Nasus Pharma (NSRX) Registration Filing summary

Company overview and business model

• Clinical-stage specialty pharmaceutical company developing intranasal powder-based drugs for emergency medical conditions, focusing on rapid drug absorption and user-friendly administration.

• Lead product is NS002, an intranasal epinephrine powder for severe allergies and anaphylaxis; NS001, an intranasal naloxone powder for opioid overdose, is paused pending partnerships.

• Proprietary powder-based intranasal (PBI) technology aims to outperform liquid-based solutions in speed and consistency of drug delivery.

• Additional pipeline includes preclinical programs for acute seizures, organophosphate poisoning, and intractable vomiting.

Financial performance and metrics

• No revenues generated to date; accumulated deficit of $12.7 million as of December 31, 2024.

• Net loss for 2024 was $1.5 million, up from $1.1 million in 2023; operating loss for 2024 was $1.08 million.

• Cash and cash equivalents at year-end 2024 were $284,000; working capital deficit of $3.3 million.

• Research and development expenses decreased 41% in 2024 due to reduced clinical trial activity; general and administrative expenses increased 28% due to IPO-related costs.

Use of proceeds and capital allocation

• Expected net proceeds of $9.3 million from IPO (or $10.8 million if over-allotment is exercised), based on an $11.00 per share midpoint.

• Approximately $6–7 million allocated to NS002 development, including manufacturing scale-up and additional Phase 2 studies; remainder for general corporate purposes.

• Management retains broad discretion over use of proceeds; actual expenditures may vary based on development progress and market conditions.