0001493152-26-012559
SEC filingNasus 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.
Nasus Pharma reported FY 2025 net loss of $5.9M, widening 282% YoY from $1.5M in 2024 amid ramped R&D for NS002 Phase 2 trials ($2.2M expenses, +568% YoY) and G&A surge to $2.7M (+259% YoY) tied to IPO. No revenue as pre-commercial biotech. Operating loss -$4.9M (+355% YoY). Post-IPO balance sheet: assets $5.0M (cash $1.2M + deposit $3.0M), equity $2.8M vs. prior deficit. Cash ops burn $4.9M offset by $8.9M financing, net cash +$980K. EPS -$1 (8.0M shares). Liquidity to Q2 2027 post-Feb 2026 $15M raise; going concern doubt flagged.
No revenue disclosed; clinical-stage focus on NS002 (intranasal Epinephrine) and paused NS001 (Naloxone). Expenses proxy activity: R&D $2.2M (related parties $653K), G&A $2.7M (related $1.0M). No segment/geographic breakdown.
Pre-revenue; gross margin N/A. Op margin -100% (loss $4.9M on $0 rev). Costs: R&D 45%, G&A 55%. Share comp $447K (+4350% YoY). Fair value change convertible secs -$952K loss.
Ops cash -$4.9M (loss $5.9M + non-cash $1.4M). Investing -$3.0M (deposit). Financing $8.9M (IPO $8.5M net). Assets $5.0M (current $4.9M). Liabs $2.2M (current $2.2M). Equity $2.8M. No debt post-SAFE conversions.
Phase 3 NS002 Q4 2026, IND Q3 2026. Partner NS001. $15M cash to Q2 2027. Risks: funding needs, trial delays, approval uncertainty.