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 via nasal 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 currently paused pending partnerships.

• Proprietary PBI technology aims to provide faster, more reliable drug absorption compared to liquid-based nasal sprays, with demonstrated advantages in early clinical studies.

• Additional pipeline includes preclinical programs for intranasal midazolam, atropine, and ondansetron.

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 $1.53 million, up from $1.05 million in 2023, primarily due to increased general and administrative expenses.

• Cash and cash equivalents were $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.

Use of proceeds and capital allocation

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

• Approximately $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 funds; proceeds may not be sufficient to complete all R&D activities required for commercialization.