NRX Pharmaceuticals, Inc. Segments Disclosure
Note 14. Segment Reporting
On September 8, 2025, HOPE completed the previously announced acquisition of Dura, and a revenue-generating clinical organization. Following the acquisition, the Company began generating patient service revenue through Dura’s operations. As a result, the Company now operates in reportable segments, consistent with the manner in which the Chief Executive Officer, who is designated as the Company’s CODM, evaluates the Company’s performance and allocates resources. The Company’s operations consist of (i) the development of novel therapeutics for the treatment of central nervous system disorders, including suicidal depression, chronic pain, PTSD, and schizophrenia, and (ii) the operation of a clinical services business through Hope.
The Company generated $1,445 thousand in revenues during the year ended December 31, 2025. The revenue for the year ended December 31, 2025 represents the revenue generated from Dura. 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. While the Company has commenced revenue‑generating activities, operating expenses remain a primary focus of management given the Company’s ongoing investment in research and development and corporate infrastructure.
The CODM does not separately evaluate performance by geographic region or product line, as the Company has limited operations due to the current liquidity and funding of the Company. The Company’s operations are conducted solely within the U.S.
Significant Segment Information
All of the Company’s assets relate to these operating segments, see the accompanying balance sheets below.
All of the Company’s operating expenses, which consist of cost of patient services, research and development, general and administrative expenses, and depreciation and amortization 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 December 31, 2025 and 2024 (in thousands):
| For the years | ||||||||||||||||
| ended | ||||||||||||||||
| December 31, | ||||||||||||||||
| NRx | Dura | 2025 | 2024 | |||||||||||||
| Expense Category | ||||||||||||||||
| Loss from operations | $ | (16,137 | ) | $ | (87 | ) | $ | (16,224 | ) | $ | (18,502 | ) | ||||
| Interest income | (8 | ) | (4 | ) | (12 | ) | (44 | ) | ||||||||
| Interest expense | 671 | — | 671 | 230 | ||||||||||||
| Change in fair value of convertible notes payable | 3,939 | — | 3,939 | 2,654 | ||||||||||||
| Change in fair value of warrant liabilities | 4,926 | — | 4,926 | 1,657 | ||||||||||||
| Loss on issuance of Registered Direct Offering | 730 | — | 730 | — | ||||||||||||
| Loss on Consideration Shares and Warrants | 1,277 | — | 1,277 | — | ||||||||||||
| Convertible note default penalty | — | — | — | 849 | ||||||||||||
| Loss on convertible note conversions | 6,201 | — | 6,201 | 1,278 | ||||||||||||
| Loss on equity method investments | 35 | — | 35 | — | ||||||||||||
| Gain on exercise of warrants | (5,369 | ) | — | (5,369 | ) | — | ||||||||||
| Net loss | $ | (28,539 | ) | $ | (83 | ) | $ | (28,622 | ) | $ | (25,126 | ) | ||||
Long-lived assets consist of furniture and equipment which are included in furniture and equipment, net in the balance sheet. Long-lived assets by year are as follows (in thousands):
| NRx | Dura | December 31, 2025 | December 31, 2024 | |||||||||||||
| Medical equipment | $ | — | $ | 57 | $ | 57 | $ | — | ||||||||
| Computer equipment | 29 | 3 | 32 | 29 | ||||||||||||
| Furniture and fixtures | — | 4 | 4 | — | ||||||||||||
| Total PPE | $ | 29 | $ | 64 | $ | 93 | $ | 29 | ||||||||
| Less: Accumulated depreciation | (23 | ) | (7 | ) | (30 | ) | (19 | ) | ||||||||
| Net | $ | 6 | $ | 57 | $ | 63 | $ | 10 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
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.