NRX Pharmaceuticals, Inc. (NRXP): debt financing — NRx receives default notice on $6.5M note; reports promising NRX-101 trial data vs lurasidone

NRX Pharmaceuticals, Inc.

Streeterville Capital alleges default on $11.02M convertible note; demands acceleration and repayment of at least $6,537,027.
Company disputes the claim, says spin-off of Hope Therapeutics is not a Fundamental Transaction, and will defend vigorously.
Phase 2b/3 trial: NRX-101 showed 33% advantage in sustained remission of suicidality vs lurasidone (not statistically significant at this sample size).
NRX-101 showed 75% advantage in relief from akathisia (P=0.076), a side effect linked to suicide; both signals met promising zone criteria.
Company plans 300-patient registrational trial; believes NRX-101 could be the first oral antidepressant to reduce suicide risk.

item 2.04 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NRX Pharmaceuticals, Inc. faced acceleration on convertible notes of $11,020,000.00 with Streeterville Capital, LLC.

Instrument: convertible notes
Principal: $11,020,000.00
Counterparty: Streeterville Capital, LLC
Event: acceleration

Exact text from the filing

Note (the "Note") dated November 4, 2022 issued by NRX Pharmaceuticals, Inc., a Delaware corporation ("Borrower"), in favor of Lender, in the original principal amount of $11,020,000.00, as amended by that certain Amendment to Convertible Promissory Note dated March 30, 2023 ("Amendment #1"), that certain Amendment #2 to Convertible Promissory Note dated July

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NRX Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-055041

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