July 2, 2025

Dear Shareholders,

As we continue building the HOPE Therapeutics network of interventional psychiatry clinics across the US, investors have asked for updates on our progress. Today we would like to inform you of a significant development: the company has received an approval letter for our previously announced debt financing with Universal Capital, LLC, pending standard legal closing requirements.

We plan to deploy the funds from this financing to complete our initial HOPE clinic acquisitions. As previously noted, these acquisitions are expected to be accretive to HOPE revenue and EBITDA.

The company also awaits clearance from the State of Florida’s Agency for Health Care Administration to move to acquisition closing.

HOPE’s initial acquisitions offer cutting-edge neuroplastic treatments, including ketamine, Spravato and transcranial magnetic stimulation (TMS) to treat patients with severe depression, PTSD, and related central nervous system (CNS) conditions. Neuroplastic treatments represent a rapidly emerging class of interventions that cause the growth of new connections (synapses) between brain cells that have been shown in multiple clinical trials to relieve symptoms of depression and suicidality.

Ketamine is a leading neuroplastic treatment, but it is not yet FDA approved, or insurance reimbursed for CNS disorders. To address this issue, NRx, HOPE’s parent company, is currently applying to the FDA for approval of NRX-100, our intravenous preservative-free ketamine, to treat suicidal depression and PTSD. As previously announced, the Company has applied for the new FDA Commissioner’s National Priority Voucher (CNPV) for NRX-100 and continues to anticipate decisions on drug approval by year-end 2025. Lastly, we have filed an Abbreviated New Drug Application (ANDA) for NRX-100 in current indications, under priority review request.

Thank you for your support and we look forward to continuing to share significant developments as they occur, as we bring HOPE to life.

Sincerely,
Jonathan C. Javitt, MD, MPH
Chairman and CEO

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, among others, statements regarding the satisfaction of closing conditions necessary to consummate the acquisition of Kadima, Neurospa and Dura, and obtaining financing necessary to consummate the acquisitions. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements, including, without limitation, whether the Company will be able to consummate financing for the transactions contemplated as well as other previously announced planned acquisitions will receive the FDA’s approval for its CNPV applications for NRX-100 and NRX-101, whether the FDA will approve the Company’s NDA to market and sell NRX-100 and NRX-101, whether the Company will receive approval for its products by year-end 2025, and whether the USPTO will approve the Company’s patent application. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information:

Matthew Duffy
Co-CEO, Hope Therapeutics, Inc.
Chief Business Officer, NRx Pharmaceuticals, Inc.
mduffy@nrxpharma.com

Brian Korb
Managing Partner, astr partners
(917) 653-5122
brian.korb@astrpartners.com