Key Highlights

  • NSRX reported cash, cash equivalents, and short-term deposits of $11.9 million as of June 30, up from $4.3 million at year-end 2025, following a $15.0 million private placement.
  • Net loss for the first half of 2026 was $5.9 million, compared with $1.3 million a year earlier, driven by increased Research and Development spending on the company's NS002 program.
  • The company appointed pharmaceutical industry veteran Brendan O'Grady as Chief Executive Officer, effective July 27, 2026, to lead its next phase of growth.
  • NS002, an intranasal epinephrine powder formulation for anaphylaxis, is on track for a pivotal study initiation in the fourth quarter of 2026 with topline data expected in the first quarter of 2027.

Phase 2 Results Support Advancement to Pivotal Study

Nasus Pharma Ltd. (NYSE:NSRX), a Tel Aviv-headquartered clinical-stage pharmaceutical company developing innovative intranasal products through its proprietary powder technology platform, completed a Phase 2 single and repeat dose clinical study of NS002 with topline results showing statistically significant improvements in time to therapeutic threshold and a higher proportion of participants reaching therapeutic epinephrine levels within the first minutes following administration compared with EpiPen. The company said the data also demonstrated consistent absorption across real-world conditions, including under a nasal allergic challenge designed to simulate anaphylaxis scenarios.

Because the company's pivotal study initiation and topline readout timeline remain subject to regulatory alignment, the fourth-quarter 2026 start date and first-quarter 2027 data readout should be viewed as management's current expectation rather than a confirmed regulatory commitment, and any delays in that alignment could shift the timeline.

Second Pipeline Candidate Advances Toward First-in-Human Study

NS003, the company's proprietary intranasal powder formulation of ondansetron being developed for chemotherapy-induced and post-operative nausea and vomiting, demonstrated a favorable safety profile in a preclinical pharmacokinetic study, and the company said it is on track to initiate a first-in-human pharmacokinetic study in the coming weeks. Because NS003 remains in an earlier stage of development than NS002, its contribution to the company's near-term value will likely remain limited relative to the more advanced anaphylaxis program until initial human data become available.

Leadership Transition Coincides With Commercial Planning Phase

The appointment of Brendan O'Grady, who brings more than three decades of global pharmaceutical Leadership experience spanning commercialization, market access, and product launches, comes as the company begins developing go-to-market plans for NS002 ahead of its targeted entry into what management estimates as a $2 billion market currently dominated by injectable epinephrine products. Research and development expenses rose to $2.6 million for the first half from $0.3 million a year earlier, reflecting the ramp in NS002 development activity, while general and administrative expenses increased to $3.4 million from $0.5 million, driven largely by costs associated with operating as a public company.

Because commercial launch planning for NS002 is occurring well before any regulatory approval, the ultimate return on this pre-commercial Investment depends entirely on the pivotal study succeeding and the product subsequently receiving regulatory clearance, both of which remain uncertain at this stage.

Conclusion

Nasus Pharma's strengthened cash position, positive Phase 2 data for NS002, and new commercial-focused leadership position the company to pursue its stated goal of addressing a substantial unmet need in anaphylaxis treatment currently served almost exclusively by injectable products. The company's current cash is expected to fund operations only through the second quarter of 2027, meaning the pace of the NS002 pivotal trial and any additional financing activities will be important variables to watch alongside the clinical data itself.