Welcome to our dedicated page for ARS Pharms SEC filings (Ticker: SPRY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
ARS Pharmaceuticals, Inc. filings document the public-company record for a biopharmaceutical issuer commercializing neffy, an epinephrine nasal spray for severe allergic reactions and anaphylaxis. The company’s 8-K filings report financial results, Regulation FD presentation updates, material agreements, product and commercialization disclosures, and legal or regulatory events involving neffy and related patent protections.
ARS Pharmaceuticals’ proxy materials describe board elections, shareholder voting matters, executive compensation, equity awards and audit oversight. Other filings identify its Nasdaq-listed common stock, capital-structure matters, credit arrangements involving ARS Pharmaceuticals Operations, Inc., and risk-related disclosures tied to product development, commercialization, intellectual property and regulatory pathways.
ARS Pharmaceuticals, Inc. files its annual report outlining rapid commercialization of neffy, a needle-free intranasal epinephrine spray for emergency treatment of Type I allergic reactions, including anaphylaxis. Neffy is approved in the U.S., EU, U.K., Japan, Australia and China, with additional reviews pending in Canada.
The company is building a large U.S. and partnered ex‑U.S. sales footprint, targeting high‑volume allergists and pediatricians and using direct‑to‑consumer campaigns and a virtual prescribing platform. Management highlights broad commercial insurance coverage, growing physician adoption, real‑world data showing response rates similar to injections, and a sizeable global market opportunity in both anaphylaxis and chronic urticaria.
ARS Pharmaceuticals, Inc. reported fourth quarter and full-year 2025 results and detailed the commercial rollout of its needle-free epinephrine nasal spray, neffy. For 2025, total revenue was $84.3 million, including $72.2 million in U.S. net product revenue from neffy, $9.7 million in collaboration revenue, and $2.4 million from supply agreements.
Operating expenses rose sharply as the company invested in commercialization, with selling, general and administrative costs of $230.1 million and research and development expenses of $13.2 million, leading to a full-year net loss of $171.3 million, or $1.74 per share. As of December 31, 2025, ARS held $245.0 million in cash, cash equivalents and short-term investments and reported 99,290,926 common shares outstanding.
The company highlighted neffy’s first full year of U.S. sales, progress in securing payer coverage, growing direct-to-consumer marketing, an expanded sales force planned for 2026, and continued global approvals, including in China and Australia. ARS also advanced its intranasal epinephrine program into a Phase 2b trial for chronic spontaneous urticaria, with interim data expected in the second half of 2026.
ARS Pharmaceuticals, Inc. received a new large-shareholder disclosure from Rubric Capital Management LP and David Rosen. They report beneficial ownership of 6,200,000 shares of common stock, representing 6.27% of the company’s outstanding shares, based on 98,848,611 shares outstanding as of November 6, 2025.
The filing shows Rubric Capital and Rosen have shared voting and dispositive power over all 6.2 million shares, with no sole voting or dispositive authority. Rubric Capital Master Fund LP has the right to receive dividends or sale proceeds from more than 5% of the common stock.
The securities are described as acquired and held in the ordinary course of business, and not for the purpose or effect of changing or influencing control of ARS Pharmaceuticals.
BlackRock, Inc. has filed a Schedule 13G reporting beneficial ownership of 5,013,000 shares of ARS Pharmaceuticals, Inc. common stock, representing 5.1% of the class as of 12/31/2025. BlackRock reports sole voting power over 4,929,603 shares and sole dispositive power over 5,013,000 shares, with no shared voting or dispositive power.
The filing explains that these holdings are attributed to specific BlackRock business units and that various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of the outstanding common shares. BlackRock certifies that the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of ARS Pharmaceuticals.
ARS Pharmaceuticals (SPRY) chief operating officer reports option exercise and share sale. On 11/13/2025, the officer exercised a stock option for 21,828 shares of common stock at an exercise price of $0.64 per share and then sold 21,828 shares of common stock the same day at a weighted average price of $8.7067 per share. Following these transactions, the officer directly held 10,789 shares of ARS Pharmaceuticals common stock. The reported holdings include shares previously acquired under the company’s 2020 Employee Stock Purchase Plan on December 31, 2024 and June 30, 2025.
ARS Pharmaceuticals, Inc. (SPRY) reported an insider transaction by its Chief Business Officer on a Form 4. On 11/12/2025, the officer exercised a stock option for 30,000 shares of common stock at an exercise price of $0.84 per share and then sold 30,000 shares at a weighted average price of $8.9119. The officer also sold an additional 136,380 shares of common stock at a weighted average price of $8.8634. Following these transactions, the officer reported 0 shares of common stock directly owned and 89,047 stock options beneficially owned.
ARS Pharmaceuticals (SPRY) reported Q3 2025 results with neffy momentum driving higher sales but widening losses. Product revenue, net was $31,300 (in thousands) versus $568 (in thousands) a year ago, lifting total revenue to $32,501 (in thousands) from $2,068 (in thousands).
Spending scaled with launch activity: cost of goods sold was $8,191 (in thousands), R&D $2,751 (in thousands), and SG&A $74,751 (in thousands). The quarter’s net loss was $(51,151) (in thousands), or $(0.52) per share. Cash, cash equivalents, and short‑term investments totaled $288.2 million as of September 30, 2025, supported by new term debt; term loans, net were $96,229 (in thousands) and a financing liability was $72,044 (in thousands).
The company transitioned in August 2025 from a title model to direct sales, recognizing revenue upon delivery and title transfer to wholesalers and pharmacies. Shares outstanding were 98,848,611 as of November 6, 2025.
ARS Pharmaceuticals (SPRY) furnished an 8-K announcing financial results for the quarter ended September 30, 2025. The company issued a press release attached as Exhibit 99.1 and updated its investor presentation attached as Exhibit 99.2.
Both exhibits are furnished, not filed, under Items 2.02 and 7.01, meaning they are not subject to Section 18 liability and are not incorporated into other filings except by specific reference. SPRY’s common stock trades on The Nasdaq Stock Market LLC.
ARS Pharmaceuticals entered a credit agreement dated September 29, 2025, establishing multiple tranche term loans and customary security arrangements. The agreement allows a Term C Loan of $25.0 million that the borrower may draw before the two‑year anniversary if it achieves trailing 12‑month net revenues of at least $100.0 million. A Term D Loan of up to $100.0 million is available on an uncommitted, lender‑consent basis. The Term Loans mature five years after closing and are secured by the credit parties under a security and pledge agreement. The borrower will pay customary fees including upfront, administration, repayment premium and an exit fee, and interest on any paid‑in‑kind portion will carry a 1.00% per annum premium.
ARS Pharmaceuticals received a notice that Lupin submitted an Abbreviated New Drug Application (ANDA) seeking approval to commercially manufacture, use, or sell a generic version of neffy 2 mg (epinephrine nasal spray). The notice alleges that multiple U.S. patents listed in the FDA Orange Book for neffy (including U.S. Patent Nos. 10,576,156 and 10,682,414, among others) are invalid, unenforceable, or not infringed by the proposed generic. The filing notes ARS previously successfully defended U.S. Patent No. 10,682,414 in an Inter Partes Review. ARS states it is not aware of other ANDA filers as of this filing date.