NRx Pharmaceuticals Inc. (NASDAQ: NRXP) announced the pricing of an underwritten public offering of 5,714,286 shares of common stock at $3.50 per share. The clinical-stage biopharmaceutical company also granted underwriters a 30-day option to purchase up to an additional 857,142 shares.

The offering will generate gross proceeds of approximately $20 million, or $23 million if the underwriter option is exercised in full, before deducting underwriting discounts and other expenses. The offering is expected to close on June 4, 2026, subject to customary closing conditions.

NRx Pharmaceuticals stated it intends to use the net proceeds for working capital and general corporate purposes to support growth. BTIG LLC serves as lead bookrunning manager, with Lucid Capital Markets LLC acting as joint bookrunning manager.

The offering is being conducted under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission and declared effective on December 22, 2025.

NRx Pharmaceuticals develops therapeutics based on its NMDA platform for treating central nervous system disorders, including suicidal depression, chronic pain, and PTSD. The company is developing NRX-100, preservative-free intravenous ketamine, and NRX-101, oral D-cycloserine/lurasidone. NRX-100 received Fast Track Designation for treating suicidal ideation in depression, while NRX-101 received Breakthrough Therapy Designation for suicidal bipolar depression.