Nasus Pharma Ltd.

Nasus Pharma Ltd. (NSRX), a clinical-stage biotech developing intranasal drugs for emergencies, reported a net loss of $5.9M for FY 2025 ending December 31, 2025, up 282% YoY from $1.5M in 2024 and $1.1M in 2023. Operating expenses rose to $4.9M from $1.1M YoY, driven by $2.2M R&D (up 568%) and $2.7M G&A (up 259%), reflecting Phase 2 trials for NS002 intranasal Epinephrine and IPO costs. No revenue generated, as expected for pre-commercial stage. Balance sheet strengthened post-IPO: total assets $5.0M (cash $1.2M, short-term deposit $3.0M), equity $2.8M vs. $3.2M deficit prior. Cash burn from ops $4.9M offset by $8.9M financing (IPO net $8.5M), yielding $980K net cash increase. EPS -$1 basic/diluted (8.0M weighted shares). Liquidity supports ops to Q2 2027 post-$15M Feb 2026 raise. Focus on NS002 Phase 3 (Q4 2026), NS001 partnering; substantial doubt on going concern noted due to losses.

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