true --12-31 2023 FY This Amendment No. 1 on Form 10-K/A (the "Amendment" or "Form 10-K/A") amends the Annual Report on Form 10-K of NRx Pharmaceuticals, Inc. (the "Company," "our" or "we") for the year ended December 31, 2023, originally filed with the Securities and Exchange Commission ("SEC") on March 29, 2024 (the "Original Filing"). We are filing this Amendment to present the information required by Items 10, 11, 12, 13, and 14 of Part III of the Original Filing in reliance on General Instruction G(3) to Form 10-K, which provides that registrants may incorporate by reference certain information from a definitive proxy statement filed with the SEC within 120 days after fiscal year end. In addition, the reference on the cover of the Original Filing to the incorporation by reference to portions of our definitive proxy statement into Part III of the Original Filing is hereby deleted. 0001719406

 us-gaap: CommonStockMember

 us-gaap: WarrantMember

 2023-06-30

 2024-04-29

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, D.C. 20549

 FORM 10-K/A

 (Amendment No. 1)

 (Mark One)

 x ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the Fiscal Year Ended: December
31, 2023

 OR

 TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
to

 Commission File Number: 001-38302

 NRX PHARMACEUTICALS, INC.

 (Exact name of registrant as specified in its charter)

 Delaware

 82-2844431

 (State or other jurisdiction of

 (I.R.S. Employer

 incorporation or organization)

 Identification No.)

 1201
Orange Street, Suite 600

 Wilmington, DE 19801

 (Address of principal executive offices) (Zip Code)

 ( 484) 254-6134

 (Registrant's telephone number, including
area code)

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class:

 Trading Symbol(s)

 Name of each exchange on which registered:

 Common Stock, par value $0.001 per share

 NRXP

 The Nasdaq Stock Market LLC

 Warrants to purchase one share of Common Stock

 NRXPW

 The Nasdaq Stock Market LLC

 Securities registered pursuant
to Section 12(g) of the Act: None

 Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No x

 Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No x

 Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No

 Indicate
by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit such files). Yes x No

 Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company",
and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large
accelerated filer

 Accelerated
filer

 Non-accelerated filer x

 Smaller reporting company x
Emerging growth company

 If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether
the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of
the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x

 The aggregate market value of common stock held
by non-affiliates of the registrant based on the closing price of the registrant's common stock as reported on the Nasdaq Global
 Market on June 30, 2023, was $ 29.7 million.

 As of April 29, 2024,
the registrant had 10,555,405 shares of common stock outstanding.

 Auditor Firm ID: 185

 Auditor Name: Salberg & Company, P.A

 Auditor Location: Boca Raton, Florida

 DOCUMENTS
INCORPORATED BY REFERENCE

 None.

 EXPLANATORY
NOTE

 This Amendment No. 1
on Form 10-K/A (the " Amendment " or " Form 10-K/A ") amends the Annual Report on Form 10-K
of NRx Pharmaceuticals, Inc. (the " Company, " " our " or " we ") for the year
ended December 31, 2023, originally filed with the Securities and Exchange Commission (" SEC ") on March 29,
2024 (the " Original Filing "). We are filing this Amendment to present the information required by Items 10,
11, 12, 13, and 14 of Part III of the Original Filing in reliance on General Instruction G(3) to Form 10-K, which
provides that registrants may incorporate by reference certain information from a definitive proxy statement filed with the SEC within
120 days after fiscal year end. In addition, the reference on the cover of the Original Filing to the incorporation by reference
to portions of our definitive proxy statement into Part III of the Original Filing is hereby deleted.

 In accordance with Rule 12b-15
under the Securities Exchange Act of 1934, as amended (the " Exchange Act "), (i) Part III, Items 10 through
14 of the Original Filing are hereby amended and restated in their entirety, and (ii) Part IV, Item 15 of the Original
Filing is hereby amended and restated in its entirety. In addition, new certifications of our principal executive officer and principal
financial officer as required by Section 302 of the Sarbanes-Oxley Act of 2022 are attached, each as of the filing date of this Amendment.
Except as described above, no other changes have been made to the Original Filing.

 On April 1, 2024, the
Company completed a stockholder approved 1-for-10 reverse stock split (the " Reverse Split ") of the Company's
common stock, par value $0.001 per share (the " Common Stock "). All references in this Amendment to number of common
shares, price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Split on a retroactive
basis.

 Except as stated herein, this
Amendment does not reflect events occurring after the filing of the Original Filing and no attempt has been made in this Amendment to
modify or update other disclosures as presented in the Original Filing.

 ANNUAL REPORT ON FORM 10-K

 Page No.

 ITEM 10.

 Directors, Executive Officers and Corporate Governance

 ITEM 11.

 Executive Compensation

 ITEM 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 ITEM 13.

 Certain Relationships and Related Transactions, and Director Independence

 ITEM 14.

 Principal Accounting Fees and Services

 ITEM 15.

 Exhibits and Financial Statement Schedules

 SIGNATURES

 References
in this Annual Report on Form 10-K to " NRx Pharmaceuticals, " " NRx, " the " Company, "
 " we, " " us, " " our, " or similar references mean NRx Pharmaceuticals, Inc.
References to the " SEC " refer to the U.S. Securities and Exchange Commission.

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 The following table sets
forth, as of the date of this Form 10-K/A, certain information regarding our executive officers and the members of the board of
directors (the " Board ") of the Company who are responsible for overseeing the management of our business:

 Name

 Age

 Position

 Jonathan Javitt, M.D., M.P.H.

 Chairman and Chief Scientist

 Stephen H. Willard

 Chief Executive Officer and Director

 Riccardo Panicucci

 Chief Manufacturing and Technology Officer

 Matthew Duffy
 Richard Narido

 Chief Business Officer

Chief Financial Officer and Treasurer

 Patrick J. Flynn

 Director, Audit Committee Chair

 Chaim Hurvitz

 Director

 Janet Rehnquist

 Director, Compliance Committee Chair

 Executive Officer and Director Biographies

 Jonathan
Javitt, M.D., M.P.H. Dr. Javitt, founder of the Company, serves as our Chairman and as Chief Scientist and was re-elected
Chairman in December 2023. Dr. Javitt additionally served as the Company's CEO from May 2021 until March 2022. He was the Co-founder,
Chairman, and CEO of NeuroRx, Inc., which merged with the Company in May 2021. He participated in leading drug and medical device development
and commercialization projects for Allergan, Alcon, Eyetech, Merck, Novartis, Pfizer, and Pharmacia and has led the Company's regulatory
and clinical development efforts from their inception. He has played leadership roles in seven successful healthcare IT and biopharma
start-up companies. He was appointed to healthcare leadership roles under President Ronald Reagan, George H.W. Bush, Clinton and George
W. Bush. During the Reagan and Bush '41 administrations, he was designated as an Expert Consultant to the Department of Health and
Human Services. President Clinton designated him as a Special Government Employee of the White House Executive Office of the President
to serve on the 1993 Health Reform Task Force. Under President George W. Bush, he was commissioned to lead the Healthcare Committee of
the President's Information Technology Advisory Committee and to serve as a Special Employee of the Undersecretary of Defense. Dr.
Javitt has published more than 200 scientific works in the areas of health outcomes and pharmacoeconomics that have been cited more than
31,000 times. Dr. Javitt holds an A.B. with Honors from Princeton University, an M.D. from Cornell University and a Masters of Public
Health from the Harvard Chan School of Public Health which designated him an Alumnus of Merit in. He continues to serve as an adjunct Professor
of Ophthalmology at the Johns Hopkins School of Medicine and as a Senior Fellow of the Potomac Institute for Policy Studies.

 We re-elected Dr. Javitt to
serve as Chairman, based on his substantial practical experience and expertise in drug development and his prior leadership in multiple
private and public sector organizations.

 Stephen H. Willard, Esq. Mr. Willard serves as our Chief Executive Officer and as a member of the Board since July 2022.
He has more than 20 years of experience as the CEO of pharma and biotech companies. From 2012 to March 2021, Mr. Willard served,
and since July 2022 has served, as a Director of Nozin, Inc., an infection prevention company and pioneer in nasal decolonization.
From November 2013 to March 2021, Mr. Willard served as CEO of Cellphire Inc., (" Cellphire ") a leading
company in platelet and cell stabilization, between, during which period he aided in the expansion of Cellphire, managed all aspects of
its dynamic growth and oversaw all its operations. Prior to joining Cellphire, from 2000 to 2013, Mr. Willard served in executive
roles at Flamel Technologies S.A (FLML), a drug delivery company. From 2000 to 2005, Mr. Willard served as CFO of Flamel and subsequently,
from 2006 to 2013, served as CEO of Flamel. From 2000 to 2014, Mr. Willard was also a member of the board of directors for E*TRADE
Financial or its bank, a subsidiary of Morgan Stanley, which offers an electronic trading platform to trade financial assets. Mr. Willard
has more than 20 years of experience as the CEO of pharma and biotech companies. Since 2018, Mr. Willard has served as a Presidentially-commissioned
member of the National Science Board, which governs the National Science Foundation. He received a B.A. from Williams College
in 1982 and a J.D. from Yale Law School in 1985, where he edited the Yale Law Journal.

 We selected Mr. Willard
to serve on our Board not only because he is the Company's Chief Executive Officer but also due to his substantial practical experience
and expertise in senior leadership roles with multiple private and public biotechnology companies, his extensive experience as a practicing
securities attorney, his mergers and acquisitions experience, and his connections to the biotechnology community as a member of the National
Science Board.

 Riccardo
Panicucci, Phd. Dr. Panicucci has served as our Chief Technology and Manufacturing Officer since January 2021 and
has served in this role since March 2018. Dr. Panicucci previously served as VP of Pharmaceutical Development Services at WuXi
STA from February 2015 to March 2018, where he provided scientific leadership in formulation development and GMP manufacturing.
In that capacity, he developed the original formulation for NRX-101. From 2004 to 2015, Dr. Panicucci served as Global Head of Chemical
and Pharmaceutical Profiling (CPP) at Novartis. Dr. Panicucci has also led R&D groups at Vertex Pharmaceuticals, Symbollon Pharmaceuticals,
Biogen, and Bausch & Lomb. He earned a Ph. D. in Chemistry from the University of Toronto and did a Post-Doctoral Fellowship at
the University of California, Santa Barbara.

 Matthew
Duffy. Mr. Duffy has forty years' experience as a pharmaceutical executive and licensed Capital Markets professional.
He has extensive drug development-to-market experience, including in CNS, beginning at Pfizer, Inc. in Sales Management and Marketing.
He subsequently led drug commercialization activities at Medimmune (Synagis) as head of Marketing and Lev Pharmaceuticals (Cinryze) as
head of Commercial Operations. Matt has more than 20 years' experience as a FINRA-licensed investment banker, buy-side and sell-side
equity research analyst and Investor Relations professional. He has served as Managing Director at Roberts Mitani, LLC, at LifeSci Partners,
LLC, at Laidlaw LTD (current), and co-founded Black Diamond Research, LLC, a sell-side equity research firm specializing in healthcare/biotechnology.
He served on the Board of of CorMedix, Inc. (Nasdaq: CRMD) and currently serves on the boards and/or management of Algorithm Sciences, Inc,
Lucius Partners, LLC, Voltron Therapeutics, Inc, PD Theranostics, Inc and AerWave Medical, Inc. Matt received his undergraduate
degree in Economics from Duke University. He holds Series 7, 63 and 65 securities licenses.

 Richard
Narido, MS. Mr. Narido has served as our Interim Chief Financial Officer since September 2023. Prior to his
appointment as our Interim Chief Financial Officer, Mr. Narido served as the Chief Financial Officer of Lucira Health (" Lucira ")
until Pfizer Inc.'s acquisition of Lucira in April 2023. From July 2018 to March 2021, Mr. Narido served in
various roles at Assembly Biosciences, Inc., including most recently as Executive Director, Finance, Controllership and Treasury.
From June 2014 to June 2018, Mr. Narido served in various roles at Bio-Rad Laboratories, Inc., including as Americas
Head of Finance, Global Commercial Operations. Prior to June 2014, Mr. Narido held various finance roles, including Global Head
Finance Reporting and Accounting for Novartis Vaccines and Diagnostics and several industry-related positions, including Business Unit
Controller for McKesson Corporation. Mr. Narido started his career with PricewaterhouseCoopers's Financial Audit and Assurance
practice. Mr. Narido holds a Bachelor of Science degree from the University of San Francisco and a Master of Science in Business
Management and Leadership degree from the Pepperdine Graziadio Business School.

 Patrick
J. Flynn. Mr. Flynn has served as a member of our Board and Chair of our Audit Committee since May 2021 and
previously served on the board of NeuroRx, Inc. Mr. Flynn is an entrepreneur with more than 35 years of senior executive experience.
He has provided leadership to numerous successful organizations including start-ups and growth-stage companies and has served in a variety
of roles, including Executive Chairman, board member, CEO, COO, CFO and advisor. Additionally, Mr. Flynn currently serves as an advisor
to Good Measures where he was previously COO and responsible for the day-to-day operations of the company's innovative approach
to healthcare and nutrition services. Prior to joining Good Measures, Mr. Flynn was the co-founder of Predilytics, Inc. and
served as Executive Chairman. Before joining Predilytics, Mr. Flynn contributed his expertise as COO and then as CEO to Health Dialog,
where he helped build the business from an early-stage healthcare services organization and led its successful exit to BUPA, a global
insurance company. Prior to this role, Flynn was a co-founder of Symmetrix, a management consulting firm specializing in healthcare and
financial services. Mr. Flynn began his career with Bank of America where he held several positions over the course of 15 years,
including Vice President of World Banking and Vice President of Risk Management. Mr. Flynn earned his B.S. in Finance from the Wharton
School at the University of Pennsylvania.

 We selected Mr. Flynn
to serve on our Board because he brings to the Company over 30 years of audit compliance, entrepreneurship, business, and board experience.

 Chaim
Hurvitz. Mr. Hurvitz has served as a member of our Board since May 2021. Mr. Hurvitz served as a member
of the NeuroRx, Inc., the predecessor to our company, board of directors from May 2015. Mr. Hurvitz has served as the Chief
Executive Officer of CH Health, a private venture capital firm, since May 2011. Mr. Hurvitz previously served as a member of
the board of directors of Teva Pharmaceuticals Industries Ltd. from October 2010 to July 2014. Previously, he was a member of
the senior management of Teva Pharmaceuticals Industries Ltd., serving as the President of Teva International Group from 2002 until 2010,
as President and Chief Executive Officer of Teva Pharmaceuticals Europe from 1992 to 1999 and as Vice President — Israeli
Pharmaceutical Sales from 1999 until 2002. Mr. Hurvitz is a founding investor and a director of Galmed Pharmaceuticals Ltd. Mr. Hurvitz
presently serves as a member of the management of the Manufacturers Association of Israel and head of its pharmaceutical branch. Mr. Hurvitz
holds a B.A. from Tel Aviv University.

 We selected Mr. Hurvitz
to serve as a director because he brings decades of pharmaceutical experience to the Board. In addition, Mr. Hurvitz brings international
relationships to the Company that have, and will continue to add value to the execution of the Company's business plan.

 Janet
Rehnquist, Esq. Ms. Rehnquist has served as a member of our Board since December 2023. Ms. Rehnquist is an
attorney with more than 25 years of experience in highly regulated industries, particularly healthcare. Ms. Rehnquist
founded RehnquistLaw PLLC in 2006, where her primary responsibilities include advising clients on regulatory and compliance matters
as well as governmental investigations. Notably, Ms. Rehnquist served as an Assistant United States Attorney for the Eastern
District of Virginia and served as the Inspector General at the Department of Health and Human Services from 2001-2003.
Additionally, she has served as Counsel to the U.S. Senate Permanent Subcommittee on Investigations. Ms. Rehnquist earned a BA
with honors from the University of Virginia (1979) and a JD from the University of Virginia School of Law (1985), where she was an
editor of the Journal of Law and Politics.

 We selected Ms. Rehnquist to serve as a director
because she brings over 25 years of legal, governmental, and regulatory compliance expertise and experience to the Board.

 Board Composition and Election of Directors

 Classified Board of Directors

 In accordance with our Second
Amended and Restated Certificate of Incorporation (the " Charter ") and our Second Amended and Restated Bylaws (the " Bylaws "),
our Board is divided into three classes with staggered, three year terms. At each annual meeting of stockholders, the successors to directors
whose terms then expire are elected to serve from the time of election and qualification until the third annual meeting of stockholders
following election. Our directors are divided among the three classes as follows:

 Class I, comprised of one director, Chaim Hurvitz, with a term expiring at our 2025 annual
meeting of stockholders;

 Class II, comprised of one director, Janet Rehnquist, with a term expiring at our 2026 annual
meeting of stockholders; and

 Class III, comprised of three directors, Stephen H. Willard, Patrick J. Flynn and Jonathan
Javitt, M.D., M.P.H., with terms expiring at our 2024 annual meeting of stockholders.

 Our Certificate of Incorporation
provides that the authorized number of directors may be changed only by resolution of the Board. Any additional directorships resulting
from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will
consist of one-third of the directors. The division of our Board into three classes with staggered three-year terms may delay or prevent
a change of our management or a change in control of the Company. Subject to the special rights of the holders of one or more outstanding
series of preferred stock to elect directors, our directors may be removed only for cause by the affirmative vote of the holders of at
least 75% of our outstanding voting stock entitled to vote in the election of directors.

 Director Independence

 Our Board has determined that
Messrs. Flynn and Hurvitz, and Ms. Rehnquist are "independent directors" as defined in the Nasdaq Stock Market (" Nasdaq ")
listing standards and applicable SEC rules.

 Committees of the Board of Directors

 Our Board directs the management
of our business and affairs, as provided by Delaware law, and conducts its business through meetings of the Board and standing committees.
Our Board has established the following three standing committees: Audit Committee, Nominating and Corporate Governance Committee and
Compensation Committee. In addition, from time to time, special committees may be established under the direction of the Board when necessary
to address specific issues. Our Board has adopted written charters for each of these committees, copies of which are available under the
Corporate Governance section of our corporate website at www.nrxpharma.com. The information contained in, or accessible through,
our website does not constitute a part of this Form 10-K/A. We have included our website address in this Form 10-K/A solely
as an inactive textual reference.

 The chart below reflects the
standing committees of our Board and the composition of each committee as of the date of this Form 10-K/A:

 Committees

 Director Name

 Audit

 Compensation

 Nominating
and

Governance

 Stephen H. Willard

 Jonathan Javitt, M.D., M.P.H.

 Patrick J. Flynn

 CC

 CC

 Chaim Hurvitz

 X

 X

 X

 Janet Rehnquist

 X

 X

 CC

 CC
 – Committee Chair

 X
 – Member

 Audit Committee

 Our Audit Committee consists
of Messrs. Flynn and Hurvitz, and Ms. Rehnquist, with Mr. Flynn serving as chair. Rule 10A-3 of the Securities Exchange
Act of 1934, as amended (the " Exchange Act ") and Nasdaq rules require that our Audit Committee be composed entirely
of independent members. Our Board has affirmatively determined that Messrs. Flynn and Hurvitz, and Ms. Rehnquist each meet the
definition of "independent director" for purposes of serving on the Audit Committee under Rule 10A-3 of the Exchange
Act and the Nasdaq rules. Each member of our Audit Committee also meets the financial literacy requirements of Nasdaq listing standards.
In addition, our Board has determined that each of Messrs. Flynn and Hurvitz, and Ms. Rehnquist qualifies as an "Audit
Committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. The Audit Committee met
four times during the year ended December 31, 2023. Our Board has adopted a written charter for the Audit Committee. The complete
text of the Audit Committee's current charter is available on our website at www.nrxpharma.com. The information contained
in, or accessible through, our website does not constitute a part of this Form 10-K/A. We have included our website address in this
Form 10-K/A solely as an inactive textual reference.

 Pursuant to its charter, the
Audit Committee is primarily responsible for, among other things:

 appointing, compensating, retaining, evaluating, terminating and overseeing our independent registered public accounting firm;

 discussing with our independent registered public accounting firm their independence from management;

 reviewing, with our independent registered public accounting firm, the scope and results of their audit;

 approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

 overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the
quarterly and annual financial statements that we file with the SEC;

 overseeing our financial and accounting controls and compliance with legal and regulatory requirements;

 reviewing our policies on risk assessment and risk management;

 reviewing related person transactions; and

 establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls
or auditing matters.

 Compensation Committee

 Our Compensation Committee
consists of Messrs. Flynn and Hurvitz, and Ms. Rehnquist, with Mr. Flynn serving as chair. Our Board has affirmatively
determined that Messrs. Flynn and Hurvitz, and Ms. Rehnquist each meet the definition of "independent director"
for purposes of serving on the Compensation Committee under the Nasdaq rules, including the heightened independence standards for members
of a Compensation Committee, and are "non-employee directors" as defined in Rule 16b-3 of the Exchange Act. The Compensation
Committee did not meet during the year ended December 31, 2023. Our Board has adopted a written charter for the Compensation Committee.
The complete text of the Compensation Committee's current charter is available on our website at www.nrxpharma.com.

 Pursuant to its charter, the
Compensation Committee is primarily responsible for, among other things:

 reviewing and approving the corporate goals and objectives, evaluating the performance of and reviewing
and approving, (either alone or, if directed by our Board, in conjunction with a majority of the independent members of the Board) the
compensation of our Chief Executive Officer;

 overseeing an evaluation of the performance of and reviewing and setting or making recommendations to
our Board regarding the compensation of our other executive officers;

 reviewing and approving or making recommendations to our Board regarding our incentive compensation and
equity-based plans, policies and programs;

 reviewing and approving all employment agreement and severance arrangements for our executive officers;

 making recommendations to our Board regarding the compensation of our directors; and

 retaining and overseeing any compensation consultants.

 Nominating and Corporate Governance Committee

 Our Nominating and Corporate
Governance Committee consists of Mr. Hurvitz and Ms. Rehnquist, with Ms. Rehnquist serving as chair. Our Board has affirmatively
determined that Mr. Hurvitz and Ms. Rehnquist each meet the definition of "independent director" under the Nasdaq
rules. The Nominating and Corporate Governance Committee met once during the year ended December 31, 2023. Our Board has
adopted a written charter for the Nominating and Corporate Governance Committee. The complete text of the Nominating and Corporate Governance
Committee's current charter is available on our website at www.nrxpharma.com.

 Pursuant to its charter, the
Nominating and Corporate Governance Committee is primarily responsible for, among other things:

 identifying individuals qualified to become members of our Board, consistent with criteria approved by
our Board;

 overseeing succession planning for our Chief Executive Officer and other executive officers;

 periodically reviewing our Board's leadership structure and recommending any proposed changes to
our Board;

 overseeing an annual evaluation of the effectiveness of our Board and its committees; and

 developing and recommending to our Board a set of corporate governance guidelines.

 Risk Oversight

 Our Board is responsible for
overseeing our risk management process. Our Board focuses on our general risk management strategy, the most significant risks facing us,
and oversees the implementation of risk mitigation strategies by management. Our Audit Committee is also responsible for discussing our
policies with respect to risk assessment and risk management. Our Board believes its administration of its risk oversight function has
not negatively affected our Board's leadership structure.

 Compensation Committee Interlocks and Insider
Participation

 None of our executive officers
serve as a member of the Board or Compensation Committee (or other committee performing equivalent functions) of any entity that has one
or more executive officers serving on our Board or Compensation Committee.

 Code of Business Conduct and Ethics

 We adopted a written code
of business conduct and ethics, our Business Code of Conduct and Anti-Corruption Policy (the " Code of Conduct "), that
applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions. The complete text of the Code of Conduct is available on our website at
 www.nrxpharma.com. In addition, we intend to post on our website all disclosures that are required by law or the Nasdaq listing
standards concerning any amendments to, or waivers from, any provision of the Code of Conduct.

 Director Attendance at Meetings

 The Company encourages
and expects all of its directors to attend the meetings of the Board. During the fiscal year ended December 31, 2023, the Board
met eight times. Each member of our Board attended at least 75% of the aggregate of (i) the total number of meetings of the
Board (held during the period for which he or she was a director), and (ii) the total number of meetings held by all committees
of the Board on which such director served (held during the period that such director served).

 Board Leadership Structure

 The Company does not have
a formal policy regarding whether to separate the Chairman and Principal Executive Officer positions. Our Board believes that the decision
to combine or separate the Chairman and Principal Executive Officer positions depends on the facts and circumstances facing the Company
at a given time and could change over time. Currently, Mr. Willard serves as our current Chief Executive Officer and Principal Executive
Officer (the " PEO ") of the Company. The current acting Chairman of our Board is Dr. Javitt.

 As the Company evolves, the
Board will regularly evaluate the Board leadership structure to ensure it continues to meet the needs of the Company, and to ensure that
it provides strong, independent oversight for our stockholders. In particular, as part of this evaluation, the Board will take under consideration
the outcomes of the Board and committee self-evaluation process as well as other factors, including the current state of the Company's
strategy and operations, recent performance, market and industry factors and peer company practices.

 Policies Governing Director Nominations

 Securityholder Recommendations

 Our Bylaws provide that nominations
of any person for election to the Board at an annual meeting may be made at such meeting by a stockholder present in person virtually
(A) who was a record owner of shares of the Company both at the time of giving the notice provided for in the Bylaws and at the time
of the meeting, (B) is entitled to vote at the meeting, and (C) has complied with the Bylaws as to such notice and nomination.

 All stockholder recommendations
for director candidates must be submitted to our Secretary at NRx Pharmaceuticals, Inc., 1201 North Market Street, Suite 111,
Wilmington, Delaware 19801, who will forward all recommendations to the Nominating and Corporate Governance Committee. All stockholder
recommendations for director candidates for the 2024 annual meeting of stockholders must be submitted to our Secretary on or before August 23,
2024, and must include the following information:

 the name and address of the stockholder (including, if applicable, the name and address that appear on
the Company's books and records);

 the class or series and number of shares of the Company that are, directly or indirectly, owned of record
or beneficially owned by the stockholder;

 the full notional amount of any securities that, directly or indirectly, underlie any "derivative
security" that constitutes a "call equivalent position" and that is, directly or indirectly, held or maintained by such
Proposing Person with respect to any shares of any class or series of shares of the Company;

 the name and address of the proposed director candidate (including, if applicable, the name and address
that appear on the Company's books and records);

 the class or series and number of shares of the Company that are, directly or indirectly, owned of record
or beneficially owned by the proposed director candidate, if applicable;

 all information relating to such proposed director candidate that is required to be disclosed in a proxy
statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election
pursuant to Section 14(a) under the Exchange Act (including such candidate's written consent to being named in the Proxy
Statement as a nominee and to serving as a director if elected);

 a description of any direct or indirect material interest in any material contract or agreement between
or among the stockholder, on the one hand, and each proposed director candidate for nomination or his or her respective associates or
any other participants in such solicitation, on the other hand; and

 a completed and signed questionnaire, representation and agreement, as specified in the Bylaws.

 Delinquent Section 16(a) Reports

 Section 16(a) of
the Exchange Act requires the Company's officers and directors, and persons who own more than 10% of the Company's Common
Stock to file reports of ownership and changes of ownership of such securities with the SEC.

 Based solely on a review of
the reports received by the SEC, the Company believes that, during the fiscal year ended December 31, 2023, the Company's officers,
directors and greater than 10% owners timely filed all reports they were required to file under Section 16(a), except as set forth
below:

 Name

 Number of
 Late Reports

 Number of
 Late Transactions

 Chaim Hurvitz

 Aaron Gorovitz

 Communications with the Board

 If you wish to communicate
with any of our directors or the Board as a group, you may do so by writing to them at Name(s) of Director(s)/Board of Directors
of NRx, Pharmaceuticals, Inc., c/o Secretary, NRx Pharmaceuticals, Inc., 1201 North Market Street, Suite 111, Wilmington,
Delaware 19801.

 We recommend that all correspondence
be sent via certified U.S. Mail, return receipt requested. All correspondence received by the Secretary will be forwarded by the Secretary
promptly to the addressee(s).

 ITEM 11.

 EXECUTIVE COMPENSATION

 The following summary compensation
table and narrative disclosure sets forth information regarding all compensation awarded to, earned by, or paid to our Named Executive
Officers, which consist of (a) any persons who served as our principal executive officer during any part of the year ended December 31,
2023; (b) each of our two most highly compensated executive officers other than our principal executive officer who served as executive
officers at the end of the year ended December 31, 2023; and (c) up to two additional individuals for whom disclosure would
have been provided under clause (b) but for the fact that the person was not serving as an executive officer at the end of the year
ended December 31, 2023 (collectively, the " Named Executive Officers ").

 Our "Named
Executive Officers" for the year ended December 31, 2023 were (i) Stephen H. Willard, our Chief Executive Officer;
(ii) Jonathan Javitt, M.D., M.P.H., our Chief Scientist and Chairman; and (iii) Richard Narido, our Chief Financial
Officer.

 On April 1, 2024, the
Company completed a stockholder approved 1-for-10 reverse stock split (the " Reverse Split ") of the Company's
Common Stock. All references in this Report to number of common shares, price per share and weighted average number of shares outstanding
have been adjusted to reflect the Reverse Split on a retroactive basis.

 2023 Summary Compensation Table

 The following table presents
information regarding the total compensation of our Named Executive Officers for the years ended December 31, 2023 and 2022.

 Name and Principal Position

 Year

 Salary

($)

 Bonus

($)

 Stock

Awards

($) (1)

 Option

Awards

($) (2)

 All Other

Compensation

($)

 Total ($)

 Stephen Willard (3)

 2023

 500,000

 500,000

 Chief Executive Officer

 2022

 233,871

 —

 566,000

 —

 —

 799,871

 Jonathan Javitt (4)(5)(6)

 2023

 602,755

 (6)

 —

 —

 —

 27,443

 630,198

 Chairman and Chief Scientist

 2022

 867,446

 (7)

 —

 —

 —

 6,250

 873,696

 Richard Narido (8)

 2023

 255,015

 —

 —

 43,000

 —

 298,015

 Chief Financial Officer

 2022

 —

 —

 —

 —

 —

 —

 (1)

 Amount reflects the grant date fair value of restricted stock granted as an employment inducement award during fiscal year 2023 or fiscal year 2022 as calculated in accordance with ASC Topic 718,. See Note 10 to the consolidated financial statements contained in the Form 10-K for information regarding the assumptions used in calculating this amount.

 (2)

 Amount reflects the grant date fair value of stock options granted during fiscal year 2023 or fiscal year 2022 as calculated in accordance with ASC Topic 718,. See Note 10 to the consolidated financial statements contained in the Form 10-K for information regarding the assumptions used in calculating these amounts.

 (3)

 Mr. Willard was appointed Chief Executive Officer on July 12, 2022.

 (4)

 For 2023, All Other Compensation reflects reimbursement for legal fees incurred. For 2022, the All Other Compensation column reflects: (i) for Dr. Javitt, $6,250 for his service as Chairman of the Board during the first quarter of 2022.

 (5)

 Dr. Javitt served as Chief Executive Officer of the Company until his retirement on March 8, 2022, at which time he assumed the role of Chief Scientist and remained as a member of the Board of Directors. Dr. Javitt was appointed as Chairman of the Board on December 19, 2023.

 (6)

 Amount reported reflects (i) $0 in base salary, and (ii) $602,755 in consulting fees, and (iii) $27,443 in reimbursement for legal expenses.

 (7)

 Amount reported reflects (i) $51,008 in base salary, and (ii) $816,438 in consulting fees, which included approximately $300,000 in deferred compensation from 2021.

 (8)

 Mr. Narido was appointed as Interim Chief Financial Officer in September 2023 through a consulting agreement with LifeSci Advisors..Amount reflected above accounts for total payment to LifeSci Advisors inclusive of their mark up.

 Narrative to Summary Compensation Table

 Base Salaries and Compensation

 Our Named Executive
Officers receive an annual base salary or annual rate of compensation to compensate them for services rendered. The base salary or
annual rate of compensation payable to each Named Executive Officer is intended to provide a fixed component of compensation
reflecting the executive's skill set, experience, role and responsibilities. For the year ended December 31, 2023:
(i) Mr. Willard's annual base salary was set at $500,000; (ii) Dr. Javitt's was compensated
through an annual consulting agreement that was set at $575,000 and eligible for an annual performance-based bonus with a
minimum target of $250,000; and (iii) Mr. Narido's compensation for 2023 was via a consulting
agreement with LifeSci Advisors, LLC.

 Cash Bonus Compensation

 Pursuant to his employment
agreement, Mr. Willard is eligible to receive a discretionary annual performance-based cash bonus with a target equal to 50% of base
salary. Pursuant to their employment agreements, Dr. Van Voorhees is were eligible to receive a discretionary annual performance-based
cash bonus with a target equal to 50% of base salary. Pursuant to his employment agreement, Dr. Javitt was eligible to receive a
discretionary annual performance-based cash bonus with a target equal to $275,000.

 Equity Compensation

 We typically grant stock options
pursuant to the NRx Pharmaceuticals, Inc. 2021 Omnibus Incentive Plan (the " Omnibus Plan ") as the long-term incentive
component of our compensation program. Stock options allow employees, including our Named Executive Officers, to purchase shares of Common
Stock at a price equal to the fair market value of Common Stock on the date of grant. Our stock options have vesting schedules that are
designed to encourage continued employment and typically vest in substantially equal installments on each of the first three anniversaries
of the applicable vesting commencement date, subject to the recipient's continued service through each applicable vesting date.
From time to time, our Board may also construct alternate vesting schedules as it determines appropriate to motivate particular employees,
as further described below.

 Option Awards

 In 2023, Richard Narido
was granted options to purchase 10,000 shares of Common Stock.

 Refer to the "Outstanding
Equity Awards at 2023 Fiscal Year End" table below for additional information regarding these options.

 Willard Restricted Stock Award

 As an inducement to join the
Company, Mr. Willard received a grant of 100,000 shares of restricted stock. Such grant of restricted stock was designed to comply
with the Nasdaq inducement exemption and was granted outside of the Company's existing equity compensation plans. However, the restricted
stock award is governed in all respects as if issued under the Omnibus Plan. The shares of restricted stock will vest in substantially
equal installments on each of the first three anniversaries of the date of grant, subject to Mr. Willard's continued employment
with, appointment as a director of, or engagement to provide services to, the Company through the applicable vesting date.

 Mr. Willard's shares
of restricted stock are subject to clawback if Mr. Willard engages in conduct that is in conflict with or adverse to the Company's
interests while employed by the Company, including violating non-competition, non-solicitation, and non-disparagement covenants.

 Refer to the "Outstanding
Equity Awards at 2023 Fiscal Year End" table below for additional information regarding these shares of restricted stock.

 Executive Officer Employment Arrangements

 Willard Employment Agreement

 In connection with his commencement
of employment with us in July 2022, we entered into an employment agreement with Mr. Willard (the " Willard Employment
Agreement ") pursuant to which he serves as our Chief Executive Officer and as a director on our Board. The Willard Employment
Agreement provides for an initial two-year term and extends automatically for additional one-year periods unless either party provides
notice of termination. The Willard Employment Agreement provides for an annual base salary of $500,000, a performance-based bonus with
a minimum target of 50% of base salary, and an inducement grant of 100,000 shares of restricted stock that vests over a three-year period.

 The Willard Employment Agreement
includes (i) a confidentiality covenant that applies during the term of employment and for three years following termination,
(ii) assignment of intellectual property, (iii) a non-competition covenant that applies during the term of employment and for
12 months following termination, and (iv) non-solicitation of employees and customers covenants that apply during the term of
employment and for 12 months following termination.

 Javitt Employment Agreement and Javitt Consulting Agreement

 In connection with his commencement
of employment with us in May 2015, we entered into an employment agreement with Dr. Javitt (the " Javitt Employment
Agreement ") pursuant to which he served as our Chief Executive Officer and President. The Javitt Employment Agreement provided
for an initial five-year term and extended automatically for additional one-year periods unless either party provided notice of termination.
The Javitt Employment Agreement provided for a base salary of $275,000, subject to periodic increase by the Board. The Javitt Employment
Agreement was terminated on March 8, 2022 when Dr. Javitt retired and became a consultant to the Company. Upon entering into
the Javitt Consulting Agreement (as defined below), Dr. Javitt waived his rights to the bonus, severance and certain other provisions
under the Javitt Employment Agreement.

 Pursuant to a consulting agreement
between the Company and Dr. Javitt, dated as of March 8, 2022 (the " Javitt Consulting Agreement "), Dr. Javitt
committed to provide consulting services to the Company as its Director and Chief Scientist. The 2022 Javitt Consulting Agreement provided
for an annual consulting fee of $1,000,000, to compensate Dr. Javitt for approximately $400,000 in bonus payments that would otherwise
have been granted under his prior employment agreement.

 The Javitt Consulting
Agreement was amended on March 29, 2023 (the " Javitt Consulting Agreement Amendment ") to renew the agreement
in annual increments, commencing on March 8, 2024, unless either party provides notice of termination. The Javitt Consulting
Agreement Amendment provides for: (i) an annual consulting fee of $575,000, payable in monthly installments;
(ii) eligibility for an annual performance-based bonus with a minimum target of $250,000 (with the annual bonus, if any, for
2023 pro-rated based on the number of days during the 2023 calendar year following March 8, 2023 that Dr. Javitt is
engaged by the Company); and (iii) subject to Board approval, a grant of 50,000 shares of restricted stock that will vest
(x) 50% on the date upon which the Food and Drug Administration files the Company's new drug application for the
Antidepressant Drug Regimen (as defined therein) and (y) 50% on the date upon which the Food and Drug Administration has both
approved the Company's Antidepressant Drug Regimen and listed the Company's Antidepressant Drug Regiment in the Food and
Drug Administration's "Orange Book."

 Narido Consulting Agreement

 In connection with his commencement
of employment with us in September 2023, we entered into an consulting agreement (the " LifeSci Agreement ") with LS
Associates, a division of LifeSci Advisors, LLC (" LifeSci "), pursuant to which LifeSci will provide certain consulting
services to the Company, including but not limited to, arranging for the provision of the Company's the Interim Chief Financial
Officer. In connection with the LifeSci Agreement, on September 13, 2023, the Company appointed Richard Narido, 46, to serve as Interim
Chief Financial Officer of the Company. As Interim Chief Financial Officer, Mr. Narido will serve as the Company's principal financial
officer and principal accounting officer. The LifeSci Agreement has a term of two years commencing from the date of the LifeSci Agreement.
Pursuant to the LifeSci Agreement, the Company may not knowingly solicit work of any kind (including but not limited to paid and unpaid
advice, information, or content), or propose or agree to any kind of consulting, advisory, directorship, or employment arrangement, with
any professional that LifeSci first introduces to the Company for a period of one year from the Company's most recent engagement
with or including the professional, without paying a placement fee equal to 15% of such professional's starting annual base salary
and target annual bonus, whether discretionary or quarantined. The LifeSci Agreement also contains certain noncompetition, non-solicitation
and confidentiality provisions customary to such agreements.

 Outstanding Equity Awards at 2023 Fiscal Year
End

 The following table summarizes
the number of shares of Common Stock underlying outstanding equity incentive plan awards for each Named Executive Officer as of December 31,
2023.

 Option Awards

 Stock Awards

 Name

 Vesting
 Commencement
 Date

 Number
 of
 Securities
 Underlying
 Unexercised
 Options
 (#)
 Exercisable

 Number of
 Securities
 Underlying
 Unexercised
 Options (#)
 Unexercisable

 Option
 Exercise
 Price
 ($)

 Option
 Expiration
 Date

 Number
 of
 shares
 or units
 of stock
 that
 have
 not
 vested
 (#)

 Market
 value of
 shares
 or units
 of stock
 that
 have
 not
 vested
 ($) (1)

 Equity
 incentive
 plan
 awards:
 number
 of
 unearned
 shares,
 units or
 other
 rights
 that have
 not
 vested (#)

 Equity
 incentive
 plan
 awards:
 market
 or payout
 value of
 unearned
 shares,
 units or
 other
 rights
 that have
 not
 vested ($)

 Stephen Willard

 7/12/2022 (2)

 —

 —

 —

 —

 100,000

 111,000

 —

 —

 Jonathan Javitt

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Richard Narido

 12/28/2023

 —

 10,000

 $
 4.64

 12/28/2033

 —

 —

 —

 —

 (1)

 Market value is based on the closing sale price of our Common Stock on December 31, 2023 of $4.60.

 (2)

 The shares of restricted stock vest in substantially equal installments on each of the first three anniversaries of the grant date, subject to continued service.

 Health, Welfare and Retirement Plans

 We do not maintain a 401(k) defined
contribution plan or any other employee benefit plans or programs.

 Clawback

 The Board is reviewing the
final rule issued by the SEC implementing the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating
to recoupment of incentive-based compensation and will adopt a compliant clawback policy when the NASDAQ adopts listing standards in accordance
with the final rules.

 Potential Payments upon Termination or Change
in Control

 Willard Employment Agreement

 In the event Mr. Willard's
employment is terminated due to his death or disability, by the Company for Cause, or by Mr. Willard without Good Reason, the Company
will pay to Mr. Willard (or his beneficiary or estate, as applicable): (i) base salary earned but not paid through the date
of termination, (ii) pay for any vacation time earned but not used through the date of termination, (iii) any annual bonus earned
for the year preceding the year of termination but unpaid on the date of termination and (iv) any business expenses incurred but
not reimbursed on the date of termination.

 In the event Mr. Willard's
employment is terminated by the Company without Cause, upon a Change of Control (as defined in the Willard Employment Agreement) or upon
Mr. Willard's resignation for Good Reason, subject to Mr. Willard's execution and non-revocation of a general release
of claims, the Company will pay Mr. Willard: (i) continued base salary payments for the period beginning on the termination
date and ending on the first anniversary of the termination date; and (ii) all accrued compensation and a prorated target bonus through
the date of termination.

 "Cause" is defined
in the Willard Employment Agreement as: (i) Mr. Willard's failure to perform (other than by reason of disability), or
gross negligence in the performance of, his material duties and responsibilities to the Company (unauthorized absence for a period of
five consecutive business days will be considered failure to perform); (ii) material breach of the confidentiality covenant or assignment
of rights to intellectual property covenant or breach of any fiduciary duty owed to the Company; (iii) fraud or embezzlement or other
dishonesty which is material (monetarily or otherwise) with respect to the Company; (iv) indictment, conviction or plea of nolo contendere
to a felony or other crime involving moral turpitude that is material to the Company; (v) Mr. Willard's material breach
of the Willard Employment Agreement or of any Company policy; or (vi) disciplinary proceedings or other events that impair Mr. Willard's
ability to function as Chief Executive Officer of the Company.

 "Good Reason"
is defined in the Willard Employment Agreement as: (i) material diminution of Mr. Willard's compensation or benefits;
(ii) material diminution of Mr. Willard's title, duties, authority or responsibilities; (iii) the Company's
material breach of any term of the Willard Employment Agreement; (iv) the failure of the Board to nominate Mr. Willard to fill
one of the vacant seats on the Board; or (v) the required relocation of Mr. Willard's place of employment to a location
that is more than 25 miles from his home.

 Javitt Consulting Agreement

 The Company may terminate
the Javitt Consulting Agreement without prior notice immediately upon a termination for Cause. Dr. Javitt may terminate the Javitt
Consulting Agreement upon 30 days' notice at any time and for any reason. Upon termination of Javitt Consulting Agreement, the Company
will pay Dr. Javitt any consulting fees and expenses that have been accrued but not yet paid. "Cause" is defined in the
Javitt Consulting Agreement as: (i) Dr. Javitt's gross negligence or willful misconduct, or willful and continued failure
to substantially perform his duties (other than due to physical or mental illness or incapacity), which, in either case, causes material
injury to the reputation or business of the Company; (ii) Dr. Javitt's conviction of, or plea of guilty or nolo contendere
to, a felony or other crime; (iii) Dr. Javitt's fraud or embezzlement or other material misuse of funds or property belonging
to the Company; or (iv) any material breach by Dr. Javitt under the Javitt Consulting Agreement subject to a 10 day notice and
cure period (if reasonably capable of cure).

 Equity Incentive Awards

 Pursuant to the Omnibus Plan,
in the event of a Change in Control (as defined in the Omnibus Plan): (i) if the acquirer or successor company in such Change in
Control has agreed to provide for the substitution, assumption, exchange or other continuation of the stock options, then, if the Named
Executive Officer's employment with or service to the Company is terminated by the Company without Cause (as defined in the Omnibus
Plan) (and other than due to death or disability) on or within 24 months following a Change in Control, then all of the Named Executive
Officer's options will become immediately exercisable; (ii) if the acquirer or successor company in such Change in Control
has not agreed to provide for the substitution, assumption, exchange or other continuation of the options, all options held by the Named
Executive Officer will become immediately exercisable; and (iii) the Committee (as defined in the Omnibus Plan) may cancel any outstanding
options in exchange for cash, securities or other property equal to the value of such canceled options.

 Willard Restricted Stock Award

 If Mr. Willard's
employment with the Company is terminated without Cause (other than for death or disability) or Mr. Willard resigns for Good Reason
(each as defined in Mr. Willard's employment agreement, and such termination, a "Qualifying Termination"), Mr. Willard
will vest in a pro rata portion of the restricted stock. In the event of a Qualifying Termination on or within 12 months following a Change
in Control (as defined in the Omnibus Plan), all of the shares of restricted stock will vest. If Mr. Willard's service terminates
for any other reason, all unvested shares of restricted stock will be forfeited for no consideration.

 Equity Compensation Plan Information

 The following table provides
certain aggregate information with respect to our equity compensation plans in effect as of December 31, 2023.

 Plan Type

 Number of securities to be issued

upon exercise of outstanding

 options, warrants and rights

 Weighted-average

 exercise price of

 outstanding

 options, warrants

 and rights

 Number of shares of

 common stock

 remaining available

 for future issuance

 under equity

 compensation plans

 Equity compensation plans approved by security holders (1)

 264,977
 (2)(3)

 $
 18.28

 213,398

 Equity compensation plans not approved by security holders (4)

 100,000

 —

 —

 (1)

 Includes awards granted pursuant to the Omnibus Plan.

 (2)

 As of December 31,
 2023, there were 213,400 shares of Common Stock authorized for issuance pursuant to awards under the Omnibus Plan. Pursuant to the
 terms of the Omnibus Plan, the number of shares available for issuance thereunder will automatically increase each fiscal year
 beginning with the year ended December 31, 2022 and ending with fiscal year 2031 by the lesser of (a) 1% of the total
 number of shares outstanding on the last day of the immediately preceding fiscal year on a fully diluted basis assuming that all
 shares available for issuance under the Omnibus Plan are issued and outstanding, or (b) such number of shares determined by the
 Board.

 (3)

 Excludes rights outstanding under the 2016 Omnibus Incentive Plan. As of December 31, 2023, there were 70,168 securities to be issued upon exercise of outstanding options, warrants and rights pursuant to our 2016 Omnibus Incentive Plan, with a weighted-average exercise price of $31.22 per share, which were assumed by Big Rock Partners Acquisition Corporation and converted into an option to acquire an adjusted number of shares of Common Stock at an adjusted exercise price per share in connection with the May 2021 merger. No further grants or awards will be made under the 2016 Omnibus Incentive Plan.

 (4)

 Reflects the grant of an "employment inducement grant" under Nasdaq Listing Rule 5635(c)(4) comprised of restricted stock granted to Mr. Willard.

 Director Compensation

 Pursuant to our director compensation
program, each member serving on our Board for the year ended December 31, 2023 was eligible to compensation for his or her service
as follows:

 Independent Board member: $60,000 annual retainer plus an annual equity
grant

 Chairman of the Board: $25,000 annual retainer

 Board Committee Chair: $15,000 annual retainer

 Summary Director Compensation Table

 The following table shows
for the year ended December 31, 2023, certain information with respect to the compensation of our non-employee directors. As Named
Executive Officers for the year ended December 31, 2023, Mr. Willard's and Dr. Javitt's compensation is shown
in the Summary Compensation Table. Mr. Willard did not receive any additional compensation for his service on the Board.

 Name

 Fees

 Earned
 or Paid in
 Cash ($)

 Option

 Awards

 ($) (1)

 Total ($)

 Patrick J. Flynn

 67,500

 -

 67,500

 Chaim Hurwitz

 52,500

 -

 52,500

 Janet Rehnquist

 (1)

 Amounts reflect the full grant date fair value of stock options awarded under our Omnibus Plan during 2023, computed in accordance with the requirements of FASB ASC 718. As of December 31, 2023, (i) Messrs. Flynn and Hurwitz each held options to purchase up to 16,651 shares of Common Stock; and (ii) Ms. Rehnquist did not own any options to purchase shares of Common Stock.

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 The following table sets forth
information with respect to the beneficial ownership of our Common Stock, as of the Record Date by:

 each person who is the beneficial owner of more than 5% of the outstanding shares of our Common Stock;

 each of our Named Executive Officers and directors; and

 all of our executive officers and directors as a group.

 Beneficial ownership for the
purposes of the following table is determined in accordance with the rules and regulations of the SEC. A person is a "beneficial
owner" of a security if that person has or shares "voting power", which includes the power to vote or to direct the
voting of the security, or "investment power", which includes the power to dispose of or to direct the disposition of the
security or has the right to acquire such powers within 60 days. Accordingly, we have included all shares of Common Stock issuable
to such person upon the exercise of warrants or options currently exercisable or exercisable within 60 days of the date hereof. We
did not deem such shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

 Unless otherwise noted in
the footnotes to the following table, and subject to applicable community property laws, the persons and entities named in the table have
sole voting and investment power with respect to their beneficially owned Common Stock and preferred stock.

 Except as indicated in the
footnotes to the table, each of the stockholders listed below has sole voting and investment power with respect to the shares of Common
Stock owned by such stockholders. Unless otherwise noted, the address of each beneficial owner is c/o NRx Pharmaceuticals, Inc.,
1201 North Market Street, Suite 111, Wilmington, DE 19801.

 The beneficial ownership of
our Common Stock is based on 10,555,405 shares of Common Stock issued and outstanding as of April 29, 2024.

 Name and Address of Beneficial Owners

 Amount and
 Nature of
 Beneficial
 Ownership

 Percent of Class

 Directors
and Named Executive Officers

 Stephen H. Willard (1)

 105,000

 1.0
 %

 Richard Narido (2)

 10,000

 *

 Patrick J. Flynn (3)

 163,940

 1.6
 %

 Chaim Hurvitz (4)

 238,130

 2.3
 %

 Jonathan Javitt (5)

 1,476,833

 14.0
 %

 Janet Rehnquist (6)

 -

 -

 All Executive Officers and Directors as a Group (4 persons)

 2,040,910

 18.9
 %

 5% Holders

 Glytech, LLC (7)

 987,291

 9.4
 %

 * Indicates less than 1%

 (1)

 Consists of (i) 5,000 shares of Common Stock held by Stephen H. Willard individually and (ii) 100,000 shares of restricted Common Stock that can be voted but cannot be traded. 33,334 shares will be unrestricted on July 12, 2023, an additional 33,334 shares will be unrestricted on July 12, 2024, and the remaining 33,333 shares will be unrestricted on July 12, 2025.

 (2)

 Consists of 10,000 shares as a result of his stock option grant on December 28, 2023 of 10,000 shares vesting monthly over twelve months.

 (3)

 Consists of (i) 36,234 shares of Common Stock held by Nash-Flynn Investments, LLC, (ii) 22,626 shares of Common Stock held by the Whitney Pritchard Nash Flynn 2010 Trust and the Lindsay Pritchard Nash Flynn 2010 Trust, (iii) 88,256 shares of Common Stock issuable upon exercise of fully vested warrants held by the Whitney Pritchard Nash Flynn 2010 Trust and the Lindsay Pritchard Nash Flynn 2010 Trust, (iv) 175 shares of Common Stock held by Patrick J. Flynn, and (v) options to purchase up to 16,651 shares of Common Stock, all of which are vested and exercisable. Patrick J. Flynn is the owner of Nash-Flynn Investments, LLC and trustee of the Whitney Pritchard Nash Flynn 2010 Trust and the Lindsay Pritchard Nash Flynn 2010 Trust.

 (4)

 Consists of (i) 143,636 shares of Common Stock held by Shirat HaChaim Ltd., (ii) 20,845 shares of Common Stock held by CH Health-Private Venture Capital Ltd, (iii) 570,00 shares of Common Stock held by Chaim Hurvitz individually, and (iv) options to purchase up to 16,651 shares of Common Stock, all of which are fully vested. Chaim Hurwitz is the owner of Shirat HaChaim Ltd. and CH Health-Private Venture Capital Ltd.

 (5)

 Consists of (i) 1,260,000 shares of Common Stock held by the Jonathan Javitt Living Trust, (ii) 142,200 shares of Common Stock held by The Javitt 2012 Irrevocable Dynasty Trust (the "Javitt Dynasty Trust"), (iii) 44,634 shares of Common Stock held by Jonathan Javitt individually, and (iv) 30,000 shares of Common Stock held by the Jonathan Javitt Donor Advised Fund. Jonathan Javitt, M.D., M.P.H. is the trustee of the Jonathan Javitt Living Trust and the primary advisor of the Jonathan Javitt Donor Advised Fund. Dr. Javitt is not a trustee or beneficiary of the Javitt Dynasty Trust, and no beneficiary of the Javitt Dynasty Trust resides in Dr. Javitt's household. Dr. Javitt has no beneficial ownership of the securities held by the Javitt Dynasty Trust.

 (6)

 Janet Rehnquist does not currently own and shares of the Company.

 (7)

 Based on the Schedule 13D filed jointly by Daniel Javitt and Glytech, LLC with the SEC on September 13, 2022, the holdings consist of an aggregate of 987,291 shares of Common Stock held by Glytech, LLC. Glytech, LLC is owned by Daniel Javitt, who is the inventor of the patents that underline NRX-101 and the brother of Jonathan Javitt, M.D., M.P.H., the Chairman and Chief Scientist of the Company.

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 The following includes a summary
of transactions since January 1, 2023 to which we have been a party in which the amount involved exceeded or will exceed $120,000
or one percent of the average of our total assets at year-end for the last two completed fiscal years in which we were or are
to be a participant and in which a related person had or will have a direct or indirect material interest, and in which any of our directors,
executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family
of any of the foregoing persons had or will have a direct or indirect material interest, other than transactions that are described under
the " Executive Compensation" section of this Form 10-K/A. We also describe below certain other transactions with
our directors, executive officers and stockholders.

 February 2022 Private Placement Lock-Up
Agreement

 On February 2, 2022,
we consummated a private placement (the " Private Placement ") pursuant to the terms and conditions of that certain Securities
Purchase Agreement, dated as of January 30, 2022 (the " Purchase Agreement "), with certain investors. In connection
with the closing of the Private Placement, we entered into a lock-up agreement with Jonathan Javitt, M.D., M.P.H., and Daniel Javitt (collectively,
the " Javitt Stockholders "), dated as of January 30, 2022 (the " Private Placement Lock-Up Agreement "),
pursuant to which the Javitt Stockholders agreed not to transfer, directly or indirectly, any Common Stock owned by them for sixty (60)
days following the Effective Date (as defined in the Purchase Agreement) (the " Restriction Period "). Subject to certain
conditions, the Javitt Stockholders may transfer shares of Common Stock provided that: (i) we receive a signed lock-up letter agreement
for the balance of the Restriction Period from each transferee, prior to such transfer, (ii) the transfer does not involve a disposition
for value, (iii) the transfer is not required to be reported with the SEC in accordance with the Exchange Act, as amended, and no
report of such transfer is made voluntarily, and (iv) neither the Javitt Stockholders nor any transferee, as the case may be, otherwise
voluntarily effects any public filing or report regarding such transfer, with respect to certain specified transfers under the Private
Placement Lock-Up Agreement. The Restriction Period has now expired.

 Procedures with Respect to Review and Approval
of Related Person Transactions

 Our Board recognizes the fact
that transactions with related persons present a heightened risk of conflicts of interests (or the perception of such conflicts of interest).
We have adopted a written policy on transactions with related persons that is in conformity with the requirements for issuers having publicly
held Common Stock that is listed on the Nasdaq. Under the policy, our legal department is primarily responsible for developing and implementing
processes and procedures to obtain information regarding related persons with respect to potential related person transactions and then
determining, based on the facts and circumstances, whether such potential related person transactions do, in fact, constitute related
person transactions requiring compliance with the policy. If the legal department determines that a transaction or relationship is a related
person transaction requiring compliance with the policy, our general counsel will be required to present to the Audit Committee all relevant
facts and circumstances relating to the related person transaction. The Audit Committee will be required to review the relevant facts
and circumstances of each related person transaction, including if the transaction is on terms comparable to those that could be obtained
in arm's length dealings with an unrelated third party and the extent of the related person's interest in the transaction,
take into account the conflicts of interest and corporate opportunity provisions of the our code of business conduct and ethics, and either
approve or disapprove the related person transaction. If advance Audit Committee approval of a related person transaction requiring the
Audit Committee's approval is not feasible, then the transaction may be preliminarily entered into by management upon prior approval
of the transaction by the chair of the Audit Committee, subject to ratification of the transaction by the Audit Committee at the Audit
Committee's next regularly scheduled meeting; provided, that if ratification is not forthcoming, management will make all reasonable
efforts to cancel or annul the transaction. If a transaction was not initially recognized as a related person transaction, then, upon
such recognition, the transaction will be presented to the Audit Committee for ratification at the Audit Committee's next regularly
scheduled meeting; provided, that if ratification is not forthcoming, management will make all reasonable efforts to cancel or annul the
transaction. Our management will update the Audit Committee as to any material changes to any approved or ratified related person transaction
and will provide a status report at least annually of all then-current related person transactions. No director will be permitted to participate
in approval of a related person transaction for which he or she is a related person.

 Support Services

 We license patents owned
by Glytech LLC, which is solely owned by Daniel C. Javitt, the brother of Jonathan Javitt, the Chairman and Chief Scientist of the
Company. For the years ended December 31, 2023 and 2022, the Company paid Glytech LLC $291,088 and $250,000, respectively,
for continuing research and development, technology support services and reimbursed expenses. These support services are ongoing.
Glytech LLC's support includes both non-clinical and clinical research in support of the expansion of our intellectual
property portfolio.

 In addition, we pay Zachary
Javitt, the son Jonathan Javitt, on an hourly basis for services related to the Company's marketing and brand development and
development of the Company's public communications strategies under the supervision of our Chief Executive Officer, who is responsible
for assuring that the services are provided on financial terms that are at market. We paid Zachary Javitt a total of $191,677 and $133,445
during the years ended December 31, 2023 and 2022, respectively.

 In 2022, the Company
engaged Pilltracker, LLC to manage the procurement and deployment of nebulizer devices associated with a clinical trial of aviptadil
for the treatment of COVID-19 because Pilltracker had an audited medical device quality system in place, whereas the Company has no
medical device expertise or medical device (as opposed to pharmaceutical) quality infrastructure under ISO 13485. Zachary Javitt is
PillTracker's Chief Executive Officer and Jonathan Javitt, M.D., M.P.H. is the chairman of its board of directors. The Company
paid approximately $0 and $170,340 to PillTracker for its services for the years ended December 31, 2023 and 2022,
respectively. These funds were primarily used for the purchase and deployment of hospital-based nebulizer devices from third parties
at the Company's request and all purchases were reviewed by the Company's Chief Financial Officer.

 Controlled Company Status

 From the consummation of the
business combination that formed the Company in March 2021 and through October 2021, the Company qualified as a "controlled
company" pursuant to the listing rules of The Nasdaq Stock Market ("Nasdaq"). In accordance with such rules, a
company that has ceased to be a "controlled company" within the meaning of the Nasdaq listing rules shall be permitted
to phase-in the requirement to have a majority independent board and independent nominations and Compensation Committees on the same schedule
as companies listing with their initial public offering. Accordingly, the Company was required to be fully compliant with the requirement
to have a majority independent board, Compensation Committee and nominations committee by October 2022.

 ITEM 14.

 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 Salberg & Company,
P.A (" Salberg ") served as our independent auditor for the year ended December 31, 2023, and KPMG LLP served as
our independent auditor for the year ended December 31, 2022. The Company incurred the following fees from Salberg and Company and
from KPMG LLP for the audit of the consolidated financial statements and for other services provided during the years ended December 31,
2023 and 2022:

 For the year ended December 31

 2023

 2022

 Audit fees, KPMG LLP (1)

 $

 593,000

 $

 775,000

 Audit fees, Salberg and Company (1)

 151,690

 Audit-related fees (2)

 -

 -

 Tax fees (3)

 -

 -

 All other fees (4)

 -

 -

 Total fees

 $

 744,690

 $

 775,000

 (1)

 Audit fees consist of fees for professional services rendered in connection with the audit of our annual consolidated financial statements, the review of the interim consolidated financial statements included in quarterly reports, services rendered in connection with the May 2021 merger and follow-on public offering, and additional public offerings. The annual audit fee for 2024, including quarterly reports is projected at $250,000.

 (2)

 There were no audit-related fees billed in 2023 and 2022.

 (3)

 There were no tax-related fees billed in 2023 and 2022.

 (4)

 There were no other fees billed in 2023 and 2022.

 Audit Committee Pre-Approval Policy and Procedures

 Consistent with requirements
of the SEC and the Public Company Accounting Oversight Board regarding auditor independence, our Audit Committee is responsible for the
appointment, compensation, and oversight of the work of our independent registered public accounting firm. In recognition of this responsibility,
our Audit Committee (or the chair if such approval is needed on a time urgent basis) pre-approves audit and permissible non-audit services
provided by the independent registered public accounting firm. These services include audit services, audit-related services, tax services
and other services.

 ITEM 15.

 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 (a) List of Documents filed.

 1.

 The financial statements of NRx Pharmaceuticals, Inc. are filed as part of the original Form 10-K.

 2.

 The schedules have been omitted from the Form 10-K because they are not required or because the information is provided elsewhere in the financial statements. The financial statements of unconsolidated subsidiaries are omitted because, considered in the aggregate, they would not constitute a significant subsidiary.

 (b) List of Exhibits.

 The following is a list of exhibits filed with
this Form 10-K/A.

 Incorporated
 by Reference Exhibit

 Exhibit

 Number

 Description

 Form

 Exhibit

 Filing

 Date

 File

 Herewith

 1.1

 At The Market Offering Agreement, dated August 14,
 2023, by and between the Company and H.C. Wainwright & Co., LLC

 1.1

 08/14/2023

 1.2

 Underwriting Agreement, dated February 27, 2024,
 by and between NRx Pharmaceuticals, Inc. and EF Hutton LLC

 1.1

 02/28/2024

 3.1

 Second Amended and Restated Certificate of Incorporation

 3.1

 3.2

 Second Amended and Restated By-Laws

 3.2

 3.3

 Certificate of Designation of Series A Convertible
 Preferred Stock

 3.1

 09/01/2023

 4.1

 Warrant Agreement, dated as of November 20, 2017,
 by and between BRPA and Continental Stock Transfer & Trust Company

 4.2

 11/22/2017

 4.2

 Form of Unit Purchase Option, dated November 20,
 2017, with EarlyBirdCapital, Inc. and its designees

 4.3

 11/22/2017

 4.3

 Common Stock Purchase Warrant, dated March 9,
 2023 by and between NRX Pharmaceuticals, Inc. and Purchasers

 8-K/A

 4.1

 03/14/2023

 4.4

 Form of Investor Warrant

 8-K/A

 4.1

 06/07/2023

 4.5

 Form of Warrant Amendment Agreement

 8-K/A

 4.2

 06/07/2023

 4.6

 Form of Investor Warrant

 4.1

 09/01/2023

 4.7

 Form of Underwriter's Warrant

 4.1

 02/28/2024

 4.8

 Description of Capital Stock

 4.8

 4.9

 Form of Common Stock Purchase Warrant

 4.9

 10.1

 Form of Securities Purchase Agreement, dated as
 of August 19, 2021, by and among the Company and the Selling Securityholders.

 10.1

 08/24/2021

 10.2

 Form of Preferred Investment Options, dated as
 of August 23, 2021, by and among the Company and the Selling Securityholders.

 10.2

 08/24/2021

 10.3

 Form of Registration Rights Agreement, dated as
 of August 19, 2021, by and among the Company and the Selling Securityholders.

 10.3

 08/24/2021

 10.4

 Form of Lock-Up Agreement, dated as of August 19,
 2021, by and among the Company, Jonathan Javitt and Daniel Javitt.

 10.4

 08/24/2021

 10.5

 Stock Escrow Agreement, dated November 20, 2017,
 between BRPA, Big Rock Partners Sponsor, LLC and Continental Stock Transfer & Trust Company

 10.2

 11/22/2017

 10.6

 Registration Rights Agreement among BRPA and Big Rock
 Partners Sponsor, LLC

 10.3

 11/22/2017

 10.7

 Agreement, dated November 17, 2018, among BRPA,
 Big Rock Partners Sponsor, LLC and BRAC Lending Group LLC

 10.1

 11/20/2018

 10.8

 Stock Escrow Agent Letter, dated November 17,
 2018

 10.2

 11/20/2018

 10.9

 Registration Rights Assignment Agreement, dated November 17,
 2018

 10.3

 11/20/2018

 10.10

 Amendment to the Stock Escrow Agreement, dated May 24,
 2021, among BRPA, Continental Stock Transfer & Trust Company, and the stockholder parties thereto

 10.6

 10.11

 Lock-up Agreement, dated May 24, 2021, by and
 between BRPA and the stockholder parties identified therein

 10.7

 10.12

 Registration Rights Agreement, dated May 24, 2021,
 by and among NRx Pharmaceuticals, Inc., certain equityholders of the Registrant named therein and certain equityholders of NeuroRx
 named therein

 10.8

 10.13

 Sponsor Agreement, dated May 24, 2021, by and
 among BRPA, the Big Rock Partners Sponsor, LLC, and BRAC Lending Group LLC

 10.9

 10.14

 NRx Pharmaceuticals, Inc. 2021 Omnibus Incentive
 Plan

 S-4

 10.22

 10.15

 Form of Subscription Agreement

 10.1

 03/15/2021

 10.16

 Development and License Agreement,
 dated as of May 2, 2016, between Glytech LLC and NeuroRx

 S-4

 10.24

 10.17

 Amendment to Development and License Agreement, dated
 as of October 19, 2016, between Glytech LLC and NeuroRx

 S-4

 10.25

 10.18

 Second Amendment to Amended and Restated Development
 and License Agreement, dated as of June 13, 2018, between Glytech LLC and NeuroRx

 S-4

 10.26

 10.19

 Third Amendment to Amended and Restated Development
 and License Agreement, dated as of April 16, 2019, between Glytech LLC and NeuroRx

 S-4

 10.27

 10.20

 Fourth Amendment to Amended and Restated Development
 and License Agreement, dated as of December 31, 2020, between Glytech LLC and NeuroRx

 S-4

 10.28

 10.21

 Exclusive License Agreement, dated as of April 16,
 2019, by and between NeuroRx and Sarah Herzog Memorial Hospital Ezrat Nashim

 S-4

 10.29

 10.22

 License and Option Agreement, dated as of September 1,
 2020, between The Research Foundation For The State University of New York and NeuroRx

 S-4

 10.30

 10.23

 Binding Collaboration Agreement, dated as of September 18,
 2020, between Relief Therapeutics Holding Aktiengesellschaft and its wholly owned subsidiary Therametrics Discovery
 Aktiengesellschaft and NeuroRx

 S-4

 10.31

 10.24

 Exclusive Distribution Agreement, dated as of September 25,
 2020, between NeuroRx and Cardinal Health 105, Inc.

 S-4

 10.32

 10.25

 Executive Employment Agreement, dated May 20,
 2015, between NeuroRx and Jonathan C. Javitt

 S-4

 10.33

 10.27

 Amendment to "Work for Hire" Agreement,
 dated as of October 23, 2016, between NeuroRx and 20REBes Consulting LLC — Robert Besthof

 S-4

 10.35

 10.29

 Feasibility Study and Material Transfer Agreement,
 dated as of January 6, 2021, by and between NeuroRx and TFF Pharmaceuticals, Inc.

 S-4

 10.37

 05/21/21

 10.30

 Manufacturing Supply Agreement, dated as of August 25,
 2020, by and among NeuroRx, Nephron SC, Inc. and Nephron Pharmaceutical Corporation

 S-4

 10.38

 10.31

 Amendment #1 to Manufacturing Supply Agreement, dated
 as of September 2, 2020, by and among NeuroRx, Nephron SC, Inc. and Nephron Pharmaceutical Corporation

 S-4

 10.39

 10.32

 Amendment #2 to Manufacturing Supply Agreement, dated
 as of November 5, 2020, by and among NeuroRx, Nephron SC, Inc. and Nephron Pharmaceutical Corporation

 S-4

 10.40

 10.33

 Amendment #3 to Manufacturing Supply Agreement, dated
 as of February 5, 2021, by and among NeuroRx, Nephron SC, Inc. and Nephron Pharmaceutical Corporation

 S-4

 10.41

 10.34

 Share Subscription Facility Agreement, dated as of
 October 18, 2019, among NeuroRx, GEM Global Yield LLC SCS and GEM Yield Bahamas Limited

 S-4

 10.42

 10.35

 Common Stock Purchase Warrant dated March 28,
 2021

 S-4

 10.43

 10.36

 Clinical Trial Participation Agreement, dated as of
 December 17, 2020, by and between Quantum Leap Health Care Collaborative and NeuroRx

 S-4

 10.44

 10.38

 Voting Agreement by and between Jonathan Javitt and
 Daniel Javitt

 10.34

 10.39

 Statement of Work, dated July 26, 2021, between
 Pilltracker Ltd. and NeuroRx, Inc.

 10.1

 11/15/2021

 10.40

 Form of Securities Purchase Agreement, dated as
 of January 30, 2022, by and among the Company and the Purchasers.

 10.1

 02/03/2022

 10.41

 Form of Preferred Investment Options, dated as
 of February 2, 2022, by and among the Company and the holders.

 10.2

 02/03/2022

 10.42

 Form of Registration Rights Agreement, dated as
 of January 30, 2022, by and among the Company and the Purchasers.

 10.3

 02/03/2022

 10.43

 Form of Placement Agent Preferred
 Investment Option, dated as of February 2, 2022 by and among the Company and H.C. Wainwright & Co., LLC.

 10.4

 02/03/2022

 10.44

 Consulting Agreement, dated March 8, 2022, by
 and between the Company and Dr. Jonathan Javitt

 10.1

 03/09/2022

 10.46

 Executive Employment Agreement, dated June 13,
 2022, by and between NRx Pharmaceuticals, Inc. and Seth Van Voorhees

 10.1

 08/15/2022

 10.47

 Executive Employment Agreement, dated July 12,
 2022, by and between NRx Pharmaceuticals, Inc. and Stephen Willard

 10.1

 11/14/2022

 10.48

 Share Purchase Agreement, dated November 4, 2022,
 by and between NRx Pharmaceuticals, Inc. and Streeterville Capital, LLC

 10.1

 11/09/2022

 10.49

 Form of Note, dated November 4, 2022, by
 and between NRX Pharmaceuticals, Inc. and Streeterville Capital, LLC

 10.2

 11/09/2022

 10.50

 Form of Guarantee, dated November 4, 2022,
 by and between NeuroRx, Inc. and Streeterville Capital, LLC

 10.3

 11/09/2022

 10.51

 Settlement Agreement by and between Relief Therapeutics
 Holding AG, Relief Therapeutics International SA, NeuroRx, Inc. and NRX Pharmaceuticals, Inc., dated November 12,
 2022.

 10-K/A

 10.54

 05/01/2023

 10.52

 Asset Purchase Agreement by and between Relief Therapeutics
 Holding AG, Relief Therapeutics International SA, NeuroRx, Inc. and NRX Pharmaceuticals, Inc., dated November 12,
 2022.

 10-K/A

 10.55

 05/01/2023

 10.53

 Share Purchase Agreement, dated March 8, 2023,
 by and between NRx Pharmaceuticals, Inc. and Purchasers

 8-K/A

 10.1

 03/14/2023

 10.54+

 Pill Tracker Supplemental Task Order, dated November 15,
 2021.

 10.46

 03/31/2022

 10.55

 Amendment to Consulting Agreement, dated March 29,
 2023, by and between the Company and Dr. Jonathan Javitt.

 10.55

 10.56+

 Development and License Agreement, dated as of June 2,
 2023, by and among the Company and Alvogen.*

 10.1

 06/05/2023

 10.57

 Form of Securities Purchase Agreement

 8-K/A

 10.1

 06/07/2023

 10.58

 Lock-Up Agreement

 8-K/A

 10.2

 06/07/2023

 10.59

 Amendment to Convertible Promissory Note, dated June 30,
 2023, by and between NRx Pharmaceuticals, Inc. and Streetervillle Capital LLC.

 10.1

 08/14/2023

 10.60

 Confidential Settlement Agreement and Release, dated
 July 17, 2023, by and between NRx Pharmaceuticals, Inc., NeuroRx, Inc., GEM Yield Bahamas Limited and GEM Global Yield
 LLC SCS

 10.60

 10.61

 Form of Securities Purchase Agreement

 10.1

 09/01/2023

 10.62

 Client Agreement, dated August 31, 2023, by and
 between NRx Pharmaceuticals, Inc. and LS Associates, a division of LifeSci Advisors, LLC Associates.

 10.1

 09/14/2023

 10.63

 First Amendment to NRx Pharmaceuticals, Inc. 2021
 Omnibus Incentive Plan

 10.1

 12/29/2023

 10.64

 First Amendment to Exclusive, Global Development, Supply,
 Marketing & License Agreement, dated February 7, 2024, by and between NRx Pharmaceuticals, Inc., Alvogen Pharma
 US, Inc., Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd.

 10.64

 10.65

 Amendment #3 to Convertible Promissory Note, dated
 February 9, 2024, by and between NRx Pharmaceuticals, Inc. and Streetervillle Capital LLC.

 10.1

 02/14/2024

 10.66

 Form of Securities Purchase Agreement, dated February 29,
 2024

 10.66

 14.1

 NRx Pharmaceuticals, Inc. Code of Conduct

 X

 16.1

 Letter from KPMG LLP to the Securities and Exchange
 Commission dated November 21, 2023

 8-K/A

 16.1

 11/22/2023

 23.1

 Consent of Independent Registered Accounting Firm

 23.1

 31.1

 Certification of Principal Executive Officer pursuant
 to Section 302 of the Sarbanes-Oxley Act of 2002.

 X

 31.2

 Certification of Principal Financial Officer pursuant
 to Section 302 of the Sarbanes-Oxley Act of 2002.

 X

 32.1

 Certification of Principal Executive Officer pursuant
 to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.1

 32.2

 Certification of Principal Financial Officer pursuant
 to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2

 97.1

 NRx Pharmaceuticals, Inc. Compensation Recovery Policy

 97.1

 +

 Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulations S-K. The Company will furnish supplementally an unredacted copy of such exhibit to the Securities and Exchange Commission or its staff upon request.

 This certification is being furnished solely to accompany this annual report pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 SIGNATURES

 Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, on April 29, 2024.

 NRX PHARMACEUTICALS, INC.

 By:

 /s/ Richard Narido

 Richard Narido

 Chief Financial Officer (Principal Financial Officer)