Recent developments include positive Phase 2 clinical data for NS002 demonstrating superior and faster epinephrine delivery compared to EpiPen, a $15 million private placement of shares and warrants, and initiation of coverage by Citizens with a market outperform recommendation.

• Nasus Pharma announced positive top-line data from a Phase 2 clinical study of NS002 showing significantly superior and faster epinephrine delivery compared to EpiPen, with accelerated speed to therapeutic threshold [N1][S2].
• The company completed a $15 million private placement of shares and warrants in February 2026 to support its development programs [N2].
• Nasus Pharma's NS002 demonstrated faster epinephrine absorption in a Phase 2 study, supporting the potential advantages of its intranasal powder technology [N3].
• Citizens initiated coverage of Nasus Pharma with a market outperform recommendation in December 2025 [N4].

Nasus Pharma's proprietary intranasal powder technology has demonstrated faster and higher epinephrine absorption compared to existing intramuscular injections, potentially offering a more user-friendly and rapid treatment for anaphylaxis. The company's ongoing and planned clinical trials, including a pivotal Phase 3 study, represent key milestones toward regulatory approval and commercialization. The large and growing intranasal drug delivery market, particularly for emergency treatments, provides a significant opportunity. Successful partnerships and commercialization efforts could accelerate market entry and adoption. The recent $15 million private placement enhances financial resources to support development activities.

Nasus Pharma is a clinical-stage company with no FDA-approved products and a history of operating losses and accumulated deficit. Its clinical trials to date have involved small patient populations and were not powered for statistical significance, introducing uncertainty about clinical outcomes. The company faces intense competition from established products like EpiPen and Narcan, including generics with lower prices. Regulatory approval processes are complex and costly, and failure to obtain approval or market acceptance could impede commercialization. The company depends on raising additional funding and forming partnerships, which may not materialize on favorable terms. Market and economic uncertainties, including inflation and currency fluctuations, may adversely affect operations and financial performance.

Nasus Pharma's moat is based on its proprietary Powder-Based Inhalation (PBI) technology, which enables rapid and efficient intranasal drug delivery with uniform spherical powder particles that may enhance dose consistency and absorption speed. The company has developed a specialized product portfolio targeting acute emergency medical conditions, supported by multiple patents granted and pending worldwide. Its successful technology transfer and commercial scale-up to a European GMP FDA-approved manufacturing facility demonstrate scalability and manufacturing readiness. Collaborations with established inhaler manufacturers like Aptar further support product development and potential commercialization. However, the company operates in a competitive pharmaceutical market with larger players and established products, and its products have not yet received FDA approval, which limits current market presence.

• Regulatory Approval Risk: Nasus Pharma's products have not yet received FDA approval. The company must complete additional clinical trials and regulatory submissions, and there is no guarantee of approval or that the FDA will agree with the regulatory pathway proposed.
• Clinical Development Risk: Early clinical studies involved small patient populations and were not powered for statistical significance, which may limit the reliability of observed effects and require further validation in larger trials.
• Financial Risk: The company has incurred significant losses and an accumulated deficit, with limited cash resources. It depends on raising additional capital to fund ongoing development and operations.
• Competitive Risk: Nasus Pharma faces competition from established intranasal emergency drug products and generics, which may limit market penetration and pricing power.
• Partnership and Commercialization Risk: The company plans to seek partnerships to accelerate development and commercialization, but there is uncertainty regarding the timing, terms, and success of such partnerships.

• Nasus Pharma Ltd is a clinical-stage pharmaceutical company incorporated in Israel in 2019 focused on developing innovative intranasal products to treat emergency medical conditions.
• The company operates as a virtual company with its principal office in Tel Aviv, Israel.
• Nasus Pharma is developing a proprietary Powder-Based Inhalation (PBI) technology designed to deliver drugs intranasally with potentially faster and higher absorption compared to liquid nasal solutions.
• The lead product candidate is NS002, an intranasal epinephrine powder intended for emergency treatment of anaphylaxis, with clinical trials including a 12-patient pilot, a 12-patient Phase 2 study, and an ongoing Phase 2 study in Canada with 50 healthy adults.
• NS002 has demonstrated faster and higher peak plasma epinephrine levels compared to intramuscular injections (EpiPen) in early clinical studies.
• The company plans to initiate a pivotal Phase 3 clinical trial for NS002 in Q4 2026 and intends to submit an IND application in Q3 2026.
• Nasus Pharma has paused development of NS001, an intranasal naloxone product, and is seeking partnerships for its further development.
• The company has a collaboration with Aptar for inhaler device development and manufacturing, including a recent termination and new master services agreement with Aptar France S.A.S.
• Nasus Pharma has no FDA-approved products as of the latest filings.
• The company reported revenue of $1.235 billion for the fiscal year ended December 31, 2025, with a net loss of $5.856 million and basic and diluted EPS of -$0.72 per share.
• As of December 31, 2025, Nasus Pharma had cash and cash equivalents of $1.237 million, current assets of $4.855 million, current liabilities of $2.163 million, a current ratio of 2.24, and a cash ratio of 0.57.
• Nasus Pharma has incurred significant operating losses and had an accumulated deficit of $18.5 million as of December 31, 2025.
• The company completed a $15 million private placement of shares and warrants in February 2026.
• Nasus Pharma's intranasal drug delivery platform is being developed for multiple emergency medical conditions including anaphylaxis, opioid overdose, seizures, organophosphate poisoning, and intractable vomiting.
• The intranasal drug delivery market is large and growing, with the U.S. market estimated at $21.9 billion in 2021 and a global market forecasted to reach $93.7 billion by 2029.
• Nasus Pharma's NS002 product showed significantly superior and faster epinephrine delivery compared to EpiPen in a Phase 2 clinical study announced in March 2026.
• The company is an emerging growth company and a foreign private issuer, with certain regulatory exemptions under U.S. securities laws.
• Nasus Pharma's commercialization strategy includes seeking partnerships to accelerate development and commercialization of its products.
• The company has a strong intellectual property position with multiple patents approved and others pending worldwide.
• Nasus Pharma's shares have been listed on the NYSE American under the ticker NSRX since August 13, 2025.
• The company faces competition from established products like EpiPen and Narcan and from generic versions in the intranasal emergency drug market.
• Nasus Pharma's financial disclosures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.