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 delivery.

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

• Proprietary PBI technology aims to provide superior absorption and stability over liquid-based nasal products, with additional pipeline programs in preclinical stages.

• No FDA-approved products to date; all candidates have been tested only in small patient populations.

Financial performance and metrics

• No revenues generated from product candidates; accumulated deficit of $12.7 million as of December 31, 2024.

• Net loss of $1.53 million for 2024, up from $1.05 million in 2023; operating loss from continuing operations was $1.08 million in 2024.

• Cash and cash equivalents of $284,000 at year-end 2024; 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 offering-related costs.

Use of proceeds and capital allocation

• Expected net proceeds of $9.5 million from the IPO (or $11.1 million if over-allotment is exercised), based on a $9.00 per share midpoint.

• $6–7 million allocated to development of the Intranasal Epinephrine program, including manufacturing scale-up and additional Phase 2 studies; remainder for general corporate purposes.

• Management retains broad discretion over use of proceeds; proceeds are not expected to be sufficient to complete all R&D necessary for commercialization.