Here is why NRx Pharmaceuticals Inc (NRXP) stock soared on Monday?

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NRx Pharmaceuticals Inc. (NRXP) shares declined 5.49% in after-hours on Tuesday, October 12, 2021, and closed the daily trading at $10.32. In the regular trading session, NRXP’s stock gained 61.06%. NRXP shares have risen 1.87% over the last 12 months, and they have moved up 23.67% in the past week. Over the past three months, the stock has gained 8.98%, while over the past six months, it has declined 66.19%.

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Recent update about NRXP ZYESAMI (aviptadil)

On October 12, 2021, NRx Pharmaceuticals (NRXP) announced that a revised Investigational New Drug module on the manufacturing of ZYESAMI™ (aviptadil) was submitted to the US Food and Drug Administration (FDA), containing documentation that confirmed Nephron Pharmaceuticals, Inc. is prepared to supply ZYESAMI on a commercial scale. This module will now be used as part of the FDA’s rolling review process supporting the New Drug Application for ZYESAMI.


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NRXP Second Favorable Safety Report for ZYESAMI

On September 29, 2021, NRx Pharmaceuticals (NRXP), provided a safety update on ZYESAMI™, which is being tested in the ACTIV-3b Critical Care Phase 3 study sponsored by the National Institutes of Health. There were no safety concerns found by the Independent Data Safety Monitoring Board, after reviewing a total of 231 patients, and recommended continued enrollment.

NRXP collaboration with Cardinal Health

On August 26, 2021, NRx Pharmaceuticals (NRXP) signed an agreement with Cardinal Health to provide third party logistics and distribution of ZYESAMI™ upon the potential Emergency Use Authorization (EUA) approval by the US Food and Drug Administration (FDA).

NRXP private placement

On August 24, 2021, NRx Pharmaceuticals (NRXP) completed its previously announced private placement for the purchase of 2,727,273 shares of common stock. The purchase price for one share of common stock and one investment option to purchase one share of common stock was $11.00. The investment options have an exercise price of $12.00 per share, are immediately exercisable, and have a term equal to three years following the date of issuance.

NRXP recent financial results

On August 16, 2021, NRx Pharmaceuticals (NRXP), announced its financial results for the quarter ended June 30, 2021.

Q2 2021 financial highlights

Research and development expenses were $4.7 million in Q2 2021 compared to 1.4 million during the three months ended June 30, 2020.

General and administrative expenses were $12.5 million in Q2 2021 compared to $0.5 million in Q2 2020.

It suffered a net loss of $16.0 million for Q2 2021 compared to a net loss of $0.1 million in Q2 2020.

NRXP ended the quarter with cash and cash equivalents of $13.4 million compared to $1.9 million as of December 31, 2020.

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Conclusion

The recent update about ZYESAMI™ (aviptadil) was the reason behind its exceptional surge on Tuesday but there was no reason behind its loss in the after-hours on Tuesday.

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