Nasus Pharma Ltd Annual Report - How They Did This Year

I’ve put together this guide to help you understand how Nasus Pharma performed this year. My goal is to turn complex financial filings into plain English so you can decide if this company fits your portfolio.

1. What does this company do?

Nasus Pharma is a biotech company based in Tel Aviv. They specialize in a unique powder-based nasal spray technology. Traditional liquid sprays often drip down the throat, but Nasus’s powder sticks to the nasal lining. This allows the body to absorb the medicine quickly, potentially matching the speed of an injection without the need for needles.

2. The Current Pipeline

Nasus is currently in the development stage and does not yet generate revenue.

• NS002 (Intranasal Epinephrine): Their lead project, designed to treat severe allergic reactions (anaphylaxis).
• NS001 (Intranasal Naloxone): A treatment for opioid overdoses. Development is currently paused while the company seeks a partner to fund further testing.
• Early-Stage Pipeline: They are using their platform to explore treatments for seizures, poisoning, and severe vomiting.

3. Financial Health: The "Cash Burn" Phase

Nasus is in a "cash-burn" phase, meaning they spend more than they make. They reported an $18.4 million loss this year, with $12.2 million directed toward research costs. By year-end, they had $9.6 million in cash remaining. Management has noted that current capital is insufficient to fund operations for the next 12 months, and the company is currently addressing a need for additional accounting staff to manage public reporting requirements.

4. Major Wins and Challenges

• The Big Win: The company went public on the NYSE American in August 2025, raising $12 million. This capital was essential for maintaining ongoing operations.
• The Challenge: Nasus relies on outside manufacturers for their supplies. Any delays or regulatory issues faced by these partners directly impact Nasus’s own testing timelines.

5. What’s Next?

The 2026 roadmap is a critical indicator for investor confidence:

• Q1 2026: Complete a study in Canada to refine dosage requirements.
• Q2 2026: Launch a study to confirm that patients can safely use the device during an emergency.
• Q4 2026: Begin the final Phase 3 clinical trial, the last major hurdle before seeking FDA approval.

6. Key Risks

Beyond the inherent risk that their drugs may not receive regulatory approval, investors should consider:

• Financial Survival: Because Nasus requires more capital to reach FDA approval, they will likely issue more shares. This would dilute existing shareholders and reduce your ownership percentage.
• Geopolitical Risk: As a company based in Israel, Nasus faces risks from regional conflict, which could disrupt their supply chain or delay clinical trials.
• Execution: With a small team, managing complex international trials is a significant challenge. Any failure to oversee partners or maintain financial reporting standards could lead to increased stock price volatility.

Investor Takeaway: Nasus Pharma is a high-risk, early-stage biotech play. Their success hinges entirely on the clinical progress of NS002 and their ability to secure additional funding without significantly diluting current investors. Before investing, consider whether you are comfortable with the risks associated with clinical-stage drug development and the company's current financial runway.