0001437749-26-017397 | 10-Q | XBRL Viewer

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Note 16 - Business Acquisition - Pro Forma (Details) - Dura Medical [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Revenue	$ 941
Net loss	$ (5,602)

Note 18 - Investment in Cohen and Associates (Details Textual) - USD ($)		3 Months Ended		12 Months Ended
	Oct. 17, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Payments to Acquire Investments	$ 432,000	$ 213,000	$ (0)
Income (Loss) from Equity Method Investments		2,000	$ (0)	$ 35,000
Equity Method Investments		$ 399,000		397,000
Cohen LLC [Member]
Equity Method Investments				$ 397,000

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 15, 2026
Document Information [Line Items]
Entity Central Index Key	0001719406
Entity Registrant Name	NRX Pharmaceuticals, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38302
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2844431
Entity Address, Address Line One	1201 Orange Street, Suite 600
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	484
Local Phone Number	254-6134
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,228,992
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Common Stock
Trading Symbol	NRXPW
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	NRXP
Security Exchange Name	NASDAQ

Note 12 - Stock-based Compensation (Details Textual)					3 Months Ended		12 Months Ended
Note 12 - Stock-based Compensation (Details Textual)	Jan. 27, 2026 USD ($) shares	Jan. 01, 2026 USD ($) shares	Oct. 22, 2025 USD ($) $ / shares shares	Dec. 28, 2023 shares	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares	Jan. 01, 2022	May 24, 2021 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)					687,490		587,355	121,833
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares					$ 8.62		$ 6.1	$ 22.36
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)					110,135		591,865
Share-Based Payment Arrangement, Expense \| $					$ 151,000	$ 12,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	100,000	10,135
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Fair Value \| $	$ 200,000	$ 100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum					3.92%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum					4.05%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum					150.81%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum					156.02%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)					6 years
Share-Based Payment Arrangement, Expense \| $					$ 200,000	$ 100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $					$ 600,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 9 months 18 days
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share Price (in dollars per share) \| $ / shares					$ 2.24
Share-Based Payment Arrangement, Option [Member] \| Maximum [Member]
Share Price (in dollars per share) \| $ / shares					$ 3
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense \| $					$ 100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					0		32,895
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares					$ 0
Restricted Stock [Member] \| Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			32,895
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value \| $			$ 100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares			$ 3.04
The 2016 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)					347,200
The 2016 Omnibus Incentive Plan [Member] \| Neuro Rx [Member]
Foreign Currency Exchange Rate, Remeasurement										0.316
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)										289,542
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares										$ 51
The 2021 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)							1,308,746
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)		417,143		200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Annual Percentage Increase in Authorized Shares									1.00%
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)					1,150,530
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					575,245

Note 12 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted
						average
				*Weighted*		*remaining*		*Aggregate*
				*average*		*contractual*		*intrinsic*
	*Number of*			*exercise*		*life (in*		*value (in*
	*shares*			*price*		*years)*		*thousands)*
Outstanding as of December 31, 2024		121,833			22.36		7.0		—
Options granted		591,865			1.93		10.0
Forfeited/Expired		(126,343	)		—		—		—
Outstanding as of December 31, 2025		587,355		$	6.10		8.6	$	365
Options granted		110,135			2.45		10.0		—
Forfeited/Expired		(10,000	)		—		—		—
Outstanding as of March 31, 2026		687,490		$	8.62		8.6	$	147
Options vested and exercisable as of March 31, 2026		158,407		$	17.43		6.7	$	—

Nonvested Restricted Stock Shares Activity [Table Text Block]

			Weighted
			Average Grant
			Date Fair
	Awards		Value
Balance as of December 31, 2024 (unvested)		—		—
Granted		32,895	$	3.04
Vested		—	$	—
Forfeited		—	$	—
Balance as of December 31, 2025 (unvested)		32,895	$	3.04
Granted		—	$	—
Vested		—	$	—
Forfeited		—	$	—
Balance as of March 31, 2026		32,895	$	3.04

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months ended March 31,
	2026		2025
Stock-based compensation expense
General and administrative	$	136	$	12
Research and development		15		—
Total stock-based compensation expense	$	151	$	12

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 6,713	$ 7,797
Accounts receivable, net	181	161
Prepaid expense and other current assets	467	934
Total current assets	7,361	8,892
Investments	399	397
Furniture and equipment, net	259	63
Intangible assets, net (provisional)	879	925
Goodwill (provisional)	1,793	1,793
Other assets	276	253
Total assets	11,903	12,956
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	4,399	4,270
Accrued and other current liabilities	11,280	11,337
Accrued clinical site costs	340	351
Warrant liabilities	8,766	12,304
Total current liabilities	25,176	28,578
Total liabilities	25,719	28,893
Commitments and Contingencies (Note 10)
Common Stock, $0.001 par value, 500,000,000 shares authorized; 33,471,315 and 31,734,333 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	33	32
Additional paid-in capital	294,476	290,926
Accumulated deficit	(308,325)	(306,895)
Total stockholders’ deficit	(13,816)	(15,937)
Total liabilities and stockholders' deficit	11,903	12,956
Nondesignated Preferred Stock [Member]
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Preferred stock	0	0
Series A Convertible Preferred Stock [Member]
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Preferred stock	0	0
Nonrelated Party [Member]
ASSETS
Right-of-use assets, net	743	414
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Lease liability, short term	283	211
Lease liability, noncurrent	455	199
Related Party [Member]
ASSETS
Right-of-use assets, net	193	219
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Lease liability, short term	108	105
Lease liability, noncurrent	$ 88	$ 116

Note 4 - Prepaid Expense and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	March 31, 2026		December 31, 2025
Prepaid expense and other current assets:
Prepaid insurance	$	129	$	304
Prepaid clinical development costs		227		344
Other prepaid expense		111		286
Total prepaid expense and other current assets	$	467	$	934

Note 13 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Description	Level		March 31, 2026		December 31, 2025

Assets:
Money Market Account		1	$	1,311	$	403

Liabilities:
Warrant liabilities (Note 11)		3	$	8,766	$	12,304

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	March 31,
	2025
Stock price on valuation date		$2.05
Time to expiration		0.87	–	1.03
Notes market interest rate		13.21%
Equity volatility		120.2%	–	139.2%
Risk-free rate		4.08%
Probability of default		0%

	March 31, 2026				December 31, 2025
Stock price on valuation date	$	2.13				$2.71
Exercise price per share	$	1.65	–	11.50		$1.65	-	$11.50
Expected life		0.15	–	3.83		0.39	-	3.62
Volatility		106.18	–	108.42%		80.52	-	118.80%
Risk-free rate		3.61				3.61	-	3.64%
Dividend yield		0.0%				0.0%
Fair value of warrants		$0.01				$0.01	-	2.22

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Fair value of Anson Notes as of December 31, 2024	$	6,257
Fair value of Anson III Note at issuance		2,522
Conversion and repayments of principal and interest (shares)		(1,347	)
Fair value adjustment through earnings		965
Fair value of Anson Notes as of March 31, 2025	$	8,397

Balance as of December 31, 2025	$	12,304
Change in fair value of warrant liabilities		(3,538	)
Balance as of March 31, 2026	$	8,766

Note 6 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Amortization of operating right of use assets	$ 102	$ 0
Total operating lease expense	$ 119
Operating leases (in years) (Year)	2 years 6 months 3 days		2 years 10 days
Operating leases	8.22%		7.62%
Nonrelated Party [Member]
Amortization of operating right of use assets	$ 76
Accretion of operating lease liability	16
Related Party [Member]
Amortization of operating right of use assets	25
Accretion of operating lease liability	$ 2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K. Additionally, we did not adopt or terminate a Rule 10b5-1 trading arrangement during the quarter ended March 31, 2026.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 9 - Debt (Details Textual)							3 Months Ended		12 Months Ended
Note 9 - Debt (Details Textual)	Sep. 30, 2025 USD ($) $ / shares shares	Mar. 20, 2025 USD ($) shares	Jan. 28, 2025 USD ($) $ / shares shares	Jan. 20, 2025 USD ($)	Oct. 10, 2024 USD ($) $ / shares shares	Aug. 14, 2024 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Aug. 12, 2024 USD ($)
Debt Issuance Costs							$ 0	$ 350,000
Gain (Loss) on Convertible Debt Redemption							(0)	(1,593,000)
Consent and Waiver Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		303,819
Stock Issued During Period, Value, New Issues		$ 600,000
Anson Warrants [Member]
Class of Warrant or Right, Securities Called by Warrants or Rights, Percentage of Principal Divided by VWAP											50.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares						1,349,305
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares									$ 1,870,960
Class of Warrant or Right, Stock Price Trigger (in dollars per share) \| $ / shares	$ 3.25
Class of Warrant or Right, Percentage Trading Volume Threshold If Triggered	12.50%
Proceeds from Warrant Exercises	$ 3,090,000.00
Stock Issued During Period, Shares, Warrants Exercised (in shares) \| shares	1,870,960
Third Tranche Notes, Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares			862,699
Consideration Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares		303,819
Class of Warrant or Right Issued in Period (in shares) \| shares		303,819
Proceeds from Issuance of Warrants		$ 600,000
Anson Convertible Notes [Member]
Debt Instrument, Number of Tranches											3
Debt Instrument, Face Amount									$ 16,305,000		$ 16,300,000
Long-Term Debt, Gross							$ 0		0		$ 15,000,000
Placement Agent Fee, Percent of Gross Proceeds											7.00%
Debt Instrument, Unamortized Discount									1,305,000
Liabilities, Fair Value Adjustment								$ 1,000,000
Anson Convertible Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Original Debt, Amount									$ 1,300,000	$ 4,200,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares									7,300,000
Gain (Loss) on Convertible Debt Redemption									$ (6,200,000)
Stock Issued During Period, Value, Conversion of Convertible Securities									$ 18,900,000
Anson First Tranche Notes [Member]
Debt Instrument, Face Amount						$ 5,435,000
Debt Instrument, Original Issuance Discount						8.00%
Debt Instrument, Unamortized Discount						$ 435,000
Debt Issuance Costs						521,000
Proceeds from Debt, Net of Issuance Costs						$ 4,500,000
Debt Instrument, Interest Rate, Stated Percentage						6.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares						$ 2.4168
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger						92.00%
Anson First Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Original Debt, Amount										$ 1,300,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares								1,004,055		3,676,796
Gain (Loss) on Convertible Debt Redemption								$ 1,600,000		$ (1,300,000)
Anson Second Tranche Notes [Member]
Debt Instrument, Face Amount					$ 5,400,000
Placement Agent Fee, Percent of Gross Proceeds					7.00%
Debt Instrument, Original Issuance Discount					8.00%
Debt Instrument, Unamortized Discount					$ 435,000
Debt Issuance Costs					$ 375,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares					$ 1.7664				$ 1.65
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger					92.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares					1,846,128
Proceeds from Convertible Debt					$ 5,000,000
Debt Issuance Costs, Gross					$ 400,000
Anson Second Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Original Debt, Amount									$ 5,800,000
Anson, Third Tranche Notes [Member]
Debt Instrument, Face Amount			$ 5,435,000
Placement Agent Fee, Percent of Gross Proceeds			7.00%
Debt Instrument, Original Issuance Discount			8.00%
Debt Instrument, Unamortized Discount			$ 435,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares			$ 3.78
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger			92.00%
Proceeds from Convertible Debt			$ 5,000,000
Debt Issuance Costs, Gross			$ 400,000
Debt Instrument, Convertible, Threshold Trading Days			7
Anson, Third Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Original Debt, Amount				$ 100,000					5,500,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares		5,463						5,463
Stock Issued During Period, Value, Conversion of Convertible Securities									$ 18,900,000
Anson, Third Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member] \| Maximum [Member]
Debt Conversion, Original Debt, Amount								$ 100,000
Gain (Loss) on Convertible Debt Redemption								$ (100,000)

Note 8 - Alvogen Licensing Agreement (Details Textual) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 21, 2024	Mar. 31, 2026	Dec. 31, 2025
Customer Refund Liability, Current		$ 5,638	$ 5,509
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Alvogen Licensing Agreement [Member]
Debt Instrument, Basis Spread on Variable Rate	6.00%
Debt Instrument, Interest Rate, Effective Percentage		10.80%	10.80%
Customer Refund Liability, Current		$ 5,600	$ 5,500
Customer Refund Liability, Payments Made		4,800	4,800
Customer Refund Liability, Accrued Interest Received		$ 800	$ 700

- Definition

Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-6

+ Details

Note 14 - Segment Reporting - Long-lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
PPE	$ 306	$ 93
Less: accumulated depreciation	(47)	(30)
Furniture and equipment, net	259	63
Medical Equipment [Member]
PPE	103	57
Computer Equipment [Member]
PPE	32	32
Furniture and Fixtures [Member]
PPE	57	4
Leasehold Improvements [Member]
PPE	114	0
Operating Segments [Member]
PPE	306	93
Less: accumulated depreciation	(47)	(30)
Furniture and equipment, net	259	63
Operating Segments [Member] \| Medical Equipment [Member]
PPE	102	57
Operating Segments [Member] \| Computer Equipment [Member]
PPE	33	32
Operating Segments [Member] \| Furniture and Fixtures [Member]
PPE	57	4
Operating Segments [Member] \| Leasehold Improvements [Member]
PPE	114	$ 0
Operating Segments [Member] \| NRx Segment [Member]
PPE	241
Less: accumulated depreciation	(35)
Furniture and equipment, net	206
Operating Segments [Member] \| NRx Segment [Member] \| Medical Equipment [Member]
PPE	45
Operating Segments [Member] \| NRx Segment [Member] \| Computer Equipment [Member]
PPE	29
Operating Segments [Member] \| NRx Segment [Member] \| Furniture and Fixtures [Member]
PPE	53
Operating Segments [Member] \| NRx Segment [Member] \| Leasehold Improvements [Member]
PPE	114
Operating Segments [Member] \| Dura Segment [Member]
PPE	65
Less: accumulated depreciation	(12)
Furniture and equipment, net	53
Operating Segments [Member] \| Dura Segment [Member] \| Medical Equipment [Member]
PPE	57
Operating Segments [Member] \| Dura Segment [Member] \| Computer Equipment [Member]
PPE	4
Operating Segments [Member] \| Dura Segment [Member] \| Furniture and Fixtures [Member]
PPE	4
Operating Segments [Member] \| Dura Segment [Member] \| Leasehold Improvements [Member]
PPE	$ 0

Note 11 - Equity

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Equity [Text Block]

Note 11. Equity

Preferred Stock

Pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company has 50,000,000 shares of preferred stock authorized with a par value of $0.001, of which 12,000,000 were designated Series A Convertible Preferred Stock (“Series A Preferred Stock”). In August 2023, the Company sold and issued 3.0 million shares of Series A Preferred Stock for an aggregate cash purchase price of $1.2 million. During March 2024, holders of the Company’s Series A Preferred Stock elected to convert 3.0 million shares of Series A Preferred into 300,000 shares of Common Stock. As of March 31, 2026 and December 31, 2025, no shares of Series A Preferred Stock remained issued or outstanding.

Common Stock

Pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company has authorized 500,000,000 shares of Common Stock.

From February 20, 2024 to July 29, 2024, the Company announced that it entered into multiple at-the-market purchase agreements (the “ATM Purchase Agreements”) subject to standard closing conditions where accredited investors purchased 385,515 shares of unregistered Common Stock at a range of $2.42 - $7.10 per share. On April 15, 2024, the Company increased the maximum aggregate offering amount of the shares of Common Stock issuable under that certain at-the-market offering agreement, dated August 14, 2023 (“the Offering Agreement”), with H.C. Wainwright & Co., and filed a prospectus supplement under the Offering Agreement for an aggregate of $4.9 million. The Company suspended the at-the-market offering from August 14, 2024 through April 17, 2025. On April 17, 2025, the Company reinstated the at-the-market offering and increased the maximum aggregate offering amount and filed a prospectus supplement under the Offering Agreement for an aggregate of $20,000,000. During the three months ended March 31, 2025, the aggregate net cash proceeds to the Company from the ATM Purchase Agreements were approximately $1.6 million. During the three months ended March 31, 2026, the aggregate net cash proceeds to the Company from the ATM Purchase Agreements were approximately $3.4 million.

On January 27, 2025, the Company entered into a securities purchase agreement (the “First RD Purchase Agreement”) with Anson for the sale by the Company of 1,215,278 shares (the “First RD Shares”) of Common Stock, at a purchase price of $2.88 per share, in a registered direct offering (the “First Registered Direct Offering”). Concurrently, the Company also sold unregistered Common Stock purchase warrants (the “First RD Warrants”) to Anson to purchase up to an aggregate of 1,215,278 shares of Common Stock, in a private placement. Subject to certain beneficial ownership limitations, the First RD Warrants were immediately exercisable upon issuance at an exercise price equal to $2.88 per share of Common Stock, subject to adjustments as provided under the terms of the First RD Warrants. The closing of the sales of these securities under the First RD Purchase Agreement occurred on or about January 29, 2025, resulting in net proceeds to the Company of approximately $3.3 million after transaction costs. A grant date fair value of $4.0 million of the warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $2.07, exercise price of $2.88, term of five years, volatility of 115.8%, and risk-free rate of 4.00%). As the fair value of the liabilities exceeded the net proceeds received of $3.3 million, the Company recognized the excess as a loss upon issuance of First RD Shares of $0.7 million which is included in other expense (income) in the consolidated statement of operations for the three months ended March 31, 2025.

On March 20, 2025, following the conversion of less than $0.1 million of the Third Tranche Note into 5,463 shares of Common Stock, the Company issued 303,819 shares of Common Stock Consideration Shares and 303,819 of warrants (“Consideration Warrants”) to Anson in accordance with the terms of the CWA. As a result of this adjustment, the exercise price of the RD Warrants was updated to $2.30 as of March 20, 2025. The Consideration Shares, being equity-classified, were recognized at fair value with credit to Common Stock and additional paid in capital. The Consideration Warrants, liability-classified under ASC 815-40, were initially recognized at fair value, with changes in fair value subsequently recognized through earnings. In accordance with the CWA, the Company recorded loss on issuance of the Consideration shares and the Consideration Warrants in total of $1.28 million recognized within other expense (income) during the three months ended March 31, 2025, within accompanying consolidated statements of operations and comprehensive loss.

As previously mentioned, during the year ended December 31, 2025, Anson converted the remaining $1.3 million of principal and interest of the First Tranche Notes, and all of the principal and interest on the Second and Third Tranche Notes ($5.8 million and $5.5 million, respectively) into Common Stock, resulting in the aggregate issuances of 7.3 million shares of Common Stock valued at $18.9 million and loss on conversion of $6.2 million. No Anson Notes remained outstanding as of December 31, 2025. (See Note 9).

Warrants

Substitute Warrants – Liability

On May 24, 2021, the Company completed the merger (“Merger”) under the Agreement and Plan of Merger dated December 13, 2020, as amended, among the Company (formerly Big Rock Partners Acquisition Corp.), NeuroRx, Inc., and Big Rock Merger Corp., a wholly owned subsidiary of our company. In the transaction, Big Rock Merger Corp. merged with and into NeuroRx, with NeuroRx continuing as the surviving entity. In connection with the Merger in 2021, each warrant to purchase shares of Common Stock of NRx that was outstanding and unexercised immediately prior to the effective time (whether vested or unvested) was assumed by Big Rock Partners Acquisition Corp. (BRPA) and converted into a warrant, based on the exchange ratio (of 0.316), that will continue to be governed by substantially the same terms and conditions, including vesting, as were applicable to the former warrant (the “Substitute Warrants”). There were 3,792,970 warrants outstanding and unexercised at the effective time. As these Substitute Warrants meet the definition of a derivative as contemplated in FASB ASC Topic 815, based on provisions in the warrant agreement related to the Earnout Shares Milestone and the Earnout Cash Milestone and the contingent right to receive additional shares for these provisions, the Substitute Warrants were recorded as derivative liabilities on the consolidated balance sheet and measured at fair value at inception (on the date of the Merger) and at each reporting date in accordance with FASB ASC Topic 820, with changes in fair value recognized in the statements of operations in the period of change. Refer to Note 13 for further discussion of fair value measurement of the warrant liabilities.

Assumed Public Warrants – Equity

Prior to the Merger, the Company had 3,450,000 warrants outstanding (the “Public Warrants”) to purchase up to 345,000 shares of Common Stock. Each Public Warrant entitles the holder to purchase one-tenth share of Common Stock at an exercise price of $115 per share. The Public Warrants became exercisable at the effective time of the Merger and expire five years after the effective time on or earlier upon their redemption or liquidation of the Company.

During the fiscal years ended December 31, 2025 and 2024 no Public Warrants were exercised. The outstanding balance of these public warrants remains in equity. At March 31, 2026 and December 31, 2025, there were 3,448,856 Public Warrants outstanding to purchase up to 344,886 shares of Common Stock.

Assumed Private Placement Warrants – Liabilities

Prior to the Merger, the Company had outstanding 136,250 Private Placement Warrants (the “Private Placement Warrants”) to purchase up to 13,625 shares of Common Stock. The Private Placement Warrants are not indexed to the Company’s common shares in the manner contemplated by FASB ASC Topic 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. The Company classifies the Private Placement Warrants as derivative liabilities in its consolidated balance sheets as of March 31, 2026 and December 31, 2025. The Company measures the fair value of the Private Placement Warrants at the end of each reporting period and recognizes changes in the fair value from the prior period in the Company’s statements of operations for the current period. The Company recognized a gain on the change in fair value of the Private Placement Warrants for each of the three months ended March 31, 2026 and 2025 of less than $0.1 million, respectively.

See Note 13 for discussion of the fair value measurement of the Company’s warrant liabilities.

Warrants – Equity

As discussed above, on February 29, 2024, in conjunction with the sale of 270,000 shares of Common Stock, the Company issued warrants to purchase up to 270,000 shares of Common Stock. The allocated fair value of $0.5 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.59, exercise price of $3.80, term of 5 years, volatility of 178.10%, risk-free rate of 4.26%, and expected dividend rate of 0%).

On February 28, 2024, the Company issued to the Underwriters 5-year warrants to purchase up to 25,000 shares of Common Stock. The allocated fair value of $0.1 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.05, exercise price of $3.30, term of 5 years, volatility of 178.10%, risk-free rate of 4.26%, and expected dividend rate of 0%).

On March 5, 2024, the Company issued Underwriter’s warrants to purchase up to 3,750 shares of Common Stock. A fair value of less than $0.1 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.05, exercise price of $3.30, term of 5 years, volatility of 178.10%, risk-free rate of 4.12%, and expected dividend rate of 0%).

On April 19, 2024, the Company issued to Underwriter’s 5-year warrants to purchase up to 30,350 shares of Common Stock. A fair value of less than $0.1 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.04, exercise price of $3.63, term of 5 years, volatility of 178.10%, risk-free rate of 4.66%, and expected dividend rate of 0%).

On May 23, 2024, the Company issued Underwriter’s warrants to purchase up to 4,553 shares of Common Stock. A fair value of less than $0.1 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.62, exercise price of $3.63, term of 5 years, volatility of 178.10%, risk-free rate of 4.52%, and expected dividend rate of 0%).

Alvogen Warrants – Equity

In conjunction with the amended Licensing Agreement with Alvogen discussed in Note 8, on February 7, 2024 the Company issued warrants to purchase up to 419,598 shares of Common Stock. A fair value of $1.3 million was recorded within additional paid-in capital and was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $4.10, exercise price of $4.00, term of 3 years, volatility of 138.0%, risk-free rate of 4.2%, and expected dividend rate of 0.0%). Upon termination of the License Agreement on June 21, 2024, the offsetting amount recorded within additional paid-in capital as an unfunded stock subscription receivable was expensed to research and development.

Anson Warrants – Liability

The Anson Warrants, originally issued in the Anson Purchase Agreement, are recognized as derivative liabilities in accordance with ASC 815, as certain settlement features included in the Anson Warrants are not indexed to the Company's own stock, and therefore preclude equity classification. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period, and any change in fair value is recognized in the Company’s consolidated statements of operations. The Anson Warrants are measured at fair value using a Black-Scholes model, and all warrant liabilities are classified as current liabilities on the Company's consolidated balance sheets.

On August 14, 2024, in conjunction with the issuance of the First Tranche Notes, the Company issued 5-year warrants to purchase up to 1,349,305 shares of the Common Stock with a grant date fair value of $2.1 million considering all relevant assumptions current at the date of issuance (i.e., share price of $1.86, exercise price of $2.42, term of five years, volatility of 122%, and risk-free rate of 3.67%, and expected dividend rate of 0%).

On October 10, 2024, in conjunction with the issuance of the Second Tranche Notes, the Company issued 5-year warrants to purchase up to 1,846,128 shares of Common Stock with a grant date fair value of $1.9 million considering all relevant assumptions current at the date of issuance (i.e., share price of $1.38, exercise price of $1.76, term of five years, volatility of 105%, and risk-free rate of 3.91%, and expected dividend rate of 0%).

On January 28, 2025, in conjunction with the issuance of the Third Tranche Notes, the Company issued warrants to purchase up to 862,699 shares of Common Stock with a grant date fair value of $2.5 million considering all relevant assumptions current at the date of issuance (i.e., share price of $3.55, exercise price of $3.78, term of five years, volatility of 113%, risk-free rate of 4.33%, and expected dividend rate of 0%).

In 2025, in connection with the Second RD Purchase Agreement, and pursuant to the full ratchet anti-dilution provisions contained in the Anson financing agreements, the exercise price of all Anson Warrants were each adjusted to $1.65 per share and the number of shares underlying the Anson Warrants was increased by an aggregate of 1,870,960 shares of common stock. The effect of the full ratchet trigger was $5.7 million and was reflected as part of the change in fair value of warrant liabilities on the statement of operations.

The holders of Anson Notes and Anson Warrants, in accordance with an agreement entered into with Anson on September 30, 2025, agreed to, among other things, i) certain trading volume limitations, and ii) a partial exercise of previously issued Anson Warrants for cash. Specifically, if the closing stock price of the Company’s common stock as reported on the Principal Market (as defined in the August 2024 Purchase Agreement) is below $3.25 on any trading day, Anson may not sell, dispose of, or otherwise transfer, in the aggregate, more than 12.5% of the composite daily trading volume of the Company’s common stock on that trading day. In accordance with the agreement, 1,870,960 shares of underlying Anson Warrants, which were issued with the original convertible notes, were exercised on September 30, 2025, for cash proceeds of $3.1 million. The fair value of the exercised Anson Warrants liabilities was determined to be $5.4 million as of the exercise date, resulting in a gain of $5.4 million recognized within other (income) expense, representing the difference between the fair value of the exercised Anson Warrants and the cash proceeds received.

RD Warrants – Liabilities

As discussed above, on January 29, 2025, in conjunction with the issuance of the First RD Shares, the Company issued the First RD Warrants to purchase up to 1,215,278 shares of Common Stock which were classified as a liability, with a grant date fair value of $4.0 million determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $2.07, exercise price of $2.88, term of five years, volatility of 115.8%, and risk-free rate of 4.00%). As the fair value of the liabilities exceeded the net proceeds received of $3.3 million, the Company recognized the excess of the fair value over the net proceeds received as a loss upon issuance of $0.7 million which is included in other expense (income) in the consolidated statement of operations for the three months ended March 31, 2025.

Consideration Warrants – Liability

As discussed above, on March 20, 2025, in conjunction with the issuance of the Consideration Shares, the Company issued Consideration Warrants to purchase up to 303,819 shares of Common Stock which were classified as a liability. The grant date fair value was estimated to be $0.6 million utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $2.07, exercise price of $2.88, term of five years, volatility of 115.8%, and risk-free rate of 4.00%).

As of March 31, 2026, the aggregate fair value of all liability classified warrants, which include Substitute Warrants, Assumed Private Placement Warrants, Anson Warrants, First RD Warrants and Consideration Warrants, was $8.8 million. The Company recognized a gain on the change in fair value of the liability classified warrants for the three months ended March 31, 2026 of approximately $3.5 million. In addition, the Company recognized a gain of $5.4 million upon the exercise of Anson Warrants, representing the difference between the fair value of the exercised warrant liabilities and the cash proceeds received. Refer to Note 13 for discussion of the fair value measurement of the Company’s warrant liabilities.

The following table provides the activity for all warrants for the respective periods.

								Aggregate
				*Weighted*		*Weighted*		*Intrinsic*
				*Average*		*Average*		*Value*
	Total Warrants			Remaining Term		Exercise Price		(in thousands)
Outstanding as of December 31, 2024		7,173,766			3.77	$	17.20	$	80
Issued		4,252,758			5.00		1.78		—
Exercised		(1,870,962	)		5.00		1.65		—
Expired		(195,852	)		—		—		—
Outstanding as of December 31, 2025		9,359,710			3.17	$	7.77	$	492
Issued		—			—		—		—
Exercised		—			—		—		—
Expired		—			—		—		—
Outstanding as of March 31, 2026		9,359,710			2.93	$	7.77	$	195

- Definition

The entire disclosure for equity.

+ References

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+ Details

Note 12 - Stock-based Compensation - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation expense	$ 151	$ 12

Note 13 - Fair Value Measurements - Schedule of Recurring Level 3 Fair Value Changes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in fair value of warrant liabilities	$ (3,538)	$ (2,896)
Anson Convertible Notes [Member]
Fair value of Anson Notes		6,257
Fair value of Anson III Note at issuance		2,522
Conversion and repayments of principal and interest (shares)		(1,347)
Fair value adjustment through earnings		965
Fair value of Anson Notes		$ 8,397
Warrants [Member]
Fair value of Anson Notes	12,304
Fair value of Anson Notes	8,766
Change in fair value of warrant liabilities	$ (3,538)

Note 13 - Fair Value Measurements - Schedule of Significant Inputs (Details)	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares	Mar. 31, 2025
Anson Convertible Notes [Member] \| Measurement Input, Share Price [Member]
Measurement input			2.05
Anson Convertible Notes [Member] \| Measurement Input, Expected Term [Member] \| Minimum [Member]
Measurement input			0.87
Anson Convertible Notes [Member] \| Measurement Input, Expected Term [Member] \| Maximum [Member]
Measurement input			1.03
Anson Convertible Notes [Member] \| Measurement Input Cost of Debt [Member]
Measurement input			0.1321
Anson Convertible Notes [Member] \| Measurement Input, Price Volatility [Member] \| Minimum [Member]
Measurement input			1.202
Anson Convertible Notes [Member] \| Measurement Input, Price Volatility [Member] \| Maximum [Member]
Measurement input			1.392
Anson Convertible Notes [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Measurement input			0.0408
Anson Convertible Notes [Member] \| Measurement Input, Probability of Default [Member]
Measurement input			0
Warrants [Member]
Fair value of warrants (in dollars per share)	$ 0.01
Warrants [Member] \| Minimum [Member]
Fair value of warrants (in dollars per share)		$ 0.01
Warrants [Member] \| Maximum [Member]
Fair value of warrants (in dollars per share)		$ 2.22
Warrants [Member] \| Measurement Input, Share Price [Member]
Warrant measurement input	2.13	2.71
Warrants [Member] \| Measurement Input, Expected Term [Member] \| Minimum [Member]
Warrant measurement input	0.15	0.39
Warrants [Member] \| Measurement Input, Expected Term [Member] \| Maximum [Member]
Warrant measurement input	3.83	3.62
Warrants [Member] \| Measurement Input, Exercise Price [Member] \| Minimum [Member]
Warrant measurement input	1.65	1.65
Warrants [Member] \| Measurement Input, Exercise Price [Member] \| Maximum [Member]
Warrant measurement input	11.5	11.5
Warrants [Member] \| Measurement Input, Price Volatility [Member] \| Minimum [Member]
Warrant measurement input	1.0618	0.8052
Warrants [Member] \| Measurement Input, Price Volatility [Member] \| Maximum [Member]
Warrant measurement input	1.0842	1.188
Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.0361
Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Minimum [Member]
Warrant measurement input		0.0361
Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Maximum [Member]
Warrant measurement input		0.0364
Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrant measurement input	0	0

Note 3 - Revenue and Accounts Receivable

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 3. Revenue and accounts receivable

Revenue for the quarter ended March 31, 2026 is derived from services rendered to patients for outpatient behavioral health care, interventional psychiatry, and pain management procedures. The Company’s services have no fixed duration and can generally be terminated by the patient or the Company at any time; therefore, each treatment or visit is considered its own stand-alone contract.

The Company disaggregates revenue from contracts with customers by service type and by payor, as management believes this best depicts the nature, amount, timing, and uncertainty of revenue and cash flows.

Revenue by Service Type (in thousands):

	For the three months ended March 31, 2026
Procedures income	$	308
Therapy services		760
Total net patient service revenue	$	1,068

Revenue by payor (in thousands):

	For the three months ended March 31, 2026
Commercial Insurance	$	729
Medicare		158
Self-Pay		181
Total net patient service revenue	$	1,068

The Company receives payments from the following sources: (i) commercial insurers; (ii) the federal government under the Medicare program administered by the Centers for Medicare and Medicaid Services (CMS) and other programs; (iii) state governments under Medicaid and related programs; and (iv) individual patients and clients.

The Company determines the transaction price based on established billing rates reduced by contractual adjustments, discounts, and implicit price concessions, which represent amounts the Company does not expect to collect based on historical experience and other relevant factors. Contractual adjustments and discounts are based on contractual agreements with commercial insurance and Medicare, discount policies, and historical experience. Implicit price concessions are based on historical collection experience. Most of the Company’s services have contracts containing variable considerations, such as contractual adjustments, discounts, and implicit price concessions, which are estimated and reflected as reductions to revenue in the period the services are provided. However, it is unlikely a significant reversal of revenue will occur when the uncertainty is resolved, and therefore, the Company includes the variable consideration in the estimated transaction price. Subsequent changes resulting from a patient’s ability to pay are recorded as credit loss expense, which is included in other operating expenses.

The Company derives a significant portion of its revenue from Medicare, and other payors that receive discounts from established billing rates. The Medicare regulations and various managed care contracts under which these discounts must be estimated are complex, subject to interpretation and adjustment, and may include multiple reimbursement mechanisms for different types of services provided. Management estimates the transaction price on a payor specific basis given its interpretation of the applicable regulations or contract terms. The services authorized and provided and related reimbursement are often subject to interpretation that could result in payments that differ from the Company’s estimates.

Accounts Receivable and allowance for credit loss

Accounts Receivable (in thousands):

	March 31, 2026
Accounts receivable, gross	$	362
Less: allowance for credit losses		(181	)
Accounts receivable, net	$	181

Allowance for credit losses roll-forward (in thousands):

Beginning balance as of December 31, 2025	$	153
Provision (recovery) for expected credit losses		28
Write-offs, net of recoveries		—
Ending Balance as of March 31, 2026	$	181

Accounts Receivable by payor (in thousands):

	March 31, 2026
Commercial insurance	$	171
Medicare		35
Self-pay		156
Accounts receivable, gross	$	362

Estimation inputs and credit quality information (summary):

●

Receivables are pooled by payer class and aging; loss rates reflect historical experience updated for current conditions and reasonable‑and‑supportable forecasts with reversion to long‑run averages beyond the forecast horizon. The Company does not suspend recognition of revenue on a “nonaccrual” basis for trade receivables.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Note 2 - Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive securities (in shares)	10,080,095	15,595,619
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	687,490	166,833
Warrant [Member]
Antidilutive securities (in shares)	9,359,710	9,555,562
Restricted Stock [Member]
Antidilutive securities (in shares)	32,895	0
Anson Note [Member]
Antidilutive securities (in shares)	0	5,873,224

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	March 31,
	2026		2025
Stock options		687,490		166,833
Common Stock warrants		9,359,710		9,555,562
Unvested Restricted Stock awards		32,895		—
Common Stock issuable upon conversion of Anson Notes		—		5,873,224
Totals		10,080,095		15,595,619

Note 14 - Segment Reporting - Reconciliation of Loss From Operations to Total Loss (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
(Loss) Income from operations	$ (4,742,000)	$ (3,847,000)
Interest income	(5,000)	(4,000)
Interest expense	233,000	0
Change in fair value of convertible debt	0	965,000
Fair Value Adjustment of Warrants	(3,538,000)	(2,896,000)
Gain (Loss) on Issuance of Common Stock	(0)	(730,000)
Gain (Loss) on Consideration Shares and Warrants	(0)	(1,277,000)
Loss on convertible note conversions	0	1,593,000
Loss (income) on equity method investments	(2,000)	0	$ (35,000)
Net Income (Loss) Attributable to Parent	(1,430,000)	(5,512,000)
Operating Segments [Member]
(Loss) Income from operations	(4,742,000)	(3,847,000)
Interest income	(5,000)	(4,000)
Interest expense	233,000	0
Change in fair value of convertible debt	0	965,000
Fair Value Adjustment of Warrants	(3,538,000)	(2,896,000)
Gain (Loss) on Issuance of Common Stock	0	730,000
Gain (Loss) on Consideration Shares and Warrants	0	1,277,000
Loss on convertible note conversions	0	1,593,000
Loss (income) on equity method investments	(2,000)	0
Net Income (Loss) Attributable to Parent	(1,430,000)	$ (5,512,000)
Operating Segments [Member] \| NRx Segment [Member]
(Loss) Income from operations	(4,826,000)
Interest income	(1,000)
Interest expense	233,000
Change in fair value of convertible debt	0
Fair Value Adjustment of Warrants	(3,538,000)
Gain (Loss) on Issuance of Common Stock	0
Gain (Loss) on Consideration Shares and Warrants	0
Loss on convertible note conversions	0
Loss (income) on equity method investments	(2,000)
Net Income (Loss) Attributable to Parent	(1,518,000)
Operating Segments [Member] \| Dura Segment [Member]
(Loss) Income from operations	84,000
Interest income	(4,000)
Interest expense	0
Change in fair value of convertible debt	0
Fair Value Adjustment of Warrants	0
Gain (Loss) on Issuance of Common Stock	0
Gain (Loss) on Consideration Shares and Warrants	0
Loss on convertible note conversions	0
Loss (income) on equity method investments	0
Net Income (Loss) Attributable to Parent	$ 88,000

Note 14 - Segment Reporting

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Segment Reporting [Text Block]

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 two 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 $1,068,000 in revenues during the three months ended March 31, 2026. The revenue for the three months ended March 31, 2026 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 two 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 three months ended March 31, 2026 and 2025 (in thousands):

							For the three months
							ended
							March 31,
Expense Category	NRx			Dura			2026			2025
(Loss) Income from operations	$	(4,826	)	$	84		$	(4,742	)	$	(3,847	)
Interest income		(1	)		(4	)		(5	)		(4	)
Interest expense		233			—			233			—
Change in fair value of convertible notes payable		—			—			—			965
Change in fair value of warrant liabilities		(3,538	)		—			(3,538	)		(2,896	)
Loss on issuance of Registered Direct Offering		—			—			—			730
Loss on Consideration Shares and Warrants		—			—			—			1,277
Loss on convertible note conversions		—			—			—			1,593
Loss (income) on equity method investments		(2	)		—			(2	)		—
Net loss	$	(1,518	)	$	88		$	(1,430	)	$	(5,512	)

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):

							For the three months ended
	NRx			Dura			March 31, 2026			December 31, 2025
Medical equipment	$	45		$	57		$	102		$	57
Computer equipment		29			4			33			32
Furniture and fixtures		53			4			57			4
Leasehold improvements		114			—			114			—
Total PPE	$	241		$	65		$	306		$	93
Less: Accumulated depreciation		(35	)		(12	)		(47	)		(30	)
Net	$	206		$	53		$	259		$	63

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 16 - Business Acquisition (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]

Amount Recognized as of the Acquisition Date (In Thousands)
Assets assumed
Cash and cash equivalents	$	536
Accounts receivable		251
Other current and non-current assets		453
Customer relationship		311
Trade name		673
Goodwill		1,793
Total assets acquired		4,017
Less: liabilities assumed		(495	)
Net assets acquired	$	3,522

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived [Table Text Block]

				Weighted Average
				Useful Life
	Fair Values			(Years)
Trade name and trademarks	$	673			8.0
Customer relationships		311			3.0
Total intangible assets		984
Less accumulated amortization		(105	)
Net carry value	$	879

Remainder of 2026	$	141
2027		188
2028		158
2029		84
2030		84
Thereafter		224
Total	$	879

Business Combination, Pro Forma Information [Table Text Block]

	(Unaudited)
	For the three months ended March 31,
	2025
Revenue	$	941
Net loss	$	(5,602	)

Note 15 - Income Taxes

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 15. Income Taxes

The Company recorded no provision or benefit for income tax expense for the three months ended March 31, 2026 and 2025, respectively.

For all periods presented, the pretax losses incurred by the Company received no corresponding tax benefit because the Company concluded that it is more likely than not that the Company will be unable to realize the value of any resulting deferred tax assets. The Company will continue to assess its position in future periods to determine if it is appropriate to reduce a portion of its valuation allowance in the future.

The Company has no open tax audits with any taxing authority as of March 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, authorized (in shares)	50,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	33,471,315	31,734,333
Common stock, outstanding (in shares)	33,471,315	31,734,333
Nondesignated Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Series A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	12,000,000	12,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Note 2 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the condensed consolidated balance sheet, statements of operations, and cash flows for the interim periods presented. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The condensed consolidated financial statements include the accounts of NRx Pharmaceuticals, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Liquidity and Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. Since inception, the Company has incurred recurring operating losses and negative cash flows from operations. For the quarter ended March 31, 2026, the Company reported a net loss of approximately $1.4 million, used cash in operations of approximately $4.3 million, had a shareholders' deficit of approximately $13.8 million. As of March 31, 2026, the Company had cash and cash equivalents of $6.7 million and a working capital deficit of $17.8 million.

The Company generated initial patient service revenue of approximately $1.1 million during the three months ended March 31, 2026, following the acquisition of Dura on September 8, 2025. Management expects to continue incurring operating losses through at least the remainder of 2026 as it integrates Dura and pursues additional acquisitions through its HOPE subsidiary. While management projects incremental revenue from clinical operations and, upon regulatory approval, from pharmaceutical product sales, these projections are subject to significant uncertainty, including successful completion of pending acquisitions and receipt of FDA approval for NRX-100 and NRX-101.

The Company has secured operating capital that it anticipates as sufficient to fund its drug development operations through at least the third quarter of 2026 solely from existing cash on hand to finance submission of FDA NDAs for KETAFREE™, NRX-100 and NRX-101. The Company additionally expects to continue to accrue revenue from clinical operations and utilize its existing at-the-market offering to provide cash resources to further support operations. The Company may pursue additional equity or debt financing or refinancing opportunities in 2026 to fund ongoing clinical activities and for general corporate purposes. Such arrangements may take the form of loans, equity offerings, strategic agreements, licensing agreements, joint ventures, or other agreements. The sale of equity could result in additional dilution to the Company’s existing stockholders. The Company cannot make any assurances that additional financing will be available to it and, if available, on acceptable terms, or that it will be able to refinance its existing debt obligations which could negatively impact the Company’s business and operations and could also lead to a reduction in the Company’s operations. The Company will continue to carefully monitor the impact of its continuing operations on the Company’s working capital needs and debt repayment obligations. As such, the Company has concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. They do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the company be unable to continue as a going concern.

In addition, the Company's independent registered public accounting firm, in its report on the Company's consolidated financial statements for the year ended December 31, 2025, expressed substantial doubt about the Company's ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments that might result from this uncertainty.

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses, and the disclosure of contingent assets and. The most significant estimates in the Company’s consolidated financial statements relate to the allowance for credit losses on accounts receivable, fair value of the convertible notes payable, fair value of warrant liabilities, fair value of stock options and warrants, fair value of the Common Stock shares granted for services, fair value of the purchase price and the assets acquired and liabilities assumed in business combinations, the fair value of intangible assets and goodwill, the fair value of lease liabilities and related right of use assets, and the utilization of deferred tax assets. Actual results may differ from these estimates.

Reclassifications

Certain prior‑year amounts have been reclassified to conform to the 2026 presentation.

Certain Risks and Uncertainties

The Company’s activities are subject to significant risks and uncertainties, including the risk of failure to secure additional funding to properly execute the Company’s business plan. The Company is subject to risks that are common to companies in the pharmaceutical industry, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, reliance on third party manufacturers, protection of proprietary technology, and compliance with regulatory requirements.

Fair Value of Financial Instruments

FASB ASC Topic 820, Fair Value Measurements (ASC 820), provides guidance on the development and disclosure of fair value measurements. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.

Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. (Refer to Note 13)

Business Acquisitions

The Company recognizes and measures identifiable tangible and intangible assets acquired and liabilities assumed as of the acquisition date at fair value. Fair value measurements require extensive use of estimates and assumptions, including estimates of future cash flows to be generated by the acquired assets. The operating results of the acquired business are included in our consolidated financial statements beginning on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed. Acquisition-related costs are expensed as incurred.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of initial purchase to be cash equivalents, including balances held in the Company’s money market accounts. The Company maintains its cash and cash equivalents with financial institutions, in which balances from time to time may exceed the U.S. federally insured limits. The objectives of the Company’s cash management policy are to safeguard and preserve funds to maintain liquidity sufficient to meet the Company’s cash flow requirements, and to attain a market rate of return.

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are occasionally invested in certificates of deposit. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Deposits in financial institutions may, from time to time, exceed federally insured limits. As of March 31, 2026, the Company’s cash and cash equivalents balance within money market accounts was in excess of the U.S. federally insured limits by $6.4 million. The Company has not experienced any losses on its deposits of cash.

Accounts Receivable, net

Accounts receivable are recorded at the estimated transaction price (net of contractual adjustments, discounts, and implicit price concessions). The Company applies the Current Expected Credit Loss (CECL) model to estimate lifetime expected credit losses on trade receivables and contract assets, pooling receivables by payer type and aging and incorporating historical loss experience, current conditions, and reasonable‑and‑supportable forecasts with reversion to historical loss information beyond the forecast horizon. Receivables are written off when collection is deemed remote; recoveries are recognized when received. The Company does not have any off-balance sheet credit exposure related to its customers.

Intangible Assets

The Company’s intangible assets consist of customer relationships, trade name, and non-compete agreements. Customer relationships represent the value of established patient relationships and referral sources that are expected to generate recurring revenue streams. Trade name represents the value associated with the brand name in place at the date of the acquisition. The customer relationships and trade name are being amortized over a 3-year term and 10-year term, respectively, based on the estimated economic useful life of the customer relationships and trademark. The amortization of intangible assets is computed using the straight-line method.

The Company evaluates its definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such indicators may include adverse changes in market conditions, legal or regulatory developments, or underperformance relative to expectations. If indicators are present, the Company performs a recoverability test by comparing the asset’s carrying amount to the undiscounted future cash flows expected to result from its use and eventual disposition. If the carrying amount is not recoverable, an impairment loss is recognized for the excess of the carrying amount over the asset’s fair value.

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value assigned to its net assets. Goodwill is not amortized but is tested for impairment at a reporting unit level on an annual basis or when an event occurs, or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Events or changes in circumstances that may trigger interim impairment reviews include, but not limited to, significant adverse changes in business climate, operating results, planned investments in the reporting unit, or an expectation that the carrying amount may not be recoverable, among other factors.

The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, the Company will estimate the fair value of its related reporting units. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and the Company will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. No impairment of goodwill was recorded during the three months ended March 31, 2026 and 2025.

Furniture and Equipment, net

Furniture and equipment, net is stated at cost less accumulated depreciation. These assets are depreciated over their estimated useful lives of five to seven years using the straight-line method.

The Company adheres to ASC 360, Property, Plant, and Equipment and periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable assets to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived assets, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. For long-lived assets, the estimate of fair value is based on various valuation techniques, including a discounted value of estimated future cash flows. The Company reports an asset to be disposed of at the lower of its carrying value or its fair value less costs to sell. There were no impairment losses for long-lived assets recorded for the quarters ended March 31, 2026 and 2025.

Lease liabilities

The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use assets (ROU), lease liabilities, and lease liabilities – related party. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. None of the leases entered into have an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of future payments. Incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The ROU assets also include any prepaid lease payments made and initial direct costs incurred and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease, which is recognized when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Revenue Recognition

The Company accounts for revenue under FASB ASC Topic 606, Revenue for Contract with Customers (ASC 606). Patient service revenue is recognized as performance obligations are satisfied, which occurs over time as patients simultaneously receive and consume services. Each treatment or visit generally represents a separate contract. Procedural services (e.g., ketamine infusions, esketamine administration, TMS sessions, SGB/epidural procedures) are recognized at the point in time when rendered; therapy and medication management services are recognized as sessions occur. The transaction price includes variable consideration such as contractual adjustments, expected denials, and implicit price concessions, which are estimated and constrained to amounts not expected to reverse. The Company applies the portfolio approach for contracts with similar characteristics by payer and service type. The Company elected the practical expedient not to assess a significant financing component because the period between service and payment is one year or less. The Company acts as principal in its patient service arrangements and records revenue on a gross basis.

Patient service revenue is primarily derived from services rendered to patients for outpatient behavioral health care, interventional psychiatry, and pain management procedures. The Company’s services have no fixed duration and can generally be terminated by the patient or the Company at any time; therefore, each treatment or visit is considered its own stand-alone contract.

The Company disaggregates Patient service revenue from contracts with customers by service type including procedural services and therapy services and by payor type including commercial insurance, Medicare, and self-pay. Management believes this presentation best reflects the nature, amount, timing, and uncertainty of the Company’s patient service revenue and cash flows.

Cost of Patient Services

Cost of patient services includes direct costs associated with providing healthcare services, such as salaries and benefits for clinical personnel, medical supplies, pharmaceuticals, and other costs directly attributable to patient care. These costs are expensed as incurred.

Research and Development Costs

Research and development expense consists primarily of costs associated with the Company’s clinical trials, salaries, payroll taxes, employee benefits, and stock-based compensation charges for those individuals involved in ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are recorded as prepaid assets and expensed when the activity has been performed or when the goods have been received.

Non-cancellable Contracts

The Company may record certain obligations as liabilities related to non-cancellable contracts. If appropriate, the offsetting costs may be recorded as a deferred cost asset.

Stock-Based Compensation

The Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards. The Company accounts for forfeitures as they occur. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The Company estimates the fair value of restricted stock award grants using the closing trading price of the Company’s Common Stock on the date of issuance. All stock-based compensation costs are recorded in selling, general and administrative or research and development expenses in the consolidated statements of operations based upon the underlying individual’s role at the Company.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480) and FASB ASC Topic 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company generally determines fair value of the Common Stock Warrants using a Black-Scholes valuation methodology.

A change in any of the terms or conditions of warrants is accounted for as a modification. The accounting for incremental fair value of warrants is based on the specific facts and circumstances related to the modification which may result in a reduction of additional paid-in capital, recognition of costs for services rendered, or recognized as a deemed dividend.

Preferred Stock

In accordance with ASC 480, the Company’s Series A preferred stock was classified as permanent equity as it was not mandatorily redeemable upon an event that is considered outside of the Company’s control. Further, in accordance with ASC 815-40, Derivatives and Hedging – Contracts in an Entity’s Own Equity, the Series A preferred stock did not meet any of the criteria that would preclude equity classification. The Company concluded that the Series A preferred stock was more akin to an equity-type instrument than a debt-type instrument, therefore the conversion features associated with the convertible preferred stock were deemed to be clearly and closely related to the host instrument and were not bifurcated as a derivative under ASC 815.

Segment Information

The Company’s Chief Operating Decision Maker (CODM) is its Chief Executive Officer, who reviews financial information presented for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company operates as a single operating and reportable segment, consistent with the manner in which the CODM evaluates performance and allocates resources, see Note 14 for further information.

Equity Method Investments

Investments in entities over which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures (“ASC 323”). Under the equity method, investments are initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of the investee’s net income or loss, which is recorded in equity method income (loss) in the statements of operations. Distributions received from investees reduce the carrying amount of the investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable.

Income Taxes

Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

Loss Per Share

The Company applies the two-class method when computing net income or loss per share attributable to Common Stockholders. In determining net income or loss attributable to Common Stockholders, the two-class method requires income or loss allocable to participating securities for the period to be allocated between common and participating securities based on their respective rights to share in the earnings as if all of the income or loss allocable for the period had been distributed. In periods of net loss, there is no allocation required under the two-class method as the participating securities do not have an obligation to fund the losses of the Company.

Basic loss per share of Common Stock is computed by dividing net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if stock options, restricted stock awards and warrants were to vest and be exercised. Diluted earnings per share excludes, when applicable, the potential impact of stock options, Common Stock warrant shares, convertible notes, and other dilutive instruments because their effect would be anti-dilutive in the periods in which the Company incurs a net loss.

The following outstanding shares of Common Stock equivalents were excluded from the computation of the diluted net loss per share attributable to Common Stock for the periods in which a net loss is presented because their effect would have been anti-dilutive.

	March 31,
	2026		2025
Stock options		687,490		166,833
Common Stock warrants		9,359,710		9,555,562
Unvested Restricted Stock awards		32,895		—
Common Stock issuable upon conversion of Anson Notes		—		5,873,224
Totals		10,080,095		15,595,619

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as applicable, included in certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The Company is currently evaluating the impact of adopting of ASU 2024-03.

Note 9 - Debt

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 9. Debt

Anson Convertible Promissory Notes (the “Anson Notes”)

On August 12, 2024, the Company entered into the Anson Purchase Agreement with the Anson Investment Master Fund LP and Anson East Master Fund LP (collectively “Anson”). The Company agreed to sell, in three equal tranches, original issue discount Anson Notes in the aggregate principal amount of up to approximately $16.3 million for an aggregate purchase price of up to approximately $15.0 million and warrants to purchase that amount of shares equal to 50% of the principal amount of the Anson Notes divided by the VWAP of the Common Stock, as listed on the Nasdaq Capital Market, on the day prior to the closing of each respective tranche under the Anson Warrants (as defined below), with a 7% cash fee paid to the placement agent.  

On August 14, 2024, the Company entered into the first tranche Senior Secured Convertible Note Agreements (the “First Tranche Notes”) with Anson at various amounts for an aggregate of $5.435 million subject to an original issuance discount of 8% or $435,000, less other cash issuance costs of $521,000, resulting in net cash proceeds of $4.5 million, prior to any allocation to the Anson Warrants. The First Tranche Notes bore interest at a rate of 6% per annum, maturing on November 14, 2025, and were convertible at the option of the holder at any time after issuance into Common Stock, at a per share conversion price equal to the lower of (a) $2.4168 or (b) a price equal to 92% of the lowest VWAP during the seven trading day period immediately preceding the effective conversion date. Certain additional pricing and purchase protections and covenants triggering repayment were also afforded to the holders, and the First Tranche Notes carried certain mandatory redemption features. In conjunction with the issuance of the First Tranche Notes, the Company also issued warrants to purchase up to 1,349,305 shares of Common Stock.

Pursuant to the Anson Purchase Agreement, on October 10, 2024 (the “Second Closing Date”), the Company sold a total of $5.4 million in Notes (the “Second Tranche Notes”), subject to an original issue discount of 8% or $435,000 less other cash issuance cost of $375,000, with an aggregate purchase price of approximately $5.0 million, and warrants to purchase up to 1,846,128 shares of Common Stock. The Second Tranche Notes were convertible into Common Stock, at a per share conversion price equal to by the lower of (a) $1.7664 or (b) a price equal to 92% of the lowest VWAP during the seven-trading day period immediately preceding the effective date set forth in a Notice of Conversion delivered by an Investor to the Company. The Conversion Price was subject to, among other customary provisions, downward adjustment in the event of any future issuance by the Company of Common Stock below the then effective Conversion Price. In connection with the Second Tranche Notes, the Company paid a cash fee of 7% of the gross proceeds the Company received in the Second Closing to a placement agent and incurred certain additional other issuance costs and reimbursement for legal counsel disbursements and placement agent, for aggregate issuance costs of approximately $0.4 million.

Pursuant to the Anson Purchase Agreement, on January 28, 2025 (the “Third Closing Date”), the Company sold a total of $5.435 million in Notes subject to an original issue discount of 8% or $0.435 million less other issuance costs of $0.4 million noted below (the “Third Tranche Notes” and collectively with the First Tranche Notes and Second Tranche Notes, the (“Anson Notes”)), with an aggregate purchase price of approximately $5.0 million, and Warrants to purchase up to 862,699 shares of Common Stock. The Third Tranche Notes were convertible into Common Stock, at a per share conversion price equal to by the lower of (a) $3.78 or (b) a price equal to 92% of the lowest VWAP during the seven-trading day period immediately preceding the effective date set forth in a Notice of Conversion delivered by an Investor to the Company. The Conversion Price is subject to, among other customary provisions, downward adjustment in the event of any future issuance by the Company of Common Stock below the then effective Conversion Price. In connection with the Third Tranche Notes, the Company paid a cash tail fee to the Placement Agent equal to 7% of the gross proceeds the Company received in the Third Closing and incurred certain additional other issuance costs and reimbursement for legal counsel disbursements, for aggregate issuance costs of approximately $0.4 million.

During the year ended December 31, 2024, Anson converted $4.2 million of principal and interest of the First Tranche Note into Common Stock, resulting in the issuances of 3,676,796 shares of Common Stock and loss on conversion of $1.3 million.

During the three months ended March 31, 2025, Anson converted $1.3 million of principal and interest of the First Tranche Note into common stock, resulting in the issuances of 1,004,055 shares of Common Stock and loss on redemption of $1.6 million. Anson converted less than $0.1 million of principal and interest of the Third Tranche Note into common stock, resulting in the issuance of 5,463 shares of Common Stock and loss on redemption of less than $0.1 million.

During the entire year ended December 31, 2025, Anson converted the remaining $1.3 million of principal and interest of the First Tranche Notes, and all of the principal and interest on the Second and Third Tranche Notes ($5.8 million and $5.5 million, respectively) into Common Stock, resulting in the aggregate issuances of 7.3 million shares of Common Stock valued at $18.9 million and loss on conversion of $6.2 million.

No Anson Notes remained outstanding as of March 31, 2026 and December 31, 2025.

Due to the embedded features within the Anson Notes, the Company elected to account for the First, Second, and Third Tranche Notes at fair value at inception. Subsequent changes in fair value were recorded as a component of other income (loss) in the consolidated statements of operations. During the three months ended March 31, 2025, the Company recorded a loss from the change in fair value of the Second and Third Tranche Notes of $1 million, which was recognized in other expense (income) on the condensed consolidated statements of operations as a result of the Company’s election of the fair value option.

On or about January 27, 2025, the Company and Anson entered into a Consent and Waiver Agreement (the “CWA”), relating to certain rights and prohibitions arising under the Anson Purchase Agreement and the Notes. In the CWA, Anson provided its consent under certain restrictive provisions, and waived certain rights, including, among other things, a right to participate in certain Qualified Financings (as defined in the CWA) made by us under the Anson Purchase Agreement and the Notes, the prohibition on issuance of certain equity securities, and waiver of any potential liquidated damages arising under that certain Registration Rights Agreement by and between the Company and Anson dated August 14, 2024, until March 31, 2025. On March 20, 2025, following the conversion of less than $0.1 million of the Third Tranche Note into 5,463 shares of Common Stock, the Company issued 303,819 shares of Common Stock as Consideration Shares with a fair value of $0.6 million and 303,819 of Consideration Warrants with a fair value of $0.6 million to Anson in accordance with the terms of the CWA (see Note 11).

In connection with the Second RD Purchase Agreement (see Note 11), and pursuant to the full ratchet anti-dilution provisions contained in the Anson financing agreements, the exercise price of all outstanding Common Stock purchase warrants issued on August 14, 2024, October 10, 2024, January 28, 2025, and January 29, 2025 (collectively, the “Anson Warrants”) were each adjusted to $1.65 per share, which was reflected in the change in fair value of convertible notes payable recorded in the consolidated statement of operations. In addition, the number of shares underlying the Anson Warrants was increased by an aggregate of 1,870,960 shares of Company’s Common Stock (see below under “Warrants”).

The holders of Anson Notes and Anson Warrants, in accordance with an agreement entered into with Anson on September 30, 2025, agreed to, among other things, i) certain trading volume limitations, and ii) a partial exercise on previously issued Anson Warrants for cash. Specifically, if the closing stock price of the Company’s common stock as reported on the Principal Market (as defined in the August 2024 Purchase Agreement) is below $3.25 on any trading day, Anson may not sell, dispose of, or otherwise transfer, in the aggregate, more than 12.5% of the composite daily trading volume of the Company’s common stock on that trading day. In accordance with the agreement, the holders exercised their Anson Warrants for cash, generating net proceeds of $3.09 million and resulting in the issuance of 1,870,960 shares of Company’s Common Stock on September 30, 2025 (see “Warrants” below).

The following table presents the Anson Notes as of December 31, 2025 (in thousands):

	December 31,
	2025
Par value of the Anson Notes	$	16,305
Initial original issue discount		(1,305	)
Conversions and repayments of principal and interest (shares)		(16,909	)
Carrying value of the Anson Notes before current period change in fair value		(1,909	)
Fair value allocated to Common Stock liability classified warrants		(6,442	)
Fair value adjustment through earnings		8,351
Total carrying value of Anson Notes	$	—

Convertible note payable - current portion	$	—
Convertible note payable, net of current portion	$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,430,000)	$ (5,512,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	63,000	1,000
Amortization of operating right of use assets	102,000	0
Stock-based compensation	151,000	12,000
Provision (recovery) for expected credit losses	28,000	0
Change in fair value of warrant liabilities	(3,538,000)	(2,896,000)
Change in fair value of convertible promissory notes	0	965,000
Loss on convertible note conversions	0	1,593,000
Loss on issuance of registered direct Common Stock	0	730,000
Loss on Consideration Shares and Warrants	0	1,277,000
Loss on equity method investments	(2,000)	0
Expense for debt issuance costs due to fair value election on Anson Notes	0	350,000
Changes in operating assets and liabilities:
Prepaid expense and other assets	420,000	159,000
Account receivable	(48,000)	0
Accounts payable	129,000	178,000
Operating lease liabilities	(102,000)	0
Accrued expense and other liabilities	(68,000)	(337,000)
Net cash used in operating activities	(4,295,000)	(3,480,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used in investments	(213,000)	0
Net cash used in investing activities	(213,000)	0
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of insurance note	0	(320,000)
Expense for debt issuance costs due to fair value election on Anson Notes	0	(350,000)
ATM offering, net of offering costs	3,424,000	0
Net cash provided by financing activities	3,424,000	7,585,000
Net increase (decrease) in cash and cash equivalents	(1,084,000)	4,105,000
Cash and cash equivalents at beginning of year	7,797,000	1,443,000	$ 1,443,000
Cash and cash equivalents at end of year	6,713,000	5,548,000	$ 7,797,000
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Non-cash investing and financing activities:
New right of use asset and lease liability	405,000	0
Amortization of deferred offering costs to additional paid-in capital	24,000	7,000
Conversion of Principal and Interest Into Common Stock [Member]
Non-cash investing and financing activities:
Issuance of Common Stock as principal and interest repayment for convertible notes	0	1,347,000
Consideration Warrants [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Common Stock and warrants, net of issuance costs	0	5,000,000
Warrants Other Than Consideration Warrants [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Common Stock and warrants, net of issuance costs	$ 0	$ 3,255,000

Note 3 - Revenue and Accounts Receivable - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Beginning balance as of December 31, 2025	$ 153
Provision (recovery) for expected credit losses	28	$ 0
Write-offs, net of recoveries	0
Ending Balance as of March 31, 2026	$ 181

Note 12 - Stock-based Compensation - Schedule of Stock-based Compensation 2 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation expense	$ 151	$ 12
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock-based compensation expense	15	0
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Stock-based compensation expense	$ 136	$ 12

Note 9 - Debt (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Long-Term Debt Instruments [Table Text Block]

	December 31,
	2025
Par value of the Anson Notes	$	16,305
Initial original issue discount		(1,305	)
Conversions and repayments of principal and interest (shares)		(16,909	)
Carrying value of the Anson Notes before current period change in fair value		(1,909	)
Fair value allocated to Common Stock liability classified warrants		(6,442	)
Fair value adjustment through earnings		8,351
Total carrying value of Anson Notes	$	—

Convertible note payable - current portion	$	—
Convertible note payable, net of current portion	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Note 7 - Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Refund liability (see Note 8)	$ 5,638	$ 5,509
Professional services	4,311	4,462
Employee costs	394	496
Accrued research and development expense	310	311
Accrued Dura acquisition cost due post-closing	558	557
Other accrued expense	69	2
Total accrued and other current liabilities	$ 11,280	$ 11,337

Note 3 - Revenue and Accounts Receivable - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net patient service revenue	$ 1,068	$ 0
Commercial Insurance [Member]
Net patient service revenue	729
Medicare [Member]
Net patient service revenue	158
Self-Pay [Member]
Net patient service revenue	181
Procedures [Member]
Net patient service revenue	308
Therapy [Member]
Net patient service revenue	$ 760

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Note 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 10. Commitments and Contingencies

Sarah Herzog Memorial Hospital License Agreement

The Company is required to make certain payments related to the development of NRX-101 (the “Licensed Product”) in order to maintain the license agreement with the Sarah Herzog Memorial Hospital Ezrat Nashim (SHMH) (the “SHMH License Agreement”).

In April 2025, the Company and the Licensor entered into an Amendment to the Exclusive License Agreement (the “Amendment”), which resolved a dispute between the parties and modified certain payment and reporting terms of the License Agreement. The Amendment also modified certain milestone obligations related to NRX‑101. In full satisfaction of the milestone payments associated with the completion of Phase II and Phase III clinical trials for NRX‑101, the Company is required to pay the Licensor a single milestone payment of $187,500 upon the first approval of NRX‑101 by the U.S. Food and Drug Administration, including accelerated approval. All remaining milestone provisions under the License Agreement remain unchanged.

Milestone Payments

End of Phase I Clinical Trials of Licensed Product (completed)	$	100,000
End of Phase II Clinical Trials of Licensed Product (completed)	$	250,000
End of Phase III Clinical Trials of Licensed Product	$	187,500
First Commercial Sale of Licensed Product in U.S.	$	500,000
First Commercial Sale of Licensed Product in Europe	$	500,000
Annual Revenues Reach $100,000,000	$	750,000

The milestone payments due above may be reduced by 25% in certain circumstances, and by the application of certain sub-license fees. As of March 31, 2026, the total cumulative payments made under the SHMH License Agreement were $0.3 million, with no payments made during the quarters ended March 31, 2026 and 2025.

Royalties

A royalty in an amount equal to: (a) 1% of revenues from the sale of any product incorporating a Licensed Product when at least one Licensed Patent remains in force, if such product is not covered by a Valid Claim (as defined below) in the country or region in which the sale occurs, or (b) 2.5% of revenues from the sale of any Licensed Product that is covered by at least one Valid Claim in the country or region in which such product is manufactured or sold. A “Valid Claim” means any issued claim in the Licensed Patents that remains in force and that has not been finally invalidated or held to be unenforceable. The royalty rates above may be doubled if we commence a legal challenge to the validity, enforceability, or scope of any of the Licensed Patents during the term of the SHMH License Agreement and do not prevail in such proceeding.

Royalties shall also apply to any revenues generated by sub-licensees from sale of Licensed Products subject to a cap of 8.5% of the payments received by us from sub-licensees in connection with such sales. During the three months ended March 31, 2026 and 2025, no royalty payments were due.

Annual Maintenance Fee

A fixed amount of $100,000 was paid on April 16, 2021 and, thereafter, a fixed amount of $150,000 was due on the anniversary of such date during the term of the SHMH License Agreement. The Company paid $150,000 in annual maintenance fees in the year ended December 31, 2024 expensed through Research and Development expenses in the accompanying Consolidated Statement of Operations. Under the Amendment, during the year ended December 31, 2025, the Company made a payment to the Licensor $150,000 in cash in full satisfaction of the annual license maintenance fee that became due on April 16, 2024.

Beginning with the sixth anniversary of the effective date of the License Agreement (or April 16, 2025), future annual license maintenance fees of $150,000 are payable in the form of the Company’s common stock rather than cash. The number of shares to be issued each year is determined based on the volume‑weighted average closing price of the Company’s common stock for the 30 consecutive trading days immediately preceding April 16 of the applicable year, subject to adjustment for stock splits and similar events. On May 15, 2025, the Company granted 75,000 shares of fully vested common stock to a Licensor in accordance with a Amendment. The fair value of the shares granted was determined based on the quoted trading price of the Company’s common stock on the grant date of $2.08 per share, resulting in aggregate expense of approximately $0.2 million, which was recorded within the accompanying consolidated statement of operations for the year ended December 31, 2025.

During the three months ended March 31, 2026 and 2025, the Company recorded $0 in related annual maintenance fees, respectively.

Exclusive License Agreement

In 2023, the Company entered into a license agreement with Apkarian Technologies LLC to in-license US patent 8,653,120 that claims the use of DCS for the treatment of chronic pain in exchange for a commitment to pay milestones and royalties as development milestones are reached in the field of chronic pain. The patent is supported by extensive nonclinical data and early clinical data that suggest the potential for NMDA antagonist drugs, such as NRX-101 to decrease both chronic pain and neuropathic pain while potentially decreasing craving for opioids. For the three months ended March 31, 2026 and 2025, the Company has recorded no expenses relating to the licensure of the patent.

Kadima Purchase Agreement

On May 9, 2025, HOPE and its wholly-owned subsidiary, HTX, entered into an Asset Purchase and Contribution Agreement (the “Kadima Purchase Agreement”), with Kadima Medical, Kadima Holdings, Inc. (“Kadima Holdings”), and David Feifel, M.D., PH.D (“Feifel”, and collectively with Kadima Medical and Kadima Holdings, “Kadima”), pursuant to which the Company agreed to purchase and Kadima agreed to sell, certain assets of Kadima, subject to the satisfaction of certain closing conditions (the “Acquisition”).

The Kadima Purchase Agreement contains representations, warranties and covenants of the Company and Kadima that are customary for a transaction of this nature, including among others, covenants by Kadima regarding the validity of certain material contracts entered into between Kadima and third-parties being assigned to the Subsidiaries, title to the assets being sold by Kadima, the condition and sufficiency of the assets being purchased, and Kadima’s rights to its intellectual property, tax liabilities, and the investment representations of Kadima.

The Kadima Purchase Agreement also contains customary indemnification provisions whereby Kadima will indemnify the Company for certain losses arising out of inaccuracies in, or breaches of, the representations, warranties and covenants of Kadima, pre-closing taxes of Kadima, and certain other matters, subject to certain caps and thresholds.

As of the date of this Report, the parties have not closed the Acquisition and the matter has entered arbitration. At this stage of the arbitration, it is too early to determine if the matter would reasonably be expected to have a material adverse effect on our financial condition.

Operating Lease

The Company leases office space on a month-to-month basis. The rent expense for the three months ended March 31, 2026 and 2025 was less than $0.1 million, respectively.

The Company also leases three healthcare clinical facilities and office space located in Naples, West Palm Beach and Fort Myers, Florida and certain medical equipment under non-cancelable operating lease agreements. Details regarding lease terms, future minimum lease payments, and right-of-use assets and liabilities are disclosed in Note 6.

Legal Proceedings

The Company is, from time to time, involved in various legal proceedings incidental to the conduct of our business. Historically, the outcome of nearly all such legal proceedings has not, in the aggregate, had a material adverse effect on our business, financial condition, results of operations or liquidity. There are no material pending or threatened legal proceedings at this time.

Note 8 - Alvogen Licensing Agreement

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

Note 8. Alvogen Licensing Agreement

In June 2023, the Company entered into a License Agreement with Alvogen. On June 21, 2024, the Company received a notice of termination from Alvogen effective immediately. Following the termination of the License Agreement by Alvogen, the amounts advanced pursuant to the amendment became due and payable to Alvogen. Accordingly, the refund liability has not been reclassified to deferred revenue or recorded as revenue as of March 31, 2026 and will remain permanent as refund liability until settled.

Upon termination of the License Agreement, the intellectual property rights licensed to Alvogen under the License Agreement reverted to the Company, and all other rights and obligations of each of the parties immediately ceased, except for outstanding amounts owed as of the time of such expiration or termination. In accordance with the License Agreement, any unpaid amounts accrue interest from the due date at a rate equal to one‑month Term SOFR plus 6.0% per annum (10.8% as of March 31, 2026 and December 31, 2025). Interest expense related to the accrued interest on the refund liability is recognized as incurred and is included in interest expense in the consolidated statements of operations. As of March 31, 2026, the refund liability due to Alvogen was $5.6 million, which represents a total of $4.8 million of all payments made by Alvogen through March 31, 2026 along with $0.8 million of accrued interests, and is included as a component of accrued expense and other current liabilities on the unaudited condensed consolidated balance sheet (See Note 7). As of December 31, 2025, the refund liability due to Alvogen was $5.5 million, which represents a total of $4.8 million of all payments made by Alvogen through December 31, 2025 along with the $0.7 million of accrued interest.

Note 1 - Business and Organization

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Business and Organization

The Business

NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) is a clinical-stage bio-pharmaceutical company which develops and expects to distribute, through its wholly-owned operating subsidiary, NeuroRx, Inc. (NeuroRx), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder (PTSD) and schizophrenia. NRx is additionally the founder and majority owner of HOPE Therapeutics, Inc. (HOPE), a medical services company that offers interventional psychiatry care to patients with treatment-resistant depression and PTSD with a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy. After March 31, 2026, NRx founded two additional Florida-based subsidiaries: NRx Defense Systems, Inc. (NDS) and GeNeuro, Inc. (GeNeuro). Historically, our drug development activities have focused on drugs that enhance neuroplasticity by modulating the N-methyl-D-aspartate (NMDA) receptor in the brain and nervous system, a neurochemical pathway that has been disclosed in detail in our annual filings.

As of March 31, 2026, NRx currently has three lead drug candidates – NRX-100, a preservative-free formulation of ketamine for intravenous infusion, a generic preservative-free formulation of ketamine (KETAFREE™) and NRX-101, an oral fixed dose combination of D-cycloserine (DCS) and lurasidone.

In February 2024, NRx incorporated HOPE Therapeutics with the intent of developing a medical care delivery organization focused on providing cutting-edge, comprehensive interventional psychiatric treatment with the most effective treatments available, including NMDA-targeted and other neuroplastic drugs, such as ketamine, Spravato and NRX-101, neuromodulatory devices, such as Transcranial Magnetic Stimulation (TMS), hyperbaric therapy, digital therapeutics, and medication management. During 2025, the Company developed the operating model for HOPE and made initial clinic acquisitions with funding from the B-Group. HOPE generated its first clinical revenue in Q4 2025 and currently, as of March 31, 2026, operates in five locations in Florida.

On December 2, 2024, HOPE formed HTX Management Company, LLC (HTX), a wholly owned subsidiary organized as a Delaware limited liability company, for the purpose of supporting future back-end operations associated with the growing network of HOPE clinics.

On September 8, 2025, HOPE became a revenue-generating clinical enterprise through its completion of the previously announced acquisition of Dura Medical, LLC (Dura), a Florida limited liability company, and a revenue-generating clinical organization with locations in Naples and Ft. Myers, Florida. Founded in 2018, Dura offers precision-based interventional psychiatry services, including ketamine infusion therapy, TMS, Spravato®, stellate ganglion blocks, and psychotherapy (See Note 16).

On October 17, 2025, the Company completed the addition of Cohen and Associates, based in Sarasota, Florida, to the HOPE Network with a strategic minority investment, which expanded HOPE’s footprint on the West Coast of Florida, and related appointment of Dr. Rebecca Cohen as HOPE’s Medical Director.

Note 16 - Business Acquisition - Acquired Intangible Assets (Details) - Dura Medical [Member] - USD ($) $ in Thousands	Sep. 08, 2025	Mar. 31, 2026
Fair values	$ 984
Less accumulated amortization	(105)
Net carry value	879	$ 879
Remainder of 2026		141
2027		188
2028		158
2029		84
2030		84
Thereafter		224
Total	879	$ 879
Trademarks and Trade Names [Member]
Fair values	$ 673
Weighted average useful life (Year)	8 years
Customer Relationships [Member]
Fair values	$ 311
Weighted average useful life (Year)	3 years

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Liquidity and Going Concern [Policy Text Block]

Liquidity and Going Concern

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

Certain prior‑year amounts have been reclassified to conform to the 2026 presentation.

Risks and Uncertainties [Policy Text Block]

Certain Risks and Uncertainties

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.

Business Combination [Policy Text Block]

Business Acquisitions

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Accounts Receivable [Policy Text Block]

Accounts Receivable, net

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

Property, Plant, and Equipment [Policy Text Block]

Furniture and Equipment, net

Furniture and equipment, net is stated at cost less accumulated depreciation. These assets are depreciated over their estimated useful lives of five to seven years using the straight-line method.

Lessee, Leases [Policy Text Block]

Lease liabilities

Revenue [Policy Text Block]

Revenue Recognition

Cost of Goods and Service [Policy Text Block]

Cost of Patient Services

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

Deferred Charges, Policy [Policy Text Block]

Non-cancellable Contracts

The Company may record certain obligations as liabilities related to non-cancellable contracts. If appropriate, the offsetting costs may be recorded as a deferred cost asset.

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Derivatives, Policy [Policy Text Block]

Warrants

Stockholders' Equity, Policy [Policy Text Block]

Preferred Stock

Segment Reporting, Policy [Policy Text Block]

Segment Information

Equity Method Investments [Policy Text Block]

Equity Method Investments

Income Tax, Policy [Policy Text Block]

Income Taxes

Earnings Per Share, Policy [Policy Text Block]

Loss Per Share

	March 31,
	2026		2025
Stock options		687,490		166,833
Common Stock warrants		9,359,710		9,555,562
Unvested Restricted Stock awards		32,895		—
Common Stock issuable upon conversion of Anson Notes		—		5,873,224
Totals		10,080,095		15,595,619

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted by the Company as of the specified effective date.

Note 12 - Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 12. Stock-Based Compensation

2016 Omnibus Incentive Plan

Prior to the Merger, the Company maintained its 2016 Omnibus Incentive Plan (the “2016 Plan”), under which NeuroRx granted incentive stock options, restricted stock awards, other stock-based awards, or other cash-based awards to employees, directors, and non-employee consultants. The maximum aggregate shares of Common Stock that were subject to awards and issuable under the 2016 Plan was 347,200.

In connection with the Merger, each option of NeuroRx that was outstanding and unexercised immediately prior to the Effective Time (whether vested or unvested) was assumed by BRPA and converted into an option to acquire an adjusted number of shares of Common Stock at an adjusted exercise price per share, based on the Exchange Ratio (of 0.316:1).

Upon the closing of the Merger, the outstanding and unexercised NeuroRx stock options became options to purchase an aggregate 289,542 shares of Common Stock at an average exercise price of $51.00 per share.

2021 Omnibus Incentive Plan

As of December 31, 2025, 1,308,746 shares of Common Stock are authorized for issuance pursuant to awards under the Company’s 2021 Omnibus Incentive Plan (the “2021 Plan”). As of January 1, 2026, 417,143 shares were added to the 2021 Plan under an evergreen feature that automatically increases the reserve with additional shares of Common Stock for future issuance under the Incentive Plan each calendar year, beginning January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (A) 1% of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year or (B) a smaller number of shares determined by the Board. On December 28, 2023, the first amendment to the 2021 Plan was executed which increased the maximum number of shares (i) available for issuance under the Plan by an additional 200,000 shares, and (ii) that may be delivered pursuant to the exercise of Incentive Stock Options granted under the 2021 Plan to be equal to 100% of the Share Pool. As of March 31, 2026, an aggregate 1,150,530 shares of Common Stock have been awarded net of forfeitures, and 575,245 shares of Common Stock remain available for issuance under the 2021 Plan. The 2021 Plan permits the granting of incentive stock options, restricted stock awards, other stock-based awards or other cash-based awards to employees, directors, and non-employee consultants.

Option Awards

The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company is a public company and has limited company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the limited company-specific historical volatility and implied volatility. The expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. Additionally, certain options granted contain terms that require all unvested options to immediately vest a) upon the approval of an NDA by the FDA for NRX‑101, or b) immediately preceding a change in control of the Company, whichever occurs first.

On January 1, 2026, the Company issued 10,135 stock options. These shares have a vesting term of three and two years, an expiration date of ten years from the grant date and were valued at approximately less than $0.1 million as of the grant date.

On January 27, 2026, the Company issued 100,000 stock options. These shares have a vesting term of three years, an expiration date of ten years from the grant date and were valued at approximately less than $0.2 million as of the grant date.

The stock options granted during the three months ended March 31, 2026 were valued utilizing the Black-Scholes options pricing model with the following inputs: $2.24-3.00 of stock price, 3.92%-4.05% risk-free rate, 150.81%-156.02% volatility, 0% dividend rate, and the expected term of 6 years.

The following table summarizes the Company’s employee and non-employee stock option activity under the 2021 Plan for the following periods:

						Weighted
						average
				*Weighted*		*remaining*		*Aggregate*
				*average*		*contractual*		*intrinsic*
	*Number of*			*exercise*		*life (in*		*value (in*
	*shares*			*price*		*years)*		*thousands)*
Outstanding as of December 31, 2024		121,833			22.36		7.0		—
Options granted		591,865			1.93		10.0
Forfeited/Expired		(126,343	)		—		—		—
Outstanding as of December 31, 2025		587,355		$	6.10		8.6	$	365
Options granted		110,135			2.45		10.0		—
Forfeited/Expired		(10,000	)		—		—		—
Outstanding as of March 31, 2026		687,490		$	8.62		8.6	$	147
Options vested and exercisable as of March 31, 2026		158,407		$	17.43		6.7	$	—

Stock-based compensation expense related to stock options was $0.2 million and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

At March 31, 2026, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted was $0.6 million, which the Company expects to recognize over a weighted-average period of approximately 1.80 years.

Restricted Stock Awards

The following table presents the Company’s Restricted Stock Activity:

			Weighted
			Average Grant
			Date Fair
	Awards		Value
Balance as of December 31, 2024 (unvested)		—		—
Granted		32,895	$	3.04
Vested		—	$	—
Forfeited		—	$	—
Balance as of December 31, 2025 (unvested)		32,895	$	3.04
Granted		—	$	—
Vested		—	$	—
Forfeited		—	$	—
Balance as of March 31, 2026		32,895	$	3.04

On October 22, 2025, the Company granted 32,895 restricted shares of Company’s common stock of to an employee in accordance with Medical Director Agreement. The shares were valued at approximately $100,000 based on the closing price of NRx Common Stock on October 16, 2025 of $3.04 per share. The Restricted Stock vests in equal tranches over a three-year period, with each tranche vesting on the day prior to each anniversary of the effective date. The related stock-based compensation expense is being recognized over the vesting period.

Stock-based compensation expense related to RSAs was less than $0.1 million for the three months ended March 31, 2026.

The following table summarizes the Company’s recognition of stock-based compensation for the following periods (in thousands):

	Three Months ended March 31,
	2026		2025
Stock-based compensation expense
General and administrative	$	136	$	12
Research and development		15		—
Total stock-based compensation expense	$	151	$	12

Note 7 - Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	March 31, 2026		December 31, 2025

Accrued and other current liabilities:
Refund liability (see Note 8)	$	5,638	$	5,509
Professional services		4,311		4,462
Employee costs		394		496
Accrued research and development expense		310		311
Accrued Dura acquisition cost due post-closing		558		557
Other accrued expense		69		2
Total accrued and other current liabilities	$	11,280	$	11,337

Note 17 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Mar. 29, 2023	Nov. 06, 2022
Accounts Payable, Current	$ 4,399,000		$ 4,270,000
Naples Lease Operating Agreement With Dura Properties LLC [Member]
Related Party Transaction, Amounts of Transaction	29,000
Glytech License Agreement [Member]
Related Party Transaction, Amounts of Transaction	0	$ 300,000
Glytech License Agreement [Member] \| NRX Pharmaceuticals, Inc [Member] \| Minimum [Member]
Investment Owned, Fair Value					$ 50,000,000
Consultation Agreement with Dr. Jonathan Javitt [Member]
Related Party Transaction, Amounts of Transaction	100,000	100,000
Consultation Agreement with Zachary Javitt [Member]
Related Party Transaction, Amounts of Transaction	100,000	200,000
Consulting Agreement, Annual Payment				$ 600,000
Consulting Agreement, Monthly Payment				100,000
Consulting Agreement, Performance Bonus, Target Value				$ 300,000
Accrued Bonuses, Current	200,000		200,000
Consultation Agreement with Zachary Javitt [Member] \| Related Party [Member]
Accounts Payable, Current	500,000		$ 300,000
Consulting Agreement with Michael Taylor [Member]
Related Party Transaction, Amounts of Transaction	$ 100,000	$ 100,000

Note 19 - Subsequent Events

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Subsequent Events [Text Block]

Note 19. Subsequent Events

Proceeds from ATM Offering

From April 1, 2026 through May 14, 2026, the Company sold an aggregate of 2,619,654 shares of its common stock shares in connection with the at-the-market offering for approximately $7.0 million, net of less than $0.2 million in offering costs.

Formation of NRx Defense Systems, Inc.

In April 2026, the Company formed NRx Defense Systems, Inc. ("NDS"), a Florida-based, wholly owned subsidiary organized for the purpose of advancing recent clinical findings that suggest low-dose D-cycloserine (the key ingredient in NRX-101) may increase the antidepressant and anti-suicidal effects of transcranial magnetic stimulation ("TMS") by more than two-fold.

Acquisition of GeNeuro SA Assets and formation of GeNeuro, Inc.

In May 2026, the Company incorporated GeNeuro, Inc. ("GeNeuro"), a Florida-based, wholly owned subsidiary. GeNeuro is expected to focus on a portfolio of diagnostic and therapeutic advances related to the role of Human Endogenous Retroviruses in causing central nervous system diseases, include schizophrenia and other psychoses, multiple sclerosis, amyotrophic lateral sclerosis (ALS), autism, and optic neuritis.

Note 12 - Stock-based Compensation - Schedule of Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Balance (unvested) (in shares)	32,895	0
Unvested, weighted average grant date fair value (in dollars per share)	$ 3.04	$ 3.04	$ 0
Granted (in shares)	0	32,895
Vested (in shares)	0	0
Vested, weighted average grant date fair value (in dollars per share)	$ 0	$ 0
Forfeited (in shares)	0	0
Forfeited, weighted average grant date fair value (in dollars per share)	$ 0	$ 0
Granted, weighted average grant date fair value (in dollars per share)	$ 0
Balance (unvested) (in shares)	32,895	32,895

Note 9 - Debt - Schedule of Debt (Details) - Anson Convertible Notes [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Aug. 12, 2024
Par value of the Anson Notes	$ 16,305	$ 16,300
Initial original issue discount	(1,305)
Conversions and repayments of principal and interest (shares)	(16,909)
Carrying value of the Anson Notes before current period change in fair value	(1,909)
Fair value allocated to Common Stock liability classified warrants	(6,442)
Fair value adjustment through earnings	8,351
Total carrying value of Anson Notes	0
Convertible note payable - current portion	0
Convertible note payable, net of current portion	$ 0

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Expense (Benefit)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Note 10 - Commitments and Contingencies - Schedule of Milestone Payments (Details) - Sarah Herzog Memorial Hospital License Agreement [Member] - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Milestone payment	$ 0	$ 0
End of Phase I Clinical Trials of Licensed Product [Member]
Milestone payment	100,000
End of Phase II Clinical Trials of Licensed Product [Member]
Milestone payment	250,000
End of Phase III Clinical Trials of Licensed Product [Member]
Milestone payment	187,500
First Commercial Sale of Licensed Product in U.S. [Member]
Milestone payment	500,000
First Commercial Sale of Licensed Product in Europe [Member]
Milestone payment	500,000
Annual Revenue Threshold [Member]
Milestone payment	$ 750,000

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	ATM Offering [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	ATM Offering [Member] Common Stock [Member]	ATM Offering [Member] Additional Paid-in Capital [Member]	ATM Offering [Member] Retained Earnings [Member]	ATM Offering [Member] AOCI Attributable to Parent [Member]	ATM Offering [Member]	Registered Direct Offering [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Registered Direct Offering [Member] Common Stock [Member]	Registered Direct Offering [Member] Additional Paid-in Capital [Member]	Registered Direct Offering [Member] Retained Earnings [Member]	Registered Direct Offering [Member]	Consideration Shares [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Consideration Shares [Member] Common Stock [Member]	Consideration Shares [Member] Additional Paid-in Capital [Member]	Consideration Shares [Member] Retained Earnings [Member]	Consideration Shares [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2024																	0	0	14,591,505
Balance at Dec. 31, 2024																	$ 0	$ 0	$ 15	$ 255,035	$ (278,273)		$ (23,223)
Stock issuances, net (in shares)							0	1,215,278
Stock issuances, net							$ 0	$ 1	$ 3,254	$ 0	$ 3,255
Amortization of prepaid offering costs																	0		0	(7)	0		(7)
Stock-based compensation																	0		0	12	0		12
Net loss																	$ 0		$ 0	0	(5,512)		(5,512)
Shares issued as repayment of principal and interest for convertible note (in shares)																	0		1,009,518
Shares issued as repayment of principal and interest for convertible note																	$ 0		$ 1	2,939	0		2,940
Fair Value of warrants issued with register direct offering																	$ 0		$ 0	(3,255)	0		(3,255)
Shares issued as a result of repricing under VWAP (in shares)												0	303,819
Shares issued as a result of repricing under VWAP												$ 0	$ 0	$ 629	$ 0	$ 629
Balance (in shares) at Mar. 31, 2025																	0	0	17,120,120
Balance at Mar. 31, 2025																	$ 0	$ 0	$ 17	258,607	(283,785)		(25,161)
Balance (in shares) at Dec. 31, 2025																	0	0	31,734,333
Balance at Dec. 31, 2025																	$ 0	$ 0	$ 32	290,926	(306,895)	$ 0	(15,937)
Stock issuances, net (in shares)	0	1,736,982
Stock issuances, net	$ 0	$ 1	$ 3,423	$ 0	$ 0	$ 3,424
Amortization of prepaid offering costs																	0		0	(24)	0	0	(24)
Stock-based compensation																	0		0	151	0	0	151
Net loss																	$ 0		$ 0	0	(1,430)	0	(1,430)
Balance (in shares) at Mar. 31, 2026																	0	0	33,471,315
Balance at Mar. 31, 2026																	$ 0	$ 0	$ 33	$ 294,476	$ (308,325)	$ 0	$ (13,816)

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)			3 Months Ended		12 Months Ended
	May 15, 2025	Apr. 16, 2021	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 16, 2025	Apr. 16, 2022
Research and Development Expense			$ 1,309,000	$ 804,000
Operating Lease, Expense			119,000
Office Space Leases [Member]
Operating Lease, Expense			100,000
Stock Issuance to Vendor [Member]
License Agreement, Maintenance Fee						$ 150,000
Stock Issued During Period, Shares, Issued for Services (in shares)	75,000
Shares Issued, Price Per Share (in dollars per share)	$ 2.08
Stock Issued During Period, Value, Issued for Services					$ 200,000
Sarah Herzog Memorial Hospital License Agreement [Member]
License Agreement, Milestone Payment Upon First Approval			$ 187,500
License Agreements, Milestone Payments, Conditional Reduction Percentage			25.00%
License Agreement, Cumulative Payments			$ 300,000
License Agreement, Milestone Payment			0	0
Payments for Royalties			$ 0	0
Payment for License Agreement, Maintenance Fee		$ 100,000			$ 150,000
License Agreement, Maintenance Fee							$ 150,000
Sarah Herzog Memorial Hospital License Agreement [Member] \| Maximum [Member]
Royalty Percentage			8.50%
Sarah Herzog Memorial Hospital License Agreement [Member] \| Products Covered By Licensed Patents [Member]
Royalty Percentage			1.00%
Sarah Herzog Memorial Hospital License Agreement [Member] \| Products Covered by Valid Claims [Member]
Royalty Percentage			2.50%
Annual Maintenance Fees [Member]
Payment for License Agreement, Maintenance Fee			$ 0	0
Exclusive License Agreement [Member] \| Patent License [Member]
Research and Development Expense			$ 0	0
Operating Lease, Expense				$ 100,000

Note 13 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Change in fair value of convertible debt	$ 0	$ 965,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0
Anson Note [Member]
Change in fair value of convertible debt			$ 2,974
Long-Term Debt, Gross			0
Conversion of Principal and Interest Into Common Stock [Member] \| Anson Note [Member]
Debt Conversion, Original Debt, Amount			$ 11,371

Note 12 - Stock-based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Outstanding, balance (in shares)	587,355	121,833
Outstanding, weighted average exercise price (in dollars per share)	$ 6.1	$ 22.36
Outstanding, weighted average remaining contractual term (Year)	8 years 7 months 6 days	8 years 7 months 6 days	7 years
Outstanding, aggregate intrinsic value	$ 147	$ 365	$ 0
Outstanding, granted (in shares)	110,135	591,865
Options granted, weighted average exercise price (in dollars per share)	$ 2.45	$ 1.93
Options granted, weighted average remaining contractual term (Year)	10 years	10 years
Outstanding, forfetited/expired (in shares)	(10,000)	(126,343)
Forfeited/Expired, weighted average exercise price (in dollars per share)	$ 0	$ 0
Outstanding, balance (in shares)	687,490	587,355	121,833
Outstanding, weighted average exercise price (in dollars per share)	$ 8.62	$ 6.1	$ 22.36
Options vested and exercisable (in shares)	158,407
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 17.43
Options vested and exercisable, weighted average remaining contractual term (Year)	6 years 8 months 12 days
Options vested and exercisable, aggregate intrinsic value	$ 0

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Net Income (Loss) Attributable to Parent	$ (1,430)	$ (5,512)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	(4,295)	(3,480)
Equity, Attributable to Parent	(13,816)	(25,161)	$ (15,937)	$ (23,223)
Cash and Cash Equivalent	6,713		$ 7,797
Working Capital (Deficit)	(17,800)
Revenue from Contract with Customer, Excluding Assessed Tax	1,068	0
Cash, Uninsured Amount	6,400
Off-Balance-Sheet, Credit Loss, Liability	0
Goodwill, Impairment Loss	0	0
Asset Impairment Charges	$ 0	$ 0
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	3 years
Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years

Note 13 - Fair Value Measurements - Schedule of Assets and Liabilities on A Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Inputs, Level 1 [Member]
Money Market Account	$ 1,311	$ 403
Fair Value, Inputs, Level 3 [Member]
Warrant liabilities (Note 11)	$ 8,766	$ 12,304

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Note 6 - Leases (Details Textual)	Jan. 07, 2026 USD ($)	Nov. 14, 2025 USD ($)	Sep. 08, 2025 USD ($)
Lessee, Number of Operting LEases			3
Naples Lease [Member]
Lessee, Operating Lease, Base Monthly Rent			$ 6,000
Lessee, Operating Lease, Monthly Base Rent, Annual Escalation			3.00%
Lessee, Operating Lease, Common Area Maintenance Fee			$ 2,000
Lessee, Operating Lease, Monthly Taxes			1,000
Fort Myers Lease [Member]
Lessee, Operating Lease, Base Monthly Rent			$ 5,000
Lessee, Operating Lease, Monthly Base Rent, Annual Escalation			3.00%
Lessee, Operating Lease, Common Area Maintenance Fee			$ 2,000
West Palm Beach Lease [Member]
Lessee, Operating Lease, Fixed Annual Rent		$ 151,000
Lease for Certain Medical Equipment and Related Accessories [Member]
Number of Commercial Rental Agreement	3
Lessee, Operating Lease, Term of Contract (Month)	48 months
Lessee, Operating Lease, Fixed Monthly Rental Payments	$ 10,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net patient service revenue	$ 1,068,000	$ 0
Cost of patient services	631,000	0
Research and development	1,309,000	804,000
Selling, general and administrative	3,813,000	2,943,000
Depreciation and amortization	63,000	0
Settlement expense (income)	(6,000)	100,000
Total operating expenses	5,810,000	3,847,000
Loss from operations	(4,742,000)	(3,847,000)
Interest income	(5,000)	(4,000)
Interest expense	233,000	0
Change in fair value of convertible debt	0	965,000
Change in fair value of warrant liabilities	(3,538,000)	(2,896,000)
Loss on issuance of Registered Direct Offering	0	730,000
Loss on Consideration Shares and Warrants	0	1,277,000
Loss on convertible note conversions	0	1,593,000
Income from equity method investment	(2,000)	0
Total other expense (income), net	(3,312,000)	1,665,000
Net loss	$ (1,430,000)	$ (5,512,000)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.04)	$ (0.34)
Weighted average Common Stock outstanding:
Basic and diluted (in shares)	32,325,323	16,410,062

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
ATM Offering [Member]
Offering costs	$ 81

Note 7 - Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 7. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following at the dates indicated (in thousands):

	March 31, 2026		December 31, 2025

Accrued and other current liabilities:
Refund liability (see Note 8)	$	5,638	$	5,509
Professional services		4,311		4,462
Employee costs		394		496
Accrued research and development expense		310		311
Accrued Dura acquisition cost due post-closing		558		557
Other accrued expense		69		2
Total accrued and other current liabilities	$	11,280	$	11,337

Note 13 - Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 13. Fair Value Measurements

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025 and during the three months ended March 31, 2026 and 2025. The carrying amount of accounts payable approximated fair value as they are short term in nature. The fair value of stock options and warrants issued for services, and warrants issued with the Convertible Notes are estimated based on the Black-Scholes model. The fair value of the convertible notes payable was estimated utilizing a Monte Carlo simulation.

Fair Value on a Recurring Basis

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the money market account represents a Level 1 measurement. The estimated fair value of the warrant liabilities and convertible note payable represent Level 3 measurements. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

Description	Level		March 31, 2026		December 31, 2025

Assets:
Money Market Account		1	$	1,311	$	403

Liabilities:
Warrant liabilities (Note 11)		3	$	8,766	$	12,304

Convertible Note Payable - Anson

The significant inputs used in the Monte Carlo simulation to measure the Anson Convertible Notes that are categorized within Level 3 of the fair value hierarchy are as follows:

	March 31,
	2025
Stock price on valuation date		$2.05
Time to expiration		0.87	–	1.03
Notes market interest rate		13.21%
Equity volatility		120.2%	–	139.2%
Risk-free rate		4.08%
Probability of default		0%

The following table sets forth a summary of the changes in the fair value of the Anson Notes categorized within Level 3 of the fair value hierarchy (in thousands):

Fair value of Anson Notes as of December 31, 2024	$	6,257
Fair value of Anson III Note at issuance		2,522
Conversion and repayments of principal and interest (shares)		(1,347	)
Fair value adjustment through earnings		965
Fair value of Anson Notes as of March 31, 2025	$	8,397

Subsequent to March 31, 2025, the Company converted the remaining outstanding principal of the Anson Notes, together with accrued interest, with an aggregate carrying amount of $11,371, into shares of the Company’s common stock. During the remaining period in 2025, the Company recognized a fair value adjustment of $2,974 in earnings related to changes in the fair value of the Anson Notes. As of December 31, 2025, there were no outstanding balances under the Anson Notes.

Warrant Liabilities

The Company utilizes a Black-Scholes model approach to value its liability-classified warrants at each reporting period, with changes in fair value recognized in the consolidated statements of operations. The estimated fair value of the warrant liabilities is determined using Level 3 inputs. There were no transfers between levels within the fair value hierarchy during the periods presented. Inherent in a Black Scholes options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its Common Stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The weighted-average significant inputs used in the Black-Scholes model to measure the warrant liabilities that are categorized within Level 3 of the fair value hierarchy are as follows:

	March 31, 2026				December 31, 2025
Stock price on valuation date	$	2.13				$2.71
Exercise price per share	$	1.65	–	11.50		$1.65	-	$11.50
Expected life		0.15	–	3.83		0.39	-	3.62
Volatility		106.18	–	108.42%		80.52	-	118.80%
Risk-free rate		3.61				3.61	-	3.64%
Dividend yield		0.0%				0.0%
Fair value of warrants		$0.01				$0.01	-	2.22

A reconciliation of warrant liabilities is included below (in thousands):

Balance as of December 31, 2025	$	12,304
Change in fair value of warrant liabilities		(3,538	)
Balance as of March 31, 2026	$	8,766

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Note 3 - Revenue and Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable, gross	$ 362
Less: allowance for credit losses	(181)	$ (153)
Accounts receivable, net	181
Commercial Insurance [Member]
Accounts receivable, gross	171
Medicare [Member]
Accounts receivable, gross	35
Self-Pay [Member]
Accounts receivable, gross	$ 156

Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended
	May 14, 2026	Mar. 31, 2026	Mar. 31, 2025	Jul. 29, 2024
Proceeds from Issuance of Common Stock		$ 3,424	$ 0
ATM Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)				385,515
ATM Offering [Member] \| Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)	2,619,654
Proceeds from Issuance of Common Stock	$ 7,000
ATM Offering [Member] \| Subsequent Event [Member] \| Maximum [Member]
Payments of Stock Issuance Costs	$ 200

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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-Topic 505
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Note 3 - Revenue and Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Disaggregation of Revenue [Table Text Block]

	For the three months ended March 31, 2026
Procedures income	$	308
Therapy services		760
Total net patient service revenue	$	1,068

	For the three months ended March 31, 2026
Commercial Insurance	$	729
Medicare		158
Self-Pay		181
Total net patient service revenue	$	1,068

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	March 31, 2026
Accounts receivable, gross	$	362
Less: allowance for credit losses		(181	)
Accounts receivable, net	$	181

	March 31, 2026
Commercial insurance	$	171
Medicare		35
Self-pay		156
Accounts receivable, gross	$	362

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

Beginning balance as of December 31, 2025	$	153
Provision (recovery) for expected credit losses		28
Write-offs, net of recoveries		—
Ending Balance as of March 31, 2026	$	181

Note 4 - Prepaid Expense and Other Current Assets

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Prepaid Expenses and Other Current Assets [Text Block]

Note 4. Prepaid Expense and Other Current Assets

Prepaid expense and other current assets consisted of the following at the dates indicated (in thousands):

	March 31, 2026		December 31, 2025
Prepaid expense and other current assets:
Prepaid insurance	$	129	$	304
Prepaid clinical development costs		227		344
Other prepaid expense		111		286
Total prepaid expense and other current assets	$	467	$	934

Note 5 - Furniture and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Property, Plant, and Equipment [Table Text Block]

	March 31,			December 31,
	2026			2025
Medical equipment	$	103		$	57
Computer equipment		32			32
Furniture and fixtures		57			4
Leasehold improvement		114			—
Total furniture and equipment		306			93
Less: accumulated depreciation		(47	)		(30	)
Furniture and equipment, net	$	259		$	63

Note 11 - Equity (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

								Aggregate
				*Weighted*		*Weighted*		*Intrinsic*
				*Average*		*Average*		*Value*
	Total Warrants			Remaining Term		Exercise Price		(in thousands)
Outstanding as of December 31, 2024		7,173,766			3.77	$	17.20	$	80
Issued		4,252,758			5.00		1.78		—
Exercised		(1,870,962	)		5.00		1.65		—
Expired		(195,852	)		—		—		—
Outstanding as of December 31, 2025		9,359,710			3.17	$	7.77	$	492
Issued		—			—		—		—
Exercised		—			—		—		—
Expired		—			—		—		—
Outstanding as of March 31, 2026		9,359,710			2.93	$	7.77	$	195

Note 6 - Leases (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Lease, Cost [Table Text Block]

		For the three months ended
		March 31,
	Expense Classification	2026
Operating lease expense:
Amortization of ROU asset	Selling, general and administrative	$	76
Accretion of operating lease liability	Selling, general and administrative		16
Amortization of ROU asset - related party	Selling, general and administrative		25
Accretion of operating lease liability - related party	Selling, general and administrative		2
Total operating lease expense		$	119

	As of March 31,			As of December 31,
	2026			2025
Weighted-average remaining lease term:
Operating leases (in years)		2.51			2.03
Weighted-average discount rate:
Operating leases		8.22	%		7.62	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Fiscal Year
Remainder of 2026	$	353
2027		396
2028		172
2029		119
Total		1,040
Less: imputed interest		(106	)
Lease liability	$	934

Note 17 - Related Party Transactions

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Note 17. Related Party Transactions

Glytech Agreement

The Company licenses patents that are owned by Glytech, LLC (Glytech), pursuant to a license agreement (the “Glytech Agreement”). Glytech is owned by Daniel Javitt, the co-founder and a former director of the Company. The Glytech Agreement requires that the Company pay Glytech for ongoing scientific support and also reimburse Glytech for expenses of obtaining and maintaining patents that are licensed to the Company. During the three months ended March 31, 2026 and 2025, the Company paid Glytech $0 and $0.3 million, respectively, for continuing technology support services and reimbursed expenses. These support services are ongoing.

The Fourth Amendment to the Glytech Agreement, effective as of December 31, 2020, includes an equity value-triggered transfer of Excluded Technology from Glytech to the Company. The Excluded Technology is defined in the Glytech Agreement as any technology, and any know-how related thereto, covered in the licensed patents that do not recite either DCS or lurasidone individually or jointly. This definition would cover pharmaceutical formulations, including some that the Company considers “pipeline” or “future product” opportunities, which contain a combination of pharmaceutical components different from those contained in NRX-100 and NRX-101. On November 6, 2022 the Glytech Agreement was amended whereby Glytech agreed to transfer and assign the remainder of the Licensed Technology and the Excluded Technology to the Company for no additional consideration at any time upon receipt of written notice from the Company if, on or prior to June 30, 2024, (i) the value of the Glytech equity holdings in the Company (the “Glytech Equity”) has an aggregate liquidity value of at least $50 million for twenty (20) consecutive trading days immediately preceding any given date and (ii) there are no legal or contractual restrictions on selling all of the securities represented by the Glytech Equity then applicable to Glytech (or reasonably foreseeable to be applicable to Glytech within the following twenty trading days).

Consulting Agreement with Dr. Jonathan Javitt

The Chief Scientist of the Company, Dr. Jonathan Javitt, is a major stockholder of the Company and a member of the Board. Therefore, his services are deemed to be a related party transaction. He served the Company on a full-time basis as chief executive officer under an employment agreement with the Company until March 8, 2022 and currently serves under a consulting agreement with the Company as Chief Scientist thereafter and received compensation of $0.1 million and $0.1 million during the three months ended March 31, 2026 and 2025, respectively.

On March 29, 2023, the consulting agreement dated March 8, 2022 (the “Javitt Consulting Agreement”) between the Company and Dr. Jonathan Javitt was amended to extend the term of the Javitt Consulting Agreement until March 8, 2024 with automatic annual renewals thereafter unless one party or the other provides notice of non-renewal. The amendment also provided for payment at the rate of $0.6 million per year, payable monthly (i.e., less than $0.1 million per month), and a performance-based annual bonus with a minimum target of $0.3 million, at the discretion of the Board and upon satisfactory performance of the services. The annual discretionary bonus for 2023, if any, may be approved by the Board in 2024 and is payable in March 2024, will be pro-rated from the start of the extension period and is subject to Dr. Javitt’s continued engagement by the Company. The annual discretionary bonus for 2024, if any, may be approved by the board in 2025 and is payable in March 2025, will be pro-rated from the start of the extension period and is subject to Dr. Javitt’s continued engagement by the Company. As of March 31, 2026 and December 31, 2025, the annual discretionary bonus of $0.2 million and $0.2 million is accrued and included within accrued and other current liabilities on the condensed consolidated balance sheets, respectively.

Consulting Agreement with Zachary Javitt

Zachary Javitt is the son of Dr. Jonathan Javitt. Zachary Javitt provides services related to website, IT, and marketing support under the supervision of the Company’s chief executive officer who is responsible for assuring that the services are provided on financial terms that are at market. The Company paid this family member a total of $0.1 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively. These services are ongoing.

Included in accounts payable were $0.5 million and $0.3 million due to the above related parties as of March 31, 2026 and December 31, 2025, respectively.

Consulting Agreement with Michael Taylor

In June 2024, the Company entered into a consulting agreement with Michael Taylor (the “Taylor Consulting Agreement”), who was subsequently appointed to the Company’s Board of Directors in January 2025. Pursuant to the Taylor Consulting Agreement, Michael Taylor provides capital formation and strategic advisory services in support of the Company’s development of HOPE Therapeutics, including advising on the Company’s initial funding efforts for HOPE Therapeutics, assisting with outreach to family offices and similar investors, and supporting the identification and retention of a brand ambassador. During the three months ended March 31, 2026 and 2025, the Company made cash payments to Michael Taylor totaling less than $0.1 million and less than $0.1 million, respectively, in connection with the Taylor Consulting Agreement.

Naples Lease Operating Agreement

The Company leases its Naples clinic from Dura Properties, LLC, an entity owned and controlled by Dura’s former sole member. Following the acquisition on September 8, 2025, the former sole member became a director and minority shareholder of the Company. As a result, the related-party lease right-of-use (“ROU”) asset and operating lease liability were measured as of the acquisition date in accordance with FASB ASC 805, Business Combinations, as if the lease were a new lease as of that date. Total payments made under the lease agreement during the three month ended March 31, 2026, were approximately $29,000.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Note 6 - Leases

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 6. Leases

The Company has operating leases for three healthcare clinics in Naples, Fort Myers, and West Palm Beach, Florida and operating leases for certain medical equipment:

●

Naples Lease (Related Party): The Company leases its Naples clinic from Dura Properties, LLC, an entity owned and controlled by Dura’s former sole member prior to the acquisition. Following the acquisition on September 8, 2025, the former member became a director and minority shareholder of the Company. Right-of-use (ROU) assets and operating lease liabilities was measured under ASC 805 as if the leases were new at the acquisition date. The amended lease commenced on September 8, 2025 and expires on December 31, 2027. It is non-cancelable and requires monthly base rent of $6,000 (subject to 3% annual escalations), plus $2,000 in common area maintenance charges, and $1 thousand in taxes.

●

Fort Myers Lease (Third Party): The Company amended a lease for its Fort Myers clinic on September 8, 2025, with a commencement date of September 8, 2025, and an expiration date of November 30, 2026. Right-of-use (ROU) assets and operating lease liabilities were measured under ASC 805 as if the leases were new at the acquisition date. The amended lease is non-cancellable and requires monthly base rent of $5,000 in the first year, plus $2,000 in common area maintenance charges, subject to 3% annual escalations

●

West Palm Beach Lease (Third Party): On November 14, 2025, the Company entered into a sublease agreement with Third Party of office space located at West Palm Beach, Florida. The sublease commenced on December 1, 2025 and expires on April 5, 2028. The sublease provides for fixed annual rent of approximately $151,000 in the first lease year, subject to contractual escalations, and includes a five‑month rent abatement at commencement. The Company is also responsible for its proportionate share of operating expenses and other additional rent in accordance with the sublease terms.

●

Medical Equipment Leases (Third Party): On January 7, 2026, the Company entered into three commercial rental agreements with Third Party for certain medical equipment and related accessories. The agreement commenced on January 7, 2026 and has a base rental term of 48 months. The agreements provide for fixed monthly rental payments at an aggregate of $10,000.

The components of lease expense included in the Company’s statement of operations were as follows (in thousands):

		For the three months ended
		March 31,
	Expense Classification	2026
Operating lease expense:
Amortization of ROU asset	Selling, general and administrative	$	76
Accretion of operating lease liability	Selling, general and administrative		16
Amortization of ROU asset - related party	Selling, general and administrative		25
Accretion of operating lease liability - related party	Selling, general and administrative		2
Total operating lease expense		$	119

Other information related to leases is as follows:

	As of March 31,			As of December 31,
	2026			2025
Weighted-average remaining lease term:
Operating leases (in years)		2.51			2.03
Weighted-average discount rate:
Operating leases		8.22	%		7.62	%

The future minimum lease payments required under leases as of March 31, 2026 were as follows (in thousands):

Fiscal Year
Remainder of 2026	$	353
2027		396
2028		172
2029		119
Total		1,040
Less: imputed interest		(106	)
Lease liability	$	934

Note 6 - Leases - Schedule of Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Remainder of 2026	$ 353
2027	396
2028	172
2029	119
Total	1,040
Less: imputed interest	(106)
Lease liability	$ 934

Note 5 - Furniture and Equipment, Net

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Property, Plant, and Equipment [Text Block]

Note 5. Furniture and equipment, net

As of March 31, 2026 and December 31, 2025, furniture and equipment, net, consisted of the following (in thousands):

	March 31,			December 31,
	2026			2025
Medical equipment	$	103		$	57
Computer equipment		32			32
Furniture and fixtures		57			4
Leasehold improvement		114			—
Total furniture and equipment		306			93
Less: accumulated depreciation		(47	)		(30	)
Furniture and equipment, net	$	259		$	63

Depreciation expense was less than $0.02 million for the quarters ended March 31, 2026 and 2025.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/360/tableOfContent

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+ Details

Note 14 - Segment Reporting (Details Textual)	3 Months Ended
Note 14 - Segment Reporting (Details Textual)	Mar. 31, 2026 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 1,068,000
Number of Operating Segments	2

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

Note 16 - Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Sep. 08, 2025
Goodwill	$ 1,793	$ 1,793
Dura Medical [Member]
Cash and cash equivalents			$ 536
Accounts receivable			251
Other current and non-current assets			453
Goodwill		$ 1,800	1,793
Total assets acquired			4,017
Less: liabilities assumed			(495)
Net assets acquired			3,522
Dura Medical [Member] \| Customer Lists [Member]
Customer relationship			311
Dura Medical [Member] \| Trade Names [Member]
Customer relationship			$ 673

Note 14 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated [Table Text Block]

							For the three months
							ended
							March 31,
Expense Category	NRx			Dura			2026			2025
(Loss) Income from operations	$	(4,826	)	$	84		$	(4,742	)	$	(3,847	)
Interest income		(1	)		(4	)		(5	)		(4	)
Interest expense		233			—			233			—
Change in fair value of convertible notes payable		—			—			—			965
Change in fair value of warrant liabilities		(3,538	)		—			(3,538	)		(2,896	)
Loss on issuance of Registered Direct Offering		—			—			—			730
Loss on Consideration Shares and Warrants		—			—			—			1,277
Loss on convertible note conversions		—			—			—			1,593
Loss (income) on equity method investments		(2	)		—			(2	)		—
Net loss	$	(1,518	)	$	88		$	(1,430	)	$	(5,512	)

Segment Reporting, Reconciliation of Asset by Segment to Consolidated [Table Text Block]

							For the three months ended
	NRx			Dura			March 31, 2026			December 31, 2025
Medical equipment	$	45		$	57		$	102		$	57
Computer equipment		29			4			33			32
Furniture and fixtures		53			4			57			4
Leasehold improvements		114			—			114			—
Total PPE	$	241		$	65		$	306		$	93
Less: Accumulated depreciation		(35	)		(12	)		(47	)		(30	)
Net	$	206		$	53		$	259		$	63

Note 18 - Investment in Cohen and Associates

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 18. Investment in Cohen and Associates:

On October 17, 2025, the Company, through its subsidiary HOPE, completed the acquisition of a strategic, minority ownership interest in Cohen & Associates, LLC, a Florida limited liability company (Cohen & Associates), for cash consideration of $432,000. The investment was acquired pursuant to a Membership Interest Purchase Agreement dated October 17, 2025, by and among HOPE, Cohen LLC, and Rebecca S. Cohen, MD, which includes customary representations, warranties, indemnification provisions, and certain post‑closing adjustments.

The Company accounts for its investment in Cohen & Associates under the equity method of accounting, as the Company has the ability to exercise significant influence over Cohen & Associates but does not control the entity. The investment is recorded at cost and subsequently adjusted for the Company’s proportionate share of Cohen & Associates’ net income or loss, which is included in equity method loss in the accompanying statements of operations for the year ended December 31, 2025 in the amount of $35,000. As of December 31, 2025 the carrying value of the equity method investment was $397 thousand.

Note 16 - Business Acquisition

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Business Combination [Text Block]

Note 16. Business Acquisitions

Dura Medical, LLC

Transaction Overview

On September 8, 2025, HOPE, a wholly owned subsidiary the Company, completed the acquisition of Dura, a Florida-based behavioral health and interventional psychiatry practice with locations in Naples and Fort Myers, Florida. Dura was founded in 2018 and provides outpatient mental health treatment specializing in evidence-based therapies for treatment-resistant conditions, including depression, anxiety, PTSD, OCD, and chronic pain. Services include ketamine infusion therapy, Spravato® administration, TMS, Stellate Ganglion Blocks, psychotherapy, and medication management.

The acquisition aligns with the Company’s strategy to expand its clinical care delivery platform through HOPE and establish a multi-site network offering advanced interventional psychiatry services. Management expects the acquisition to accelerate revenue generation and provide a foundation for integrating proprietary therapeutics, including NRX-100 and NRX-101, upon FDA approval.

Consideration Transferred

The fair value of the consideration transferred was $3.52 million, consisting of cash consideration (subject to customary closing adjustments). The preliminary estimated working capital and other customary closing adjustments resulted in a decrease of approximately $0.3 million to the purchase price, which is included in the total consideration transferred.

The following items were determined to represent post-employment compensation under ASC 805 and ASC 718 and are excluded from the purchase price consideration:

●

Issuance of 6,188 Class A units of HTX as rollover equity subject to conditional vesting; and

●

Contingent consideration of up to $3.0 million payable over three years based on achievement of specified EBITDA performance targets.

These amounts will be accounted for as compensation expense in future periods as services are rendered.

In connection with the acquisition of Dura, the Company incurred total acquisition-related costs of approximately $0.1 million during the year ended December 31, 2025. These costs primarily consist of legal, accounting, consulting fees and a finder fee directly attributable to the transaction. These costs were expensed as incurred and are reflected in general and administrative expenses in the consolidated statements of operations.

Purchase Price Allocation

The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”) and recognized assets acquired, and liabilities assumed at their fair value as of the date of acquisition, with the excess purchase consideration recorded to goodwill. As the Company finalizes the estimation of the fair value of the purchase price and the fair value of the assets acquired and liabilities assumed, additional adjustments may be recorded during the measurement period (a period not to exceed 12 months from the acquisition date).

The Company recorded all tangible and identifiable intangible assets acquired and liabilities assumed at their preliminary estimated fair values as of the acquisition date. The preliminary allocation is as follows:

Amount Recognized as of the Acquisition Date (In Thousands)
Assets assumed
Cash and cash equivalents	$	536
Accounts receivable		251
Other current and non-current assets		453
Customer relationship		311
Trade name		673
Goodwill		1,793
Total assets acquired		4,017
Less: liabilities assumed		(495	)
Net assets acquired	$	3,522

Certain adjustments of approximately $0.1 million to the purchase price were recorded, decreasing the purchase price during the measurement period ended December 31, 2025. Changes to the provisional amounts recognized at the acquisition date—if based on new information about facts and circumstances that existed as of the acquisition—must be accounted for retrospectively during the measurement period.

Intangible Assets

The Company identified the following finite-lived intangible assets, which will be amortized on a straight-line basis over their estimated useful lives once finalized:

●

Trade Name – includes the “Dura Medical” name and associated trademarks.

●

Customer relationship – representing the value of established patient relationships and referral sources.

The acquired intangible assets are being amortized over their estimated useful lives as follows (in thousands):

				Weighted Average
				Useful Life
	Fair Values			(Years)
Trade name and trademarks	$	673			8.0
Customer relationships		311			3.0
Total intangible assets		984
Less accumulated amortization		(105	)
Net carry value	$	879

The Company incurred amortization expense of $46,000 during the three months ended March 31, 2026.

As of March 31, 2026, the maturities of the Company’s intangible assets were as follows (in thousands):

Remainder of 2026	$	141
2027		188
2028		158
2029		84
2030		84
Thereafter		224
Total	$	879

Goodwill

Goodwill of approximately $1.8 million represents the excess of the purchase consideration over the fair value of net assets acquired and was recognized in connection with the acquisition. None of the goodwill is expected to be deductible for tax purposes. The goodwill is assigned to the Dura subsidiary. The goodwill primarily represents expected synergies, assembled workforce, and future growth potential. No goodwill arose from step acquisitions or non-controlling interests.

Measurement Period

The Acquisition was recorded as a business combination on a preliminary valuation of assets acquired and liabilities assumed at their acquisition date fair values using unobservable inputs that are supported by little or no market activity and are significant to their fair value of the assets and liabilities (“Level 3” inputs). We expect to complete our purchase price allocation, as well as our fair value estimate of the purchase price consideration as soon as reasonably possible, not to exceed one year from the acquisition date. Adjustments to the preliminary purchase price and allocation could be material. Goodwill and intangible assets represent the excess of the purchase price consideration over the preliminary valuation of the other net assets acquired.

Pro-Forma Financial Information (Unaudited)

The following unaudited pro forma information presents the consolidated results of Dura included in the Company’s consolidated statement of operations and comprehensive loss for the three months ended March 31, 2025, as if the acquisition was made on January 1, 2025. The unaudited pro forma information is presented for illustrative purposes only. It is not necessarily indicative of the results of operations of future periods, or the results of operations that actually would have been realized had the entities been a single company during the periods presented or the results that the combined company will experience after the acquisition. The unaudited pro forma information does not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies, operating efficiencies or cost savings that may be associated with the acquisition. The unaudited pro forma information also does not include any integration costs or remaining future transaction costs that the companies may incur related to the acquisition as part of combining the operations of the companies.

The unaudited pro forma consolidated results of revenue and net loss, assuming the acquisitions had occurred on January 1, 2025, is as follows (in thousands):

	(Unaudited)
	For the three months ended March 31,
	2025
Revenue	$	941
Net loss	$	(5,602	)

The unaudited pro forma results for the period ended March 31, 2025, include material nonrecurring adjustments of $0.1 million related to the amortization of intangible assets acquired in connection with the Dura acquisition and approximately $0.1 million related to the finders’ fees incurred and earned upon closing of the transaction. Net patient service revenue and net income attributable to Dura for the three months ended March 31, 2025, and included in the Company’s consolidated statement of operations, were $1 million and $0.1 million, respectively.

- Definition

The entire disclosure for business combination.

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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Note 10 - Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Milestone Payments [Table Text Block]

End of Phase I Clinical Trials of Licensed Product (completed)	$	100,000
End of Phase II Clinical Trials of Licensed Product (completed)	$	250,000
End of Phase III Clinical Trials of Licensed Product	$	187,500
First Commercial Sale of Licensed Product in U.S.	$	500,000
First Commercial Sale of Licensed Product in Europe	$	500,000
Annual Revenues Reach $100,000,000	$	750,000

Note 11 - Equity (Details Textual)												1 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended	12 Months Ended
Note 11 - Equity (Details Textual)	Sep. 30, 2025 USD ($) shares	Mar. 20, 2025 USD ($) $ / shares shares	Jan. 29, 2025 USD ($) shares	Jan. 27, 2025 $ / shares shares	Jan. 20, 2025 USD ($)	Aug. 14, 2024 USD ($) shares	May 23, 2024 USD ($) shares	Apr. 19, 2024 USD ($) shares	Mar. 05, 2024 USD ($) shares	Feb. 28, 2024 USD ($) shares	Feb. 07, 2024 USD ($) shares	Mar. 31, 2024 shares	Aug. 31, 2023 USD ($) shares	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 shares	Jul. 29, 2024 $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Apr. 17, 2025 USD ($)	Jan. 28, 2025 USD ($) $ / shares shares	Oct. 10, 2024 USD ($) $ / shares shares	Aug. 12, 2024 USD ($)	Aug. 14, 2023 USD ($)	May 24, 2021 $ / shares shares
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares														$ 0.001
Preferred Stock, Shares Authorized (in shares) \| shares														50,000,000
Common Stock, Shares Authorized (in shares) \| shares														500,000,000					500,000,000
Gain (Loss) on Issuance of Common Stock														$ (0)	$ (730,000)
Gain (Loss) on Consideration Shares and Warrants														(0)	(1,277,000)
Gain (Loss) on Convertible Debt Redemption														$ (0)	(1,593,000)
Class of Warrant or Right, Outstanding (in shares) \| shares														9,359,710					9,359,710	7,173,766
Class of Warrant or Right, Exercised During Period (in shares) \| shares														(0)					1,870,962
Fair Value Adjustment of Warrants														$ (3,538,000)	(2,896,000)
Adjustments to Additional Paid in Capital, Warrant Issued															$ 3,255,000
Anson, Third Tranche Notes [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares																						$ 3.78
Anson Convertible Notes [Member]
Long-Term Debt, Gross														0					$ 0					$ 15,000,000
Anson Second Tranche Notes [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares																							1,846,128
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares																			$ 1.65				$ 1.7664
Conversion of Principal and Interest Into Common Stock [Member] \| Anson, Third Tranche Notes [Member]
Debt Conversion, Original Debt, Amount					$ 100,000														$ 5,500,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares		5,463													5,463
Stock Issued During Period, Value, Conversion of Convertible Securities																			18,900,000
Conversion of Principal and Interest Into Common Stock [Member] \| Anson Convertible Notes [Member]
Debt Conversion, Original Debt, Amount																			$ 1,300,000	$ 4,200,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares																			7,300,000
Stock Issued During Period, Value, Conversion of Convertible Securities																			$ 18,900,000
Gain (Loss) on Convertible Debt Redemption																			(6,200,000)
Conversion of Principal and Interest Into Common Stock [Member] \| Anson Second Tranche Notes [Member]
Debt Conversion, Original Debt, Amount																			$ 5,800,000
Estimate of Fair Value Measurement [Member]
Warrants and Rights Outstanding														$ 8,800,000
RD Purchase Agreement [Member]
Proceeds from Issuance or Sale of Equity			$ 3,300,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares			1,215,278	1,215,278
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares		$ 2.3		$ 2.88
Class of Warrant of Right, Grant Date Fair Value			$ 4,000,000
RD Purchase Agreement [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input			2.07
RD Purchase Agreement [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input			2.88
RD Purchase Agreement [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input			5
RD Purchase Agreement [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input			1.158
RD Purchase Agreement [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input			0.04
RD Purchase Agreement [Member] \| Estimate of Fair Value Measurement [Member]
Warrants and Rights Outstanding			$ 4,000,000
Consideration Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares		303,819
Warrants and Rights Outstanding		$ 600,000
Class of Warrant or Right Issued in Period (in shares) \| shares		303,819
Consideration Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input		2.07
Consideration Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input		2.88
Consideration Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input		5
Consideration Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		1.158
Consideration Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input		0.04
Substitute Warrants [Member] \| Neuro Rx [Member]
Foreign Currency Exchange Rate, Remeasurement																										0.316
Class of Warrant or Right, Outstanding (in shares) \| shares																										3,792,970
Public Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares														344,886					344,886							345,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																										$ 115
Class of Warrant or Right, Outstanding (in shares) \| shares														3,448,856					3,448,856							3,450,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) \| shares																										0.1
Class of Warrant or Right, Exercised During Period (in shares) \| shares																			0	0
Private Placement Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares														13,625
Class of Warrant or Right, Outstanding (in shares) \| shares														136,250
Fair Value Adjustment of Warrants														$ 100,000	$ 100,000
February Warrants [Member]
Adjustments to Additional Paid in Capital, Warrant Issued										$ 500,000
February Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input										3.59
February Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input										3.8
February Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input										5
February Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input										1.781
February Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input										0.0426
February Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input										0
February Underwriter Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares										25,000
Adjustments to Additional Paid in Capital, Warrant Issued										$ 100,000
Warrants and Rights Outstanding, Term (Year)										5 years
February Underwriter Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input										3.05
February Underwriter Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input										3.3
February Underwriter Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input										5
February Underwriter Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input										1.781
February Underwriter Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input										0.0426
February Underwriter Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input										0
Underwriter Overallotment Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares									3,750
Adjustments to Additional Paid in Capital, Warrant Issued									$ 100,000
Underwriter Overallotment Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input							3.62	3.04	3.05
Underwriter Overallotment Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input							3.63	3.63	3.3
Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input							5	5	5
Underwriter Overallotment Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input							1.781	1.781	1.781
Underwriter Overallotment Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input							0.0452	0.0466	0.0412
Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input							0	0	0
April Underwriter Warrants [Member]
Adjustments to Additional Paid in Capital, Warrant Issued								$ 100,000
April Underwriter Overallotment Warrants [Member]
Adjustments to Additional Paid in Capital, Warrant Issued							$ 100,000
Alvogen and Lotus Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares											419,598
Adjustments to Additional Paid in Capital, Warrant Issued											$ 1,300,000
Alvogen and Lotus Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input											4.1
Alvogen and Lotus Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input											4
Alvogen and Lotus Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input											3
Alvogen and Lotus Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input											1.38
Alvogen and Lotus Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input											0.042
Alvogen and Lotus Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input											0
Anson Warrants Tranche One [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares						1,349,305
Adjustments to Additional Paid in Capital, Warrant Issued						$ 2,100,000
Warrants and Rights Outstanding, Term (Year)						5 years
Anson Warrants Tranche One [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input						1.86
Anson Warrants Tranche One [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input						2.42
Anson Warrants Tranche One [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input						5
Anson Warrants Tranche One [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input						1.22
Anson Warrants Tranche One [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input						0.0367
Anson Warrants Tranche One [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input						0
Anson Warrants Tranche Two [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares																							1,846,128
Warrants and Rights Outstanding, Term (Year)																							5 years
Anson Warrants Tranche Two [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																							1.38
Anson Warrants Tranche Two [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																							1.76
Anson Warrants Tranche Two [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																							5
Anson Warrants Tranche Two [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																							105
Anson Warrants Tranche Two [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																							3.91
Anson Warrants Tranche Two [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																							0
Anson Warrants Tranche Two [Member] \| Estimate of Fair Value Measurement [Member]
Warrants and Rights Outstanding																							$ 1,900,000
Anson Warrants, Tranche Three [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares																						862,699
Anson Warrants, Tranche Three [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																						3.55
Anson Warrants, Tranche Three [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																						3.78
Anson Warrants, Tranche Three [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																						5
Anson Warrants, Tranche Three [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																						1.13
Anson Warrants, Tranche Three [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0.0433
Anson Warrants, Tranche Three [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0
Anson Warrants, Tranche Three [Member] \| Estimate of Fair Value Measurement [Member]
Warrants and Rights Outstanding																						$ 2,500,000
Anson Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares						1,349,305
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																			$ 1,870,960
Fair Value Adjustment of Warrants														5,400,000
Class of Warrant or Right, Increase (Decrease) in Number of Securities Called by Warrants or Rights (in shares) \| shares	1,870,960
Proceeds from Warrant Exercises	$ 3,090,000.00
Amended Anson Warrants [Member]
Class of Warrant or Right, Exercised During Period (in shares) \| shares	1,870,960
Proceeds from Warrant Exercises	$ 3,100,000
Warrants Exercised, Noncash	5,400,000
Gain (Loss) on Exercise of Warrants	$ 5,400,000
Maximum [Member] \| Conversion of Principal and Interest Into Common Stock [Member] \| Anson, Third Tranche Notes [Member]
Debt Conversion, Original Debt, Amount															100,000
Gain (Loss) on Convertible Debt Redemption															(100,000)
ATM Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares																	385,515
Stock Issued During Period, Value, New Issues														3,424,000
Equity Offering, Maximum Offering Amount																					$ 20,000,000				$ 4,900,000
Proceeds from Issuance or Sale of Equity														$ 3,400,000	$ 1,600,000
ATM Offering [Member] \| Minimum [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares																	$ 2.42
ATM Offering [Member] \| Maximum [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares																	$ 7.1
RD Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares				1,215,278
Shares Issued, Price Per Share (in dollars per share) \| $ / shares				$ 2.88
Proceeds from Issuance or Sale of Equity			3,300,000
Gain (Loss) on Issuance of Common Stock			$ 700,000																$ (700,000)
Consent and Waiver Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		303,819
Stock Issued During Period, Value, New Issues		$ 600,000
Gain (Loss) on Consideration Shares and Warrants																		$ (1,280,000)
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares										270,000
Private Placement [Member] \| February Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares										270,000
April 2024 Offering [Member] \| April Underwriter Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares							4,553	30,350
Warrants and Rights Outstanding, Term (Year)								5 years
Conversion of Series A Preferred Stock to Common Stock [Member]
Conversion of Stock, Shares Converted (in shares) \| shares																3,000,000
Conversion of Stock, Shares Issued (in shares) \| shares												300,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares) \| shares														12,000,000
Stock Issued During Period, Shares, New Issues (in shares) \| shares													3
Stock Issued During Period, Value, New Issues													$ 1,200,000
Preferred Stock, Shares Issued (in shares) \| shares														0					0
Preferred Stock, Shares Outstanding (in shares) \| shares														0					0

Note 4 - Prepaid Expense and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid insurance	$ 129	$ 304
Prepaid clinical development costs	227	344
Other prepaid expense	111	286
Total prepaid expense and other current assets	$ 467	$ 934

Note 16 - Business Acquisition (Details Textual) - USD ($)		3 Months Ended			6 Months Ended	12 Months Ended
	Sep. 08, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2025
Goodwill		$ 1,793,000			$ 1,793,000	$ 1,793,000
Dura Medical [Member]
Business Combination, Consideration Transferred	$ 3,520,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	300,000				100,000
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount	$ 3,000,000
Business Combination, Excluded from Purchase Price, Contingent Consideration, Term (Year)	3 years
Business Combination, Acquisition-Related Cost, Expense						100,000
Amortization		$ 46,000
Goodwill	$ 1,793,000				$ 1,800,000	$ 1,800,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles			$ 100,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Finders Fees				$ 100,000
Business Combination, Acquiree's Revenue since Acquisition Date, Actual			1,000,000
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual			$ 100,000
Dura Medical [Member] \| Class A Units [Member]
Business Combination, Excluded From Purchase Price, Issuance of Shares (in shares)	6,188

Note 11 - Equity - Schedule of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Outstanding, balance (in shares)	9,359,710	7,173,766
Outstanding, weighted average remaining contractual term (Year)	2 years 11 months 4 days	3 years 2 months 1 day	3 years 9 months 7 days
Outstanding, weighted average exercise price (in dollars per share)	$ 7.77	$ 17.2
Outstanding, aggregate intrinsic value	$ 195	$ 492	$ 80
Issued (in shares)	0	4,252,758
Issued, weighted average remaining term (Year)		5 years
Issued, weighted average exercise price (in dollars per share)	$ 0	$ 1.78
Exercised (in shares)	0	(1,870,962)
Exercised, weighted average remaining term (Year)		5 years
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 1.65
Expired (in shares)	0	(195,852)
Outstanding, balance (in shares)	9,359,710	9,359,710	7,173,766
Outstanding, weighted average exercise price (in dollars per share)	$ 7.77	$ 7.77	$ 17.2

Note 5 - Furniture and Equipment, Net - Furniture and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
PPE	$ 306	$ 93
Less: accumulated depreciation	(47)	(30)
Furniture and equipment, net	259	63
Medical Equipment [Member]
PPE	103	57
Computer Equipment [Member]
PPE	32	32
Furniture and Fixtures [Member]
PPE	57	4
Leasehold Improvements [Member]
PPE	$ 114	$ 0

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Note 5 - Furniture and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation	$ 20	$ 20