Highlights

  • Polyrizon randomized all 120 participants in its US study of the NASARIX allergy blocker across five clinical sites.
  • The company closed a roughly US$4.0 million registered direct offering and concurrent private Placement on 4 September 2026.
  • Cash, cash equivalents and short-term deposits totaled about US$11.4 million on 30 June 2026, plus US$6.1 million in long-term deposits.
  • Management believes existing cash can fund operations through March 2030, based on its first-half 2026 financial review.

Polyrizon Ltd. (NASDAQ:PLRZ) has completed enrollment in the US clinical study of NASARIX, its intranasal hydrogel allergy blocker, the Israeli development-stage company announced on 27 October 2026. All 120 adults with allergic rhinitis have been randomized across five research sites, after 144 people were screened.

The milestone moves the company's lead Capture and Contain program into the final stretch before a planned clinical data readout.

Inside the NASARIX Study

The randomized, controlled study compares NASARIX with a saline control and is designed to assess the spray's performance in managing allergic rhinitis symptoms. Chief Executive Tomer Izraeli described full enrollment as an important milestone that lets the company focus on finishing the study and moving toward data readout.

The program advanced steadily through 2026. Polyrizon secured three US sites in June, received central institutional review board approval for the trial later that month, reported successful biocompatibility results in July and completed its clinical site network in August. In October, it also filed a new US Patent application covering its intranasal drug-delivery platform.

Fresh Capital and a Long Runway

On 4 September 2026, Polyrizon closed a registered direct offering of 232,500 ordinary shares and 30,000 pre-funded warrants, alongside a concurrent private placement of pre-funded and common warrants, raising gross proceeds of about US$4.0 million. Units were priced at US$12.00, the common warrants carry a US$12.00 exercise price, and Aegis Capital Corp. acted as exclusive placement agent. Net proceeds are earmarked for general corporate purposes and working capital.

For the six months ended 30 June 2026, Research and Development expenses rose 78.1% to US$1.38 million, mainly on Payroll and subcontractor costs, while general and administrative expenses climbed 72.1% to US$2.94 million, largely due to share-based payments. Net financing income of US$2.90 million narrowed the net loss to US$1.42 million, compared with US$0.18 million a year earlier.

Working capital stood at US$15.8 million at mid-year. Management believes its cash and cash equivalents will fund operations through March 2030.

Regulatory Pathways and Next Milestones

After the treatment and follow-up periods end, Polyrizon expects to begin data review and analysis under the study protocol. The company expects NASARIX, also known as PL-14, to follow a Class II 510(k) medical device pathway. Its PL-16 influenza blocker is expected to pursue a Class II De Novo route, with feasibility trials planned for Q3 2027.

The earlier-stage Trap and Target platform, which aims to deliver active pharmaceutical ingredients such as corticosteroids and naloxone through a sustained-release nasal hydrogel, is being pursued under the 505(b)(2) pathway, with first clinical testing planned for Q4 2028.