Release Date: March 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Jonathan, you made a good argument for removing the preservative from ketamine. If you remove the preservative for ketamine, how does that change the formulation? And for example, what do you do in its place? A: The preservative was originally added to ketamine for multi-use vials to prevent contamination. However, with single-use vials, a preservative is not needed. We've found that preservative-free ketamine can maintain stability and sterility, allowing us to file for two-year shelf stability at room temperature.
Q: Can you talk a little bit about the acquisition strategy to add more clinics this year and what we should expect a year from now? A: Florida is a focus due to clinics already doing it right. Many clinics offer ketamine alongside other treatments, but few integrate it with neuromodulatory technology like TMS. We're working with BTIG to identify and acquire clinics that meet our standards, aiming to build a nationwide network.
Q: In the press release, you talk about a potential ketamine deal with $300 million in milestones and tiered royalties. Can you expand on that? A: As we approach having a marketable drug, commercial partners are showing interest. While a deal is never done until it's done, having a partner with an existing sales force could be more attractive than launching the drug ourselves.
Q: Regarding the ketamine clinic landscape in Florida, is it chunky? Should we look for acquisitions to happen in big chunks? A: Yes, acquisitions will generally represent more than one clinic at a time. While Kadima is a single-site facility, most clinics doing it well operate multiple locations, which will be part of our acquisition strategy.
Q: Regarding the terms with the commercial pharmaceutical company for NRX-100, do you anticipate a second-quarter announcement for the finalization of the deal? A: We hope it may be finalized in the second quarter, but a deal is never done until it's done. We have the resources to continue moving forward without a commercial deal, but we welcome the right partner.
Q: How easy would it be for a competitor to make their own single-use presentations of ketamine for intravenous use? A: Competitors would face challenges, including developing a preservative-free formulation with stability. While we may not have the market to ourselves long-term, our formulation could provide a competitive advantage if it stands up to patent review.
Q: As you may potentially have NRX-100 and NRX-101 approval this year with the FDA, have you thought about international plans for both? A: We've developed relationships in France, where there's a significant focus on suicidal depression. A European filing could resonate throughout Europe, and we expect increased interest from Asia-Pacific entities as we gain momentum.
Q: How does HOPE directly benefit NRx shareholders? A: HOPE is an asset on the NRx balance sheet, and its profits will benefit NRx shareholders. We plan to spin out HOPE shares to NRx stockholders, ensuring any success of HOPE benefits NRx investors.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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