An Israeli biotech firm with emergency care ambitions takes its case to Wall Street
Tel Aviv-based Nasus Pharma is moving forward with its U.S. public debut, targeting an $11 million capital raise through an IPO on the NYSE American exchange under the ticker NSRX. The company, founded in 2019, specializes in intranasal powder-based formulations for emergency medical conditions such as severe allergic reactions and opioid overdose.
As part of the revised offering terms filed on July 28, 2025, Nasus now plans to issue 1.25 million shares at a price range of $8 to $10, aiming to raise funds that will support the continued clinical development of its core pipeline. The adjustment in share count and pricing represents a strategic recalibration after initially seeking to raise a similar sum by offering fewer shares at a higher price range of $10–$12.
A disruptive technology in the making: Intranasal powder as a fast-response delivery system
At the core of Nasus Pharma’s business is a proprietary Powder-Based Intranasal (PBI) platform. Unlike traditional liquid sprays or injectable pens, Nasus’s dry powder formulations are engineered for rapid absorption, room-temperature stability, and ease of use in high-stress scenarios. The delivery system leverages Aptar Pharma’s Unidose device, a patented mechanism already validated by several FDA-approved intranasal products.
The primary candidate in the company’s pipeline is NS002 (also branded FMXIN-002) — a single-use, epinephrine nasal powder spray developed for Type I severe allergies and anaphylaxis. The product aims to offer an alternative to autoinjectors such as EpiPen, which dominate the market but face limitations including bulkiness, need for proper technique, and needle phobia among users.
Clinical progress: Promising Phase II results but limited scale
Nasus has completed a Phase II open-label pilot study of NS002 in healthy volunteers. While not powered for statistical significance, the data points are nonetheless encouraging:
91% of participants achieved blood epinephrine levels ≥100 pg/mL within 6 minutes after administration of the 4mg dose — compared to 55% for intramuscular EpiPen.
The overall exposure (AUC₀–₉₀min) was 7.49 for NS002 versus 2.06 for EpiPen, with a statistically significant p-value of 0.0377.
The formulation remains stable for 5 years at room temperature, an important factor for shelf life in emergency kits.
The findings were presented at the 2025 AAAAI Annual Meeting and subsequently published in the Journal of Allergy and Clinical Immunology Global, offering scientific validation and increased visibility in the allergy and immunology community.
Second asset on hold: NS001 targets opioid overdose market
Beyond epinephrine, Nasus has also developed NS001 (FMXIN-001) — a naloxone-based powder nasal spray intended to counter opioid overdoses. Initial studies comparing it to Narcan (the current market leader) showed faster uptake and superior early blood concentrations. However, the company paused NS001 development in early 2025, citing a need for strategic partnering to complete pivotal trials and navigate FDA approval. This decision underscores the company’s constrained resources and its prioritization of the NS002 epinephrine asset.
Valuation, market fit, and investor risk profile
Nasus Pharma enters the U.S. public market at a critical juncture. The IPO is relatively small in scale, reflecting its early-stage status and focus on niche emergency treatments. While the underlying science shows promise, the firm lacks approved products, cash-flow, and large-scale clinical data.
The revised IPO terms—lowering the price and increasing share count—signal an adaptive approach to investor appetite in a cautious biotech funding environment.
That said, the intranasal drug delivery segment is gaining traction, particularly as healthcare systems emphasize decentralized, easy-to-administer emergency treatments. Nasus’s non-invasive, fast-acting delivery model could gain strategic relevance in both public health systems and private insurance-driven markets.
What to watch going forward
Regulatory milestones – Whether Nasus can initiate a well-powered Phase III trial for NS002 by mid-2026 will be critical to its timeline.
Commercial partnerships – Strategic alliances, particularly with established pharma players in the allergy space, could fast-track commercialization and lower burn rate risk.
Market reception to NSRX – Trading performance post-IPO will offer insight into institutional confidence and broader sentiment in the biotech IPO segment.
Final thoughts: Niche innovator or clinical gamble?
Nasus Pharma represents a typical early-stage biotech story: strong conceptual innovation, modest early data, and a clear therapeutic gap in the market. However, it also reflects the typical risks of pre-commercial firms—namely, clinical uncertainty, regulatory hurdles, and financing constraints.
For investors, NSRX offers a speculative yet potentially high-impact play on the future of needle-free, emergency drug delivery. Much will depend on the company’s execution in the coming 12–18 months and its ability to convert proof-of-concept into full regulatory approval and eventual market entry.
