NRX Pharmaceuticals, Inc. Segments Disclosure
12. Segment Reporting
The Company operates as a operating and reportable segment, consistent with the manner in which the Chief Executive Officer, designated as the Chief Operating Decision Maker (CODM) of the Company, evaluates the Company’s performance and allocates resources. The Company’s operations solely consist of the development of novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, and post-traumatic stress disorder (“PTSD”) and now schizophrenia.
The Company did generate any revenue during the years ended December 31, 2024 and 2023. The CODM evaluates performance based on operating expenses and monitors key expense categories related to the Company’s research and development activities, as well as general and administrative functions. As the Company is currently in the pre-revenue phase, the associated expenses above are drivers.
The CODM does not separately evaluate performance by geographic region or product line, as the Company has not yet commenced commercial operations and has limited operations due to the current liquidity and funding of the Company. The Company’s operations are conducted solely within the United States of America.
Significant Segment Information
All of the Company’s assets relate to this single operating segment, see the accompanying balance sheets.
All of the Company’s operating expenses, which consists of research and development and general and administrative expenses, relate to this single operating segment, see the accompanying statements of operations.
The following table reconciles the loss from operations to total loss:
| For the Years Ended | ||||||||
| Expense Category | December 31, 2024 | December 31, 2023 | ||||||
| Loss from operations | $ | (18,502 | ) | $ | (27,837 | ) | ||
| Interest income | 44 | 494 | ||||||
| Interest expense | (230 | ) | (120 | ) | ||||
| Convertible note default penalty | (849 | ) | — | |||||
| Change in fair value of convertible notes payable | (2,654 | ) | (2,707 | ) | ||||
| Change in fair value of warrant liabilities | (1,657 | ) | 20 | |||||
| Loss on convertible note redemptions | (1,278 | ) | — | |||||
| Net loss | $ | (25,126 | ) | $ | (30,150 | ) | ||
Long-lived assets consist of property, plant, and equipment, net which are included in other assets in the balance sheet as they are not material. Long-lived assets by year are as follows:
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Computers, cost | $ | 29 | $ | 29 | ||||
| Accumulated depreciation | (19 | ) | (14 | ) | ||||
| Total equipment | $ | 10 | $ | 15 | ||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.