READ THE FULL NSRX RESEARCH REPORT
Nasus (NYSE:NSRX) published first half 2026 results in a press release and a Form 6-K filing on August 17th, 2026. The company highlighted the appointment of new CEO Brendan O’Grady and the upcoming pivotal study that is expected to begin in 4Q:26. Shortly after the first half report was released, Nasus announced the departure of its CFO, Eyal Rubin, and the elevation of Oren Elmaliach to the Interim CFO role. During the first half of 2026, Nasus reported Phase II results for NS002, its intranasal epinephrine powder formulation. Topline results demonstrated statistically significant improvements in time to therapeutic threshold and achieved a higher proportion of participants reaching therapeutic epinephrine levels within the first minutes following administration, compared to EpiPen. The NS003 program generated results from a preclinical pharmacokinetic (PK) study for chemotherapy-induced and post-operative nausea and vomiting. Other important events year to date include raising $15 million in a private placement in February, a key opinion leader (KOL) event in June that reviewed the Phase II results for NS002 and the announcement of positive preclinical results for intranasal ondansetron (NS003).
For the six months ending June 30th, 2026 and versus the comparable prior year period, Nasus reported no revenues. The 1H:26 operating loss was $6.0 million, compared to $817,000 in 1H:25, with increased research activity for NS002 and expenses related to becoming a public company the primary drivers for the year-over-year change. For the first half of 2026 compared to the same prior year period:
- Research and development expenses totaled $2.6 million, up almost ninefold from $289,000, attributable to a substantial increase in expenses related to the development of NS002, including greater expenses for payroll, share-based compensation and clinical research expenses;
- General and Administrative expenses were $3.5 million, up from $528,000. Recognition of costs related to Nasus becoming a public company was the primary driver. Higher payroll stemming from new hires and payment of bonuses, along with greater business consultant expenses and share-based compensation expenses also contributed to the increase;
- Interest income of $128,000 vs no interest income;
- Total other expenses of $29,000 were related to the change in fair value of convertible securities and income from discontinued operations;
- Net loss was $5.9 million vs. $1.3 million or $0.54 and $0.17 per share, respectively.
As of June 30th, 2026, short-term deposits, cash and equivalents totaled $11.9 million. This amount compares to the $4.3 million balance held at the end of fiscal year 2025. Cash burn for 1H:26 was $6.0 million versus $433,000 for the same prior year period. Cash from financing was $13.6 million for 1H:26. In February 2026, Nasus executed a $15 million private placement which is expected to be sufficient to support the company’s operations until 2Q:27.
Management Changes
On July 28th, 2026, Nasus announced that it had appointed Brendan O’Grady as its new CEO. The board sought a candidate that had the skill and experience to advance the company’s pre-commercial planning efforts using his “strategic vision, extensive experience in payors and reimbursement, and proven commercial leadership” to quote the company’s Chairman of the Board. Mr. O’Grady offers more than 30 years of experience in corporate strategy, business development, commercialization, market access, strategic partnerships and global product launches. He spent 21 years at Teva Pharmaceuticals in several commercial roles and ultimately assumed the role of CEO of Teva USA. He also served as CEO of Assertio Holdings. Mr. O’Grady has served on the boards of multiple companies including American Well Corporation and is a member of the US Department of Commerce, US Investment Advisory Council. He earned his undergraduate degree from SUNY Geneseo and an MBA from Baker University.
On August 19th, 2026, Nasus announced the departure of its CFO, Eyal Rubin. Mr. Rubin is planning to pursue a new opportunity outside of the life sciences industry and will remain at Nasus until September 18th, 2026, to facilitate a thorough turnover. Oren Elmaliach was appointed as Interim CFO. Mr. Elmaliach has been with Nasus since inception and has “intimate knowledge of the company’s financial operations, reporting processes and organization” to quote the press release. He is a CPA and has more than 15 years of financial experience in public and private life sciences companies.
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