NRx Defense Systems Signs $11.2M DARPA Prime Contract for SPARC-TMS Trial
NRXP sits 77% above its 52-week low of $1.62.
Summary
NRx Defense Systems signed an $11.2 million DARPA prime contract to run the SPARC-TMS clinical trial for treatment-resistant depression, with $6.7 million initially obligated and an 18-month performance period.
Key Events · M&A and Partnerships · NRXP
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DARPA Prime Contract Signed
NRx Defense Systems entered into a prime contract with DARPA valued at approximately $11.2 million to conduct the SPARC-TMS clinical trial for treatment-resistant depression.
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Initial Funding Obligated
Approximately $6.7 million has been initially obligated by DARPA, with additional funding subject to appropriations and DARPA's exercise of funding options.
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18-Month Performance Period
The contract has an 18-month performance period with payments tied to achievement and acceptance of specified program milestones.
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IP and Termination Terms
NRx Defense retains ownership of inventions conceived under the contract, while DARPA receives a nonexclusive, nontransferable, irrevocable, paid-up license for governmental purposes. Either party may terminate under certain circumstances.
Analysis · NRXP · Life Sciences
A significant non-dilutive funding source has been secured by NRx Pharmaceuticals' defense subsidiary, which formalized a prime contract with DARPA valued at approximately $11.2 million to conduct the SPARC-TMS clinical trial for treatment-resistant depression. The contract includes $6.7 million in initial obligated funding, an 18-month performance period, and milestone-based payments. This comes as the company reported a $16.5 million Q2 net loss and reiterated its going concern warning in August 2026. The trial, which combines robotic transcranial magnetic stimulation with NRX-101, has FDA approval and could serve as a registration study if results replicate prior findings of 91% treatment response and 69% remission.
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At the time of this filing, NRXP was trading at $2.86 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $124.3M. The 52-week trading range was $1.62 to $5.06. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.