• Kadima Neuropsychiatry Institute is expected to become the clinical model for HOPE Therapeutics’ nationwide network of psychiatric clinics.
• The acquisition brings profitability and is expected to be accretive to both revenue and EBITDA.
• Kadima’s founder and medical director, Dr. David Feifel, a leader in interventional psychiatry, will join HOPE as Chief Medical Innovation Officer.
• NRx’s pipeline includes investigational drugs for suicidal bipolar depression and chronic pain.
• HOPE is targeting 30 clinic acquisitions by the end of 2025, projecting $100M in annual revenue.

NRx Pharmaceuticals (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, and its wholly owned subsidiary HOPE Therapeutics, Inc., a medical and technology-driven company, are expanding their footprint in the mental health care sector with the acquisition of Kadima Neuropsychiatry Institute in La Jolla, California. The companies announced the signing of a definitive agreement to purchase the institute earlier in May 2025. Kadima is expected to serve as the clinical template for HOPE’s planned network of interventional psychiatry clinics across the U.S. (https://ibn.fm/uwHMj).

One of California’s flagship interventional psychiatry clinics, Kadima is recognized for integrating clinical care with research into emerging treatments such as psychedelic medications, and transcranial magnetic stimulation (“TMS”). The clinic offers a full range of treatments for suicidal depression, PTSD and other central nervous system (“CNS”) disorders. The institute was among the first in California to move ketamine treatments for mental health conditions out of academic research and into clinical settings.

According to the announcement, the acquisition will be accretive to revenue and EBITDA for both HOPE and NRx Pharmaceuticals. Kadima is currently profitable and expected to continue on a growth trajectory.

Dr. David Feifel, Kadima’s founder and medical director, will join HOPE as its first Chief Medical Innovation Officer after the acquisition closes. Dr. Feifel is widely regarded in the field of interventional psychiatry and has led numerous clinical trials targeting central nervous system disorders. His distinctions include serving as an elected member of the American College of Neuropharmacology, peer-elected inclusion in “Best Doctors in America,” and citation in the Castle Connolly list of “Top Doctors” — a recognition given to only 10 psychiatrists in San Diego. Dr. Feifel’s role at HOPE will be instrumental in shaping its clinical offerings and research integration.

The acquisition is still subject to customary closing conditions and financing. If completed, Kadima will become the first operational clinic under HOPE’s umbrella, setting the stage for additional acquisitions.

NRx Pharmaceuticals remains focused on the development of novel therapeutics for CNS conditions. The company’s lead compound, NRX-101, has been granted FDA Breakthrough Therapy Designation and is being developed for treatment-resistant bipolar depression with suicidality. The company is also pursuing development of NRX-100, a preservative-free IV ketamine formulation, for acute suicidality, which has received Fast Track status from the FDA.

The Kadima acquisition is part of HOPE’s broader plan to create a national network of interventional psychiatry clinics. The company aims to close on 30 such acquisitions by the end of 2025. HOPE projects $100 million in annual revenue and profitability by that time.

Commenting on the deal, Dr. Jonathan Javitt and Matthew Duffy, Co-CEOs of HOPE, said the signing of the definitive acquisition agreement marks a pivotal moment in the execution of the company’s strategy to redefine mental healthcare access and delivery of care. “Dr. David Feifel is a true pioneer in interventional psychiatry and we are honored to have him join our leadership team. With his guidance, we are accelerating the buildout of a world-class clinic network that integrates cutting-edge science with community-based care,” they said.

In addition to Kadima, HOPE has also announced agreements to acquire Dura Medical and signed a letter of intent with Neurospa TMS. These moves signal a push into outpatient psychiatric services at scale, a space seeing increased investor interest due to growing demand for mental health treatment options.

The strategy offers a dual approach to growth: a clinical-stage biotech company in NRx Pharmaceuticals, and a revenue-generating care delivery business in HOPE. The clinic network may also set the stage for a future spinout, offering NRx potential to unlock further shareholder value.

For more information, visit the company’s website at www.NRxPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

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