Nasus Pharma Reports First Half 2026 Financial Results and Provides Business Update

Rhea-AI Summary

Nasus Pharma (NYSE:NSRX) reported unaudited financial results for the six months ended June 30, 2026 and provided a business update. Cash, cash equivalents and short‑term deposits rose to $11.9 million from $4.3 million at year‑end 2025, mainly due to a $15.0 million private placement, which the company expects will fund operations through the second quarter of 2027.

Nasus recorded a net loss of $5.9 million versus $1.3 million a year earlier, driven by higher R&D expenses of $2.6 million and G&A expenses of $3.4 million. Shareholders’ equity increased to $11.0 million, with 11.07 million weighted average ordinary shares outstanding.

Clinically, NS002, an intranasal epinephrine powder for anaphylaxis, completed a Phase 2 study showing statistically significant improvements in time to therapeutic threshold versus EpiPen and consistent absorption, and is planned to enter a pivotal trial in Q4 2026 with topline data expected in Q1 2027. NS003, an intranasal ondansetron powder for chemotherapy‑induced and post‑operative nausea and vomiting, showed positive preclinical pharmacokinetics and is on track for a first‑in‑human PK study in the coming weeks. Nasus also appointed pharma veteran Brendan P. O’Grady as CEO effective July 27, 2026.

Positive

• Cash and deposits increased to $11.9M at June 30, 2026 from $4.3M at December 31, 2025
• $15.0M gross proceeds raised via private placement of ordinary shares and warrants
• Runway expected to fund operations through Q2 2027
• NS002 Phase 2 showed statistically significant faster time to therapeutic threshold versus EpiPen
• NS002 pivotal study planned to start in Q4 2026 with Q1 2027 topline
• NS003 demonstrated positive preclinical pharmacokinetics and is nearing first‑in‑human PK study
• Shareholders’ equity rose to $11.0M from $2.8M at year‑end 2025
• Appointed experienced pharma leader Brendan P. O’Grady as CEO effective July 27, 2026

Negative

• Net loss widened to $5.9M for H1 2026 from $1.3M in H1 2025
• R&D expenses rose to $2.6M from $0.3M year over year for the six‑month period
• G&A expenses increased to $3.4M from $0.5M, partly due to public company costs
• Loss per share increased to $0.54 from $0.17 year over year for the six‑month period
• Weighted average ordinary shares outstanding rose to 11.07M from 7.36M, indicating dilution
• Company remains in a pre‑revenue, loss‑making stage with ongoing operating losses

News Explained

The financing changes the ownership base, while NS002’s pivotal study remains conditional on regulatory alignment.

The first-half report records Nasus Pharma’s financing-linked ownership changes: as of June 30, 2026, it had $11.9 million in cash, cash equivalents and short-term deposits, 11,710,808 issued ordinary shares, and warrants to purchase additional shares.

A private placement is a sale of securities to selected investors outside a public offering; the release reports approximately $15.0 million of gross proceeds but does not state the placement share count or warrant exercise terms, so the precise ownership effect cannot be determined from this disclosure.

NS002’s pivotal study remains planned for the fourth quarter of 2026, with topline data planned for the first quarter of 2027, subject to regulatory alignment.

Market Context

Recent insider context records Net Buying through one purchase. That platform signal adds context to...

Analysis

Recent insider context records Net Buying through one purchase. That platform signal adds context to the clinical and funding update, while increased expenses and reliance on current cash remain risks to monitor.

Key Figures

Cash and equivalents: $11.9 million Private placement proceeds: Approximately $15.0 million Cash runway: Through the second quarter of 2027 +5 more

8 metrics

Cash and equivalents $11.9 million As of June 30, 2026, versus $4.3 million as of December 31, 2025

Private placement proceeds Approximately $15.0 million Aggregate gross proceeds from ordinary shares and warrants

Cash runway Through the second quarter of 2027 Expected funding duration based on current cash, equivalents, and deposits

R&D expenses $2.6 million Six months ended June 30, 2026, versus $0.3 million in 2025

G&A expenses $3.4 million Six months ended June 30, 2026, versus $0.5 million in 2025

Net loss $5.9 million Six months ended June 30, 2026, versus $1.3 million in 2025

Ordinary shares outstanding 11,070,458 shares As of June 30, 2026

Market opportunity $2 billion Anaphylaxis market opportunity cited for NS002

Historical Context

5 past events · Latest: Jul 28 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 28	CEO appointment	Positive	-1.9%	Pharmaceutical veteran appointed CEO to advance NS002 and commercial strategy.
Jun 22	Investor conference	Neutral	+1.6%	Company scheduled a presentation and investor Q&A at a life sciences forum.
Jun 09	Preclinical data	Positive	-0.3%	NS003 showed favorable pharmacokinetic and safety results in preclinical studies.
Jun 01	KOL event	Neutral	-0.6%	Company announced a virtual event to review NS002 Phase 2 data.
May 01	Investor conferences	Neutral	+1.9%	Management announced meetings at two New York investor conferences.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Positive leadership and clinical announcements were followed by negative 24-hour reactions in the two most directly comparable recent events.

Key Terms

pharmacokinetic, therapeutic threshold, pivotal study, private placement, +1 more

5 terms

pharmacokinetic medical

"positive results from a preclinical pharmacokinetic study of NS003"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

therapeutic threshold medical

"statistically significant improvements in time to therapeutic threshold"

Level of drug exposure, dose, or biomarker at which a treatment begins to produce the intended clinical effect while remaining within an acceptable safety range; it marks the point where benefit is measurable compared with no treatment. Investors care because the therapeutic threshold influences clinical trial success, dosing decisions, regulatory approval, and the size of the treatable population—similar to knowing the minimum volume needed on a speaker for people in a room to hear clearly.

pivotal study medical

"we are on track to initiate a pivotal study"

A pivotal study is a large, definitive clinical trial designed to show whether a medical product works and is safe enough for regulators to approve and for doctors to use. Think of it as the final exam that determines whether a drug or device moves from testing into the market; its results can dramatically change a company’s approval chances, future sales prospects, and therefore its stock value.

private placement financial

"primarily a result of a private placement of ordinary shares"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

warrants financial

"and warrants to purchase ordinary shares"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

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Appointed Pharma Industry Veteran Brendan O’Grady as Chief Executive Officer

Company on Track to Advance Clinical Programs to Key Second Half 2026 Milestones

TEL AVIV, Israel, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Nasus Pharma Ltd. (NYSE: NSRX) ("Nasus", “Nasus Pharma” or the "Company"), a clinical-stage pharmaceutical company focused on the development of innovative intranasal products, today announced its financial results for the six months ending June 30, 2026 and provided a corporate update.

"Nasus has made enormous progress in its clinical programs in the first six months of 2026, and we believe it is well positioned to advance to NS002 and NS003 toward key milestones in the second half of the year,” said Brendan O’Grady, Chief Executive Officer of Nasus Pharma. "Building on the positive topline Phase 2 results for NS002 intranasal epinephrine powder formulation, we are on track to initiate a pivotal study in the treatment of anaphylaxis in the fourth quarter of this year, with a topline data readout anticipated in the first quarter of 2027. NS002 represents an opportunity to address a significant unmet medical need in a growing $2 billion market opportunity currently dominated by injectables. While this clinical program advances toward important inflection points, we are also developing the commercial strategy and go-to-market plans designed to deliver the significant value generation that NS002 represents. NS003, our proprietary intranasal powder formulation of ondansetron that is being developed for chemotherapy induced and post-operative nausea and vomiting, demonstrated a favorable safety profile in a preclinical study, and we are preparing to initiate a first-in-human pharmacokinetic study in the coming weeks. We look forward to executing on our timelines over the second half of 2026, and to delivering on the therapeutic promise of our portfolio to patients in need.”

Clinical Updates

NS002 – Intranasal powder Epinephrine for Anaphylaxis

• Completed Phase 2 single and repeat dose clinical study, with topline results demonstrating statistically significant improvements in time to therapeutic threshold (T100) and a higher proportion of participants reaching therapeutic epinephrine levels within the first minutes following administration, compared to EpiPen®. Data also demonstrated NS002’s consistent absorption across real-world conditions, including under a nasal allergic challenge designed to simulate anaphylaxis scenarios.
• Advancing toward a pivotal clinical study and on track for initiation in the fourth quarter of 2026 and planned topline data readout in the first quarter of 2027, subject to regulatory alignment.
• Hosted Key Opinion Leader event highlighting NS002’s potential in the treatment of anaphylaxis. Replay available here.
  

NS003 – Proprietary intranasal powder formulation of ondansetron for chemotherapy and post-operative nausea and vomiting

• Announced positive results from a preclinical pharmacokinetic study of NS003 (the proprietary intranasal powder formulation of ondansetron) for initiation of first in human trial being developed for chemotherapy induced and post-operative nausea and vomiting.
• On track to initiate a first-in-human PK study in the coming weeks.

Business Updates

• Appointed pharma industry veteran Brendan P. O’Grady as Chief Executive Officer to lead the Company’s next phase of growth. The leadership transition was effective as of July 27, 2026.
• Mr. O’Grady has more than three decades of global leadership experience spanning corporate strategy, business development, commercialization, market access, strategic partnerships and global product launches. Additional information regarding Mr. O’Grady’s appointment is set forth in our Report of Foreign Private Issuer on Form 6-K furnished to the U.S. Securities and Exchange Commission (the “SEC”) on July 28, 2026.

Financial Results

Cash, Cash Equivalents and Short-Term Deposits: As of June 30, 2026, Nasus had cash, cash equivalents and short-term deposits of $11.9 million, compared with cash, cash equivalents and short-term deposits of $4.3 million as of December 31, 2025. The increase in cash, cash equivalents and short-term deposits was primarily a result of a private placement of ordinary shares and warrants to purchase ordinary shares for aggregate gross proceeds of approximately $15.0 million. Nasus expects that its current cash, cash equivalents and short-term deposits will be sufficient to fund its operations through the second quarter of 2027.

Research and Development Expenses: Research and development expenses were $2.6 million for the six months ended June 30, 2026, compared with $0.3 million for the six months ended June 30, 2025. The increase was primarily attributable to expenses paid in connection with the development of NS002.

General and Administrative Expenses: General and administrative expenses were $3.4 million for the six months ended June 30, 2026, compared with $0.5 million for the six months ended June 30, 2025. The increase was mainly due to the costs associated with becoming a public company.

Net Loss: For the six months ended June 30, 2026, net loss was $5.9 million, compared with a net loss of $1.3 million for the six months ended June 30, 2025. The total number of ordinary shares outstanding as of June 30, 2026, was 11,070,458.

The Company has furnished its Report of Foreign Private Issuer on Form 6-K for the six months ended June 30, 2026, to the SEC, which can be accessed on its website at https://www.nasuspharma.com. Shareholders may request, free of charge, a hard copy of the Report, which includes the Company’s complete audited consolidated financial statements for the six months ended June 30, 2026, by contacting ir@nasuspharma.com.

About Nasus Pharma

Nasus Pharma Ltd. (NYSE: NSRX) is a biopharmaceutical company advancing innovative intranasal therapies through its proprietary intranasal powder technology platform. The Company's lead product candidate, NS002, is being developed as an intranasal epinephrine treatment for Type I allergic reactions, including anaphylaxis. In addition to NS002, Nasus is leveraging its proprietary technology platform to develop a growing pipeline of differentiated intranasal product candidates designed to provide rapid, reliable and patient-friendly drug delivery across multiple therapeutic areas.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. Words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will”, “would,” or the negative of these words, similar expressions or variations of such words are intended to identify forward looking statements. For example, Nasus Pharma is using forward looking statements in this press release when it discusses: statements regarding the Company's strategy to commercialize NS002 and unlocking its commercial potential; advancing the Company’s pipeline and future business development initiatives, maximizing the value of its proprietary Nasax intranasal technology platform; the next phase of Nasus Pharma’s growth; the Company advancing NS002 toward a pivotal trial in the fourth quarter of 2026 and topline data readout the first quarter of 2027; its ability to execute on its timelines in the second half of 2026; the increasing strategic focus on pre-commercial planning; the opportunity NS002 presents to address a significant unmet medical need; the believe that the Nasus portfolio represents a significant value generation opportunity; and the potential applications and promise of the Company’s proprietary intranasal technology platform. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise these forward-looking statements except as required by applicable law.

Company Contact
Nasus Pharma Ltd.
info@nasuspharma.com

Investor Contact
Mike Moyer
LifeSci Advisors
+1-617-308-4306
mmoyer@lifesciadvisors.com

---tables to follow---

NASUS PHARMA LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in U.S. dollars in thousands, except share and per share amounts)
			June 30, 2026				December 31, 2025
Asset
Current assets
Cash and cash equivalents		$	7,818			$	1,237
Restricted cash			86				54
Short-term deposit			4,000				3,049
Prepaid expenses and other current assets			407				515
Total current assets			12,311				4,855
Right-of-use assets			120				135
Property and equipment, net			18				14
Total Assets		$	12,449			$	5,004
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	347			$	829
Accrued expense and other current liabilities (of which $94 and $136 are to related parties as of June 30, 2026 and December 31, 2025, respectively)			568				806
Current operating lease liabilities			54				45
Current liabilities related to discontinued operations			435				483
Total current liabilities			1,404				2,163
Noncurrent operating lease liabilities			49				73
Total Liabilities			1,453				2,236
Commitments and contingencies (see Note 5 )			-				-
Shareholders’ equity
Ordinary Shares, no par value; 50,000,000 shares authorized. 11,710,808 and 9,015,383 shares issued as of June 30,2026 and December 31, 2025, respectively.			-				-
Additional paid-in capital			35,458				21,288
Accumulated deficit			(24,462	)			(18,520
Total Shareholders’ Equity			10,996				2,768
Total Liabilities and Shareholders’ Equity		$	12,449			$	5,004

NASUS PHARMA LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in U.S. dollars in thousands, except share and per share amounts)		Six Months Ended June 30,
		2026				2025
Operating expenses:
Research and development (of which $320 and $295 are with related parties in 2026 and 2025, respectively)		$	2,589			$	289
General and administrative (of which $839 and $286 are with related parties in 2026 and 2025, respectively)			3,452				528
Total operating expenses			6,041				817
Operating loss from continuing operations			(6,041	)			(817	)
Change in fair value of convertible securities			-				(326	)
Interest income			128				-
Other expenses, net			(35	)			(51	)
Loss from continuing operations			(5,948	)			(1,194	)
Net income (loss) from discontinued operations			6				(58	)
Net loss		$	(5,942	)		$	(1,252	)
Per share data
Loss per share attributable to shareholders:
Basic		$	(0.54	)		$	(0.17	)
Diluted		$	(0.54	)		$	(0.17	)
Weighted average Ordinary Shares outstanding – basic			11,070,458				7,362,906
Weighted average Ordinary Shares outstanding – diluted			11,070,458				7,362,906

FAQ

What were Nasus Pharma (NSRX) key financial results for the first half of 2026?

Nasus Pharma reported a net loss of $5.9 million for the six months ended June 30, 2026. According to Nasus Pharma, R&D expenses were $2.6 million, G&A expenses were $3.4 million, and loss per basic and diluted share was $0.54.

How much cash does Nasus Pharma (NSRX) have and what is its cash runway after H1 2026?

Nasus Pharma held $11.9 million in cash, cash equivalents and short‑term deposits as of June 30, 2026. According to Nasus Pharma, this liquidity is expected to be sufficient to fund operations through the second quarter of 2027, following a $15.0 million private placement.

What progress did Nasus Pharma (NSRX) report for its NS002 intranasal epinephrine program?

NS002 completed a Phase 2 study showing statistically significant faster time to therapeutic epinephrine levels versus EpiPen. According to Nasus Pharma, the company plans to initiate a pivotal anaphylaxis study in Q4 2026 with topline data anticipated in the first quarter of 2027.

What is Nasus Pharma’s NS003 program and what were the latest results as of August 2026?

NS003 is an intranasal powder ondansetron candidate for chemotherapy‑induced and post‑operative nausea and vomiting. According to Nasus Pharma, a preclinical pharmacokinetic study showed positive results, and a first‑in‑human PK study is planned to begin in the coming weeks.

How did the private placement affect Nasus Pharma (NSRX) in the first half of 2026?

Nasus Pharma completed a private placement of ordinary shares and warrants for $15.0 million in gross proceeds. According to Nasus Pharma, this financing primarily drove the increase in cash and shareholders’ equity and supports operations through the second quarter of 2027.

Who is the new CEO of Nasus Pharma (NSRX) and when did the leadership change occur?

Nasus Pharma appointed Brendan P. O’Grady, a pharma industry veteran, as chief executive officer. According to Nasus Pharma, the leadership transition became effective on July 27, 2026, and O’Grady brings more than three decades of global pharmaceutical leadership experience.

How did Nasus Pharma’s operating expenses change year over year in the first half of 2026?

Total operating expenses rose to $6.0 million for the six months ended June 30, 2026, from $0.8 million a year earlier. According to Nasus Pharma, increases were mainly driven by NS002 development spending and higher public‑company related general and administrative costs.