Water Tower Research Publishes Initiation of Coverage Report on NurExone Biologic, Inc., “A Novel Exosome Therapy Platform at the Frontier of CNS Regeneration”

May 21, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on NurExone Biologic, Inc. (TSXV: NRX/OTCQB: NRBXF) titled, “A Novel Exosome Therapy Platform at the Frontier of CNS Regeneration”. The report can be accessed here.

NurExone is an Israeli Canadian biopharmaceutical company that is developing novel regenerative, exosome-based therapies for central nervous system (CNS) damage. Its lead program, ExoPTEN, has shown compelling preclinical results supporting its potential to treat acute spinal cord injuries and optic nerve damage, both multi-billion-dollar potential markets. ExoPTEN is now advancing toward its first human clinical trial expected to begin in 1H27. The company also operates a US fully owned subsidiary, Exo-Top Inc., through which it expects to establish a first American commercial exosome manufacturing facility, supported by the recently signed strategic LOI between Exo-Top and Florida-based BioXtek to advance US GMP manufacturing. This will enable Exo-Top to produce clinical-grade exosomes for NurExone’s internal pipeline as well as for third parties through sales and out-licensing agreements. These activities position the company to generate revenue prior to reaching clinical milestones for ExoPTEN.

NurExone is built around a proprietary platform addressing profound medical needs. Lead asset ExoPTEN uses naturally targeting exosomes loaded with PTEN-silencing siRNA via a dual-action mechanism. Mesenchymal stem cell-derived exosomes reduce inflammation and home to the injury site, while the siRNA payload downregulates PTEN locally to actively drive nerve regeneration. Delivery is minimally invasive even for CNS indications, reaching the injury site without surgical intervention, a key point of accessibility and differentiation. Early evidence of safety and efficacy is supported by a body of compelling preclinical results across two major CNS indications.

While NuExone advances ExoPTEN toward a Phase 1/2a clinical trial with IND submission and trial initiation targeted in 1H27, Exo-Top is positioning itself through a potential partnership with BioXtek to generate near-term revenue by supplying GMP-grade naïve exosomes, sourced from Exo-Top’s proprietary human bone marrow derived MCB to third-party pharma/biotech researchers and the fast-growing regenerative aesthetics and longevity markets, projected to exceed $1.6 billion by 2034. WTR projects Exo-Top commercial sales to begin in 1H27 and forecasts revenue of more than $12 million in 2028.

With a market cap of ~US$43 million, NurExone is among the lowest-valued companies in its selected peer group, supporting its microcap valuation. WTR’s comparable valuation analysis highlights the substantial valuation uplift that typically follows clinical progression. NurExone’s shift toward becoming a revenue-generating, clinical-stage company, combined with the prospect of a major US exchange listing, creates a set of meaningful near- to medium- catalysts.

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