Nasus Pharma (NSRX) extends Aptar Epinephrine pact and supply deal

Rhea-AI Filing Summary

Nasus Pharma Ltd. reported that it expanded its long‑standing collaboration with AptarGroup to support development and potential commercialization of its NS002 intranasal Epinephrine program. The company and Aptar terminated their 2019 master services agreement and related work schedules, settling outstanding disputes, and replaced them with a new 2025 master services agreement focused on development, analytical, regulatory, and consulting services.

Under a new schedule of work, Aptar France will help develop, test, and prepare regulatory submissions for Nasus Pharma’s intranasal Epinephrine powder using Aptar’s Unit Dose Powder nasal delivery device. Nasus Pharma agreed to staged fees over three years, milestone payments on new drug application submission and approval, and royalties on commercial sales for seven years from first commercial sale. A separate supply agreement makes Aptar France the exclusive supplier of the device for Epinephrine products, with Nasus Pharma committing to purchase all of its requirements over an initial five‑year term, renewable for two additional years.

Insights

Biopharma partnerships analyst

Nasus restructures its Aptar collaboration around NS002 with long-term service, royalty, and exclusive supply terms.

The company has replaced its 2019 master services agreement with Aptar through a termination and settlement arrangement and signed a new 2025 master services agreement and schedule of work centered on its intranasal Epinephrine (NS002) program. This concentrates Aptar France’s role on development, testing, and regulatory support using Aptar’s Unit Dose Powder nasal delivery system, aligning the device partner closely with the program’s clinical and regulatory path.

Economically, Nasus Pharma commits to staged fees over three years, milestone payments at new drug application submission and approval, and royalties on commercial sales for seven years from first commercial sale. A separate supply agreement makes Aptar France the exclusive supplier of the device for Epinephrine products, with Nasus Pharma buying 100% of its requirements over an initial five‑year term, renewable for two years. This secures a dedicated device and supply chain for NS002 but also creates dependence on a single supplier, with commercial upside linked to regulatory approval and future sales traction.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number: 001-42796

Nasus Pharma Ltd.

Yigal Alon 65

Tel Aviv, Israel 6744317

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

CONTENTS

On October 6, 2025, Nasus Pharma Ltd. (the “Company”) extended its collaboration with AptarGroup, Inc. and its affiliates through the execution of a series of agreements designed to advance the development and commercialization of the Company’s intranasal Epinephrine program. The Company and AptarGroup Inc. have a history of collaboration dating back to 2019.

On October 6, 2025, the Company and AptarGroup, Inc. (“Aptar”) entered into a Termination and Settlement Agreement (the “Termination Agreement”) to: (i) terminate that certain Master Services Agreement by and between the Company and Aptar entered into on September 6, 2019 (the “2019 Aptar MSA”); (ii) terminate the schedules of work relating to Naloxone and Epinephrine entered into on September 6, 2019 and April 20, 2020, respectively; and (iii) resolve and settle outstanding disputes between the parties related to the 2019 Aptar MSA. In addition, on October 6, 2025, the Company and Aptar France S.A.S. (“Aptar France”) entered into a new master services agreement (the “2025 Aptar MSA”), a schedule of work relating to the Company’s Epinephrine program (the “2025 SOW”), and a short-form supply agreement (the “Supply Agreement”).

2025 MSA

The 2025 Aptar MSA replaces the 2019 Aptar MSA and updates terms and conditions under which Aptar will provide development, analytical, regulatory, and consulting services to the Company, including services enumerated in schedules of work signed by the parties for fees set forth in such schedules.

The 2025 Aptar MSA includes customary provisions regarding confidentiality, intellectual property, indemnification, and termination rights. The 2025 Aptar MSA remains in effect until the later date of five years from the signing date, or until the services are completed.

2025 SOW

Pursuant to the 2025 Aptar MSA, the parties entered into a schedule of work related to Epinephrine on October 6, 2025. Under the 2025 SOW, Aptar France will provide support for the development, testing, and regulatory submission of the Company’s intranasal Epinephrine powder delivered through Aptar’s Unit Dose Powder nasal delivery system (“UDSp”) device. In consideration for such services, the Company has agreed to pay Aptar France staged fees over the next three years, milestone payments upon (i) new drug application (“NDA”) submission and (ii) NDA approval, and royalties stemming from commercial sales of the intranasal Epinephrine product for a period of seven years commencing on the date of the first commercial sale.

Supply Agreement

On October 6, 2025, the Company and Aptar France entered into a Supply Agreement relating to the Company’s Epinephrine program. The Supply Agreement provides that, subject to U.S. Food and Drug Administration approval of the underlying program, Aptar France will exclusively supply the Company with UDSp devices, with the Company committing to purchase 100% of its requirements from Aptar France for use in its products for Epinephrine. The Supply Agreement has an initial term of five years, is renewable for two years, and sets forth pricing on a per-component basis.

Press Release

On October 8, 2025, the Company issued a press release titled “Nasus Pharma Announces Expanded Agreement to Support Development and Commercialization of NS002 Intranasal Epinephrine Program,” a copy of which is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release issued on October 8, 2025 by Nasus Pharma Ltd. titled “Nasus Pharma Announces Expanded Agreement to Support Development and Commercialization of NS002 Intranasal Epinephrine Program”.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NASUS PHARMA LTD.
Date: October 8, 2025	By:	/s/ Dan Teleman
	Name:	Dan Teleman
	Title:	Chief Executive Officer

FAQ

What did Nasus Pharma (NSRX) report in this Form 6-K?

Nasus Pharma reported that it extended and restructured its collaboration with AptarGroup, terminating a 2019 master services agreement and entering new development, royalty, and supply agreements focused on its NS002 intranasal Epinephrine program.

What is the focus of Nasus Pharmas new agreement with Aptar France for NS002?

The new schedule of work under the 2025 master services agreement has Aptar France supporting development, testing, and regulatory submission of Nasus Pharmas intranasal Epinephrine powder delivered through Aptars Unit Dose Powder nasal delivery system.

How will Aptar France be compensated under the new NS002 collaboration?

Nasus Pharma agreed to pay staged fees over three years, milestone payments upon new drug application submission and upon approval, and royalties on commercial sales of the intranasal Epinephrine product for seven years starting from the first commercial sale.

What are the key terms of the NS002 supply agreement between Nasus Pharma and Aptar France?

Subject to U.S. Food and Drug Administration approval of the NS002 program, Aptar France will exclusively supply the Unit Dose Powder devices, and Nasus Pharma will purchase 100% of its Epinephrine device requirements from Aptar France for an initial five‑year term, renewable for two more years, with pricing set on a per‑component basis.

How long does the new 2025 master services agreement between Nasus Pharma and Aptar remain in effect?

The 2025 master services agreement remains in effect until the later of five years from signing or completion of the services, and it includes customary provisions on confidentiality, intellectual property, indemnification, and termination.

Did Nasus Pharma communicate this expanded NS002 agreement publicly?

Yes. On October 8, 2025, Nasus Pharma issued a press release titled Nasus Pharma Announces Expanded Agreement to Support Development and Commercialization of NS002 Intranasal Epinephrine Program, which is furnished as an exhibit.