Monitor trading volume and price action for ATM execution; the company's cash runway extends with proceeds but dilution pressure is ongoing. Key catalyst is FDA feedback on NS002 IND and Phase 3 initiation in Q4 2026.
Price Chart
Executive Summary
Nasus Pharma filed a prospectus supplement for an at-the-market (ATM) offering of up to $8.5 million of ordinary shares through BTIG, LLC. The company is a clinical-stage biopharma with no approved products, an accumulated deficit of $24.5 million, and plans to use proceeds for NS002 clinical development and working capital. The ATM structure creates ongoing dilution risk and signals cash needs for a pre-revenue company.
Key Facts
- ATM sales agreement with BTIG for up to $8,500,000 of ordinary shares, filed September 18, 2026
- Last reported sale price on September 17, 2026 was $3.53 per share; assumed offering price of $3.65 per share
- Up to 2,328,767 shares could be sold, representing ~19.9% dilution from 11,710,808 shares outstanding
- BTIG receives up to 3% commission on gross proceeds
- As of June 30, 2026: cash/cash equivalents/short-term deposits of $11.9 million, accumulated deficit of $24.5 million, no revenue
- Company has no FDA-approved products; NS002 (intranasal epinephrine) in Phase 2; IND submitted Q3 2026 under FDA review
- Immediate dilution of $2.29 per share to new investors based on assumed offering price
- 2,695,425 warrants outstanding at $6.53 per share from February 2026 private placement
Financial Impact
Up to $8.5 million gross proceeds; potential dilution of ~19.9% of outstanding shares; immediate per-share dilution of $2.29 to new investors
Risk Factors
- ATM sales create continuous overhang and downward price pressure
- No approved products and significant accumulated deficit ($24.5M) with no revenue
- Warrant overhang: 2.7M shares exercisable at $6.53 (85% above current price) may never convert, but dilutive if exercised
- Clinical-stage risk: NS002 requires Phase 3 and FDA approval; IND currently under review
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-043370 |
| Document: 0001493152-26-043370-index-headers.html | 0001493152-26-043370 |
| Document: 0001493152-26-043370-index.html | 0001493152-26-043370 |
| Document: 0001493152-26-043370.txt | 0001493152-26-043370 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $3.51 | awaiting T+20 | — | $3.49 (−0.57%) |
Sep 23, 2026 4w ago | 3 | $3.64 $3.06 | ▼ −15.93% | ▼ −16.62% | $3.49 (−4.12%) |
Sep 18, 2026 5w ago | 424B5 | $3.44 $3.21 | ▲ +6.83% | ▲ +5.92% | $3.49 (−1.45%) |
Sep 14, 2026 6w ago | 6-K | $3.65 $3.32 | ▼ −9.04% | ▼ −11.30% | $3.49 (−4.38%) |
Sep 14, 2026 6w ago | EFFECT | $3.65 $3.32 | ▼ −9.04% | ▼ −11.30% | $3.49 (−4.38%) |
Aug 21, 2026 9w ago | EFFECT | $4.00 $3.44 | ▼ −14.00% | ▼ −13.47% | $3.49 (−12.75%) |
Aug 19, 2026 9w ago | 6-K | $3.84 $3.53 | ▼ −8.07% | ▼ −6.12% | $3.49 (−9.11%) |
Aug 17, 2026 10w ago | 6-K | $3.70 $3.59 | ▼ −2.97% | ▼ −1.00% | $3.49 (−5.68%) |
Aug 17, 2026 10w ago | Press Release | $3.70 $3.59 | ▼ −2.97% | ▼ −1.00% | $3.49 (−5.68%) |
Apr 1, 2026 29w ago | EFFECT | $2.55 $2.56 | ▼ −0.39% | ▲ +9.33% | $3.49 (−36.86%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers