The PennZone

ORLANDO, Fla. - PennZone -- Nutriband Inc. (N A S D A Q: NTRB) $NTRB is entering the final weeks of September with several important developments converging at once. At the center of the story is the company's AVERSA™ abuse-deterrent transdermal technology, but an increasingly important near-term consideration for investors is the company's outstanding warrant structure — particularly the public warrants exercisable at $6.43 per share that are scheduled to expire on October 1, 2026.

That creates an unusual period of attention for NTRB as warrant holders evaluate whether to exercise before expiration. As of the company's latest filings, Nutriband had 12,155,683 shares outstanding as of September 4, 2026, while its warrant disclosures show millions of warrants outstanding across several exercise prices.

The Warrant Story Could Be One of the Biggest Near-Term Catalysts

The public warrants traded under NASDAQ are particularly noteworthy.

Nutriband's 2021 public offering included warrants with an original $7.50 exercise price that was subsequently adjusted to $6.43 per share. Company filings reported 910,904 of these public warrants outstanding earlier this year. They are immediately exercisable and are scheduled to expire October 1, 2026.

With NTRB closing at $7.65 on September 17, the common stock is currently above that $6.43 exercise price, creating an economically meaningful incentive for warrant holders to consider exercising before expiration.

If all 910,904 of those public warrants were exercised for cash at $6.43, Nutriband would receive approximately $5.86 million in gross proceeds, before expenses and assuming cash exercise of the entire tranche.

That is an important figure relative to Nutriband's financial position.

The company reported approximately $3.42 million of cash and cash equivalents as of July 31, 2026, while also maintaining access to an amended $5 million credit facility designed to support operations through the FDA-development process and into commercial-scale manufacturing for AVERSA™ Fentanyl.

In other words, warrant exercise activity could potentially provide additional capital without requiring a new traditional financing transaction.

Key warrant points investors are watching:

• 910,904 public warrants have been reported outstanding at a $6.43 exercise price.
• Those warrants are scheduled to expire October 1, 2026.
• NTRB's September share price has moved above the exercise price.
• Full cash exercise of that tranche would represent approximately $5.86 million of gross proceeds.
• The company also reported 5.25 million total warrants outstanding as of July 31, across multiple exercise prices, illustrating that the warrant structure extends beyond the October-expiring public warrants.

Importantly, the October 1 deadline does not mean all of these warrants will necessarily be exercised. Exercise decisions remain with the holders, and actual proceeds depend on how many are exercised and under what applicable terms.

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AVERSA™ Continues Moving Toward a Major Commercial Opportunity

The larger investment story remains Nutriband's proprietary AVERSA™ abuse-deterrent transdermal technology.

The platform is designed to incorporate aversive agents into transdermal patches to help prevent abuse, diversion, misuse and accidental exposure involving drugs with abuse potential. Nutriband's lead development program is an abuse-deterrent fentanyl transdermal system.

The company recently reached another intellectual-property milestone.

On September 8, Nutriband announced that it had received a USPTO Notice of Publication for commercial brand-name trademarks associated with its lead abuse-deterrent fentanyl transdermal system. The publication initiates a 30-day opposition period before the trademark process can progress toward a potential Notice of Allowance.

Nutriband has previously cited potential peak U.S. annual sales of approximately $80 million to $200 million for the abuse-deterrent fentanyl product, while its AVERSA technology is protected by patents in 46 countries, according to company disclosures.

That does not represent current revenue or a guarantee of future sales, but it illustrates why investors continue to focus on the regulatory and commercial-development pathway.

Nasdaq Visibility Adds Another Layer

Nutriband also continued increasing its visibility within the biotechnology investment community.

CEO and co-founder Gareth Sheridan attended the inaugural N A S D A Q Life Sciences Advisory Board (LaB) Biotech Summit at Nasdaq MarketSite in New York on September 16. The event brought together biotechnology executives, investors and industry leaders.

The event follows Sheridan's August appearance at the 2026 Georgia Life Sciences Summit, where he participated in the CEO Spotlight.

For a smaller biotechnology company, these opportunities provide additional exposure to the investment and life-sciences ecosystem while Nutriband continues advancing AVERSA™.

Latest Financial Picture: A Mixed but Improving Foundation

Nutriband's latest Form 10-Q, filed September 4, provides an important look at the company's financial position.

For the three months ended July 31, 2026, Nutriband generated $437,514 in revenue, compared with $622,452 during the comparable prior-year period. Gross profit, however, increased to $182,874 from $156,881, reflecting improved gross profitability despite lower revenue.

The company reported a quarterly net loss of approximately $880,561, substantially improved from the $23.8 million loss reported in the comparable prior-year quarter, according to recent financial reporting.

Management also reported approximately $3.42 million in cash and cash equivalents and $2.91 million in working capital at July 31, while the company continues to have access to its $5 million credit facility.

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A Convergence of Potential Catalysts

For investors following NTRB, the next several weeks could be particularly interesting because several pieces of the story are occurring simultaneously:

Warrant expiration: The October 1 deadline places the $6.43 public warrants directly on the radar during September.

Potential capital infusion: If holders exercise warrants for cash, Nutriband could receive additional non-debt capital to support its development efforts.

AVERSA™ advancement: Trademark progress adds another step toward commercialization of the company's lead abuse-deterrent fentanyl product.

Regulatory pathway: Nutriband continues positioning AVERSA™ Fentanyl for the FDA-development process and eventual commercial manufacturing.

Investor visibility: Recent Nasdaq and life-sciences events are increasing management's exposure to the broader biotechnology investment community.

The Bigger Picture

Nutriband remains a development-stage story, meaning investors should recognize the substantial risks associated with regulatory approval, commercialization, financing, dilution, competition and the company's operating losses.

At the same time, the September setup is becoming increasingly interesting. The combination of a stock price above the $6.43 warrant exercise price, an approaching October 1 public-warrant expiration, potential access to additional capital, continued AVERSA™ development, and new intellectual-property progress gives NTRB several identifiable events for investors to monitor.

With $NTRB closing at $7.65 on September 17, up sharply from approximately $4.35 at the beginning of September, market attention has clearly increased.

The key question heading into the final weeks of September is no longer simply whether Nutriband can continue developing AVERSA™ — it is how the company's warrant activity, capital position, regulatory progress and commercialization strategy begin interacting as it moves closer to potentially transforming AVERSA™ from a development program into a commercial pharmaceutical platform.

For investors looking beyond the immediate share-price movement, the warrant deadline and the continued advancement of AVERSA™ may make the weeks ahead an especially important period to watch for Nutriband Inc. (N A S D A Q: NTRB).

For more information on NTRB visit: https://www.nutriband.com
Instagram::https://www.instagram.com/nutriband_com/

Nutriband, Inc.
121 South Orange Avenue
Suite 1500
Orlando, Fl 32801
Phone: 407-377-6695
Email: info@nutriband.com

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