NRx Pharmaceuticals: Pioneering Hope for Mental Health

NRx Pharmaceuticals: Pioneering Hope for Mental Health

• 1. © NRx - All rights reserved | Hope Science Life Corporate Overview December 2024 NASDAQ: NRXP

• 2. This presentation (this “Presentation”) is provided for informational purposes only. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Hope Therapeutics, Inc. (“Hope Tx”) or any of its subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Hope Tx. Viewers of this Presentation should each make their own evaluation of NRx and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements: Certain statements included in this Presentation include “forward-looking statements” within the meaning of the federal securities laws with respect to Hope Tx and its business, including without limitation, the drugs under development by NRx, the markets in which it operates, and Hope Tx’s expectations with respect to future performance. NRx’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “aspire,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “will be,” “will continue,” “will likely result,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” “future,” “opportunity,” “strategy,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of Hope Tx’s control and are difficult to predict. Factors that may cause such differences may include the future financial and operating results of NRx; inherent uncertainty associated with the FDA approval process; changes in applicable laws or regulations; the possibility that Hope Tx may be adversely affected by economic, business, and/or competitive factors; the impact of COVID-19 or other adverse public health developments. NRx cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Hope Tx does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Industry and Market Data: Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. NRx has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change without notice. Trademarks: Hope Tx and related marks are registered trademarks or trademark applications of, or are otherwise owned or used by, NRx or its affiliates. Any trademarks, trade names or service marks of other companies appearing herein are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but the absence of such references does not indicate the registration status of the trademarks, service marks and trade names and is not intended to indicate, in any way, that Hope Tx will not assert, to the fullest extent under applicable law, rights to such trademarks, service marks and trade names. Caution against inferences: This Presentation is not a comprehensive presentation of NRx development programs and will discuss selected products and advances. The information presented is based on our current understanding of biotechnology development and marketing programs that are subject to change as science evolves. In particular, no inferences should be drawn about programs that are not mentioned or discussed in this or any investor presentation offered by Hope Tx. Safe Harbor Statement © NRx 2024 - All rights reserved | 2

• 3. Suicide is a Global Crisis © NRx 2023 - All rights reserved | 3 Suicidality kills ~50,000 Americans every year and 500,000 around the world Disproportionately affecting people with Bipolar Disorder Suicidality takes our best and brightest https://www.cdc.gov/suicide/facts/data.html

• 4. 50,000 Americans die of suicide each year 22 Veterans and Soldiers die of suicide every day Loss of more troops to suicide than to contact with the enemy NRX-101 for PTSD No antidepressant today reduces the risk of suicide If you know two people with bipolar depression One will attempt suicide If you know five people with bipolar depression One will succeed © NRx 2024 - All rights reserved | 4

• 5. No FDA-Approved Medication Today for Acute Suicidality Only FDA-approved therapy is Electro-Convulsive Therapy (ECT) IV Ketamine is used off-label But not FDA-approved Intranasal Ketamine (Spravato) is approved but majority practice remains IV Ketamine © NRx 2024 - All rights reserved | 5 Recent panels at psychiatry meetings and evidence for nationwide medical record studies demonstrate strong preference for IV Ketamine over intranasal

• 6. NRx Clinical Programs – 2025 Path to Profitability © NRx 2024 - All rights reserved | 6 Interventional Psychiatry NRX-100 (IV Ketamine) HOPE Therapeutics •A network of Interventional Psychiatry Clinics focused on ketamine and other lifesaving interventions for Suicidal Depression and PTSD • Targeting $100 million revenue by year-end 2025 •Acquisition Financing in on is committed • First acquisitions in 2024 • Expected in profit in 2025 • Statistically-significant Phase 2 data: first antidepressant to decrease suicidality and/or akathisia • NDA filing for Accelerated Approval for bipolar patients with akathisia in 2H24 • Focused initial launch • 7 million patient broad bipolar addressable market • > $2 billion market potential Bipolar Depression NRX-101 (Oral DCS/Lurasidone) • Fast Track NDA in 2024 • Expected PDUFA 2025 •Approvable efficacy data from four studies in hand • Manufacturing data has reached 12 month stability • Six-month Ketamine tox data •Alignment on pediatric plan with FDA •$2+ billion addressable market Suicidal Depression

• 7. Suicidal Depression 3.5 M Bipolar Depression 7 M Chronic Pain 51 M2 PTSD 12 M3 • 1 M Bipolar1 • 2.5 M Other forms of Depression • Only approved treatment is ECT • 1 M Suicidal Depression1 • 6 M NonSuicidal1 Potential to Reach 70+ Million Lives Global Opioid Crisis Congressional Funding for EPICNET and HEAL to find new medicines Currently 2 indicated SSRI drugs: • Neither relieves PTSD symptoms • Suicide Warnings on both labels 1. National Institute of Mental Health, https://www.nimh.nih.gov/health/statistics/bipolar-disorder 2. US Dept of Veteran Affairs, https://www.ptsd.va.gov/understand/common/common_adults... 3. Centers for Disease Control and Prevention, https://www.cdc.gov/mmwr/volumes/72/wr/mm7215a1.htm © NRx 2024 - All rights reserved | 7 Early Phase Pain Investigation Clinical Network (EPPIC-Net) Helping to End Addiction Long-term® Initiative, or NIH HEAL

• 8. NRX-100 (IV Ketamine) for Suicidal Depression Aiming to be the first FDA-approved ketamine product to treat suicidal depression © Hope 2024 - All rights reserved 8

• 9. Everyone is calling for approval of Ketamine Why is IV Ketamine not approved for depression? No Company has applied for FDA approval of IV Ketamine to treat depression No other Company has announced patient-level efficacy data demonstrating the effectiveness of IV ketamine in the treatment of suicidal depression No other Company has announced manufacture completion (i.e. FDA Module 3) of an IV Ketamine formulation targeted for the treatment of suicidal depression No other Company has announced completion of FDA-required neurotoxicity data in support of an application to treat patients with IV ketamine No other Company has announced 12 month real-time stability data associated with a formulation of ketamine to treat suicidal depression 1 2 3 4 5 © NRx 2024 - All rights reserved | 9 NRx Pharmaceuticals has achieved those milestones and expects to file an NDA under Fast Track designation this year

• 10. Efficacy Data in hand to Support a Filing © NRx 2024 - All rights reserved | 10 • 156 Patients, 7 Hospitals • Admitted with acute suicidality • Randomized to Ketamine vs. Placebo • 84% remission on Ketamine vs. 28% on Placebo in bipolar depression subgroup • Odds Ratio P<.0001 on Primary Endpoint • Initial Randomization to Ketamine vs. midazolam • Midazolam failures treated with open-label Ketamine • Ketamine effect following midazolam failure matches effect in those initially randomized to Ketamine • Superiority favoring Ketamine P=.007 (superiority is post-hoc) • Significant memory loss in ECT vs. none with Ketamine (−9.7 vs. −0.9; P<.0001) • 6 month relapse ECT 56.3 vs. Ketamine 34.5 (P<.0001) French Gov’t Funded: Ketamine vs. Placebo NIH Funded: Ketamine vs. Midazolam PCORI Funded: Ketamine vs. ECT Patient-Centered Outcomes Research Institute

• 11. © NRx 2024 - All rights reserved | 11 Noninferior to ECT in treating depression

• 12. © NRx 2024 - All rights reserved | 12 Broad Support within the Psychiatry Community Viewpoint October 25, 2023 Choosing Between Ketamine and Electroconvulsive Therapy for Outpatients With Treatment-Resistant Depression—Advantage Ketamine? Sanjay J. Mathew, MD; Manish K. Jha, MBBS; Amit Anand, MD JAMA Psychiatry. 2023;80(12):1187-1188. doi:10.1001/jamapsychiatry.2023.3979 Viewpoint January 3, 2024 The Rapidly Shifting Ketamine Landscape in the US Samuel T. Wilkinson, MD1,2; Joseph J. Palamar, PhD3; Gerard Sanacora, MD, PhD1,2 JAMA Psychiatry. Published online January 3, 2024. doi:10.1001/jamapsychiatry.2023.4945

• 13. NRx Has Toxicity and Manufacturing Data in Support of NDA NRx met with FDA on neurotoxicity protocol in 2016 – Data were accepted 2023: First stability batch in BFS (blow-fill-seal; no glass) with modern container closure 2023: NRx implemented formulation of preservative-free Ketamine 2024: Initial manufacturing completion of first preservative-free formulation Ketamine for anesthesia is on drug shortage and existing suppliers are under pressure to limit supply to approved uses 1 2 3 4 5 © NRx 2024 - All rights reserved | 13 FDA has advised NRx that nonclinical requirements were met

• 14. Importance of Preservative-Free Ketamine Benzethonium Chloride is good for killing germs, not for saving patients The preservative is in the bottle used for anesthesia only to enable hospitals to use the same bottle in multiple patients – a practice that is no longer legal in hospitals • From the manufacturer’s data sheet • The current formulation of Ketamine (formulated in the 1960s) contains a preservative whose toxicity is now wellknown. The preservative was needed because the vial was designed to be used in multiple patients – a practice that is no longer legal in hospitals. • This class of preservatives is good for killing bacteria on the skin, but has never been evaluated for safety on repeated IV administration (Ketamine is indicated for use in anesthesia, not for repeated administration). © NRx 2024 - All rights reserved | 14

• 15. NRX -101 (Oral D-cycloserine/lurasidone) for Bipolar Depression with suicidality or akathisia Aiming to be the first non-ketamine, non-addictive non-psychedelic product to treat suicidal depression First Antidepressant to demonstrate reduced akathisia and suicidality In multiple clinical trials © Hope 2024 - All rights reserved 15

• 16. NRX-101: Oral medication with potential for 2025 NDA filing First oral antidepressant shown to reduce Suicidality & Akathisia Current efficacy and safety data support filing an NDA for Accelerated Approval in the narrow indication of patients with suicidal bipolar depression and akathisia Market potential for NRX-101 for suicidal bipolar depression and akathisia is well in excess of $2 Billion NRX-101 Phase 3 investment is not part of use of current capital 1 3 4 5 © NRx 2024 - All rights reserved | 16 Additional phase 3 trial vs. placebo needed for the broad 7 million person bipolar market; planned to be financed by a partner or new investors 2 Narrow initial indication allows focused launch by NRx alone

• 17. All Antidepressants Carry Black-Box Warnings for Suicidality and Akathisia no antidepressant has ever improved either side effect © NRx 2024 - All rights reserved | 17

• 18. NRX-101 demonstrates reduced Akathisia and Time to Suicidality Remission in Suicidal Bipolar Depression: No Ketamine Pre-treatment Phase 2b/3, randomized, double blind trial on NRX-101 vs Standard of Care (lurasidone) in Suicidal Treatment Resistant Bipolar Depression (n=93) • Similar (50% reduction) in depression vs. SoC • Significant reduction in akathisia vs. SoC, p=0.03 • Decreased Time to Sustained Remission from Suicidality on C-SSRS scale vs. lurasidone (p<0.05)  KOLs have advised us that an antidepressant with Standard of Care level efficacy and a significant reduction in akathisia / suicidality can become the new standard in bipolar depression  “Akathisia is the worst side effect of current treatment”  This is the first clinical trial ever to enroll, rather than exclude suicidal patients 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 0 7 14 28 42 Akathisia Sclae (BARS) Study Day Akathisia Rating by Study Day Lurasidone NRX-101 © NRx 2024 - All rights reserved | 19

• 19. Patients received one infusion of IV Ketamine vs. placebo. Responders were randomized to NRX-101 vs lurasidone, a Standard of Care • Mean 7.7 point benefit on MADRS (Primary Endpoint, P=.03) through day 42 vs. lurasidone. • 40% relapse in control group, no relapse in NRX101 group (P=.07) • 1.5 point advantage vs SoC on Columbia Suicide Severity Rating Scale (C-SSRS) (P=.02) • Decreased akathisia in the NRX-101 group on the BARS akathisia scale with large effect size (P=.14, because of small sample size) Barnes Akathisia Rating Scale (BARS) Montgomery–Åsberg Depression Rating Scale (MADRS) *J Clin Psychiatry 2022 May 30;83(4):21m14345 Prior Phase 2 Success (2018): STABIL-B trial Showed Superiority of NRX-101 vs Lurasidone in Reducing Depression (primary endpoint) after Ketamine Pre-treatment © NRx 2024 - All rights reserved | 19

• 20. Potential Product Profile of NRX-101 in Suicidal Bipolar Depression • NRX-101 reduces depression scores by ~50% -- similar to SoC • NRX-101 is the only drug to demonstrate clinically meaningful reduction in akathisia and suicidality vs SoC  We believe an antidepressant with this profile can become the new Standard of Care in bipolar depression  We believe NRX-101 can be that medication © NRx 2024 - All rights reserved | 20

• 21. NRX-101: Robust Composition of Matter Patent Protection Patent Estate of 48 issued, 43 pending patents Enables a platform of CNS drugs based on NMDA / 5HT2A Synergy. • Five patent families, 90+ filed applications, 48 issued patents in US/EU/CN/JP/KR/AU. • Protects NRX-101 to at least 2033 with potential for protecting NMDA/5HT2A class. • Also covers drugs for PTSD, Major Depressive Disorder, Obsessive Compulsive Disorder, and other targets. • Combinations involving dextromethorphan, d-methadone, and S-Ketamine are identified in the spec of US 10,583,138. © NRx 2024 - All rights reserved | 21

• 22. NRX-101: Commercial-Ready Manufacture • GMP manufacturing initiated in the US in 2022 • Phase 3 drug, produced using expected Commercial Scale manufacturing process. • FDA Type C manufacturing meeting conducted in January 2022 with concurrence on CMC, stability, and etc. • 1 million phase 3 (commercial process) capsules on hand in our warehouse © NRx 2024 - All rights reserved | 22

• 23. HOPE Therapeutics The first nationwide network of Interventional Psychiatry Clinics focused on suicidal depression and PTSD © Hope 2024 - All rights reserved 23

• 24. A Trailblazing Precision Psychiatry Network A trailblazing precision psychiatry network providing interventional pharmaceutical therapy, TMS, Digital Therapeutics, and supportive therapy for suicidal depression, PTSD, anxiety, OCD and more. Our Mission To offer state of the art interventional psychiatry care to render suicidal depression and PTSD curable diseases with overnight results, offering HOPE to patients and families without stigma Our Vision When people tell the story of their mental health journey in the US, they and their family end the story by saying: “We went to HOPE and were cured.” © Hope 2024 - All rights reserved | 24 24

• 25. We Need both the Means and Systems of Care Ketamine does not belong in MedSpas or at home Global Opioid Crisis Congressional Funding for EPICNET and HEAL to find new medicines Currently 2 indicated SSRI drugs: • Neither relieves PTSD symptoms • Suicide Warnings on both labels © NRx 2024 - All rights reserved | 25 HOPE Therapeutics •A network of Interventional Psychiatry Clinics focused on ketamine and other lifesaving interventions for Suicidal Depression and PTSD • Psychiatrist led • Safety-focused •Common protocols • Measured Outcomes • It’s not just ketamine

• 26. Ketamine is not Enough: We Need a new System of Care Ketamine must be supplemented with TMS, Digital Therapeutics and Supervised Care! Global Opioid Crisis Congressional Funding for EPICNET and HEAL to find new medicines Currently 2 indicated SSRI drugs: • Neither relieves PTSD symptoms • Suicide Warnings on both labels © NRx 2024 - All rights reserved | 26 HOPE Therapeutics • A network of Interventional Psychiatry Clinics focused on ketamine and other lifesaving interventions for Suicidal Depression and PTSD • Psychiatrist led • Safety-focused • Common protocols • Measured Outcomes • Integrated Care with Ketamine, TMS, Digital Therapeutics TMS Digital Therapeutics An FDA-approved treatment. TMS is shown to achieve remission in 50% of patients Proven in DARPA and US DODfunded trials. In development by NRx/HOPE for civilian use

• 27. Pillars of HOPE Therapeutics Rewiring the brain in suicidal depression Ketamine and NMDA Therapy Patient Total Care Umbrella Transcranial Magnetic Stimulation Digital Therapeutics Precision Psychiatry and Medication Management © NRx 2024 - All rights reserved | 27

• 28. HOPE Therapeutics: Why Spin Out a Separate Company? Expected 2025 profitability NRx is a Biotechnology company focused on Research and Development HOPE is a Care Delivery company focused on Interventional Psychiatry and digital therapeutics Immediate sales of Ketamine under 503b pharmacy license by mid-2024 Development of HTX-100 (pH neutral Ketamine for SubQ dosing) – improved formulation Insurance-reimbursable: transforms a “cash and carry” market Focus on TMS and Digital Therapeutics in addition to ketamine and oral meds Financing independent of NRXP: equity and bond issuance 1 2 3 4 5 © NRx 2024 - All rights reserved | 28

• 29. Hope Therapeutics Near-Term Investor Highlights: Make Good Clinics Great • Acquisition and management of ~30+ Ketamine clinics through 2025 • Target $100 million/yr run-rate with positive EBITDA • Starting with industry-leading mental health practices that set the standard and scale for future acquisitions; ongoing revenue and positive EBITDA • Make good clinics great: increase revenues via offerings and access, grow EBITDA via product mix, efficiencies and operational optimization • Disciplined financing strategy • Clinic acquisition: • Market EBITDA multiples with performance based earn-outs • Cash via corporate bonds and/or other debt financing expected • IPO: planned as the company begins to scale & generate meaningful revenue • Building shareholder value • Market value of clinics is largely based on EBITDA multiples • Growing total EBITDA, via increased integration of services, directly enhances shareholder value; debt financing avoids dilution © Hope 2024 - All rights reserved | 29

• 30. Michael Abrams – Chief Financial Officer Michael Abrams is a senior finance professional with almost three decades of experience as an executive officer, investment banker, director and senior advisor, which includes serving as the Chief Financial Officer of Arch Therapeutics, RiseIT Solutions. and FitLife Brands. Jonathan Javitt, MD, MPH – Founder, Chairman & Chief Scientist; Co-CEO HOPE Therapeutics 40 years in pharmaceutical and medical device development. Blockbuster drug and device development programs with Allergan, Eyetech, Merck, Novartis, Pfizer, and Pharmacia. Advisor to four White House administrations. Rick Panicucci, PhD – Chief Technology Officer 25 years pharmaceutical manufacturing leadership and process development. Leader on multiple approved New Drug Applications. Head of CCP, Novartis. VP of Manufacturing, WuXi Apptec. Leadership Team Matthew Duffy – Chief Business Officer; Co-CEO HOPE Therapeutics 35+ years of biotechnology-related business and investment banking expertise. Business leadership roles at Pfizer and Medimmune. Investment banking and research roles at Roberts Mitani, LifeSci Advisors, and Laidlaw. Series 7, 63, and 65 Securities Licenses. © NRx 2024 - All rights reserved | 30

• 31. Daniel Javitt, PhD, MD Professor of Psychiatry at Columbia University. Initial discovery on the role of NMDA antagonists in psychiatric disorders. More than 760 publications in the field. Inventor of the NRx patent portfolio NRx/HOPE Scientific Advisory Board Andrew Nierenberg, MD – US Principal Investigator Professor of Psychiatry at Harvard University, Director, Dauten Family Center for Bipolar Treatment Innovation. More than 875 publications in the field. Director of the national Patient Centered Outcomes Research Initiative in treatment of Bipolar Depression. Marion Leboyer, MD, PhD – EU Principal Investigator Professor of Psychiatry Inserm (Paris). More than 1300 publications related to clinical psychiatry and infectious / genetic triggers of psychiatric disease. Philip Lavin, PhD – Lead Methodologist NRx Lead Methodologist. Clinical Professor, Harvard Medical School and Harvard School of Public Health. FDA Special Government Employee in Statistics. More than 78 Drug and Medical Device Approvals and more than 350 scientific publications. Gerard Sanacora, PhD, MD – REMS Chair © NRx 2024 - All rights reserved | 31 George and Esther Gross Professor of Psychiatry at Yale University. Director, Yale Depression Research Program. Pioneer in the use of ketamine to treat suicidal depression and development of standards to assure patient safety for the outpatient use of ketamine

• 32. © NRx - All rights reserved | Hope Science Life NASDAQ: NRXP Corporate Overview December 2024