Nasus Pharma (AMEX: NSRX) has been initiated with coverage by Laidlaw & Company, which assigned a Buy rating and a 12-month price target of $22 in a report dated September 29, 2025. These views and projections are those of Laidlaw and its analyst team, not of Nasus Pharma. The full report is available directly from Laidlaw representatives. As of the market close on September 28. 2025, NSRX was trading at $8 per share.
A Closer Look at Nasus Pharma
Nasus Pharma is developing a dry powder intranasal delivery system aimed at transforming treatment in acute, life-threatening conditions where every minute matters.
The lead program, NS002, targets the $3 billion anaphylaxis treatment market by delivering epinephrine through a simple nasal spray rather than an auto-injector. Compliance with injectable devices has historically been low due to needle phobia, bulkiness, and user error in emergencies. Nasus’s powder spray is designed to overcome those barriers, potentially improving both speed of administration and patient adherence. Early studies suggest that NS002 may deliver epinephrine more rapidly to therapeutic blood levels than current injection-based standards.
Nasus’s approach is not limited to anaphylaxis. The same powder-based platform has already been applied to an intranasal naloxone product for opioid overdose reversal and to a COVID-19 antiviral spray, demonstrating versatility across therapeutic areas. This breadth creates multiple potential “shots on goal” for the company beyond its flagship allergy program.
The competitive landscape is also validating the concept. ARS Pharma’s Neffy, a liquid-based nasal epinephrine spray, received FDA approval in 2024 and has quickly gained market share, showing that regulators and patients are receptive to needle-free delivery. Nasus’s powder formulation may offer advantages in absorption speed, device usability, and stability compared to liquid sprays.
With a post-IPO market cap of around $75 million, Nasus is significantly smaller than peers already active in the space, yet it is targeting a large and growing global epinephrine market projected to reach $6–7 billion by 2030. Upcoming catalysts include further Phase 2 studies of NS002, progress on manufacturing scale-up, and eventual regulatory milestones as the company moves toward Phase 3 trials.
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