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 | ||||||
