The DARPA contract provides meaningful non-dilutive cash runway for the SPARC-TMS trial execution. Monitor enrollment enrollment updates and any DARPA milestone achievement milestones for potential additional funding tranches.
Price Chart
Executive Summary
NRx Pharmaceuticals' subsidiary, NRx Defense Systems, was awarded an $11.2 million prime contract from DARPA to conduct the SPARC-TMS clinical trial, which tests a single-day robotic TMS treatment combined with NRX-101 for treatment-resistant depression. The contract provides near-term non-dilutive funding of $6.7 million initially obligated, with the trial already FDA-approved and enrollment expected to begin.
Key Financial Metrics
Key Facts
- NRx Defense Systems awarded DARPA prime contract valued at approximately $11.2 million
- Initial obligation of approximately $6.7 million from DARPA
- 18-month performance period with milestone-based payments
- SPARC-TMS trial is FDA-approved and will begin enrolling patients
- Trial tests robotic neuro-navigated TMS combined with NRX-101 for treatment-resistant depression
- Contract provides for 18-month performance period
- Contract signed on September 29, 2026
Financial Impact
Up to $11.2 million contract value with $6.7 million initially obligated; non-dilutive government funding for a clinical-stage biotech
Risk Factors
- Clinical trial failure risk: SPARC-TMS may not replicate prior published results
- DARPA funding options subject to appropriations
- Contract termination possible if program deemed unlikely to achieve objectives
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-032042 |
| Exhibit: ex_1022189.htm | 0001437749-26-032042 |
| Document: 0001437749-26-032042-index-headers.html | 0001437749-26-032042 |
| Document: 0001437749-26-032042-index.html | 0001437749-26-032042 |
| Document: 0001437749-26-032042.txt | 0001437749-26-032042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 8-K | $2.63 | awaiting T+60 | — | $2.49 (−5.32%) |
Oct 5, 2026 21d ago | 8-K | $2.94 | awaiting T+60 | — | $2.49 (−15.31%) |
Sep 15, 2026 5w ago | 8-K | $3.35 | awaiting T+60 | — | $2.49 (−25.67%) |
Sep 14, 2026 6w ago | 8-K | $3.49 | awaiting T+60 | — | $2.49 (−28.65%) |
Aug 17, 2026 10w ago | 8-K | $3.43 | awaiting T+60 | — | $2.49 (−27.41%) |
Aug 17, 2026 10w ago | Press Release | $3.43 | awaiting T+60 | — | $2.49 (−27.41%) |
Aug 7, 2026 11w ago | 8-K | $3.58 | awaiting T+60 | — | $2.49 (−30.45%) |
Jul 22, 2026 13w ago | 8-K | $4.48 $2.71 | ▼ −39.51% | ▼ −42.77% | $2.49 (−44.42%) |
Jun 22, 2026 18w ago | Press Release | $3.90 $3.40 | ▼ −12.82% | ▼ −14.57% | $2.49 (−36.15%) |
Jun 5, 2026 20w ago | Press Release | $4.14 $3.48 | ▼ −15.94% | ▼ −19.94% | $2.49 (−39.86%) |
US Market Status
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