NRx
Financial Results for the Year Ended December 31, 2021
Research and development expenses for the year ended December 31, 2021, totaled $20.3 million, compared to $10.6 million for the year ended December 31, 2020. The increase was primarily driven by an increase in clinical trials and development expenses related to ZYESAMI®.
General and administrative expenses for the year ended December 31, 2021, totaled $74.9 million, of which $60.3 million were non-cash stock-based compensation, consulting fees and warrant expense. General and administrative expenses for the year ended December 31, 2020, totaled $11.4 million, of which $5.7 million was non-cash stock-based compensation, consulting fees, and warrant expense. The increase was primarily due to the increase in non-cash stock-based compensation expenses, consulting fees, and an increase in insurance expenses.
Settlement expense for the year ended December 31, 2021, was $21.4 million compared to $39.5 million for the year ended December 31, 2020. Settlement expense is a non-cash expense.
Reimbursements of expenses from Relief Therapeutics were $0.8 million for the year ended December 31, 2021, compared to $10.2 million for the year ended December 31, 2020.
Other income for the year ended December 31, 2021, was $22.7 million, driven primarily by a $20.9 million decrease in the earnout cash liability and a $1.7 million decrease in the warrant liability. Other expenses for the year ended December 31, 2020, were $0.4 million primarily due to a loss on conversion of convertible notes payable.
Net loss for the year ended December 31, 2021, was $93.1 million, or $1.98 per share, compared with a net loss of $51.8 million, or $1.51 per share for the year ended December 31, 2020.
Cash used in operating activities was $37.7 million for the year ended December 31, 2021, compared to $2.3 million for the year ended December 31, 2020.
As of December 31, 2021, cash was $27.6 million, compared to $1.9 million as of December 31, 2020. As previously mentioned, NRx completed a $25 million private placement financing in February 2022. NRx believes it has sufficient cash to support operations for at least the next 12 months.