WSW, NY, February 19th, 2026, FinanceWire
Not long ago, the notion that patients might swap the EpiPen experience for a needle-free alternative still felt speculative. It doesn’t anymore. ARS Pharmaceuticals’ Neffy - a nasal spray approved in August 2024 - delivered $31.3 million in third-quarter revenue, more than doubling the prior quarter. That kind of traction doesn’t just signal curiosity; it signals real adoption. The category has crossed the line from concept to commercial reality, and the early sales curve is beginning to validate the opportunity for products that can win on speed, reliability, and ease of use.
That backdrop is why Nasus Pharma (NYSE: NSRX) is drawing attention as one of the more asymmetric setups in small-cap biotech. Its lead program, NS002, is a dry-powder intranasal epinephrine candidate for anaphylaxis, designed for the same fast-growing needle-free segment Neffy helped establish. But Nasus’ interim Phase 2 data, released in January 2026, suggests NS002 may not be a “me-too” entrant. On key pharmacokinetic measures, NS002 outperformed EpiPen and compared favorably against published data for Neffy - an early signal that the delivery approach could translate into a meaningful clinical and commercial advantage if it holds up in the full dataset.
The market appears to be taking notice. Nasus recently completed a $15.0 million private placement with participation from leading institutional investors.
The January 2026 interim readout, which included safety data from all 50 subjects alongside interim pharmacokinetic and pharmacodynamic results, focused on what matters most in anaphylaxis: the first few minutes. NS002 reached clinically meaningful epinephrine levels faster than EpiPen. Ninety-one percent of subjects crossed the 100 pg/ml plasma threshold within five minutes, compared with 67% for EpiPen. Time to peak was 28% faster, and total epinephrine absorption in the first ten minutes - the critical intervention window - was 72% greater.
Those aren’t subtle differences, and they map directly to the clinical reality of anaphylaxis, where minutes can determine outcomes. The FDA’s scrutiny of “early absorption under real-world conditions” has already been made clear. Neffy’s path to approval included a supplemental PK/PD study after an initial Complete Response Letter, reflecting the agency’s demand for confidence in early kinetics, including under nasal congestion conditions. Against that backdrop, NS002’s interim profile appears directionally aligned with what regulators have signaled they care about, though the complete dataset will matter.
The valuation contrast is part of the intrigue. ARS Pharmaceuticals (NASDAQ: SPRY), with an approved product generating more than $30 million per quarter in revenue, trades at roughly $934 million. Nasus, still in Phase 2, trades at roughly $62 million. The gap is expected at this stage, but it also frames the opportunity: if NS002’s interim profile holds in the full readout and ultimately supports a successful pivotal program, the current market cap may not fully reflect what the platform could be worth.
The competitive landscape has also shifted in a way that could extend Nasus’ opening. On January 30, 2026, Aquestive Therapeutics (NASDAQ: AQST) received a Complete Response Letter from the FDA for Anaphylm, its sublingual epinephrine film - one day before its scheduled approval date. The deficiencies were human-factors driven: patients in the validation study struggled to open the pouch and correctly place the film under the tongue. Management has said a new human-factors study and a supportive PK study will be required before resubmission, pushing a potential approval to mid-2027. In a market where emergency-use usability is non-negotiable, that delay removes what had been the nearest near-term competitive threat to Neffy and underscores how punishing small execution flaws can be.
The company expects to complete its Phase 2 readout by the end of the first quarter, potentially within days or weeks. Because the interim update already included safety data from all 50 subjects and showed PK/PD from an interim subset, the final dataset is less about discovering a new story than about confirming durability, consistency, and variability across the full cohort - the kind of detail investors will use to judge whether the apparent edge is real and repeatable. If it holds, the implications are significant.
Data like this could also further validate Nasus’ underlying NASAX platform as a scalable delivery approach for emergency-use medicines where speed, simplicity, and reliable administration under stress can define the winner. And that is what makes the story larger than a single catalyst: Neffy’s commercial success has shown that one well-executed needle-free epinephrine product can support a near–billion-dollar public valuation. If Nasus can demonstrate a repeatable delivery advantage and extend it across multiple programs over time - using the same powder-based intranasal approach to compete with, or replace legacy formats - the company’s long-term upside starts to look less like a one-product bet and more like a platform player with multiple shots on goal.
This content is an excerpt of a new report published by Calypso Research. The full report is available using the following link: https://calypsoresearch.com/NSRX/190226
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