0001437749-25-007743 | 10-K | XBRL Viewer

Subsequent Events [Text Block]

15. Subsequent Events

Terminated January 2025 Financing

The Company was a party to definitive stock purchase agreements with an Arizona-based investment firm, Smith and Sauer, through their affiliate, JGS Holdings, LLC (“JGS Holdings”) whereby JGS Holdings committed to invest $2.0 million in NRx’s common stock, with an additional commitment of $25.0 million to be invested directly in HOPE. JGS Holdings defaulted under the terms of the agreements, despite several extensions of the closing date. The Company formally terminated the stock purchase agreement on March 13, 2025. Although no assurances can be given, management is currently negotiating with an alternative strategic investor to replace the investment contemplated with JGS Holdings, and, together with alternative sources of equity and debt capital, management believes it will able to fund its previously announced acquisitions on terms more favorable to our shareholders.

January Financings

Issuance of Senior Secured Promissory Notes and Common Stock Purchase Warrants

On or about January 28, 2025, the Company sold certain institutional investors (the “Investors”) a total of (a) $5.435 million in Notes (the “Third Tranche Notes”), with an aggregate purchase price of approximately $5.0 million, and (b) Warrants to purchase up to 862,699 shares of Common Stock (the “Third Closing”). The Third Tranche Notes are convertible into Common Stock, at a per share conversion price equal to by the lower of (a) $3.78 (the “Fixed Conversion Price”) 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 (as defined in the Notes) (each, a “Conversion Date”) delivered by an Investor to the Company (the “Alternate Conversion Price”, and together with the Fixed Conversion Price, the “Conversion Price”). 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 (or Common Stock Equivalents) below the then effective Conversion Price. The Company plans to use a portion of the proceeds from the sale of the Third Tranche Notes for general working capital.

Entry into Securities Purchase Agreement for Registered Direct Offering

On January 27, 2025, the Company entered into a securities purchase agreement (the “RD Purchase Agreement”) with the Investors for the sale by the Company of 1,215,278 shares (the “RD Shares”) of Common Stock to the Investors, at a purchase price of $2.88 per share, in a registered direct offering (the “Registered Direct Offering”). Concurrently with the sale of the RD Shares, pursuant to the RD Purchase Agreement the Company also sold to the investors unregistered Common Stock purchase warrants (the “RD Warrants”) to purchase up to an aggregate of 1,215,278 shares of Common Stock (the “RD Warrant Shares”), in a private placement. Subject to certain beneficial ownership limitations, the RD Warrants are 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 RD Warrants. The closing of the sales of these securities under the RD Purchase Agreement occurred on or about January 29, 2025 (the “RD Closing Date”). The RD Warrants are exercisable for five years from the RD Closing Date.

The gross proceeds to the Company from the offerings were approximately $3,500,000, before deducting offering expenses, and excluding the proceeds, if any, from the exercise of the RD Warrants. The Company intends to use the net proceeds from the transactions for general corporate purposes, including the funding of certain capital expenditures.

Entry into Waiver and Consent Agreement

On or about January 27, 2025, the Company and the Investors entered into a Consent and Waiver Agreement (the “CWA”), relating to certain rights and prohibitions arising under the Purchase Agreement and the Notes. In the CWA, each of the Investors 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 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 the Investors dated August 14, 2024, until March 31, 2025. As consideration for entering into the CWA, in the event that the VWAP of the Common Stock is less than the per share purchase price of the Common Stock sold to the Investors in the Registered Direct Offering on the Trading Day (as defined in the RD Purchase Agreement) immediately prior to the date that the Investors submit their first conversion notice to convert any portion of the Notes issued or to be issued in the Second Closing (as defined in the Purchase Agreement) or the Third Closing (as defined in the Purchase Agreement), respectively, into shares of Common Stock, the Company agreed to issue to the Investors: (i) that number of shares of Common Stock equal to (a) the quotient of (I) aggregate purchase price to be paid for all securities in the Registered Direct Offering, divided by (II) the price per share of Common Stock after giving effect to the VWAP-Based Adjustment (as defined below), minus (b) the number of shares of Common Stock issued, or to be issued, to the Investors at or upon the consummation of the Registered Direct Offering (the “Consideration Shares”), and (ii) Common Stock purchase warrants to purchase shares of Common Stock equal to 100% of the aggregate number of Consideration Shares to be issued, with an exercise price equal to the dollar value of the VWAP-Based Adjustment (the “Consideration Warrants”). For purposes of the CWA, the “VWAP Based-Adjustment” means that amount, in dollars, equal to the greater of either (a) the VWAP of the Common Stock on the Trading Day immediately prior to the date that the Investors submit their first conversion notice to convert any portion of the Notes issued and to be issued in the Second Closing or Third Closing into shares of the Company’s Common Stock, or (b) 80% of the closing price of the Common Stock on the Trading Day immediately prior to the closing of the Registered Direct Offering.

Anson Conversion Notices

From January 2, 2025 to January 3, 2025, the Company received conversion notices from Anson resulting in the conversion of the remaining principal of the First Tranche Note of $1.3 million of principal and interest in full from the First Tranche Note into 1,004,055 shares of Common Stock.

Note 12 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	For the Years Ended
Expense Category	December 31, 2024			December 31, 2023
Loss from operations	$	(18,502	)	$	(27,837	)
Interest income		44			494
Interest expense		(230	)		(120	)
Convertible note default penalty		(849	)		—
Change in fair value of convertible notes payable		(2,654	)		(2,707	)
Change in fair value of warrant liabilities		(1,657	)		20
Loss on convertible note redemptions		(1,278	)		—
Net loss	$	(25,126	)	$	(30,150	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	December 31,
	2024			2023
Computers, cost	$	29		$	29
Accumulated depreciation		(19	)		(14	)
Total equipment	$	10		$	15

Note 3 - Summary of Significant Accounting Policies (Details Textual) $ in Millions	Dec. 31, 2024 USD ($)
Money Market Funds [Member]
Cash, Uninsured Amount	$ 1.2

Note 7 - Debt (Details Textual)													1 Months Ended	12 Months Ended
Note 7 - Debt (Details Textual)	Jan. 03, 2025 USD ($) shares	Oct. 10, 2024 USD ($) $ / shares shares	Aug. 15, 2024 USD ($)	Aug. 14, 2024 USD ($) $ / shares shares	Aug. 12, 2024 USD ($)	Jul. 29, 2024	Apr. 24, 2024 USD ($)	Feb. 09, 2024 USD ($)	Jul. 10, 2023 USD ($)	Jul. 07, 2023 USD ($)	Mar. 30, 2023	Nov. 04, 2022 USD ($)	Oct. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Loss on Contract Termination for Default														$ 849,000	$ 0
Debt Issuance Costs														896,000	0
Proceeds from Convertible Debt														6,034,000	0
Gain (Loss) on Convertible Debt Redemption														(1,278,000)	(0)
Anson Warrants [Member]
Class of Warrant or Right, Securities Called by Warrants or Rights, Percentage of Principal Divided by VWAP					50.00%
Warrants and Rights Outstanding				$ 2,100,000
Anson Warrants Tranche One [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares				1,349,305
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		$ 1,900,000
Streetervile Complaint [Member]
Loss Contingency, Damages Sought, Value							$ 6,537,027
Stockholders Equity Note Spinoff Transaction, Percentage						49.00%
Litigation Settlement, Payment Installment One					$ 2,500,000
Litigation Settlement, Payment Installment Two					3,050,000.00
Payments for Legal Settlements			$ 2,500,000										$ 3,050,000.00
Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Converted Instrument, Amount														4,585,000	982,000
Streeterville Convertible Note [Member]
Debt Instrument, Interest Rate, Stated Percentage												9.00%
Debt Instrument, Face Amount												$ 11,000,000		11,020,000	11,020,000
Debt Instrument, Term (Month)												18 months
Debt Instrument, Unamortized Discount												$ 1,000,000		497,000	497,000
Proceeds from Issuance of Debt												$ 10,000,000
Debt Instrument, Prepayment Percentage												110.00%
Debt Instrument, Redemption Amount												$ 1,000,000
Debt Instrument, Redemption Price, Percentage												10.00%
Debt Instrument, Redemption Conversion Price, Percentage												85.00%
Debt Instrument, Conditional Default Interest Rate												18.00%
Debt Instrument, Convertible, Maximum Percentage of Equity Issuable											9.99%
Repayments of Debt														7,400
Liabilities, Fair Value Adjustment														1,800,000	2,700,000
Interest Expense, Debt														500,000
Redemption Premium														200,000	100,000
Loss on Contract Termination for Default														849,000	0
Long-Term Debt, Gross														0	8,300,000
Streeterville Convertible Note [Member] \| Principal Repayment [Member]
Repayments of Debt															2,300,000
Debt Conversion, Converted Instrument, Amount														300,000	700,000
Streeterville Convertible Note [Member] \| Interest Repayment [Member]
Interest Expense, Debt															900,000
Debt Conversion, Converted Instrument, Amount														100,000	200,000
Streeterville Convertible Note Amendment 2 [Member]
Repayments of Debt									$ 1,800,000
Debt Instrument, Periodic Payment										$ 400,000
Streeterville Convertible Note Amendment 2 [Member] \| Maximum [Member]
Debt Instrument, Periodic Payment										$ 1,000,000
Streeterville Convertible Note Amendment 3 [Member]
Repayments of Debt								$ 1,100,000
Debt Instrument, Periodic Payment								$ 400,000
Anson Convertible Notes [Member]
Debt Instrument, Face Amount					16,300,000									10,870,000
Debt Instrument, Unamortized Discount														870,000
Long-Term Debt, Gross					$ 15,000,000
Debt Instrument, Number of Tranches					3
Placement Agent Fee, Percent of Gross Proceeds					7.00%
Anson Convertible Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Converted Instrument, Amount														5,500,000
Debt Conversion, Original Debt, Amount														$ 4,200,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares														3,676,796
Gain (Loss) on Convertible Debt Redemption														$ 1,300,000
Anson First Tranche Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%
Debt Instrument, Face Amount				$ 5,435,000
Debt Instrument, Term (Month)				15 months
Debt Instrument, Unamortized Discount				$ 435,000
Liabilities, Fair Value Adjustment														4,400,000
Long-Term Debt, Gross				$ 2,900,000										$ 6,750,000	$ 100,000
Debt Instrument, Original Issuance Discount				8.00%
Debt Issuance Costs				$ 521,000
Proceeds from Debt, Net of Issuance Costs				$ 4,500,000
Debt Instrument, Interest Rate in Event of Default				10.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares				$ 2.4168
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger				92.00%
Debt Instrument, Interest Rate, Effective Percentage														82.00%
Anson First Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares														3,676,796
Gain (Loss) on Convertible Debt Redemption														$ 1,300,000
Anson First Tranche Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member] \| Subsequent Event [Member]
Debt Conversion, Original Debt, Amount	$ 1,300,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares	1,004,055
Anson First Tranche Notes [Member] \| Minimum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares				$ 0.38
Anson Second Tranche Notes [Member]
Debt Instrument, Face Amount		5,435,000
Debt Instrument, Unamortized Discount		435,000
Long-Term Debt, Gross		$ 3,100,000
Placement Agent Fee, Percent of Gross Proceeds		7.00%
Debt Instrument, Original Issuance Discount		8.00%
Debt Issuance Costs		$ 375,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares		$ 1.7664
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, Interest Rate, Effective Percentage														53.00%
Streetervile Complaint [Member]
Repayments of Debt		5,550,000
Payments for Legal Settlements		$ 3,050,000.00

Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended December 31,
	2024			2023
Federal statutory rate		(21.00	)%		(21.00	)%
Permanent items		0.05	%		0.18	%
Settlement warrants		1.37	%		(0.02	)%
Stock compensation		(2.23	)%		3.21	%
Loss on Conversion of Note		1.06	%		—	%
State taxes		(0.17	)%		4.74	%
Increase in valuation allowance		18.73	%		9.45	%
R&D credit		—	%		1.66	%
Convertible Note		2.19	%		1.89	%
Other		—	%		(0.11	)%
Effective tax rate		0.00	%		0.00	%

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	As of December 31,
	2024			2023
Federal	$			$
Current		—			—
Deferred		(4,715	)		(4,278	)
Foreign
Current		—			—
Deferred		—			—
State and Local
Current		—			—
Deferred		(43	)		1,428
Change in Valuation Allowance		4,758			2,850
Total	$	—		$	—

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31,
	2024			2023
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	39,753		$	35,860
Common stock warrants		1,830			1,822
174 capitalization		5,186			5,169
Stock-based compensation		2,034			1,400
Bonus and severance accrual		119			167
Other		741			488
Depreciation		2			(2	)
		49,665			44,904
Valuation allowance		(49,665	)		(44,904	)
Deferred tax assets, net of allowance	$	—		$	—

Note 9 - Equity

12 Months Ended

Dec. 31, 2024

Equity [Text Block]

9. Equity

Common Stock Reverse Stock Split

On March 21, 2024, the Board approved a reverse stock split ratio of 1-for-10. On March 28, 2024, the Company filed an amendment to its certificate of incorporation in the State of Delaware (the “Amendment”), which provided that every ten shares of its issued and outstanding Common Stock would automatically be combined into one issued and outstanding share of Common Stock, without any change in the par value per share.

Effective April 1, 2024, every 10 issued and outstanding shares of the Company’s Common Stock were converted automatically into one share of the Company’s Common Stock, without any change in the par value per share. The Reverse Stock Split reduced the number of shares of Common Stock issued and outstanding from approximately 95.7 million to approximately 9.6 million.

No fractional shares were issued in connection with the Reverse Stock Split. Shareholders who otherwise would have been entitled to receive a fractional share instead became entitled to receive one whole share of Common Stock in lieu of such fractional share. As a result of the Reverse Stock Split, 73,040 additional shares of common stock were issued in lieu of fractional shares. All share and per share amounts in the accompanying consolidated financial statements and footnotes have been retrospectively adjusted for the reverse split.

Preferred Stock

Pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company has authorized 50,000,000 shares of preferred stock with a par value of $0.001.

Series A Convertible Preferred Stock

On August 30, 2023, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (“Series A Preferred Stock”) with the Delaware Secretary of State (the “Certificate of Designation”) authorizing up to 12,000,000 shares of Series A Preferred Stock.

In August 2023, the Company sold and issued 3,000,000 shares of Series A Preferred Stock. Each share of Series A Preferred Stock was sold with one warrant (a “Unit"), see investor warrant section below for terms, for an aggregate cash purchase price of $1.2 million or $0.40 per Unit.

In March 2024, holders of the Company’s Series A Preferred elected to convert 3,000,000 shares of Series A Preferred into 300,000 shares of Common Stock. As of December 31, 2024, no shares of Series A Preferred remained issued or outstanding.

Dividend Rights

The holders of Series A Preferred Stock are not entitled to receive any dividends in respect to the Series A Preferred Stock.

Voting Rights

The holders of Series A Preferred Stock have no voting rights other than for an affirmative vote in order for the Company to (a) disproportionally alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock or alter or amend the Certificate of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that disproportionally adversely affects any rights of the Holders, (c) increase or decrease the number of authorized shares of Series A Preferred Stock or (d) enter into any agreement with respect to any of the foregoing.

Conversion Rights

Each share of Series A Preferred Stock shall be convertible into a number of shares of Common Stock equal to the number of shares of Series A Preferred Stock being converted. Notwithstanding the foregoing, no share of Series A Preferred Stock shall be convertible during the six (6) month period following the issuance date; provided, however, if the Common Stock trades at or above $1.20 per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events), as reported on Bloomberg, L.P. on any trading day, holder may convert the Series A Preferred Stock prior to the six (6) month anniversary of the issuance date. No fractional shares will be issued upon conversion. Conversion is subject to certain limitations, including the holder not owning more than 4.9% of the outstanding shares of Common Stock.

Liquidation Rights

Upon any liquidation, dissolution or winding up of the Company (a “Liquidation”), whether voluntary or involuntary, each holder of Series A Preferred Stock shall be entitled to receive the amount of cash, securities or other property to which such holder would be entitled to receive if such shares had been converted to Common Stock immediately prior to such Liquidation, subject to certain rights and limitations.

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 with a par value of $0.001.

On March 8, 2023, NRx Pharmaceuticals entered into a securities purchase agreement with the March Investors, providing for the issuance and sale of 386,667 shares of Common Stock and the March Investor Warrants to purchase up to 386,667 shares of Common Stock in a registered direct offering priced at-the-market under Nasdaq rules for a purchase price of $7.50 per share. The March Investor Warrants have an exercise price of $7.50 per share, are exercisable beginning on September 8, 2023 and will expire 5 years from the March Initial Exercise Date. The March Investors agreed not to transfer the Common Stock for six months following the date of issuance. The aggregate net cash proceeds to the Company from the March Offering were approximately $2.5 million net of offering costs of approximately $0.4 million. The Company used the net proceeds from such offering for working capital and general corporate purposes. The closing of the sale of these securities occurred on March 9, 2023. The securities were issued pursuant to the Company’s registration statement on Form S-3 filed with the SEC on June 9, 2022 (File No. 333-265492) which became effective on June 21, 2022.

On February 8, 2023, the Company entered into a letter agreement with H.C. Wainwright & Co., LLC. Although they did not act as the placement agent with respect to the March 2023 Offering, H.C. Wainwright & Co., LLC was paid a cash fee equal to 3.0% of the amount raised, or approximately $0.1 million, pursuant to the letter agreement, which was charged against the proceeds in additional paid-in capital.

On June 6, 2023, the Company entered into a securities purchase agreement with the June Investors, providing for the issuance and sale of 967,000 shares of the Company’s Common Stock and the June Investor Warrants to purchase up to 967,000 shares of Common Stock. The Common Stock was issued in a registered direct offering for a purchase price of $6.50 per share and the June Investor Warrants were offered pursuant to a private placement under Section 4(a)(2) of the Securities Act. The aggregate net cash proceeds to the Company from the June Offering were approximately $5.6 million. The Company used the net proceeds from the June Offering for working capital and general corporate purposes.

H.C. Wainwright & Co. LLC acted as the exclusive placement agent (the “Placement Agent”) for the June 2023 Offering. The Placement Agent was paid a cash fee equal to 6.5% of the gross proceeds received by the Company from the sale of the securities at the closing of the June Offering or approximately $0.6 million which was charged against the proceeds in additional paid-in capital. The Company used the net proceeds from such offering for working capital and general corporate purposes.

In connection with the Note issued to Streeterville, on May 15, 2023 the Company issued 40,868 Common Stock to Streeterville in repayment of interest on the Note. Additionally on August 4, 2023 and August 30, 2023, the Company issued 131,266 and 154,289 respectively to Streeterville for repayment of principal and interest under the Note. Refer to Note 7 for further details.

On July 17, 2023, the Company and GEM entered into a settlement agreement where the Company issued 67,568 shares of Common Stock to GEM in full satisfaction of its obligation. Refer to Note 8 for further details.

On January 2, 2024, the Company issued 143,648 shares of Common Stock as payment for the $0.4 million minimum payment to Streeterville related to principal and interest payments on the Streeterville Note.

From February 20, 2024 to July 29, 2024, the Company announced that it entered into multiple 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 (the “Current Prospectus Supplement”) under the Offering Agreement for an aggregate of $4.9 million. Through December 31, 2024, the aggregate net cash proceeds to the Company from the ATM Purchases Agreements were approximately $1.6 million.

On February 27, 2024, the Company entered into an underwriting agreement (the “ February Underwriting Agreement”) with EF Hutton LLC (the “Representative”), as the representative of the several underwriters named therein (the “ February Underwriters”), relating to an underwritten public offering (the “ February 2024 Public Offering”) of 500,000 shares (the “ February Shares”) of the Company’s Common Stock. The public offering price for each share of Common Stock was $3.00 and the February Underwriters purchased the shares of Common Stock pursuant to the February Underwriting Agreement at a price for each share of Common Stock of $2.76. Pursuant to the February Underwriting Agreement, the Company also granted the Representative a 45-day option to purchase up to an additional 75,000 shares (the “ February Option Shares”) of the Common Stock on the same terms as the February Shares sold in the February 2024 Public Offering (the “ February Over-Allotment Option”). On February 28, 2024, the February 2024 Public Offering closed (the “ February Closing Date”). The aggregate net cash proceeds to the Company from the February 2024 Offering proceeds were approximately $1.3 million after offering costs of approximately $0.4 million. On March 5, 2024, the February Underwriters of the previously announced underwritten public offering of the Company exercised their option in accordance with the February Underwriting Agreement, dated February 27, 2024, by and between the Company and the Representative, as representative of the several underwriters named therein, to purchase up to an additional 75,000 shares of the Company’s Common Stock, at a public offering price of $3.00 per share (the “ February Overallotment Exercise”). The February Overallotment Exercise closed on March 6, 2024. The aggregate net cash proceeds to the Company from the February Overallotment Exercise were approximately $0.2 million. The Company accrued additional offering costs of approximately $0.2 million.

On February 29, 2024, the Company entered into a securities purchase agreement with an investor providing for the issuance and sale of 270,000 shares of Common Stock and warrants to purchase up to 270,000 shares of Common Stock (the “ February Warrants”) at a price of $3.80 per share of Common Stock and accompanying warrant, which represents a 26.7% premium to the offering price in February 2024 Public Offering. The Common Stock and the February Warrants were offered pursuant to a private placement (the “ February 2024 Private Placement”) under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The aggregate net cash proceeds to the Company from the February 2024 Private Placement were approximately $1.0 million.

On April 18, 2024, the Company entered into an underwriting agreement (the “ April Underwriting Agreement”) with the Representative, as the representative of the several underwriters named therein (the “ April Underwriters”), relating to an underwritten public offering (the “ April 2024 Public Offering”) of 607,000 shares (the “ April Shares”) of Common Stock. The public offering price for each share of Common Stock was $3.30. Pursuant to the April Underwriting Agreement, the Company also granted the Representative a 45-day option to purchase up to an additional 91,050 shares (the “ April Option Shares”) of the Common Stock on the same terms as the April Shares sold in the April 2024 Public Offering (the “ April Over-Allotment Option”). On April 19, 2024, the Offering closed (the “ April Closing Date”). Net proceeds from the April 2024 Public Offering were approximately $1.6 million after offering costs of approximately $0.4 million. On May 23, 2024, the April Underwriters of the previously announced underwritten public offering of the Company exercised their option in accordance with the April Underwriting Agreement, dated April 18, 2024, by and between the Company and the Representative, as representative of the several underwriters named therein, to purchase up to an additional 91,050 shares of the Company’s Common Stock, at the public offering price of $3.30 per share (the “ April Overallotment Exercise”). The April Over-Allotment Exercise was exercised in full and closed on May 23, 2024. The net cash proceeds to the Company from the April Overallotment Exercise were approximately $0.2 million which include offering costs of less than $0.1 million.

On August 28, 2024, the Company issued 20,000 shares of Common Stock in relation to consulting services performed by a third party. The fair value of the Common Stock on the date of issuance was less than $0.1 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 valued at $5.5 million based on the market price of our common stock at the date of common stock issuance resulting in a loss on redemption of $1.3 million (see Note 7).

Common Stock Warrants

Substitute Warrants

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.

The Company recognized a gain on the change in fair value of the Substitute Warrants for each of the years ended December 31, 2024 and 2023 of nil and less than $0.1 million, respectively. Refer to Note 11 for further discussion of fair value measurement of the warrant liabilities.

Assumed Public Warrants

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 years ended December 31, 2024 and 2023 no Public Warrants were exercised. The outstanding balance of these warrants remains in equity. At December 31, 2024 and 2023, there were 3,448,856 Public Warrants outstanding to purchase up to 344,886 shares of Common Stock.

Assumed Private Placement Warrants

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 December 31, 2024 and 2023. 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 years ended December 31, 2024 and 2023 of less than $0.1 million, respectively. Refer to Note 11 for discussion of the fair value measurement of the Company’s warrant liabilities.

Investor Warrants

On March 8, 2023, in conjunction with the issuance and sale of 386,667 shares of the Company’s Common Stock, the Company issued 386,667 March Investor Warrants which were classified in stockholder’s equity. The measurement of fair value of the March Investor Warrants were determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $7.20, exercise price of $7.50, term of five and a half years, volatility of 123.6%, risk-free rate of 4.34%, and expected dividend rate of 0%). The March Investor Warrants had an original exercise price of $7.50 per share, are initially exercisable beginning six months following the March Initial Exercise Date and will expire five and a half years from the March Initial Exercise Date. The grant date fair value of these March Investor Warrants was estimated to be $2.4 million on March 8, 2023 and is reflected within additional paid-in capital.

As discussed above, on June 6, 2023, in conjunction with the issuance and sale of 967,000 shares of the Company’s Common Stock, the Company issued 967,000 June Investor Warrants which were classified in stockholder’s equity.

The measurement of fair value of the June Investor Warrants were determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $5.30, exercise price of $6.53, term of five and a half years, volatility of 175.1%, risk-free rate of 3.85%, and expected dividend rate of 0%). The grant date fair value of these June Investor Warrants was estimated to be $3.1 million on June 6, 2023, and is reflected within additional paid-in capital.

The Company issued 19,340 warrants to the Placement Agent with an exercise price of $8.13 (the “June Placement Agent Warrants”). As these June Placement Agent Warrants were issued for services provided in facilitating the June Offering, the Company recorded the fair value of such June Placement Agent Warrants of approximately $0.1 million as a cost of capital on the issuance date. The measurement of fair value was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $5.30, exercise price of $8.13, term of five and a half years, volatility of 175.1%, risk-free rate of 3.85%, and expected dividend rate of 0%).

In connection with the June 2023 Offering, the Company also entered into a warrant amendment agreement (the “Warrant Amendment Agreement”) with certain investors to amend certain existing warrants to purchase up to 962,278 shares of Common Stock that were previously issued in August 2021 and February 2022 to such investors, with an exercise price of $30.70 and $120.00 per share, respectively (the “Amended Warrants”) as follows: (i) lower the exercise price of the Amended Warrants to $6.525 per share, and (ii) provide that the Amended Warrants, as amended, will not be exercisable until six months following the closing date of the June Offering, and (iii) extend the original expiration date of the Amended Warrants so that they will terminate five and one half years from the closing of the June Offering.

The Company recorded the incremental change in fair value of such Amended Warrants of $1.5 million as a cost of capital to issue the June Investor Warrants. The measurement of fair value for the Amended Warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $5.30, exercise price of $6.525, term of five and a half years, volatility of 175.1%, risk-free rate of 3.85%, and expected dividend rate of 0%).

As discussed above, on August 28, 2023, in conjunction with the issuance and sale of 3,000,000 shares of the Company’s Series A Convertible Preferred Stock, the Company issued 300,000 August Investor Warrants which were classified in stockholder’s equity. Each Investor Warrants had an exercise price of $4.00 and term of five years. The measurement of fair value of the August Investor Warrants were determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of issuance (i.e., share price of $3.00, exercise price of $4.00, term of five years, volatility of 175.1%, risk-free rate of 4.38%, and expected dividend rate of 0%). The grant date fair value of these August Investor Warrants was estimated to be $0.8 million on August 28, 2023 and is reflected within additional paid-in capital.

On October 24, 2023, in connection with the Securities Purchase Agreement dated March 8, 2023, the Company entered into a warrant amendment agreement (the “October Warrant Amendment Agreement”) with certain Investors to amend the existing Investor Warrants to purchase up to 386,667 shares of Common Stock that were previously issued in March 2023 adjusted from the original exercise price of $7.50 to $6.525 per share (the “October Amended Warrants”).

The Company recorded the incremental change in fair value of such October Amended Warrants of approximately $9.0 thousand as a deemed dividend and an adjustment to arrive at net income available to common stockholders on the statement of operations. As the Company is in an accumulated deficit position, in the absence of retained earnings, the Company recorded the reduction to additional paid-in capital (i.e., a net zero impact to additional paid-in capital). The measurement of fair value for the October Amended Warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at the date of amendment (i.e., share price of $2.80, exercise price of $6.525, term of five years, volatility of 159.4%, risk-free rate of 4.85%, and expected dividend rate of 0%).

On February 28, 2024, in conjunction with the sale of 270,000 shares of the Company’s Common Stock, the Company issued February Warrants to purchase up to 270,000 shares of Common Stock which were classified in stockholder’s equity. The February Warrants have an exercise price of $3.80 per share, are initially exercisable beginning six months following the date of issuance, and will expire five years from the date of issuance. The measurement of fair value 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%). The allocated fair value of the February Warrants on the grant date was $0.5 million and is recorded within additional paid-in capital.

On February 28, 2024, the Company issued to the Representative the Underwriter’s Warrant to purchase up to 25,000 shares of Common Stock (the “ February Underwriter Warrant Shares”). The Underwriter’s Warrant is exercisable six months following the date of the Underwriting Agreement and terminates on the five-year anniversary of the date of the Underwriting Agreement. The measurement of fair value 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%). The allocated fair value of the Underwriter's Warrants on the grant date was $0.1 million and is recorded as a charge to additional paid-in capital.

On March 5, 2024 the Company issued Underwriter’s Warrant to purchase up to 3,750 shares of Common Stock in relation to the exercise of the February Over-Allotment Option. The measurement of fair value 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%). The allocated fair value of the Underwriter's Warrants on the grant date was less than $0.1 million and is recorded as a charge to additional paid-in capital.

On April 19, 2024, the Company issued to the Representative the April Underwriter’s Warrant to purchase up to 30,350 shares of Common Stock (the “ April Underwriter Warrant Shares”). The April Underwriter’s Warrant is exercisable six months following the date of the Underwriting Agreement and terminates on the five-year anniversary of the date of the Underwriting Agreement. The measurement of fair value 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%). The allocated fair value of the April Underwriter's Warrant on the grant date was less than $0.1 million and is recorded as a charge to additional paid-in capital.

On May 23, 2024 the Company issued Underwriter’s Warrant to purchase up to 4,553 shares of Common Stock in relation to the exercise of the April Over-Allotment Option. The measurement of fair value 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%). The allocated fair value of the Underwriter's Warrants on the grant date was less than $0.1 million and is recorded as a charge to additional paid-in capital.

Alvogen Warrants

In conjunction with the amended Alvogen licensing agreement discussed in Note 6, on February 7, 2024, the Company issued warrants to purchase up to 419,598 shares of Common Stock. The warrants have an exercise price of $4.00 per share, are exercisable immediately following the date of issuance, will expire three years from the date of issuance, and may also be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of Common Stock underlying the warrants. The warrants are subject to a beneficial ownership limitation of 4.99% post-exercise, with the exception that the beneficial ownership limitation may be waived up to a maximum of 9.99% at the election of the holder, with not less than 61 days prior notice. The measurement of fair value 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%). The fair value of the warrants on the grant date was $1.3 million and was recorded within additional paid-in capital as of March 31, 2024. Upon termination of the Alvogen 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

The Anson Warrants, originally issued in the Purchase Agreement, are recognized as derivative liabilities in accordance with ASC 815. The Company concluded liability classification was appropriate 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. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the Company’s consolidated statements of operations. The Anson Warrants were initially measured at fair value using a Black-Scholes model and have subsequently been measured based on the listed market price of such warrants. 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 warrants to purchase up to 1,349,305 shares of the Company’s Common Stock which were classified as a liability. The warrants have an exercise price of $2.4168 per share, subject to adjustment or other settlement provisions, and have a contractual term of five years expiring on August 14, 2029. The measurement of fair value of the Investor Warrants were determined utilizing a Black-Scholes model 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%). The grant date fair value of these Investor Warrants was estimated to be $2.1 million on August 14, 2024.

On October 10, 2024, in conjunction with the issuance of the Second Tranche Notes, the Company issued warrants to purchase up to 1,846,128 shares of the Company’s Common Stock which were classified as a liability. The warrants have an exercise price of $1.7664 per share, subject to adjustment or other settlement provisions, and have a contractual term of five years expiring on October 10, 2029. The measurement of fair value of the Investor Warrants was determined utilizing a Black-Scholes model 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%). The grant date fair value of these Second Trench Investor Warrants was estimated to be $1.9 million on October 10, 2024.

As of December 31, 2024, the fair value of the Anson Warrants was $5.6 million. The Company recognized a loss on the change in fair value of The Anson Warrant for the year ended December 31, 2024 of approximately $1.7 million. Refer to Note 11 for discussion of the fair value measurement of the Company’s warrant liabilities. Refer to Note 11 for further discussion of fair value measurement of the warrant liabilities.

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

				Weighted				Aggregate
				Average		Weighted		Intrinsic
	*Total*			*Remaining*		*Average*		*Value*
	*Warrants*			*Term*		*Exercise Price*		*(in thousands)*
Outstanding as of December 31, 2022		1,648,492			3.59	$	64.90	$	—
Issued		1,673,007			4.38		6.10		180
Outstanding as of December 31, 2023		3,321,499			3.91	$	23.01	$	180
Issued		3,948,484			4.71		2.04		—
Expired		(96,417	)		—		—		—
Outstanding as of December 31, 2024		7,173,766			3.77	$	17.20	$	80

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Note 13 - Income Taxes - Schedule of Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Federal statutory rate	(21.00%)	(21.00%)
Permanent items	0.05%	0.18%
Settlement warrants	1.37%	(0.02%)
Stock compensation	(2.23%)	3.21%
Loss on Conversion of Note	1.06%	0.00%
State taxes	(0.17%)	4.74%
Increase in valuation allowance	18.73%	9.45%
R&D credit	0.00%	1.66%
Convertible Note	2.19%	1.89%
Other	0.00%	(0.11%)
Effective tax rate	0.00%	0.00%

Note 2 - Going Concern (Details Textual) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 10, 2024 USD ($)	Aug. 14, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Aug. 12, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Revenue from Contract with Customer, Excluding Assessed Tax			$ 0
Cash and Cash Equivalents, at Carrying Value			$ 1,443		$ 4,595
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Anson [Member]
Proceeds from Debt, Net of Issuance Costs		$ 4,500
Proceeds from Issuance of Debt	$ 10,870
Anson Convertible Notes [Member]
Debt Instrument, Face Amount			$ 10,870	$ 16,300
Debt Instrument, Number of Tranches				3
Debt Instrument, Face Amount, Individual Tranches				$ 5,435
Anson First Tranche Notes [Member]
Debt Instrument, Face Amount		5,435
Proceeds from Debt, Net of Issuance Costs		$ 4,500
Anson Second Tranche Notes [Member]
Debt Instrument, Face Amount	5,435
Streetervile Complaint [Member]
Repayments of Debt	$ 5,550

Note 14 - Related Party Transactions

12 Months Ended

Dec. 31, 2024

14. 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, a co-founder and 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 both the three months ended September 30, 2024 and 2023, the Company paid Glytech zero and $0.1 million, respectively, for continuing technology support services and reimbursed expenses. During the years ended December 31, 2024 and 2023, the Company paid Glytech $0.3 million 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 NRx Pharmaceuticals. 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 D-cycloserine or lurasidone individually or jointly. This definition would cover pharmaceutical formulations, including some that NRx Pharmaceuticals considers “pipeline” or “future product” opportunities, that 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 NRx Pharmaceuticals for no additional consideration at any time upon receipt of written notice from the Company if, on or prior to March 31, 2024, (i) the value of the Glytech equity holdings in NRx Pharmaceuticals (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 shareholder in the Company and a member of the Board of Directors. Therefore, his services are deemed to be a related party transaction. He served the Company on a full-time basis as CEO 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 $0.9 million during the years ended December 31, 2024 and 2023, 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 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 December 31, 2023 and 2024, the annual discretionary bonus of $0.3 million and $0.2 million is accrued and included within accrued and other current liabilities on the consolidated balance sheets, respectively.

The Javitt Amendment also provides, subject to the approval of the Board of Directors, for a grant of 50,000 shares of restricted stock of the Company under the Company’s 2021 Omnibus Incentive Plan. The restrictions are performance based, and half of the restricted shares (25,000) shall have the restrictions removed on the New Drug Application Date (as defined below) and the remaining half (25,000) will have the restrictions removed on the New Drug Approval Date (as defined below). As of December 31, 2024, the Board of Directors has not approved the grant of restricted stock.

The term “New Drug Application Date” means the date upon which the FDA files the Company’s new drug application for the Antidepressant Drug Regimen (as defined below) for review. The term “New Drug Approval Date” means date upon which the FDA has both approved the Company’s Antidepressant Drug Regimen and listed the Company’s Antidepressant Drug Regimen in the FDA’s “Orange Book”. The term “Antidepressant Drug Regimen” means NRX-101, a proprietary fixed-dose combination capsule of d-cycloserine and Lurasidone, administered for sequential weeks of daily oral treatment following patient stabilization using a single infusion of NRX-100 (ketamine) or another standard of care therapy.

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 CEO 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 during the years ended December 31, 2024 and 2023, respectively. These services are ongoing.

Included in accounts payable were less than $0.1 million and less than $0.1 million due to the above related parties as of December 31, 2024 and 2023, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Note 3 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Significant Accounting Policies [Text Block]

3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company’s 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”). The 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.

Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in its consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of convertible notes payable, fair value of warrant liabilities, fair value of stock options and warrants, and the utilization of deferred tax assets. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

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

ASC 820, Fair Value Measurements, 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: 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 11)

Concentration of Credit Risk and Off-Balance Sheet Risk

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 December 31, 2024 the Company’s cash and cash equivalents balance within money market accounts was in excess of the U.S. federally insured limits by $1.2 million. The Company has not experienced any losses on its deposits of cash. The Company maintains a portion of its cash and cash equivalent balances in the form of a money market account with a financial institution that management believes to be creditworthy.

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.

Revenue Recognition

The Company accounts for revenue under FASB ASC Topic 606, Revenue for Contract with Customers (“ASC 606”) or other accounting standards for revenue not derived from customers. Arrangements may include licenses to intellectual property, research services and participation on joint research committees. The Company evaluates the promised goods or services to determine which promises, or group of promises, represent performance obligations. In contemplation of whether a promised good or service meets the criteria required of a performance obligation, the Company considers the stage of research, the underlying intellectual property, the capabilities and expertise of the customer relative to the underlying intellectual property, and whether the promised goods or services are integral to or dependent on other promises in the contract. When accounting for an arrangement that contains multiple performance obligations, the Company must develop judgmental assumptions, which may include market conditions, timelines and probabilities of regulatory success to determine the stand-alone selling price for each performance obligation identified in the contract.

The Company enters into contractual arrangements that may include licenses to intellectual property and research and development services. When such contractual arrangements are determined to be accounted for in accordance with ASC 606, the Company evaluates the promised good or services to determine which promises, or group of promises, represent performance obligations. When accounting for an arrangement that contains multiple performance obligations, the Company must develop judgmental assumptions, which may include market conditions, timelines and probabilities of regulatory success to determine the stand-alone selling price for each performance obligation identified in the contract.

The License Agreement (the “License Agreement”) with Alvogen Pharma US, Inc., Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd. (collectively, “Alvogen”) (as further discussed in Note 6 below) was accounted for in accordance with ASC 606. In accordance with ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps:

i. identify the contract(s) with a customer;

ii. identify the performance obligations in the contract;

iii. determine the transaction price;

iv. allocate the transaction price to the performance obligations within the contract; and

v. recognize revenue when (or as) the entity satisfies a performance obligation.

The Company only applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. The promised goods or services in the Company’s arrangements typically consist of a license to intellectual property and research services. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. Goods or services that are not individually distinct performance obligations are combined with other promised goods or services until such combined group of promises meet the requirements of a performance obligation.

The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue.

The Company’s revenue arrangements may include the following:

Milestone Payments: At the inception of an agreement that includes milestone payments, the Company evaluates each milestone to determine when and how much of the milestone to include in the transaction price. The Company first estimates the amount of the milestone payment that the Company could receive using either the expected value or the most likely amount approach. The Company primarily uses the most likely amount approach as that approach is generally most predictive for milestone payments with a binary outcome. Then, the Company considers whether any portion of that estimated amount is subject to the variable consideration constraint (that is, whether it is probable that a significant reversal of cumulative revenue would not occur upon resolution of the uncertainty.) The Company updates the estimate of variable consideration included in the transaction price at each reporting date which includes updating the assessment of the likely amount of consideration and the application of the constraint to reflect current facts and circumstances.

Royalties: For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Research Services: The Company incurred research costs in association with the License Agreement. After the First Milestone Payment (as defined in Note 6 below), the Company would have been reimbursed for certain costs incurred related to reasonable and documented out-of-pocket costs for clinical and non-clinical development activities. The Company would have recognized revenue for the reimbursed costs when the First Milestone Payment contingencies had been achieved and the Company had an enforceable claim to the reimbursed costs.

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.

Convertible Notes Payable and Fair Value Election

As permitted under FASB ASC Topic 825, Financial Instruments (“ASC 825”), the Company elected to account for its promissory notes, which meet the required criteria, at fair value at inception. Subsequent changes in fair value are recorded as a component of non-operating loss in the consolidated statements of operations. The portion of total changes in fair value of the notes attributable to changes in instrument-specific credit risk are determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and are presented as a component of comprehensive income in the accompanying consolidated statements of operations and comprehensive loss. As a result of electing the fair value option, direct costs and fees related to the promissory notes are expensed as incurred.

The Company estimates the fair value of its notes payable using a Monte Carlo simulation model, which uses as inputs the fair value of its Common Stock and estimates for the equity volatility of its Common Stock, the time to expiration (i.e., expected term) of the note, the risk-free interest rate for a period that approximates the time to expiration, and probability of default. Therefore, the Company estimates its expected future equity volatility based on the historical volatility of its Common Stock price utilizing a lookback period consistent with the time to expiration. The time to expiration is based on the contractual maturity date, giving consideration to the redemption features embedded in the notes. The risk-free interest rate is determined based on the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the time to expiration. Unless otherwise specified, the probability of default is estimated using Bloomberg’s Default Risk function which uses its financial information to calculate a default risk specific to the Company. At September 30, 2024, the Streeterville Note valuation was adjusted to the post settlement amount agreed upon. Interest expense is included within the change in fair value of the notes payable and accrued interest is included within the fair value of the convertible notes payable on the balance sheet. See Note 7 for Streeterville and Anson convertible notes. Management believes those assumptions are reasonable but if these assumptions change, it could materially affect the fair value.

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 general and administrative or research and development costs in the consolidated statements of operations and comprehensive loss 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 (as defined below) 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 12 for further information.

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 reverse. 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.

	December 31,
	2024		2023
Stock options		121,833		264,983
Restricted stock awards		—		124,167
Common stock warrants		7,173,766		3,321,499
Anson Notes		4,920,126		—
Convertible preferred stock		—		300,000

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 2023, the FASB issued Accounting Standard Update (ASU) No. 2023‑07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 should be applied on a retrospective basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has adopted the reportable segment disclosure requirements. See Note 12.

In December 2023, the FASB issued ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily by amending disclosure requirements for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 should be applied on a prospective basis, and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Note 3 - Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	121,833	264,983
Restricted Stock [Member]
Antidilutive securities (in shares)	0	124,167
Warrant [Member]
Antidilutive securities (in shares)	7,173,766	3,321,499
Anson [Member]
Antidilutive securities (in shares)	4,920,126	0
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	0	300,000

Note 2 - Going Concern

12 Months Ended

Dec. 31, 2024

Substantial Doubt about Going Concern [Text Block]

2. Going Concern

These consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. Since inception, the Company has experienced net losses and negative cash flows from operations each fiscal year and has a working capital deficit at December 31, 2024. The Company has no revenues and expects to continue to incur operating losses into 2025. Although the Company projects operating revenue to be derived from the operation of clinical facilities through its HOPE subsidiary and sales of its pharmaceutical products in 2025, these projections are subject to completion of anticipated clinical acquisitions in the first case and regulatory approvals in the latter case. In the absence of these projected developments, the Company’s ability to support its ongoing capital needs is dependent on its ability to continue to raise equity and/or debt financing, which may not be available on favorable terms, or at all, in order to continue operations.

As of December 31, 2024, the Company had $1.4 million in cash and cash equivalents. On August 12, 2024, the Company entered into that certain Securities Purchase Agreement dated August 12, 2024 (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company agreed to sell Senior Secured Convertible Promissory Notes (the “Anson Notes”) in the aggregate principal amount of up to approximately $16.3 million in three tranches of $5.435 million, and warrants to purchase that amount of shares of the Company’s common stock, $0.001 par value (“Common Stock”) equal to 50% of the principal amount of the Notes in the respective tranche divided by the volume weighted average price (“VWAP”) of the Company’s Common Stock, as listed on the Nasdaq Capital Market, on the day prior to the closing of each respective tranche under the Purchase Agreement (the “Anson Warrants”). The Company consummated the sale of the first tranche of $5.435 million ($4.5 million in net proceeds) in Notes and Warrants (the “First Closing”) on August 14, 2024 (the “First Closing Date”), and the second tranche of $5.435 million in Notes and Warrants (the “Second Closing”) on October 10, 2024 (the “Second Closing Date”), for aggregate gross proceeds of approximately $10.87 million, before deducting fees, costs, and other expenses including the use of proceeds to repay $5.55 million of the Streeterville Note.

The Company has secured operating capital that it anticipates as sufficient to fund its drug development operations through [●] and to finance submission of FDA New Drug Applications for NRX-100 and NRX-101. The Company may pursue additional equity or debt financing or refinancing opportunities in 2025 and 2026 to fund ongoing clinical activities, to meet obligations under its current debt arrangements 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 shareholders. 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 do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the company be unable to continue as a going concern.

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)							12 Months Ended
	Aug. 12, 2024	Jul. 29, 2024	Apr. 24, 2024	Aug. 31, 2023	Jul. 17, 2023	Apr. 16, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 16, 2022
Research and Development Expense							$ 6,199,000	$ 13,371,000
Share Subscription Facility Agreement - GEM [Member]
Stock Issued During Period, Shares, New Issues (in shares)				67,568	67,568
Stock Issued During Period, Value, New Issues				$ 300,000
Streetervile Complaint [Member]
Loss Contingency, Damages Sought, Value			$ 6,537,027
Stockholders Equity Note Spinoff Transaction, Percentage		49.00%
Streetervile Complaint [Member] \| Streeterville Convertible Note [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 5,600,000
Gain (Loss) from Litigation Settlement							0
Lease Contractual Term, Office Space, Rental [Member]
Operating Lease, Expense							$ 100,000	100,000
Sarah Herzog Memorial Hospital License Agreement [Member]
License Agreements, Milestone Payments, Conditional Reduction Percentage							25.00%
License Agreement, Cumulative Payments							$ 400,000
License Agreement, Milestone Payment							0	0.2	$ 0.2
Payments for Royalties							0	0
Payment for License Agreement, Maintenance Fee						$ 100,000	$ 150,000	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%
Exclusive License Agreement [Member] \| Patent License [Member]
Research and Development Expense							$ 0	$ 0

Note 11 - Fair Value Measurements - Schedule of Level 3 Fair Value Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Streeterville Convertible Note [Member]
Balance	$ 9,161	$ 10,525
Conversions and repayments of principal and interest (cash)	(7,850)	(2,288)
Conversions and repayments of principal and interest (shares)	(400)	(1,786)
Fair value adjustment through earnings	(1,761)	2,707
Balance	0	9,161
Convertible note payable - current portion	0	9,161
Convertible note payable, net of current portion	0	0
Fair value adjustment through accumulated other comprehensive loss		3
Anson Convertible Notes [Member]
Balance	6,034
Conversions and repayments of principal and interest (shares)	(4,190)
Fair value adjustment through earnings	4,413
Balance	6,257	6,034
Convertible note payable - current portion	1,246
Convertible note payable, net of current portion	5,011
Warrants [Member]
Balance	17	37
Fair value adjustment through earnings	1,657	(20)
Balance	5,639	$ 17
Initial recognition of issuance of warrants	$ 3,965

Note 5 - Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

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

5. Accrued and Other Current Liabilities

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

	December 31, 2024		December 31, 2023

Accrued and other current liabilities:
Refund liability (see Note 6)	$	4,715	$	—
Professional services		3,732		2,686
Employee costs		577		835
Accrued research and development expense		655		1,112
Other accrued expense		470		81
Total accrued and other current liabilities	$	10,149	$	4,714

Note 9 - Equity (Details Textual)																										1 Months Ended			5 Months Ended	12 Months Ended
Note 9 - Equity (Details Textual)	Aug. 28, 2024 USD ($) shares	Aug. 14, 2024 USD ($) $ / shares shares	May 23, 2024 USD ($) $ / shares shares	Apr. 19, 2024 USD ($) shares	Apr. 18, 2024 USD ($) $ / shares shares	Apr. 01, 2024 shares	Mar. 21, 2024	Mar. 06, 2024 USD ($) $ / shares shares	Mar. 05, 2024 USD ($) shares	Feb. 29, 2024 USD ($) $ / shares shares	Feb. 28, 2024 USD ($) $ / shares shares	Feb. 27, 2024 $ / shares shares	Feb. 07, 2024 USD ($) $ / shares shares	Jan. 02, 2024 USD ($) shares	Oct. 24, 2023 USD ($) $ / shares shares	Aug. 31, 2023 USD ($) $ / shares shares	Aug. 30, 2023 shares	Aug. 28, 2023 USD ($) $ / shares shares	Aug. 14, 2023 USD ($)	Aug. 04, 2023 shares	Jul. 17, 2023 shares	Jun. 06, 2023 USD ($) $ / shares shares	May 15, 2023 shares	Mar. 08, 2023 USD ($) $ / shares shares	Feb. 08, 2023 USD ($)	Apr. 30, 2024 shares	Mar. 31, 2024 shares	Aug. 31, 2023 USD ($) $ / shares shares	Jul. 29, 2024 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 10, 2024 USD ($) $ / shares shares	Aug. 12, 2024 $ / shares	Mar. 28, 2024 shares	Dec. 31, 2022 shares	May 24, 2021 $ / shares shares
Common Stock, Shares, Issued (in shares)						9,600,000																								14,591,505	8,391,956			95,700,000
Stock Issued During Period, Shares, Reverse Stock Splits (in shares)																										73,040
Preferred Stock, Shares Authorized (in shares)																														50,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares																														$ 0.001
Common Stock, Shares Authorized (in shares)																														500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares																														$ 0.001	$ 0.001		$ 0.001
Proceeds from Issuance of Private Placement \| $																														$ 1,027,000	$ 8,122,000
Stock Issued During Period, Shares, Issued for Services (in shares)	20,000
Stock Issued During Period, Value, Issued for Services \| $	$ 100,000																													37,000
Gain (Loss) on Convertible Debt Redemption \| $																														$ (1,278,000)	$ (0)
Class of Warrant or Right, Outstanding (in shares)																														7,173,766	3,321,499				1,648,492
Fair Value Adjustment of Warrants \| $																														$ 1,657,000	$ (20,000)
Class of Warrant or Right, Issued During Period (in shares)																														3,948,484	1,673,007
Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Converted Instrument, Amount \| $																														$ 4,585,000	$ 982,000
Streeterville Capital, LLC [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares)																	154,289			131,266			40,868
Streeterville Convertible Note [Member] \| Conversion of Debt to Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)														143,648
Debt Conversion, Converted Instrument, Amount \| $														$ 400,000
Anson Convertible Notes [Member]
Placement Agent Fee, Percent of Gross Proceeds																																	7.00%
Anson Convertible Notes [Member] \| Conversion of Principal and Interest Into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)																														3,676,796
Debt Conversion, Converted Instrument, Amount \| $																														$ 5,500,000
Debt Conversion, Original Debt, Amount \| $																														4,200,000
Gain (Loss) on Convertible Debt Redemption \| $																														$ 1,300,000
Maximum [Member] \| NRX Pharmaceuticals, Inc [Member]
Investment Owned, Net Assets, Percentage																														4.90%
Conversion of Series A Preferred Stock to Preferred Stock [Member] \| Preferred Stock [Member]
Conversion of Stock, Shares Issued (in shares)																											300,000
Class of Warrant or Right, Warrant Issued with Preferred Stock [Member]
Class of Warrant or Right Issued in Period (in shares)																												1
March Investor Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																								$ 7.5
Warrants and Rights Outstanding, Term (Year)																								5 years 6 months
Adjustments to Additional Paid in Capital, Warrant Issued \| $																								$ 2,400,000
March Investor Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																								7.2
March Investor Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																								7.5
March Investor Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																								5.5
March Investor Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																								1.236
March Investor Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																								0.0434
March Investor Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																								0
June Investor Warrants [Member]
Adjustments to Additional Paid in Capital, Warrant Issued \| $																						$ 3,100,000
June Investor Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																						5.3
June Investor Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																						6.53
June Investor Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																						5.5
June Investor Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																						1.751
June Investor Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0.0385
June Investor Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input											0
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
Substitute Warrants [Member]
Fair Value Adjustment of Warrants \| $																														$ 0	$ 100,000
Substitute Warrants [Member] \| Neuro Rx [Member]
Foreign Currency Exchange Rate, Remeasurement																																				0.316
Class of Warrant or Right, Outstanding (in shares)																																				3,792,970
Public Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in 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)																														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)																																				0.1
Class of Warrant or Right, Exercised During Period (in shares)																														0
Class of Warrant or Right, Exercises in Period (in shares)																															0
Private Placement Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)																														13,625
Class of Warrant or Right, Outstanding (in shares)																														136,250
Fair Value Adjustment of Warrants \| $																														$ 100,000	$ 100,000
June Placement Agent Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																						$ 8.13
Adjustments to Additional Paid in Capital, Warrant Issued \| $																						$ 100,000
Class of Warrant or Right, Issued During Period (in shares)																						19,340
June Placement Agent Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																						5.3
June Placement Agent Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																						8.13
June Placement Agent Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																						5.5
June Placement Agent Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																						1.751
June Placement Agent Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0.0385
June Placement Agent Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0
Warrant Amendment Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)																						962,278
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																						$ 6.525
Warrants and Rights Outstanding, Term (Year)																						5 years 6 months
Warrant Amendment Agreement [Member] \| Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																						$ 30.7
Warrant Amendment Agreement [Member] \| Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																						$ 120
Warrant Amendment, June Investor Warrants [Member]
Adjustments to Additional Paid in Capital, Warrant Issued \| $																						$ 1,500,000
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																						5.3
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																						6.525
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																						5.6
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																						1.751
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0.0385
Warrant Amendment, June Investor Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																						0
August Investor Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																		$ 4
Warrants and Rights Outstanding, Term (Year)																		5 years
Adjustments to Additional Paid in Capital, Warrant Issued \| $																		$ 800,000
August Investor Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input																		3
August Investor Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input																		4
August Investor Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input																		5
August Investor Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input																		1.751
August Investor Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																		0.0438
August Investor Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																		0
October Amended Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)															386,667
Fair Value Adjustment of Warrants \| $															$ 9,000
October Amended Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input															2.8
October Amended Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input															6.525
October Amended Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input															5
October Amended Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input															1.594
October Amended Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input															0.0485
October Amended Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input															0
October Amended Warrants [Member] \| Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares															$ 7.5
October Amended Warrants [Member] \| Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares															$ 6.525
February Underwriter Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)											25,000
Warrants and Rights Outstanding, Term (Year)											5 years
Adjustments to Additional Paid in Capital, Warrant Issued \| $											$ 100,000
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)									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									3.05
Underwriter Overallotment Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input									3.3
Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input									5
Underwriter Overallotment Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input									1.781
Underwriter Overallotment Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input									0.0412
Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input									0
April Underwriter Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)				30,350
Warrants and Rights Outstanding, Term (Year)				5 years
Adjustments to Additional Paid in Capital, Warrant Issued \| $				$ 100,000
April Underwriter Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input				3.04
April Underwriter Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input				3.63
April Underwriter Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input				5
April Underwriter Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input				1.781
April Underwriter Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0.0466
April Underwriter Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0
April Underwriter Overallotment Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			4,553
Adjustments to Additional Paid in Capital, Warrant Issued \| $			$ 100,000
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input			3.62
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input			3.63
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input			5
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input			1.781
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input			0.0452
April Underwriter Overallotment Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input			0
Alvogen and Lotus Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)													419,598
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares													$ 4
Warrants and Rights Outstanding, Term (Year)													3 years
Adjustments to Additional Paid in Capital, Warrant Issued \| $													$ 1,300,000
Class of Warrant or Right, Beneficial Ownership Limitation													4.99%
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
Alvogen and Lotus Warrants [Member] \| Maximum [Member]
Class of Warrant or Right, Beneficial Ownership Limitation													9.99%
Anson Warrants Tranche One [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		1,349,305
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares		$ 2.4168
Warrants and Rights Outstanding, Term (Year)		5 years
Adjustments to Additional Paid in Capital, Warrant Issued \| $		$ 2,100,000
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)																																1,846,128
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																																$ 1.7664
Warrants and Rights Outstanding, Term (Year)																																5 years
Fair Value Adjustment of Warrants \| $																														1,700,000
Warrants and Rights Outstanding \| $																																$ 1,900,000
Anson Warrants Tranche Two [Member] \| Estimate of Fair Value Measurement [Member]
Warrants and Rights Outstanding \| $																														5,600,000		$ 1,900,000
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																																1.05
Anson Warrants Tranche Two [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input																																0.0391
Anson Warrants Tranche Two [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input																																0
March 2023 Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)																								386,667
Share Price (in dollars per share) \| $ / shares																								$ 7.5
Proceeds from Issuance or Sale of Equity \| $																								$ 2,500,000
Payments of Stock Issuance Costs \| $																								$ 400,000
March 2023 Purchase Agreement [Member] \| H.C. Wainwright & Co., LLC. [Member]
Payments of Stock Issuance Costs \| $																									$ 0.1
Letter Agreement, Percentage of Cash Fee Paid																									3.00%
March 2023 Purchase Agreement [Member] \| March Investor Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)																								386,667
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																								$ 7.5
Warrants and Rights Outstanding, Term (Year)																								5 years
June 2023 Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)																						967,000
Share Price (in dollars per share) \| $ / shares																						$ 6.5
Proceeds from Issuance or Sale of Equity \| $																						$ 5,600,000
June 2023 Purchase Agreement [Member] \| H.C. Wainwright & Co., LLC. [Member]
Payments of Stock Issuance Costs \| $																						$ 600,000
Placement Agent Fee, Percent of Gross Proceeds																						6.50%
June 2023 Purchase Agreement [Member] \| June Investor Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)																						967,000
Class of Warrant or Right, Issued During Period (in shares)																						967,000
Share Subscription Facility Agreement - GEM [Member]
Stock Issued During Period, Shares, New Issues (in shares)																67,568					67,568
Stock Issued During Period, Value, New Issues \| $																$ 300,000
ATM Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)																													385,515
Stock Issued During Period, Value, New Issues \| $																			$ 4,900,000											1,627,000
Proceeds from Issuance or Sale of Equity \| $																														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
February Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)												500,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares												$ 2.76
Share Price (in dollars per share) \| $ / shares												$ 3
Proceeds from Issuance or Sale of Equity \| $											$ 1,300,000
Payments of Stock Issuance Costs \| $											$ 400,000
February Overallotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)								75,000				75,000
Share Price (in dollars per share) \| $ / shares								$ 3
Proceeds from Issuance or Sale of Equity \| $								$ 200,000
Payments of Stock Issuance Costs \| $								$ 200,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)										270,000	270,000
Stock Issued During Period, Value, New Issues \| $																														$ 1,027,000
Private Placement, Premium Percentage										26.70%
Proceeds from Issuance of Private Placement \| $										$ 1,000,000
Private Placement [Member] \| February Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)										270,000	270,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares										$ 3.8	$ 3.8
Warrants and Rights Outstanding, Term (Year)											5 years
April Underwriter Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)					607,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares					$ 3.3
April Overallotment Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			91,050		91,050
Shares Issued, Price Per Share (in dollars per share) \| $ / shares			$ 3.3
Proceeds from Issuance or Sale of Equity \| $			$ 200,000
Payments of Stock Issuance Costs \| $			$ 100,000
April 2024 Offering [Member]
Payments of Stock Issuance Costs \| $					$ 400,000
Proceeds from Issuance of Common Stock \| $					$ 1,600,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)																	12,000,000
Preferred Stock, Shares Issued (in shares)																														0
Preferred Stock, Shares Outstanding (in shares)																														0
Series A Preferred Stock [Member] \| Conversion of Series A Preferred Stock to Preferred Stock [Member]
Conversion of Stock, Shares Converted (in shares)																											3,000,000
Series A Preferred Stock [Member] \| Preferred Stock and Warrants [Member]
Stock Issued During Period, Shares, New Issues (in shares)																												3,000,000
Stock Issued During Period, Value, New Issues \| $																												$ 1,200,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares																$ 0.4												$ 0.4
Common Stock [Member] \| Minimum [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares																														$ 1.2
Series A Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)																														12,000,000	12,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares																														$ 0.001	$ 0.001
Stock Issued During Period, Shares, New Issues (in shares)																		3,000,000
Preferred Stock, Shares Issued (in shares)																														0	3,000,000
Class of Warrant or Right, Issued During Period (in shares)																		300,000
Preferred Stock, Shares Outstanding (in shares)																														0	3,000,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio						10	10

Note 11 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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

			December 31,
Description	Level		2024		2023
Assets:
Money Market Account		1	$	487	$	3,874
Liabilities:
Warrant liabilities (Note 9)		3	$	5,639	$	17
Convertible notes payable (Note 7)		3	$	6,257	$	9,161

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

	December 31,
	2023
Stock price on valuation date	$	4.60
Time to expiration		0.34
Note market interest rate		9.0	%
Equity volatility		85.0	%
Volume volatility		590	%
Risk-free rate		5.35	%
Probability of default		10.7	%

	December 31,
	2024
Stock price on valuation date		$2.20
Time to expiration		0.87	–	1.03
Cost of debt		11.80%
Equity volatility		120.7%	-	135.0%
Risk-free rate		4.20%
Probability of credit default prior to maturity		0%

	December 31,
	2024			2023
Stock price on valuation date	$	2.20		$	4.60
Exercise price per share	$	2.08		$	115.00
Expected life		4.69			2.40
Volatility		111	%		150.3	%
Risk-free rate		4.37	%		4.14	%
Dividend yield		0.00	%		0.00	%
Fair value of warrants	$	1.76		$	0.13

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

Fair value of the Note as of December 31, 2023	$	9,161
Conversions and repayments of principal and interest (cash)		(7,850	)
Conversions and repayments of principal and interest (shares)		(400	)
Fair value adjustment through earnings		(1,761	)
Fair value of the Note as of December 31, 2024	$	—
Convertible note payable - current portion	$	—
Convertible note payable, net of current portion	$	—

Fair value of the Note as of December 31, 2022	$	10,525
Conversions and repayments of principal and interest (cash)		(2,288	)
Conversions and repayments of principal and interest (shares)		(1,786	)
Fair value adjustment through earnings		2,707
Fair value adjustment through accumulated other comprehensive loss		3
Fair value of the Note as of December 31, 2023	$	9,161

Convertible note payable - current portion	$	9,161
Convertible note payable, net of current portion	$	—

Fair value of the Notes at issuance	$	6,034
Conversions and repayments of principal and interest (shares)		(4,190	)
Fair value adjustment through earnings		4,413
Fair value of the Note as of December 31, 2024	$	6,257

Convertible note payable - current portion	$	1,246
Convertible note payable, net of current portion	$	5,011

Balance as of December 31, 2022	$	37
Gain upon re-measurement		(20	)
Balance as of December 31, 2023	$	17
Initial recognition of issuance of warrants		3,965
Loss upon re-measurement		1,657
Balance as of December 31, 2024	$	5,639

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	14,591,505	8,391,956
Common stock, outstanding (in shares)	14,591,505	8,391,956
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	3,000,000
Preferred stock, outstanding (in shares)	0	3,000,000

Note 9 - Equity (Tables)

12 Months Ended

Dec. 31, 2024

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

				Weighted				Aggregate
				Average		Weighted		Intrinsic
	*Total*			*Remaining*		*Average*		*Value*
	*Warrants*			*Term*		*Exercise Price*		*(in thousands)*
Outstanding as of December 31, 2022		1,648,492			3.59	$	64.90	$	—
Issued		1,673,007			4.38		6.10		180
Outstanding as of December 31, 2023		3,321,499			3.91	$	23.01	$	180
Issued		3,948,484			4.71		2.04		—
Expired		(96,417	)		—		—		—
Outstanding as of December 31, 2024		7,173,766			3.77	$	17.20	$	80

Note 11 - Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Text Block]

11. Fair Value Measurements

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the years ended December 31, 2024 and 2023. 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 during the years ended December 31, 2024 and 2023. The fair value of the Convertible Notes were estimated utilizing a Monte Carlo simulation during the years ended December 31, 2024 and 2023.

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 the years ended December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

			December 31,
Description	Level		2024		2023
Assets:
Money Market Account		1	$	487	$	3,874
Liabilities:
Warrant liabilities (Note 9)		3	$	5,639	$	17
Convertible notes payable (Note 7)		3	$	6,257	$	9,161

Convertible Note Payable - Streeterville

The significant inputs used in the Monte Carlo simulation to measure the Streeterville convertible note liability that was categorized within Level 3 of the fair value hierarchy are as follows:

	December 31,
	2023
Stock price on valuation date	$	4.60
Time to expiration		0.34
Note market interest rate		9.0	%
Equity volatility		85.0	%
Volume volatility		590	%
Risk-free rate		5.35	%
Probability of default		10.7	%

During the year ended December 31, 2024, the Streeterville Note was repaid in full and the outstanding balance was $0 as of December 31, 2024.

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

Fair value of the Note as of December 31, 2023	$	9,161
Conversions and repayments of principal and interest (cash)		(7,850	)
Conversions and repayments of principal and interest (shares)		(400	)
Fair value adjustment through earnings		(1,761	)
Fair value of the Note as of December 31, 2024	$	—
Convertible note payable - current portion	$	—
Convertible note payable, net of current portion	$	—

Fair value of the Note as of December 31, 2022	$	10,525
Conversions and repayments of principal and interest (cash)		(2,288	)
Conversions and repayments of principal and interest (shares)		(1,786	)
Fair value adjustment through earnings		2,707
Fair value adjustment through accumulated other comprehensive loss		3
Fair value of the Note as of December 31, 2023	$	9,161

Convertible note payable - current portion	$	9,161
Convertible note payable, net of current portion	$	—

Convertible Notes 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:

	December 31,
	2024
Stock price on valuation date		$2.20
Time to expiration		0.87	–	1.03
Cost of debt		11.80%
Equity volatility		120.7%	-	135.0%
Risk-free rate		4.20%
Probability of credit default prior to maturity		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 the Notes at issuance	$	6,034
Conversions and repayments of principal and interest (shares)		(4,190	)
Fair value adjustment through earnings		4,413
Fair value of the Note as of December 31, 2024	$	6,257

Convertible note payable - current portion	$	1,246
Convertible note payable, net of current portion	$	5,011

Warrant Liabilities

The Company utilizes a Black-Scholes model approach to value the Private Placement Warrants and Substitute Warrants at each reporting period, with changes in fair value recognized in the statement 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. For any lookback period which exceeded the trading history, the volatility was weighed between the actual and comparable public companies. 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 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:

	December 31,
	2024			2023
Stock price on valuation date	$	2.20		$	4.60
Exercise price per share	$	2.08		$	115.00
Expected life		4.69			2.40
Volatility		111	%		150.3	%
Risk-free rate		4.37	%		4.14	%
Dividend yield		0.00	%		0.00	%
Fair value of warrants	$	1.76		$	0.13

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

Balance as of December 31, 2022	$	37
Gain upon re-measurement		(20	)
Balance as of December 31, 2023	$	17
Initial recognition of issuance of warrants		3,965
Loss upon re-measurement		1,657
Balance as of December 31, 2024	$	5,639

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note 10 - Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Text Block]

10. Stock-Based Compensation

2016 Omnibus Incentive Plan

Prior to the Merger, NRx 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 the Company’s Common Stock at an average exercise price of $51.00 per share.

2021 Omnibus Incentive Plan

As of December 31, 2024, 955,281 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, 2024, 83,920 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 Omnibus 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 Plan to be equal to 100% of the Share Pool. As of December 31, 2024, an aggregate 575,099 shares have been awarded net of forfeitures, and 380,182 shares 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.

The Company issued 0 and 90,000 stock options during the years ended December 31, 2024 and 2023, respectively.

The following assumptions were used for the year ended December 31, 2023:

	December 31,
	2023
Exercise price		$3.00	-	$11.80
Risk-free rate of interest		3.83%	-	4.79%
Expected term (years)		0.5	-	7.0
Expected stock price volatility		150.3%
Dividend yield		—

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

	Number of shares			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2023		264,983		$	18.30		7.7	$	75
Options granted		—			—		—		—
Forfeited/Expire		(143,150	)		—		—		—
Outstanding as of December 31, 2024		121,833			22.36		7.0		—
Options vested and exercisable as of December 31, 2024		113,993		$	22.84		6.9	$	—

Stock-based compensation expense related to stock options was approximately $0.2 and $0.1 million during the years ended December 31, 2024 and 2023, respectively.

The weighted average grant date fair value per share for employee stock and non-employee option grants during the year ended December 31, 2023 was $3.50, respectively. There were no option grants during the year ended December 31, 2024.

At December 31, 2024, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted was less than $0.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.2 years.

Restricted Stock Awards

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

	Awards			Weighted Average Grant Date Fair Value
Balance as of December 31, 2023 (unvested)		124,166		$	5.20
Granted		—
Vested		(90,833	)	$	4.64
Forfeited		(33,333	)	$	5.20
Balance as of December 31, 2024 (unvested)		—			—

On July 12, 2022, the Board granted an award of 100,000 restricted shares of the Company (“Restricted Stock”) as an inducement to the newly appointed CEO, pursuant to a separate Restricted Stock Award Agreement (the “RSA”). The Restricted Stock will vest in approximately equal installments over three (3) years from the grant date, subject to continued service through the applicable vesting date.

On December 28, 2023, the Company granted 57,500 RSAs to a consultant for services provided. The RSAs will vest after six months from the grant date. The shares were valued on the grant date based on the quoted price of $4.60 or approximately $0.3 million which will be amortized over the vesting term.

Stock-based compensation expense related to RSAs was approximately $0.3 and $0.3 million during the years ended December 31, 2024 and 2023, respectively.

In October 2024, the Company's CEO announced his resignation and as a result, all unvested RSAs were forfeited. Accordingly, the Company does not expect to recognize any further stock-based compensation expense for the balance of unvested RSAs as of December 31, 2024.

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

	Years Ended December 31,
	2024		2023
Stock-based compensation expense
General and administrative	$	387	$	572
Research and development		100		(185	)
Total stock-based compensation expense	$	486	$	387

Research and development related stock-based compensation expenses carried a negative balance for 2023 due to reversals of unvested stock options related to 2023 terminations in accordance with our policy.

Note 9 - Equity - Schedule of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Outstanding, balance (in shares)	3,321,499	1,648,492
Outstanding, weighted average remaining contractual term (Year)	3 years 9 months 7 days	3 years 10 months 28 days	3 years 7 months 2 days
Outstanding, weighted average exercise price (in dollars per share)	$ 23.01	$ 64.9
Outstanding, aggregate intrinsic value	$ 80	$ 180	$ 0
Issued (in shares)	3,948,484	1,673,007
Issued, weighted average remaining contractual term (Year)	4 years 8 months 15 days	4 years 4 months 17 days
Issued, weighted average exercise price (in dollars per share)	$ 2.04	$ 6.1
Issued, aggregate intrinsic value	$ 0	$ 180
Expired (in shares)	(96,417)
Outstanding, balance (in shares)	7,173,766	3,321,499	1,648,492
Outstanding, weighted average exercise price (in dollars per share)	$ 17.2	$ 23.01	$ 64.9

Note 7 - Debt (Tables)

12 Months Ended

Dec. 31, 2024

Convertible Debt [Table Text Block]

	December 31,
	2024			2023
Par value of the Note	$	11,020		$	11,020
Unamortized original issue discount		(497	)		(497	)
Default penalty		849			—
Conversions and repayments of principal and interest (shares and cash)		(12,324	)		(4,072	)
Carrying value of the Note before current period change in fair value		(952	)		6,451
Cumulative fair value adjustments through earnings		952			2,707
Cumulative fair value adjustments through accumulated other comprehensive loss		—			3
Total carrying value of Note	$	—		$	9,161

Convertible note payable - current portion	$	—		$	9,161
Convertible note payable, net of current portion	$	—		$	—

	December 31, 2024
Par value of the Anson Notes	$	10,870
Initial original issue discount		(870	)
Conversions and repayments of principal and interest (shares)		(4,190	)
Carrying value of the Anson Notes before current period change in fair value		5,810
Fair value allocated to Common Stock liability classified warrants		(3,966	)
Fair value adjustment through earnings		4,413
Total carrying value of Anson Notes	$	6,257

Convertible note payable - current portion	$	1,246
Convertible note payable, net of current portion	$	5,011

Note 12 - Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting Disclosure [Text Block]

12. Segment Reporting

The Company operates as a single operating and reportable segment, consistent with the manner in which the Chief Executive Officer, designated as the Chief Operating Decision Maker (CODM) of the Company, evaluates the Company’s performance and allocates resources. The Company’s operations solely consist of the development of novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, and post-traumatic stress disorder (“PTSD”) and now schizophrenia.

The Company did not generate any revenue during the years ended December 31, 2024 and 2023. The CODM evaluates performance based on operating expenses and monitors key expense categories related to the Company’s research and development activities, as well as general and administrative functions. As the Company is currently in the pre-revenue phase, the associated expenses above are drivers.

The CODM does not separately evaluate performance by geographic region or product line, as the Company has not yet commenced commercial operations and has limited operations due to the current liquidity and funding of the Company. The Company’s operations are conducted solely within the United States of America.

Significant Segment Information

All of the Company’s assets relate to this single operating segment, see the accompanying balance sheets.

All of the Company’s operating expenses, which consists of research and development and general and administrative expenses, relate to this single operating segment, see the accompanying statements of operations.

The following table reconciles the loss from operations to total loss:

	For the Years Ended
Expense Category	December 31, 2024			December 31, 2023
Loss from operations	$	(18,502	)	$	(27,837	)
Interest income		44			494
Interest expense		(230	)		(120	)
Convertible note default penalty		(849	)		—
Change in fair value of convertible notes payable		(2,654	)		(2,707	)
Change in fair value of warrant liabilities		(1,657	)		20
Loss on convertible note redemptions		(1,278	)		—
Net loss	$	(25,126	)	$	(30,150	)

Long-lived assets consist of property, plant, and equipment, net which are included in other assets in the balance sheet as they are not material. Long-lived assets by year are as follows:

	December 31,
	2024			2023
Computers, cost	$	29		$	29
Accumulated depreciation		(19	)		(14	)
Total equipment	$	10		$	15

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: 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 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Note 5 - Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Refund liability (see Note 6)	$ 4,715	$ 0
Professional services	3,732	2,686
Employee costs	577	835
Accrued research and development expense	655	1,112
Other accrued expense	470	81
Total accrued and other current liabilities	$ 10,149	$ 4,714

Note 6 - Alvogen Licensing Agreement

12 Months Ended

Dec. 31, 2024

Collaborative Arrangement Disclosure [Text Block]

6. Alvogen Licensing Agreement

In June 2023, the Company entered into a License Agreement with Alvogen. Under the License Agreement, the Company granted Alvogen certain license rights to develop, manufacture, and commercialize the Company’s candidate therapeutic product, NRX-101, for the treatment of bipolar depression with suicidality. In exchange for the license granted and the participation of the Company in certain development, regulatory and commercial activities, Alvogen was obligated to pay the Company specified regulatory and commercial milestones, the first of which was $9 million upon the later of a positive data read-out from the Company’s ongoing Phase 2b/3 clinical trial and completion of the Type B meeting with the FDA (the “First Milestone Payment”). In February 2024, the parties executed an amendment accelerating payment of up to $5 million related to the First Milestone Payment, with the remaining $4 million due upon the original agreement’s terms (see below for advances received through December 31, 2024). As compensation for advancing the milestone, Alvogen received warrants to purchase up to 419,598 shares of the Company's Common Stock, at a strike price of $4.00 with a three year term (See Note 9). The grant date fair value of the warrants was approximately $1.3 million, which the Company planned to account for as consideration paid to a customer (see below). The second portion of the first milestone was to be $4 million and, as before, triggered by a positive response to the Company's planned end of phase 2 meeting with FDA. If the first milestone was not achieved by September 3, 2024, the Company would have been obligated to repay any amount received against the $5 million advance of the First Milestone Payment to Alvogen. As there was significant uncertainty relative to approval of any drug candidate in development, the Company concluded that it was not probable that a significant reversal of revenue would not occur if the Company were to include the First Milestone Payment, or any advances thereof, in the transaction price prior to receiving FDA approval. Accordingly, the transaction price was fully constrained and advances from Alvogen were recorded as a refund liability until such time as the refund right expired. Further, the Company accounted for the warrants issued to Alvogen within additional paid-in capital consistent with the accounting for unfunded stock subscription agreements until such time as the uncertainty around the First Milestone was resolved.

Termination

Under the License Agreement, as amended, Alvogen was granted early termination rights. 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 December 31, 2024 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. As of December 31, 2024, the refund liability due to Alvogen was $4.7 million, which represents all payments made by Alvogen through December 31, 2024, and is included as a component of accrued expense and other current liabilities on the consolidated balance sheet (refer to Note 5). Following the early termination by Alvogen, the Company does not anticipate recognizing any revenue under the License Agreement. Additionally, in June 2024 the Company wrote-off the unfunded stock subscription receivable of $1.3 million related to the warrants previously classified in additional paid-in capital to research and development expense following the termination.

Note 1 - Organization

12 Months Ended

Dec. 31, 2024

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

1. Organization

The Business

NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRX” or the “Company”) is a clinical-stage bio-pharmaceutical company which develops and intends to distribute, through its wholly-owned operating subsidiaries, NeuroRx, Inc., (“NeuroRx”) and HOPE Therapeutics, Inc. (“HOPE”), and collectively with NRX and NeuroRx, the (“Company”, “we”, “us”, or “our”), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, and post-traumatic stress disorder (“PTSD”) and now schizophrenia. All of our current drug development activities are focused drugs that modulate on 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. NeuroRx is organized as a traditional research and development (“R&D”) company, whereas HOPE is organized as a specialty pharmaceutical company intended to distribute ketamine and other therapeutic options to clinics that serve patients with suicidal depression and PTSD. The Company has two lead drug candidates that are expected to be submitted by year end for Food and Drug Administration (“FDA”) approval with anticipated FDA decision dates under the Prescription Drug User Fee Act ("PDUFA") by the end of June 2025: NRX-101, an oral fixed dose combination of D-cycloserine and lurasidone and NRX-100, a preservative-free formulation of ketamine for intravenous infusion.

Operations

The Company’s drug development activities have expanded from its original focus on development of NRX-101, a fixed dose combination of D-cycloserine (“DCS”) and lurasidone for the treatment of suicidal bipolar depression to encompass the development of NRX-101 for the treatment of chronic pain and PTSD and to the development of intravenous ketamine (NRX-100/HTX-100) for the treatment of suicidal depression. These additional indications have been added as the Company has gained access to clinical trials data funded by governmental entities in France and potentially in the United States which has the potential to afford the Company potential safety and efficacy data on key indications at low cost.

Note 10 - Stock-based Compensation - Schedule of Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares		12 Months Ended
	Dec. 28, 2023	Dec. 31, 2024	Dec. 31, 2023
Balance (unvested) (in shares)		124,166
Unvested, weighted average grant date fair value (in dollars per share)		$ 0	$ 5.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	57,500	0
Granted, weighted average grant date fair value (in dollars per share)	$ 4.6
Vested (in shares)		(90,833)
Vested, weighted average grant date fair value (in dollars per share)		$ 4.64
Forfeited (in shares)		(33,333)
Forfeited, weighted average grant date fair value (in dollars per share)		$ 5.2
Balance (unvested) (in shares)		0

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information** None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 10 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	December 31,
	2023
Exercise price		$3.00	-	$11.80
Risk-free rate of interest		3.83%	-	4.79%
Expected term (years)		0.5	-	7.0
Expected stock price volatility		150.3%
Dividend yield		—

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

	Number of shares			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2023		264,983		$	18.30		7.7	$	75
Options granted		—			—		—		—
Forfeited/Expire		(143,150	)		—		—		—
Outstanding as of December 31, 2024		121,833			22.36		7.0		—
Options vested and exercisable as of December 31, 2024		113,993		$	22.84		6.9	$	—

Nonvested Restricted Stock Shares Activity [Table Text Block]

	Awards			Weighted Average Grant Date Fair Value
Balance as of December 31, 2023 (unvested)		124,166		$	5.20
Granted		—
Vested		(90,833	)	$	4.64
Forfeited		(33,333	)	$	5.20
Balance as of December 31, 2024 (unvested)		—			—

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

	Years Ended December 31,
	2024		2023
Stock-based compensation expense
General and administrative	$	387	$	572
Research and development		100		(185	)
Total stock-based compensation expense	$	486	$	387

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

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: 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.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk and Off-Balance Sheet Risk

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

i. identify the contract(s) with a customer;

ii. identify the performance obligations in the contract;

iii. determine the transaction price;

iv. allocate the transaction price to the performance obligations within the contract; and

v. recognize revenue when (or as) the entity satisfies a performance obligation.

The Company’s revenue arrangements may include the following:

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.

Debt, Policy [Policy Text Block]

Convertible Notes Payable and Fair Value Election

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

Income Tax, Policy [Policy Text Block]

Income Taxes

Earnings Per Share, Policy [Policy Text Block]

Loss Per Share

	December 31,
	2024		2023
Stock options		121,833		264,983
Restricted stock awards		—		124,167
Common stock warrants		7,173,766		3,321,499
Anson Notes		4,920,126		—
Convertible preferred stock		—		300,000

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 7 - Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 12, 2024	Nov. 04, 2022
Convertible note default penalty	$ 849	$ 0
Cumulative fair value adjustments through earnings	2,654	2,707
Cumulative fair value adjustments through accumulated other comprehensive loss	0	3
Convertible note payable - current portion	1,246	9,161
Convertible note payable, net of current portion	5,011	0
Streeterville Convertible Note [Member]
Par value of the Note	11,020	11,020		$ 11,000
Unamortized original issue discount	(497)	(497)		$ (1,000)
Convertible note default penalty	849	0
Conversions and repayments of principal and interest (shares and cash)	(12,324)	(4,072)
Carrying value of the Note before current period change in fair value	(952)	6,451
Cumulative fair value adjustments through earnings	952	2,707
Cumulative fair value adjustments through accumulated other comprehensive loss	0	3
Total carrying value of Note	0	9,161
Convertible note payable - current portion	0	9,161
Convertible note payable, net of current portion	0	$ 0
Anson Convertible Notes [Member]
Par value of the Note	10,870		$ 16,300
Unamortized original issue discount	(870)
Conversions and repayments of principal and interest (shares and cash)	(4,190)
Cumulative fair value adjustments through earnings	4,413
Cumulative fair value adjustments through accumulated other comprehensive loss	(3,966)
Total carrying value of Note	6,257
Convertible note payable - current portion	1,246
Convertible note payable, net of current portion	5,011
Carrying value of the Anson Notes before current period change in fair value	$ 5,810

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2024	Mar. 14, 2025	Jun. 30, 2024
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	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 21,500,000
Entity Common Stock, Shares Outstanding		16,915,647
Auditor Firm ID	106
Auditor Name	Salberg & Company, P.A.
Auditor Location	Boca Raton, Florida
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 4 - Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2024

Prepaid Expenses and Other Current Assets [Text Block]

4. Prepaid Expenses and Other Current Assets

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

	December 31, 2024		December 31, 2023

Prepaid expense and other current assets:
Prepaid insurance	$	827	$	1,078
Prepaid clinical development costs		824		871
Other prepaid expense		208		334
Other current receivables		—		6
Total prepaid expense and other current assets	$	1,859	$	2,289

Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Streeterville Convertible Note [Member]
Long-Term Debt, Gross	$ 0	$ 8,300

Note 12 - Segment Reporting - Reconciliation of Loss From Operations to Total Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss from operations	$ (18,502)	$ (27,837)
Interest income	44	494
Interest expense	230	120
Convertible note default penalty	(849)	0
Change in fair value of convertible note payable	2,654	2,707
Change in fair value of warrant liabilities	1,657	(20)
Loss on convertible note redemptions	1,278	0
Net loss	(25,126)	(30,150)
Operating Segments [Member]
Loss from operations	(18,502)	(27,837)
Interest income	44	494
Interest expense	(230)	(120)
Convertible note default penalty	(849)	0
Change in fair value of convertible note payable	(2,654)	(2,707)
Change in fair value of warrant liabilities	(1,657)	20
Loss on convertible note redemptions	(1,278)	0
Net loss	$ (25,126)	$ (30,150)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 1,443	$ 4,595
Prepaid expenses and other current assets	1,859	2,289
Total current assets	3,302	6,884
Other assets	349	431
Total assets	3,651	7,315
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	4,130	4,632
Accrued and other current liabilities	10,149	4,714
Accrued clinical site costs	379	524
Convertible note payable and accrued interest – short term	1,246	9,161
Insurance loan payable	320	0
Warrant liabilities	5,639	17
Total current liabilities	21,863	19,048
Convertible note payable and accrued interest – long term	5,011	0
Total liabilities	26,874	19,048
Commitments and Contingencies (Note 8)
Common stock, $0.001 par value, 500,000,000 shares authorized; 14,591,505 and 8,391,956 shares issued and outstanding at December 31, 2024 and 2023, respectively	15	8
Additional paid-in capital	255,035	241,406
Accumulated other comprehensive loss	0	(3)
Accumulated deficit	(278,273)	(253,147)
Total stockholders’ deficit	(23,223)	(11,733)
Total liabilities and stockholders' deficit	3,651	7,315
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	$ 3

Note 3 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

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

	December 31,
	2024		2023
Stock options		121,833		264,983
Restricted stock awards		—		124,167
Common stock warrants		7,173,766		3,321,499
Anson Notes		4,920,126		—
Convertible preferred stock		—		300,000

Note 8 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

8. 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"), including:

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	$	250,000
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 the years ended December 31, 2024 and 2023, the total cumulative payments made under the SHMH License Agreement were $0.4 million, with no payments made during the year ended December 31, 2024, and $0.2 million and $0.2 million payments made during the years ended December 31, 2023 and 2022, respectively.

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 years ended December 31, 2024 and 2023, no royalty payments were made.

Annual Maintenance Fee

A fixed amount of $100,000 was paid on April 16, 2021 and, thereafter, a fixed amount of $150,000 is 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 each of the years ended December 31, 2024 and 2023, expensed through Research and Development expenses in the accompanying Consolidated Statement of Operations.

Exclusive License Agreement

The Company has entered into a License Agreement with Apkarian Technologies to in-license US Patent 8,653,120 that claims the use of D-cycloserine 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 years ended December 31, 2024 and 2023, the Company has recorded no expenses relating to the licensure of the patent.

Operating Lease

The Company leases office space on a month-to-month basis. The rent expense for the years ended December 31, 2024 and 2023 was $0.1 million and $0.1 million, respectively.

Legal Proceedings

From time to time the Company is involved in litigation, claims, and other proceedings arising in the ordinary course of business. Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur.

The Company was a defendant in litigation filed by Streeterville in the Third Judicial District Court of Salt Lake County, Utah. See Note 7, Debt, for additional information. The Complaint sought, among other things: (i) declaratory relief for an order enjoining the Company from undertaking any Fundamental Transaction, including the Spin-Off, or otherwise issuing Common Stock or other equity securities (such as the shares of HOPE pursuant to the announced Spin-Off); and (ii) repayment of the Streeterville Note and other unspecified amounts of damages, costs and fees, but no less than $6,537,027, or the amounts currently outstanding under the Streeterville Note.

On July 29, 2024, in connection with the alleged Event of Default that Streeterville claimed occurred with respect to the Streeterville Note, the Company announced an order of the Utah arbitrator denying the petition of Streeterville to enjoin the planned Spin-Off of 49% of shares in HOPE to current shareholders of the Company. The purpose of the proposed Spin-Off was to provide the Company’s shareholders with valuable consideration and to provide HOPE (currently a wholly-owned subsidiary) with a sufficient shareholder base to enable future listing on a national exchange. The arbitrator also denied Streeterville’s petition to enjoin the Company from selling additional shares of Common Stock to finance ongoing operations.

On August 12, 2024, the Company signed a settlement agreement with Streeterville to retire its remaining debt for a settlement amount of $5.6 million and to settle outstanding litigation. This settlement amount was substantially less than the amounts claimed by Streeterville in its Compliant (see Note 7). As of September 30, 2024, the fair value of the Streeterville Note was adjusted to the settlement amount which was repaid in October 2024. Such adjustment is included within the change in fair value of convertible notes payable on the consolidated statement of operations, therefore no gain or loss on the settlement was recorded.

On July 17, 2023, NeuroRx and GEM entered into a settlement and release agreement (the “Settlement Agreement”) pursuant to which the parties agreed to dismiss the arbitration proceeding with prejudice. Pursuant to the Settlement Agreement on August 31, 2023, the Company issued 67,568 shares of Common Stock, the fair value of which was approximately $0.3 million based on the quoted trading price on the grant date, to GEM in full satisfaction of the Settlement Agreement which was approximately $0.3 million and was expensed as “Settlement expense” in fiscal 2023. The shares are registered under a prospectus supplement to the Company’s registration statement on Form S-3 and are subject to a restriction that they cannot be sold or traded for a period of six months from the effective date of the Settlement Agreement.

The Company is currently involved in and may from time to time become involved in various legal actions incidental to our business. As of the date of this report, the Company, other than as set forth above, is not involved in any legal proceedings that it believes could have a material adverse effect on its financial position or results of operations. However, the outcome of any current or future legal proceeding is inherently difficult to predict and any dispute resolved unfavorably could have a material adverse effect on the Company’s business, financial position, and operating results.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 6,199	$ 13,371
General and administrative	13,505	14,216
Settlement (income) expense	(1,202)	250
Total operating expenses	18,502	27,837
Loss from operations	(18,502)	(27,837)
Other (income) expenses:
Interest income	(44)	(494)
Interest expense	230	120
Convertible note default penalty	849	0
Change in fair value of convertible note payable	2,654	2,707
Change in fair value of warrant liabilities	1,657	(20)
Loss on convertible note redemptions	1,278	0
Total other expenses, net	6,624	2,313
Net loss	(25,126)	(30,150)
Deemed dividend - warrants	0	(9)
Net loss attributable to common stockholders	(25,126)	(30,159)
Comprehensive loss:
Net loss	(25,126)	(30,150)
Change in fair value of convertible note attributed to credit risk	0	3
Comprehensive loss	$ (25,126)	$ (30,153)
Net loss per share:
Basic and diluted (in dollars per share)	$ (2.36)	$ (3.98)
Weighted average common shares outstanding:
Basic and diluted (in shares)	10,644,461	7,576,176

Note 8 - Commitments and Contingencies - Schedule of Milestone Payments (Details) - Sarah Herzog Memorial Hospital License Agreement [Member] - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Milestone payment	$ 0	$ 0.2	$ 0.2
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	250,000
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

Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid insurance	$ 827	$ 1,078
Prepaid clinical development costs	824	871
Other prepaid expense	208	334
Other current receivables	0	6
Total prepaid expense and other current assets	$ 1,859	$ 2,289

Note 15 - Subsequent Events (Details Textual)						12 Months Ended
Note 15 - Subsequent Events (Details Textual)	Mar. 13, 2025 USD ($)	Jan. 28, 2025 USD ($) $ / shares shares	Jan. 27, 2025 USD ($) $ / shares shares	Jan. 03, 2025 USD ($) shares	Aug. 14, 2024 USD ($) $ / shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Anson First Tranche Notes [Member]
Debt Instrument, Face Amount					$ 5,435,000
Long-Term Debt, Gross					$ 2,900,000	$ 6,750,000	$ 100,000
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, Converted Instrument, Shares Issued (in shares) \| shares						3,676,796
Subsequent Event [Member] \| Third Tranche Notes, Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares		862,699,000,000
Subsequent Event [Member] \| RD Purchase Agreement, Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares			1,215,278
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares			$ 2.88
Warrants and Rights Outstanding, Term (Year)			5 years
Subsequent Event [Member] \| Consideration Warrants [Member]
Class of Warrant Or Right, Percent of Offering Called by Warrants or Rights			100.00%
Class of Warrant or Right, Exercise Price, Percentage of Closing Price			80.00%
Subsequent Event [Member] \| Third Tranche Notes [Member]
Debt Instrument, Face Amount		$ 5,435,000
Long-Term Debt, Gross		$ 5,000,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares		$ 3.78
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		92.00%
Debt Instrument, Convertible, Threshold Trading Days		7
Subsequent Event [Member] \| 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
Purchase Agreement [Member] \| Subsequent Event [Member] \| Hope Therapeutics, Inc. [Member]
Sale Of Stock Consideration, Commitment Amount	$ 2,000,000
Sale Of Stock Consideration, Additional Commitment Amount	$ 25,000,000
RD Purchase Agreement [Member] \| Subsequent Event [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			$ 3,500,000

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

12 Months Ended

Dec. 31, 2024

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

	December 31, 2024		December 31, 2023

Prepaid expense and other current assets:
Prepaid insurance	$	827	$	1,078
Prepaid clinical development costs		824		871
Other prepaid expense		208		334
Other current receivables		—		6
Total prepaid expense and other current assets	$	1,859	$	2,289

Note 7 - Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Text Block]

7. Debt

Streeterville Convertible Note

On November 4, 2022, the Company issued an 9% redeemable promissory note (as amended, the “Streeterville Note”) to Streeterville Capital, LLC, a Utah limited liability company (“Streeterville”), for an aggregate principal amount of $11.0 million. The Streeterville Note originally matured 18 months from the date of issuance subject to certain acceleration provisions. The Streeterville Note carried an original issue discount of $1.0 million which was deducted from the principal balance of the Streeterville Note. The net proceeds from the issuance of the Streeterville Note was $10.0 million after transaction costs including the original issue discount, legal and other fees are included.

The initial terms of the Streeterville Note included the following provisions, certain of which were subsequently modified, as described below. The Company had the option to prepay the Streeterville Note during the term by paying an amount equal to 110% of the principal, interest, and fees owed as of the prepayment date. The noteholder had the right to redeem up to $1.0 million of the outstanding balance of the Streeterville Note per month starting six months after the issuance date (the “Maximum Monthly Redemption Amount”). Payments could be made by the Company at their option in: (i) in cash with a 10% premium (the “Redemption Premium”) for the amount redeemed, (ii) by paying the redemption amount in the form of shares of Common Stock with the number of redemption shares being equal to the portion of the applicable redemption amount divided by the Redemption Conversion Price (as defined below), or (iii) a combination of cash and shares of Common Stock. The “Redemption Conversion Price” on any given redemption date equaled 85% multiplied by the average of the two lowest daily volume weighted average prices per share of the Common Stock during the ten trading days immediately preceding the date that the noteholder delivered notice electing to redeem a portion of the Streeterville Note. Beginning May 1, 2023, in the event (a) the daily dollar trading volume of the Common Stock of the Company on any given trading day was at least fifty percent (50%) greater than the lower of (i) the median daily dollar trading volume over the previous ten (10) trading days or (ii) the daily dollar trading volume on the trading day immediately preceding the date of measurement or (b) if the closing trade price on any given trading day was at least thirty percent (30%) greater than the Nasdaq Minimum Price, then the lender would be entitled to redeem over the following ten (10) trading days an amount of indebtedness then outstanding under the Streeterville Note equal to twice the monthly redemption amount of $1.0 million solely by payment by stock, if permitted under the agreement, subject to the Maximum Percentage (as defined in the Streeterville Note) and other ownership limitations.

The Streeterville Note contained certain Trigger Events (as defined in the Streeterville Note) that generally, if uncured within five trading days, could result in an event of default in accordance with the terms of the Streeterville Note (such event, an “Event of Default”). Upon an Event of a Default, the Lender could consider the Streeterville Note immediately due and payable. Upon an Event of Default, the interest rate could also be increased to the lesser of 18% per annum or the maximum rate permitted under applicable law (see below).

Due to these embedded features within the Streeterville Note, the Company elected to account for the Streeterville Note 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.

StreetervilleConvertible Note Amendments

On March 30, 2023, the Company entered into an Amendment to the Note (the “First Amendment”), pursuant to which the Maximum Percentage was set at 9.99% of the number of shares of Common Stock outstanding on a given date.

On July 7, 2023, the Company entered into Amendment #2 to the Streeterville Note with Streeterville (the “Second Amendment”). Pursuant to the Second Amendment, the Company agreed to amend the redemption provisions of the Streeterville Note to provide that the Company would pay to Streeterville an amount in cash equal to $1.8 million on or before July 10, 2023, which amount was paid on July 10, 2023. In addition, the Company agreed that, beginning on or before July 31, 2023, and on or before the last day of each month until December 31, 2023, the Company would pay Streeterville an amount equal to $0.4 million in cash, less any amount satisfied by the delivery of Redemption Conversion Shares (as defined below). Notwithstanding the foregoing, Streeterville could also submit a request for redemption of up to an aggregate of $1.0 million per month in accordance with the terms of the Second Amendment. However, the portion of each payment that was not satisfied by the delivery of Redemption Conversion Shares was the maximum amount of cash the Company would have been required to pay in accordance with the Second Amendment during the period from July 31, 2023 and on or before the last day of each month until December 31, 2023. The redemption of the Maximum Monthly Redemption Amount in excess of the Minimum Amount would be satisfied by the delivery of additional Redemption Conversion Shares.

On February 9, 2024, the Company entered into Amendment #3 to the Streeterville Note (the “Third Amendment”), with Streeterville. In accordance with the Third Amendment, the Company and Streeterville agreed to amend the redemption provisions of the Streeterville Note to provide that the Company would pay to Streeterville an amount in cash equal to $1.1 million on February 12, 2024, which the amount was paid on February 12, 2024. In addition, beginning on or before February 29, 2024, and on or before the last day of each month until July 31, 2024, the Company was obligated to pay Streeterville an amount equal to $0.4 million in cash, less any amount satisfied by the delivery of Redemption Conversion Shares. During the first three months of this amended payment period, Streeterville could not request to redeem amounts greater than $0.4 million per month.

After April 30, 2024, and for the remainder of the payment period through July 31, 2024, Streeterville could redeem any Redemption Amount (as defined in the Streeterville Note), including an amount in excess of the Minimum Payment, subject to the Maximum Monthly Redemption Amount. During the period through July 31, 2024, the Company was permitted to pay the Redemption Amounts by delivery of the Redemption Conversion Shares (as defined below) without regard to the existence of any Equity Conditions Failure, to the extent Streeterville submits redemption notices during such month pursuant to the terms of the Streeterville Note, and only for the Redemption Amounts covered by such notices. Moreover, the Redemption Premium would continue to apply to the Redemption Amounts. To the extent there was an outstanding balance under the Streeterville Note after July 31, 2024, the Company would be required to pay such outstanding balance in full in cash by August 31, 2024. As a result of the alleged Event of Default mentioned below, the Company did not pay any Redemption Amounts during the three months ended September 30, 2024, prior to the settlement, also as described below.

During the Minimum Payment Period (defined in the Streeterville Note, as amended), the Company was permitted to pay the Redemption Amounts in the form of shares of Common Stock of the Company (the “Redemption Conversion Shares”) calculated on the basis of the Redemption Conversion Price (as defined in the Streeterville Note) without regard to the existence of an Equity Conditions Failure. Moreover, the Redemption Premium (as defined in the Streeterville Note) would continue to apply to the Redemption Amounts.

Both the Second Amendment and the Third Amendment (considered cumulatively with the Second Amendment) were deemed to be debt modifications and did not give rise to a debt extinguishment in accordance with FASB ASC Topic 470, Debt, which was accounted for prospectively. The modification did not result in recognition of a gain or loss in the consolidated statements of operations as the modifications were not considered debt extinguishments, but impacted interest expense recognized in subsequent periods, prior to the settlement of the Streeterville Note.

Convertible Note Fair Value Measurements

The Company estimated the fair value of the Streeterville Note using a Monte Carlo simulation model, which used as inputs the fair value of its Common Stock and estimated for the equity volatility and volume volatility of its Common Stock, the time to expiration of the Streeterville Note, the risk-free interest rate for a period that approximated the time to expiration, and probability of default. Therefore, the Company estimated its expected future volatility based on the actual volatility of its Common Stock and historical volatility of its Common Stock utilizing a lookback period consistent with the time to expiration. The time to expiration was based on the contractual maturity date, giving consideration to the mandatory and potential accelerated redemptions beginning six months from the issuance date. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the time to expiration. Probability of default was estimated using either Bloomberg's Default Risk function, which uses its financial information to calculate a default risk specific to the Company, or management's estimates which included, the Company's current cash runway, current efforts to raise financing, and current economic environment.

The discount to the principal amount was included in the carrying value of the Streeterville Note. During 2022, the Company recorded a debt discount of approximately $1.0 million upon issuance of the Streeterville Note for the original issue discount of $1.0 million. As a result of electing the fair value option, any direct costs and fees related to the Streeterville Note were expensed as incurred. For the years ended December 31, 2024 and 2023, the Company recorded a gain from the change in fair value of the Streeterville Note of $1.8 million and $2.7 million, respectively, which was recognized in other (income) expense on the consolidated statements of operations as a result of the Company’s election of the fair value option.

During the year ended December 31, 2024, the Company made cash principal repayments on the Note of approximately $7.4 million, made cash interest payments on the Note of approximately $0.5 million, including $0.2 million of redemption premiums, issued shares of Common Stock as principal repayment of $0.3 million, and issued shares of Common Stock as interest repayment of $0.1 million, and incurred a default penalty of $0.8 million.

During the year ended December 31, 2023, the Company made cash principal repayments on the Note of approximately $2.3 million, made cash interest payments on the Note of approximately $0.9 million, including $0.1 million of redemption premiums, issued shares of Common Stock as principal repayment of $0.7 million, and issued shares of Common Stock as interest repayment of $0.2 million.

As of December 31, 2024 and 2023, the Note carried a remaining principle balance of $0 and $8.3 million, respectively. Refer to Note 11 for the reconciliation of the fair values for the periods presented.

Alleged Default

On April 24, 2024, the Company received written notice from counsel for Streeterville that an alleged event of default occurred with respect to the Streeterville Note issued by the Company in favor of Streeterville (the “Notice”). The Notice alleged that, among other things, (i) the announcement of the plan to partially spin-off of HOPE (the “Spin-Off”), constituted a “Fundamental Transaction” (as defined in the Streeterville Note) for which the Company failed to obtain Streeterville’s prior written consent before undertaking such transaction; and (ii) the Company failed to pay the Minimum Payment, as defined in the Streeterville Note, by April 8, 2024, following a Redemption Notice issued on April 3, 2024 by Streeterville to the Company, each of which resulted in the failure to cure a Trigger Event and subsequent Event of Default of the Streeterville Note, resulting in the acceleration of all of the outstanding amounts due thereunder.

Streeterville also filed a complaint (the “Complaint”) naming the Company as a defendant in the Third Judicial District Court of Salt Lake County, Utah. The Complaint was seeking, among other things: (i) declaratory relief for an order enjoining the Company from undertaking any Fundamental Transaction, including the Spin-Off, or otherwise issuing Common Stock or other equity securities (such as the shares of HOPE pursuant to the announced Spin-Off); and (ii) repayment of the Streeterville Note and other unspecified amounts of damages, costs and fees, but no less than $6.5 million, or the amounts currently outstanding under the Streeterville Note.

On July 29, 2024, in connection with the alleged Event of Default that Streeterville claimed occurred with respect to the Streeterville Note, the Company announced an order of the Utah arbitrator denying the petition of Streeterville to enjoin Spin-Off of 49% of shares in HOPE to current shareholders of the Company. The purpose of the proposed Spin-Off was to provide the Company’s shareholders with valuable consideration and to provide HOPE (currently a wholly-owned subsidiary) with a sufficient shareholder base to enable future listing on a national exchange. The arbitrator also denied Streeterville’s petition to enjoin the Company from selling additional shares of Common Stock to finance ongoing operations.

Streeterville Settlement

On August 12, 2024, the Company and Streeterville entered into a Settlement and Release of Claims (the “Settlement Agreement”), whereby the Company and Streeterville agreed to settle all disputes between the parties and release the Company from all obligations arising from the Notes at certain Securities Purchase Agreement, dated November 4, 2022 (“Streeterville Notes”), between the Company and Streeterville, and that certain Convertible Promissory Note, dated November 4, 2022, issued to Streeterville by the Company, in exchange for a payment of $2.5 million upon the initial closing of the sale of the Anson Notes, and within 60 days thereafter, a second payment of $3.05 million. The Company made the $2.5 million payment upon the Anson Notes closing on August 15, 2024. The Company made the final $3.05 million payment in October 10, 2024 using proceeds from the Second Closing of Anson Convertible Promissory Note.

The Company evaluated the terms of the Settlement Amendment in accordance with ASC 470-50, Debt Modifications and Extinguishments. Both the Settlement Amendment and the Third Amendment (considered cumulatively with the Settlement Amendment) were deemed to be debt modifications and did not give rise to a debt extinguishment in accordance with ASC Topic 470, Debt, which will be accounted for prospectively. The modifications did not result in recognition of a gain or loss in the consolidated statements of operations as the modifications were not considered debt extinguishments, but will impact interest expense and the determination of fair value in future periods.

The following table presents the Streeterville Note as of December 31, 2024 and 2023 (in thousands):

	December 31,
	2024			2023
Par value of the Note	$	11,020		$	11,020
Unamortized original issue discount		(497	)		(497	)
Default penalty		849			—
Conversions and repayments of principal and interest (shares and cash)		(12,324	)		(4,072	)
Carrying value of the Note before current period change in fair value		(952	)		6,451
Cumulative fair value adjustments through earnings		952			2,707
Cumulative fair value adjustments through accumulated other comprehensive loss		—			3
Total carrying value of Note	$	—		$	9,161

Convertible note payable - current portion	$	—		$	9,161
Convertible note payable, net of current portion	$	—		$	—

Anson Convertible Promissory Notes

On August 12, 2024, the Company entered into the Purchase Agreement with Investors. 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 Notes divided by the VWAP of the Company’s Common Stock, as listed on the Nasdaq Capital Market, on the day prior to the closing of each respective tranche under the Anson Warrants.

In connection with the above offering, the Company engaged EF Hutton LLC as placement agent (the “Placement Agent”), Pursuant to the terms of the engagement with the Placement Agent, the Company paid a cash fee of 7% of the gross proceeds the Company receives in the offering at closing. 

2024 Senior Secured Convertible Promissory Notes

On August 14, 2024, the Company entered into the first tranche Senior Secured Convertible Note Agreements (the “First Tranche Notes”) with Anson Investment Master Fund LP and Anson East Master Fund LP (collectively “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 bear interest at a rate of 6% per annum (or 10% during the occurrence of any Event of Default (as defined in the First Tranche Notes)) and have a term of 15 months from the issuance date, maturing on November 14, 2025 (the “First Tranche Maturity Date”) (see Note 9).

On August 14, 2024, in conjunction with the issuance of the First Tranche Notes, the Company issued warrants to purchase up to 1,349,305 shares of the Company’s Common Stock.

The First Tranche Notes are 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, (the “Fixed Conversion Price”) or (b) a price equal to 92% of the lowest VWAP during the seven trading day period immediately preceding the effective conversion date (the “Alternate Conversion Price”, and together with the Fixed Conversion Price, the “Conversion Price”). If the Conversion Price is less than $0.38 (the “Floor Price”), then in addition to the issuance of Common Stock upon conversion the Company will pay cash as a true-up which is determined by the product of (i) the difference between (y) the Floor Price less (z) the Conversion Price then in effect, multiplied by (ii) the conversion amount that is being paid in Common Stock.

The terms of the First Tranche Notes do not allow any conversion of the First Tranche Notes if it results in Anson owning more than 4.99% of the outstanding shares of Common Stock (the "Beneficial Ownership Limitation"). This limitation can be adjusted up to 9.99% with prior notice, effective 61 days after such notice. Anson must ensure compliance with this limitation when submitting a notice of conversion, and the Company will rely on Anson's representation of compliance.

If the Company issues or grants options for Common Stock at a price lower than the current Conversion Price, the Conversion Price will be adjusted to match this lower price, (the “Base Conversion Price”). The Company must notify Anson of any such issuance, and Anson is entitled to convert shares based on the new Base Conversion Price.

If the Company offers purchase rights to holders of Common Stock, Anson will be entitled to acquire those rights as if they had fully converted the Note, subject to the Beneficial Ownership Limitation. If exercising these rights would exceed the Beneficial Ownership Limitation, the rights will be held in abeyance until they can be exercised without exceeding the limit.

The First Tranche Notes contain mandatory redemption features, whereby if at any time the First Tranche Notes are outstanding, the Company will be required to: (A) use up to 30% of the gross proceeds from any Subsequent Financings (as defined in the Purchase Agreement) in cash, to redeem all or a portion of the Note for an amount equal to the outstanding principal, plus all accrued but unpaid interest, plus all liquidated damages (the “Redemption Obligations”), multiplied by 1.05 (the “Mandatory Redemption Amount”); (B) redeem all of the Redemption Obligations at the Mandatory Redemption Amount in the event of a Change of Control Transaction (as defined in the First Tranche Notes); (C) redeem the Redemption Obligations for the Mandatory Redemption Amount in the event a registration statement is not available for each of the offer and resale of the shares issuable upon conversion of the First Tranche Notes (the “Conversion Shares”); and (D) redeem the Redemption Obligations for the Mandatory Redemption Amount if the Shareholder Approval is not obtained within 180 days following the date of issuance of the First Tranche Notes.

The First Tranche Notes contain certain covenants, and events of default and triggering events, respectively, which would require repayment of the obligations outstanding pursuant to such instruments. The obligations of the Company pursuant to the First Tranche Notes are (i) secured by all assets of the Company and all subsidiaries of the Company pursuant to the Security Agreement and Patent Security Agreement, dated August 14, 2024, by and among the Company, the subsidiaries of the Company, and the Investors, and (ii) guaranteed jointly and severally by the subsidiaries of the Company pursuant to the Subsidiary Guarantee, dated August 14, 2024, by and among the Company, the subsidiaries of the Company, and the Investors.

Pursuant to the Purchase Agreement, on October 10, 2024 (the “Second Closing Date”), the Company sold a total of $5.435 million in Notes (the “Second Tranche Notes”, and collectively with the First Tranche Notes, the ("Anson 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 are 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 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. $3.05 million of the note proceeds were used to repay the Streeterville note.

In connection with the above Second Tranche Notes”, the Company engaged Placement Agent. Pursuant to the terms of the engagement with the Placement Agent, the Company paid a cash fee of 7% of the gross proceeds the Company received in the Second Closing 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.

Due to these embedded features within the Anson Notes, the Company elected to account for the First and Second Tranche Notes at fair value at inception. Subsequent changes in fair value are recorded as a component of other income (loss) in the consolidated statements of operations. Additionally the portion of changes in the fair value related to changes in credit risk are recorded to other comprehensive income in the consolidated statements of operations. To determine the initial carrying value of the Notes and the warrants issued to Anson under the First and Second Tranche Notes (see Note 9), the Company allocated the proceeds using the fair value method. After allocation, the initial carrying value of the First Tranche Notes and the warrants issued to Anson were $2.9 million and $2.1 million, respectively, and the initial carrying value of the Second Tranche Notes and the warrants issued to Anson were $3.1 million and $1.9 million, respectively Refer to Note 11 for the reconciliation of the fair values for the periods presented.

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 redemption of $1.3 million (see Note 9). As of December 31, 2024, the principal and accrued interest balance of the Anson Notes was $6.75 million and $0.1 million, respectively. During the year ended December 31, 2024, the Company recorded a loss from the change in fair value of the First Tranche Notes of $4.4 million, which was recognized in other (income) expense on the consolidated statements of operations as a result of the Company’s election of the fair value option. At December 31, 2024 the effective interest rate of the First and the Second Tranche Note was 82% and 53%, respectively.

The following table presents the Anson Notes as of December 31, 2024 (in thousands):

	December 31, 2024
Par value of the Anson Notes	$	10,870
Initial original issue discount		(870	)
Conversions and repayments of principal and interest (shares)		(4,190	)
Carrying value of the Anson Notes before current period change in fair value		5,810
Fair value allocated to Common Stock liability classified warrants		(3,966	)
Fair value adjustment through earnings		4,413
Total carrying value of Anson Notes	$	6,257

Convertible note payable - current portion	$	1,246
Convertible note payable, net of current portion	$	5,011

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Consolidated Statements of Changes in Stockholders' (Deficit) Equity (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Stock and Warrant Issuance [Member]
Offering costs	$ 975	$ 2,519
ATM Offering [Member]
Offering costs	$ 197	$ 27

Note 13 - Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Text Block]

13. Income Taxes

The Company maintains a full valuation allowance on its net deferred tax asset due to the uncertainty of future taxable income. The Company did not recognize an income tax benefit in the years ended December 31, 2024 and 2023 due to the uncertainty of future taxable income. In the years ended December 31, 2024 and 2023, the difference between the statutory tax rate and the Company’s effective tax rate was due primarily to the valuation allowance recorded to offset any potential tax benefit.

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consist of the following:

	For the Years Ended December 31,
	2024			2023
Federal statutory rate		(21.00	)%		(21.00	)%
Permanent items		0.05	%		0.18	%
Settlement warrants		1.37	%		(0.02	)%
Stock compensation		(2.23	)%		3.21	%
Loss on Conversion of Note		1.06	%		—	%
State taxes		(0.17	)%		4.74	%
Increase in valuation allowance		18.73	%		9.45	%
R&D credit		—	%		1.66	%
Convertible Note		2.19	%		1.89	%
Other		—	%		(0.11	)%
Effective tax rate		0.00	%		0.00	%

The components of income tax provision (benefit) are as follows (in thousands):

	As of December 31,
	2024			2023
Federal	$			$
Current		—			—
Deferred		(4,715	)		(4,278	)
Foreign
Current		—			—
Deferred		—			—
State and Local
Current		—			—
Deferred		(43	)		1,428
Change in Valuation Allowance		4,758			2,850
Total	$	—		$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The temporary differences that give rise to deferred tax assets and liabilities are as follows:

	As of December 31,
	2024			2023
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	39,753		$	35,860
Common stock warrants		1,830			1,822
174 capitalization		5,186			5,169
Stock-based compensation		2,034			1,400
Bonus and severance accrual		119			167
Other		741			488
Depreciation		2			(2	)
		49,665			44,904
Valuation allowance		(49,665	)		(44,904	)
Deferred tax assets, net of allowance	$	—		$	—

As of December 31, 2024 and 2023, the Company had federal net operating losses of approximately $187.1 million and $168.5 million, respectively, and state net operating loss carryforwards of approximately $10.2 million and $10.4 million, respectively. The federal and state net operating loss carryforwards generated in the tax years prior to 2018 will begin to expire, if not utilized, by 2035. Certain Net Operating Losses in these jurisdictions are not subject to expiration. Utilization of the net operating loss carryforwards may be subject to an annual limitation according to Section 382 of the Internal Revenue Code of 1986 as amended, and similar provisions.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all of the evidence, the Company has recorded a valuation allowance of $49.665 million against its deferred tax assets at December 31, 2024 because management has determined that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets, primarily due to its history of cumulative net losses incurred since inception and its lack of commercialization of products or generation of revenue from product sales since inception.

The Company recognizes interest accrued to unrecognized tax benefits and penalties as income tax expense. The Company accrued total penalties and interest of $0 during the years ended December 31, 2024 and 2023 and in total, as of December 31, 2024 and 2023 has recognized penalties and interest of $0.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which they operate. In the normal course of business, the Company is subject to examination by federal and foreign jurisdictions where applicable based on the statute of limitations that apply in each jurisdiction. As of December 31, 2024, open years related to all jurisdictions are 2023, 2022, and 2021.

The Company has no open tax audits with any taxing authority as of December 31, 2024.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 5 - Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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

	December 31, 2024		December 31, 2023

Accrued and other current liabilities:
Refund liability (see Note 6)	$	4,715	$	—
Professional services		3,732		2,686
Employee costs		577		835
Accrued research and development expense		655		1,112
Other accrued expense		470		81
Total accrued and other current liabilities	$	10,149	$	4,714

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 29, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Nov. 06, 2022
Accounts Payable, Current				$ 4,130	$ 4,632
Related Party [Member]
Accounts Payable, Current				100	100
Glytech License Agreement [Member]
Related Party Transaction, Amounts of Transaction		$ 0	$ 100	300	300
Glytech License Agreement [Member] \| NRX Pharmaceuticals, Inc [Member] \| Minimum [Member]
Investment Owned, Fair Value						$ 50,000
Consultation Agreement with Dr. Jonathan Javitt [Member]
Related Party Transaction, Amounts of Transaction				100	900
Consultation Agreement with Zachary Javitt [Member]
Related Party Transaction, Amounts of Transaction				100	100
Consulting Agreement, Annual Payment	$ 600
Consulting Agreement, Monthly Payment	100
Consulting Agreement, Performance Bonus, Target Value	$ 300
Accrued Bonuses, Current				$ 300	$ 200
Consultation Agreement with Zachary Javitt [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	50,000
Consultation Agreement with Zachary Javitt [Member] \| Restricted Stock [Member] \| Unrestricted Upon New Drug Application Date [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	25,000
Consultation Agreement with Zachary Javitt [Member] \| Restricted Stock [Member] \| Unrestricted Upon New Drug Approval Date [member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	25,000

Note 10 - Stock-based Compensation - Schedule of Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock-based compensation expense	$ 486	$ 387
General and Administrative Expense [Member]
Stock-based compensation expense	387	572
Research and Development Expense [Member]
Stock-based compensation expense	$ 100	$ (185)

Note 13 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Net operating loss carryforwards	$ 39,753	$ 35,860
Common stock warrants	1,830	1,822
174 capitalization	5,186	5,169
Stock-based compensation	2,034	1,400
Bonus and severance accrual	119	167
Other	741	488
Depreciation, assets	2
Depreciation, liabilities		(2)
Deferred Tax Assets (Liabilities), Gross	49,665	44,904
Valuation allowance	(49,665)	(44,904)
Deferred tax assets, net of allowance	$ 0	$ 0

Note 13 - Income Taxes - Schedule of Income Tax Expense (Benefit) Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current	$ 0	$ 0
Deferred	(4,715)	(4,278)
Current	0	0
Deferred	0	0
Current	0	0
Deferred	(43)	1,428
Change in Valuation Allowance	4,758	2,850
Total	$ 0	$ 0

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Note 10 - Stock-based Compensation - Schedule of Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Expected stock price volatility	150.30%
Dividend yield	0.00%
Minimum [Member]
Exercise price (in dollars per share)	$ 3
Risk-free rate of interest	3.83%
Expected term (years) (Year)	6 months
Maximum [Member]
Exercise price (in dollars per share)	$ 11.8
Risk-free rate of interest	4.79%
Expected term (years) (Year)	7 years

Note 6 - Alvogen Licensing Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2024	Feb. 29, 2024	Dec. 31, 2024	Feb. 07, 2024	Dec. 31, 2023	Jun. 02, 2023
Customer Refund Liability, Current			$ 4,715		$ 0
Alvogen and Lotus Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)				419,598
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)				$ 4
Warrants and Rights Outstanding, Term (Year)				3 years
Alvogen Licensing Agreement [Member]
License Agreement, Initial Payment		$ 4,000				$ 9,000
License Agreement, Accelerating Payment		$ 5,000
Customer Refund Liability, Current			$ 4,700
Stock Subscriptions Receivable, Write Off	$ 1,300
Alvogen Licensing Agreement [Member] \| Alvogen and Lotus Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		419,598
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 4
Warrants and Rights Outstanding, Term (Year)		3 years
Warrants and Rights Outstanding		$ 1,300

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit)	$ 0	$ 0
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2035
Deferred Tax Assets, Valuation Allowance	$ 49,665	44,904
Income Tax Examination, Penalties and Interest Accrued	0	0
Income Tax Examination, Penalties and Interest Expense	0	0
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards	187,100	168,500
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 10,200	$ 10,400

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

Note 11 - Fair Value Measurements - Schedule of Assets and Liabilities on A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Warrant liabilities	$ 5,639	$ 17
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Money Market Account	487	3,874
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Warrant liabilities	5,639	17
Convertible notes payable (Note 7)	$ 6,257	$ 9,161

Note 12 - Segment Reporting (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0
Number of Operating Segments	1
Number of Reportable Segments	1

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: 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 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Note 10 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 01, 2024 shares	Dec. 28, 2023 USD ($) $ / shares shares	Jul. 12, 2022 shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	May 24, 2024 $ / shares shares	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)				121,833	264,983
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares				$ 22.36	$ 18.3
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)				0	90,000
Share-Based Payment Arrangement, Expense \| $				$ 486	$ 387
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 Payment Arrangement, Expense \| $				$ 200	$ 100
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares				$ 0	$ 3.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $				$ 100
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 2 months 12 days
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense \| $				$ 300	$ 300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $				$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		57,500		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		6 months
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		$ 4.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value \| $		$ 300
Restricted Stock [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years
The 2016 Omnibus Incentive Plan [Member] \| Neuro Rx [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)						347,200
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)				955,281
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	83,920			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)				575,099
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				380,182

Note 8 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024