Nasus Pharma (NSRX) Q4 2025 earnings summary

Executive summary

• Positive Phase 2 topline results for NS002 show statistically significant improvements in early absorption versus EpiPen, supporting advancement to a pivotal study in Q4 2026.

• Pipeline assets NS003 (Ondansetron for chemotherapy-induced nausea and vomiting) and NS004 (metabolic disorders) are progressing toward first-in-human studies in the second half of 2026.

• NS005, targeting cardiovascular diseases, is also advancing in preclinical development.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $4.3 million as of December 31, 2025, up from $0.3 million at year-end 2024, primarily due to the IPO.

• A $15 million private placement in February 2026 extended the cash runway through Q2 2027.

• Research and development expenses rose to $2.4 million in 2025 from $0.3 million in 2024, mainly due to NS002 development.

• General and administrative expenses increased to $2.7 million in 2025 from $0.7 million in 2024, reflecting the transition to a public company.

• Net loss for 2025 was $5.9 million, compared to $1.5 million in 2024.

Outlook and guidance

• Pivotal clinical study for NS002 is expected to start in Q4 2026, with readout in Q1 2027, pending regulatory alignment.

• First-in-human Phase 1 studies for NS003 and NS004 are planned for the second half of 2026.

• Cash position is expected to fund operations through Q2 2027.