777) | | |
Net loss per share: | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (1.98) | | | | | $ | (1.51) | | |
Net loss per share attributable to common stockholders: | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (7.44) | | | | | $ | (1.51) | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 46,917,701 | | | | | | 34,270,955 | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B-1A
Convertible Preferred Stock |
| |
Series B-1
Convertible Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance – December 31, 2019 (as previously reported)
|
| | | | 1,000,000 | | | | | $ | 1 | | | | | | 316,848 | | | | | $ | — | | | | | | 1,050,695 | | | | | $ | 1 | | | | | | 10,686,191 | | | | | $ | 11 | | | | | $ | 33,539 | | | | | $ | (38,403) | | | | | $ | (4,851) | | |
Retroactive application of reverse
recapitalization (Note 4) |
| | | | (1,000,000) | | | | | | (1) | | | | | | (316,848) | | | | | | — | | | | | | (1,050,695) | | | | | | (1) | | | | | | 30,563,009 | | | | | | 31 | | | | | | (21) | | | | | | — | | | | | | 8 | | |
Balance – December 31, 2019, effect of Merger (Note 4)
|
| | |
|
—
|
| | | | $ | — | | | | |
|
—
|
| | | | $ | — | | | | |
|
—
|
| | | | $ | — | | | | | | 41,249,200 | | | | | $ | 42 | | | | | $ | 33,518 | | | | | $ | (38,403) | | | | | $ | (4,843) | | |
Common stock issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 542,875 | | | | | | — | | | | | | 2,579 | | | | | | — | | | | | | 2,579 | | |
Series B-2 convertible preferred stock issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,168 | | | | | | — | | | | | | 50 | | | | | | — | | | | | | 50 | | |
Common stock issued to settle note conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,138,199 | | | | | | 1 | | | | | | 3,961 | | | | | | — | | | | | | 3,962 | | |
Common stock issued to settle accounts payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,020 | | | | | | — | | | | | | 145 | | | | | | — | | | | | | 145 | | |
Warrants issued as compensation
for services |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,383 | | | | | | — | | | | | | 5,383 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 730 | | | | | | — | | | | | | 730 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | (51,777) | | | | | | (51,777) | | |
Balance – December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,973,462 | | | | | | 43 | | | | | | 46,366 | | | | | | (90,180) | | | | | | (43,771) | | |
Common stock issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 915,454 | | | | | | 1 | | | | | | 9,623 | | | | | | — | | | | | | 9,624 | | |
Reclassification of settlement liability upon issuance of warrant
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,852 | | | | | | — | | | | | | 60,852 | | |
Effect of Merger and
recapitalization, net of redemptions and issuance costs of $1,413 |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,529,730 | | | | | | 2 | | | | | | (26,618) | | | | | | — | | | | | | (26,616) | | |
Common stock issued pursuant to PIPE financing, net of issuance costs of $1,900
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | 1 | | | | | | 8,099 | | | | | | — | | | | | | 8,100 | | |
Common stock issued for advisor
services |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | 4,850 | | | | | | — | | | | | | 4,850 | | |
Modification of option awards pursuant to Merger
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,015 | | | | | | — | | | | | | 1,015 | | |
Modification of warrants pursuant to Merger
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,330 | | | | | | — | | | | | | 2,330 | | |
Common stock and warrants
issued in private placement, net of issuance costs of $2,641 |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,727,273 | | | | | | 3 | | | | | | 27,356 | | | | | | — | | | | | | 27,359 | | |
Issuance of common stock for
exercise of warrants and Unit Purchase Options |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,830,586 | | | | | | 4 | | | | | | 16,695 | | | | | | — | | | | | | 16,699 | | |
Common stock issued for consulting services
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,634,045 | | | | | | 5 | | | | | | 48,982 | | | | | | — | | | | | | 48,987 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,440 | | | | | | — | | | | | | 4,440 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (93,063) | | | | | | (93,063) | | |
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 58,810,550 | | | | | $ | 59 | | | | | $ | 203,990 | | | | | $ | (183,243) | | | | | $ | 20,806 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (93,063) | | | | | $ | (51,777) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation expense
|
| | | | 2 | | | | | | 2 | | |
Stock-based compensation
|
| | | | 7,785 | | | | | | 730 | | |
Warrant expense
|
| | | | — | | | | | | 5,383 | | |
Gain on extinguishment of debt
|
| | | | (121) | | | | | | — | | |
Change in fair value of warrant liabilities
|
| | | | (1,692) | | | | | | — | | |
Change in fair value of earnout cash liability
|
| | | | (20,938) | | | | | | — | | |
Change in fair value of embedded put
|
| | | | — | | | | | | 27 | | |
Amortization of debt discount
|
| | | | — | | | | | | 17 | | |
Non-cash interest expense
|
| | | | 19 | | | | | | 65 | | |
Non-cash settlement expense
|
| | | | 21,366 | | | | | | 39,486 | | |
Non-cash consulting expense
|
| | | | 53,837 | | | | | | — | | |
Loss on common stock issued to settle accounts payable
|
| | | | — | | | | | | 42 | | |
Loss on conversion for notes payable
|
| | | | — | | | | | | 307 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 831 | | | | | | (831) | | |
Prepaid expenses and other assets
|
| | | | (4,809) | | | | | | (143) | | |
Accounts payable
|
| | | | (19) | | | | | | 1,183 | | |
Accrued expenses and other liabilities
|
| | | | (901) | | | | | | 3,244 | | |
Net cash used in operating activities
|
| | | | (37,703) | | | | | | (2,265) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of computer equipment
|
| | | | (7) | | | | | | (2) | | |
Net cash used in investing activities
|
| | | | (7) | | | | | | (2) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Proceeds from notes payable
|
| | | | — | | | | | | 620 | | |
Proceeds from issuance of series B-2 preferred stock
|
| | | | — | | | | | | 50 | | |
Proceeds from issuance of common stock and exercise of stock options, net of transaction costs
|
| | | | 9,624 | | | | | | 2,579 | | |
Proceeds from issuance of common stock for exercise of warrant
|
| | | | 16,699 | | | | | | — | | |
Proceeds from issuance of common stock and warrants issued in private placement, net of issuance costs
|
| | | | 27,359 | | | | | | — | | |
Effect of Merger, PIPE financing, net of transaction costs
|
| | | | 11,050 | | | | | | — | | |
Repayment of notes payable assumed in Merger
|
| | | | (1,100) | | | | | | — | | |
Repayment of notes payable – related party
|
| | | | (176) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 63,456 | | | | | | 3,249 | | |
Net increase in cash
|
| | | | 25,746 | | | | | | 982 | | |
Cash at beginning of period
|
| | | | 1,859 | | | | | | 877 | | |
Cash at end of period
|
| | | $ | 27,605 | | | | | $ | 1,859 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Non-cash investing and financing activities | | | | | | | | | | | | | |
Reclassification of settlement liability upon issuance of warrant
|
| | | $ | 60,852 | | | | | $ | — | | |
Issuance of common stock warrants as offering costs
|
| | | | 1,027 | | | | | | 31 | | |
Extinguishment of Paycheck Protection Program Loan
|
| | | | 121 | | | | | | — | | |
Conversion of notes payable into common stock
|
| | | | — | | | | | | 3,655 | | |
Common stock issued to settle accounts payable
|
| | | | — | | | | | | 145 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Stock options
|
| | | | 2,400,315 | | | | | | 2,414,303 | | |
Common stock warrants
|
| | | | 9,305,790 | | | | | | 3,075,471 | | |
Earnout Shares
|
| | | | 22,209,280 | | | | | | — | | |
Earnout Shares from exercised Substitute Options and Substitute Warrants
|
| | | | 1,229,925 | | | | | | — | | |
| | |
Recapitalization
|
| |||
Cash – BRPA trust and cash, net of redemptions
|
| | | $ | 4,363 | | |
Cash – PIPE financing, net of transaction costs
|
| | | | 8,100 | | |
Less: transaction costs and advisory fees allocated to NRXP equity
|
| | | | (1,413) | | |
Effect of Merger, net of redemptions and transaction costs
|
| | | $ | 11,050 | | |
| | |
Recapitalization
|
| |||
Cash – BRPA trust and cash, net of redemptions
|
| | | $ | 4,363 | | |
Non-cash net working capital assumed from BRPA
|
| | | | (962) | | |
Less: notes payable assumed from BRPA
|
| | | | (1,100) | | |
Less: fair value of assumed Placement Warrants
|
| | | | (1,984) | | |
Less: fair value of Earnout Cash
|
| | | | (25,520) | | |
Less: transaction costs and advisory fees allocated to NRXP equity
|
| | | | (1,413) | | |
Effect of Merger, net of redemptions and transaction costs
|
| | | $ | (26,616) | | |
| | |
Number of Shares
|
| |||
Common stock, outstanding prior to Merger
|
| | | | 552,412 | | |
Less: redemption of BRPA shares
|
| | | | (216) | | |
Common stock of BRPA
|
| | | | 552,196 | | |
BRPA Founder and private shares, net of forfeited shares of 875,216
|
| | | | 1,260,284 | | |
Shares issued in PIPE Financing
|
| | | | 1,000,000 | | |
Shares issued for services
|
| | | | 200,000 | | |
Shares issued pursuant to conversion of Public and Private Rights
|
| | | | 717,250 | | |
Merger and PIPE financing shares – common stock
|
| | | | 3,729,730 | | |
NeuroRx shares – common stock(1)
|
| | | | 44,873,855 | | |
Total shares of common stock immediately after Merger
|
| | | | 48,603,585 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Prepaid expenses and other current assets: | | | | | | | | | | | | | |
Prepaid insurance
|
| | | $ | 3,224 | | | | | $ | 49 | | |
Prepaid manufacturing expenses
|
| | | | 1,028 | | | | | | — | | |
Prepaid clinical development expenses
|
| | | | 512 | | | | | | — | | |
Other prepaid expenses
|
| | | | 345 | | | | | | 165 | | |
Other current assets
|
| | | | — | | | | | | 26 | | |
Total prepaid expenses and other current assets
|
| | | $ | 5,109 | | | | | $ | 240 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accrued and other current liabilities: | | | | | | | | | | | | | |
Accrued research and development expenses
|
| | | $ | 1,055 | | | | | $ | 586 | | |
Professional services
|
| | | | 743 | | | | | | 531 | | |
Accrued employee expenses
|
| | | | 456 | | | | | | — | | |
Other accrued expenses
|
| | | | 113 | | | | | | 5 | | |
Accrued insurance expenses
|
| | | | 8 | | | | | | 607 | | |
Total accrued and other current liabilities
|
| | | $ | 2,375 | | | | | $ | 1,729 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Relief loan
|
| | | $ | 500 | | | | | | 500 | | |
Paycheck Protection Program loan
|
| | | | — | | | | | | 120 | | |
Note payable – vendor
|
| | | | — | | | | | | 154 | | |
Carrying value of notes payable
|
| | | | 500 | | | | | | 774 | | |
Accrued interest
|
| | | | 18 | | | | | | 23 | | |
Note payable
|
| | | | 518 | | | | | | 797 | | |
Notes payable and accrued interest, current
|
| | | $ | 518 | | | | | $ | 249 | | |
Notes payable and accrued interest, non-current
|
| | | $ | — | | | | | $ | 548 | | |
| | |
Original Warrants
|
| |
Substitute Warrants
|
|
Strike price
|
| |
$7.58 – $15.84
|
| |
$1.53 – $3.19
|
|
Volatility rate
|
| |
80.0%
|
| |
80.0%
|
|
Risk-free rate
|
| |
0.03% – 0.32%
|
| |
0.03% – 0.32%
|
|
Expected term
|
| |
0.57 – 4.42
|
| |
0.57 – 4.42
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
| | |
Total Warrants
|
| |
Weighted
Average Remaining Term |
| |
Weighted
Average Exercise Price |
| |
(in thousands)
Aggregate Intrinsic Value |
| ||||||||||||
Outstanding as of December 31, 2020 (as previously
reported) |
| | | | 620,055 | | | | | | 11.08 | | | | | $ | 14.61 | | | | | $ | 22,128 | | |
Retroactive application of reverse recapitalization (Note 4)
|
| | | | 2,455,415 | | | | | | — | | | | | | (13.53) | | | | | | — | | |
Outstanding as of December 31, 2020, effect of Merger (Note 4)
|
| | | | 3,075,470 | | | | | | 4.34 | | | | | | 1.09 | | | | | | 150,956 | | |
Issued
|
| | | | 6,193,449 | | | | | | 1.90 | | | | | | 4.62 | | | | | | 115,941 | | |
Assumed
|
| | | | 3,586,250 | | | | | | 5.00 | | | | | | 11.50 | | | | | | 45,725 | | |
Exercised
|
| | | | (3,330,956) | | | | | | — | | | | | | (3.19) | | | | | | (67,412) | | |
Forfeited
|
| | | | (218,423) | | | | | | — | | | | | | (1.53) | | | | | | (1,501) | | |
Outstanding as of December 31, 2021
|
| | | | 9,305,790 | | | | | | 3.62 | | | | | | 9.09 | | | | | | 4,942 | | |
| | |
Original Options
|
| |
Substitute Options
|
|
Strike price
|
| |
$1.00 – $72.30
|
| |
$0.20 – $14.58
|
|
Volatility rate
|
| |
80.0%
|
| |
80.0%
|
|
Risk-free rate
|
| |
0.07% – 0.79%
|
| |
0.07% – 0.79%
|
|
Expected term
|
| |
0.18 – 5.99
|
| |
0.18 – 5.99
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
| | |
December 31,
|
| |||
| | |
2021
|
| |
2020
|
|
Exercise price
|
| |
$6.44 – $23.41
|
| |
$2.22 – $3.07
|
|
Risk-free rate of interest
|
| |
0.69% – 1.45%
|
| |
0.79%
|
|
Expected term (years)
|
| |
5.25 – 6.5
|
| |
4.69 – 5.92
|
|
Expected stock price volatility
|
| |
80.0% – 85.9%
|
| |
80.0%
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
| | |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining term (years) |
| |
(in thousands)
Aggregate intrinsic value |
| ||||||||||||
Outstanding as of December 31, 2020 (as previously reported)
|
| | | | 486,755 | | | | | $ | 10.79 | | | | | | 8.8 | | | | | $ | 19,572 | | |
Retroactive application of reverse recapitalization
|
| | | | 1,927,548 | | | | | | (8.62) | | | | | | — | | | | | | — | | |
Outstanding as of December 31, 2020, effect of Merger
|
| | | | 2,414,303 | | | | | $ | 2.17 | | | | | | 8.2 | | | | | $ | 53,660 | | |
Options granted
|
| | | | 892,224 | | | | | | 13.95 | | | | | | 9.9 | | | | | | 3,825 | | |
Forfeited
|
| | | | (390,187) | | | | | | (3.73) | | | | | | — | | | | | | (7,562) | | |
Exercised
|
| | | | (516,025) | | | | | | (2.23) | | | | | | — | | | | | | (3,645) | | |
Outstanding as of December 31, 2021
|
| | | | 2,400,315 | | | | | $ | 6.28 | | | | | | 7.8 | | | | | $ | 4,224 | | |
Options vested and exercisable as of December 31, 2021
|
| | | | 1,004,883 | | | | | $ | 2.25 | | | | | | 6.2 | | | | | $ | 3,056 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Stock-based compensation expense | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 6,500 | | | | | $ | 332 | | |
Research and development
|
| | | | 1,285 | | | | | | 398 | | |
Total stock-based compensation expense
|
| | | $ | 7,785 | | | | | $ | 730 | | |
| | | | | | | | |
December 31,
|
| |||||||||
Description
|
| |
Level
|
| |
2021
|
| |
2020
|
| |||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant liabilities (Note 10)
|
| | | | 3 | | | | | $ | 292 | | | | | $ | — | | |
Earnout Cash liability (Note 4)
|
| | | | 3 | | | | | $ | 4,582 | | | | | $ | — | | |
| | |
December 31, 2021
|
| |
At Effective Time
|
| ||||||
Stock price on valuation date
|
| | | $ | 4.78 | | | | | $ | 11.62 | | |
Exercise price per share
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Expected life
|
| | | | 4.40 | | | | | | 4.9 | | |
Volatility
|
| | | | 82.8% | | | | | | 35.7% | | |
Risk-free rate
|
| | | | 1.17% | | | | | | 0.85% | | |
Dividend yield
|
| | | | —% | | | | | | —% | | |
Fair value of warrants
|
| | | $ | 2.14 | | | | | $ | 3.78 | | |
| | |
December 31, 2021
|
| |||
Balance as of December 31, 2020
|
| | | $ | — | | |
Additions pursuant to Merger
|
| | | | 1,984 | | |
Gain upon re-measurement
|
| | | | (1,692) | | |
Balance as of December 31, 2021
|
| | | $ | 292 | | |
| | |
December 31, 2021
|
| |||
Balance as of December 31, 2020
|
| | | $ | — | | |
Additions pursuant to Merger
|
| | | | 25,520 | | |
Gain upon re-measurement
|
| | | | (20,938) | | |
Balance as of December 31, 2021
|
| | | $ | 4,582 | | |
| | |
For the Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Federal statutory rate
|
| | | | (21.00)% | | | | | | (21.00)% | | |
Permanent items
|
| | | | (0.05)% | | | | | | (0.04)% | | |
Fair market value earnout
|
| | | | (4.72)% | | | | | | —% | | |
Settlement warrants
|
| | | | 13.35% | | | | | | —% | | |
Stock compensation
|
| | | | (0.02)% | | | | | | —% | | |
Foreign rate differential
|
| | | | (0.00)% | | | | | | 0.01% | | |
State taxes
|
| | | | (0.05)% | | | | | | (1.74)% | | |
Increase in valuation allowance
|
| | | | 12.62% | | | | | | 23.01% | | |
R&D credit
|
| | | | (0.13)% | | | | | | (0.24)% | | |
Other
|
| | | | —% | | | | | | 0.00% | | |
Effective tax rate
|
| | | | 0.00% | | | | | | 0.00% | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Federal
|
| | | $ | | | | | $ | | | ||
Current
|
| | | | — | | | | | | — | | |
Deferred
|
| | | | (11,709) | | | | | | (11,016) | | |
Foreign | | | | | | | | | | | | | |
Current
|
| | | | — | | | | | | — | | |
Deferred
|
| | | | (5) | | | | | | 3 | | |
State and Local | | | | | | | | | | | | | |
Current
|
| | | | — | | | | | | — | | |
Deferred
|
| | | | (42) | | | | | | (901) | | |
Change in Valuation Allowance
|
| | | | 11,756 | | | | | | 11,914 | | |
Total
|
| | | $ | — | | | | | $ | — | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets (liabilities): | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 28,053 | | | | | $ | 8,244 | | |
Common stock warrants
|
| | | | 1,876 | | | | | | 1,406 | | |
Foreign net operating loss carryforwards
|
| | | | 134 | | | | | | 128 | | |
Founder share options
|
| | | | — | | | | | | 469 | | |
Stock-based compensation
|
| | | | 1,584 | | | | | | 681 | | |
Bonus accrual
|
| | | | 100 | | | | | | 121 | | |
Settlement liability
|
| | | | — | | | | | | 9,006 | | |
Other
|
| | | | — | | | | | | 59 | | |
R&D credit
|
| | | | 500 | | | | | | 375 | | |
Depreciation
|
| | | | (2) | | | | | | — | | |
| | | | | 32,245 | | | | | | 20,489 | | |
Valuation allowance
|
| | | | (32,245) | | | | | | (20,489) | | |
Deferred tax assets, net of allowance
|
| | | $ | — | | | | | $ | — | | |
1 Year NRX Pharmaceuticals Chart |
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