Nexalis Therapeutics Limited · ASX:NX1
Nexalis Therapeutics — Investor Presentation (December 2025)
19 slides from Nexalis Therapeutics's investor presentation, Dec 10, 2025
Slide 1: Developing revolutionary pain management & mental health therapies
Developing revolutionary pain management & mental health therapies Company Overview 2025
Slide 2: Disclaimer
Disclaimer This presentation contains summary information about InhaleRx Limited This presentation may contain forward-looking statements including (“InhaleRx” or “IRX” or “Company”) and its activities current as at the date of this statements regarding our intent, belief or current expectations wit
Slide 3: About InhaleRx
About InhaleRx InhaleRx Limited (ASX: IRX) is a clinical stage drug development company focused on therapeutics that address unmet medical needs in pain management and mental health. Three drug candidates SRX-25 – new oral therapy added to Manufacturing complete to start in development in areas with
Slide 4: New Oral Asset – New Look
New Oral Asset – New Look Subject to Shareholder Approval, the Company is planning to rebrand for reclassification purposes and to accommodate the new oral asset. This is required given the Company will no longer specialise solely in the development of inhaled therapies. Nexalis Therapeutics (ASX:NX
Slide 5: The Rise of Ketamine as a Pharmaceutical – The Blockbuster Opportunity
The Rise of Ketamine as a Pharmaceutical – The Blockbuster Opportunity 5
Slide 6: SRX-25 – New Oral Asset Explained
SRX-25 – New Oral Asset Explained Esketamine – NMDA receptor antagonist modulates neurotransmission & produces rapid antidepressant effects. SRX-25 combines esketamine & a CYP-450 inhibitor in an oral fixed-dose treatment for TRD. CYP-450 inhibitors block metabolism of esketamine thereby increasing
Slide 7: What Is Treatment Resistant Depression (TRD)
What Is Treatment Resistant Depression (TRD) Treatment-resistant depression (TRD) occurs when a person with major depressive disorder does not adequately respond to at least two different antidepressant treatments given at appropriate doses and durations. It is a chronic and recurrent condition that
Slide 8: SRX-25 - Commercial Opportunity – TRD
SRX-25 - Commercial Opportunity – TRD 1 By 2030, the global TRD market is projected to exceed USD 4 billion1 2 U.S. currently makes up over 50% of the global TRD market1 SRX-25 COMMERCIAL OPPORTUNITY 3 Significant demand for a more accessible and tolerable form of esketamine therapy3 $50b 4 Regula
Slide 9: SRX-25 – Oral Drug Therapeutic targeting Treatment-Resistant Depression (TRD)
SRX-25 – Oral Drug Therapeutic targeting Treatment-Resistant Depression (TRD) SRX-25 has SRX-25 is designed Development Fully funded clinical Value creation potential to provide an to replicate Spravato’s via 505(b)(2) regulatory development plans opportunities via alternative to pharmacokinetics wh
Slide 10: IRX-211 – Inhaled Drug / Device Therapeutic targeting BTcP
IRX-211 – Inhaled Drug / Device Therapeutic targeting BTcP IRX-211 will be a registered prescription-only medication to treat Breakthrough Cancer Pain (BTcP). Ph1 clinical trial complete – very promising insights and no SAE’s. Ph2 approved by HREC and about to start dosing to demonstrate safety and
Slide 11: IRX-211 – Commercial Opportunity
IRX-211 – Commercial Opportunity 1 By 2040, the global cancer burden is projected to reach approximately 29.5 million new cases annually. 20%-40% U.S. cancer patients reporting cannabis use to 2 help treat their condition IRX-211 COMMERCIAL OPPORTUNITY Growing demand / widening gap in the market 3
Slide 12: Planning to commence IRX-211
Planning to commence IRX-211 MILESTONE COMPLETE EXPECTED (QUARTER) Funding Secured CRO appointed Spec Work Completed in UK Component Sourcing + Tech Transfer HREC Approval for Ph2 trial Protocol Amendment with HREC Approved Batch Manufacturing Complete Recruitment Commenced and First Patient Pre-scr
Slide 13: IRX-616a – Inhaled Drug / Device Therapeutic targeting Panic Disorder
IRX-616a – Inhaled Drug / Device Therapeutic targeting Panic Disorder IRX-616a will be HREC approved, Regulatory An FDA approval No competition in Access to a registered this trial will be approval(s) with will open up the terms of inhaled government prescription-only followed by a Ph2 the FDA will
Slide 14: IRX-616a – Commercial Opportunity
IRX-616a – Commercial Opportunity 1 There are currently no FDA approved drugs for treating Panic Disorder via inhalation. 2 Covid-19 triggered a 25% increase in prevalence, median onset age of 24. IRX-616a COMMERCIAL OPPORTUNITY 3 Existing drugs like SSRI’s can affect sleep, sexual function, carry d
Slide 15: Planning to commence IRX-616a
Planning to commence IRX-616a MILESTONE COMPLETE EXPECTED (QUARTER) Funding Secured Medical writing complete Spec Work Completed in UK Component Sourcing + Tech Transfer Completed CRO appointed HREC Application HREC Approval Batch Manufacturing First Patient Screened Q1 2026 First Patient Dosed Q1 2
Slide 16: Pipeline – Three Assets Under Development
Pipeline – Three Assets Under Development Drug Indication Planning Phase 1 Phase 2 Funded Value Breakthrough IRX-211 $15.5m cancer pain Treatment-resistant SRX-25 $12.6m depression IRX-616a Panic disorder $16.1m All three programs are fully funded for clinical development costs under the Linlithgow
Slide 17: Capital Structure
Capital Structure Financial Information (ASX: IRX) Share Price & Volume - YTD Share price – 9 Dec 2025 $0.025 Share Price 0.06 Market cap A$6.2m 0.05 Cash balance¹ ² A$0.92m 0.04 0.03 Enterprise value A$5.28m 0.02 0.01 ¹ The Company’s clinical trial costs are fully funded via $52.3m funding agreemen
Slide 18: Investment Highlights
Investment Highlights Three drug IRX-211 – Phase 2 – SRX-25 – an exciting Over $44m in fully Manufacturing Innovation patent candidates HREC Approved - new oral therapy committed already complete approved, lodged, in development Ready to Dose. added to Company funding to to start dosing indication-s
Slide 19: Thank you
Thank you Darryl Davies CEO darryl.davies@inhalerx.com.au
Nexalis Therapeutics — Investor Presentation (December 2025) on 6ix