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ARS Pharmaceuticals reported much higher early 2026 sales but a larger loss as it ramps up commercialization of neffy, its needle-free intranasal epinephrine. Total revenue for the three months ended March 31, 2026 was $22.7 million, up from $8.0 million a year earlier, driven mainly by $17.5 million of net product revenue plus collaboration and supply revenue.
Operating expenses rose sharply as the company invested in launch and growth, with selling, general and administrative costs increasing to $72.2 million from $41.1 million. Net loss widened to $60.6 million, or $0.61 per share, compared with $33.9 million, or $0.35 per share. As of March 31, 2026, ARS held $201.0 million in cash, cash equivalents and short-term investments, and management states this is sufficient to meet anticipated needs for at least 12 months while it continues building the neffy franchise and advancing global partnerships.
ARS Pharmaceuticals reported strong first-quarter 2026 growth but remains loss-making as it invests heavily behind neffy. Total revenue for the quarter was $22.7 million, up from $8.0 million a year earlier, driven mainly by $17.5 million in U.S. net product revenue from neffy and additional collaboration and supply revenue.
Operating expenses rose to $82.8 million, largely from $72.2 million in selling, general and administrative costs tied to U.S. commercialization, including expanding the sales force from 106 to 148 representatives. The company posted a net loss of $60.6 million, or $0.61 per share.
ARS ended March 31, 2026 with $201.0 million in cash, cash equivalents and short-term investments, and believes this is sufficient to fund operations through cash-flow break-even. Commercially, neffy continues to gain traction with more than 28,000 prescribers, broader Medicaid coverage, and new programs such as a $199 retail cash price and a school access initiative. International approvals in Europe and Canada and a Phase 2b trial in chronic spontaneous urticaria add longer-term growth drivers.
ARS Pharmaceuticals is appointing Donn Casale as President, effective when he begins employment, which is expected on June 1, 2026. Current President and CEO Richard Lowenthal will remain Chief Executive Officer.
Casale brings more than 25 years of biopharma experience, most recently as Chief Commercial Officer at Dynavax Technologies since January 2023. Under an employment agreement dated May 12, 2026, he will receive a $575,000 annual base salary and be eligible for an annual discretionary bonus equal to 45% of base salary.
He will also receive a stock option valued at $6,000,000, with the number of shares determined using a modified Black‑Scholes price. The option will have an exercise price equal to the Grant Date Closing Price, vesting 25% after one year and monthly over the next 36 months, subject to continued employment. Casale will participate at the C‑suite (non‑CEO) level in the company’s Change in Control and Severance Benefit Plan, with certain limits on option vesting acceleration in change‑in‑control terminations during his first year.
ARS Pharmaceuticals calls a virtual 2026 annual meeting on June 24, 2026, asking stockholders to elect three Class III directors, ratify Ernst & Young as auditor, approve executive pay on an advisory basis, and choose the frequency of future Say‑on‑Pay votes.
The proxy highlights 2025 as the first full year commercializing neffy epinephrine nasal spray, with more than 22,500 healthcare providers prescribing it and over 90% overall commercial coverage in the U.S. Partners have secured approvals in Europe, China, Japan, Australia, and Canada. ARS is running a Phase 2b trial of intranasal epinephrine for chronic spontaneous urticaria, with interim data expected in the second half of 2026. The company ended 2025 with $245 million in cash, cash equivalents, and short-term investments, which it believes can fund operations through cash-flow breakeven.
BlackRock, Inc. amended its Schedule 13G to report beneficial ownership of 4,946,412 shares of ARS Pharmaceuticals, Inc. common stock (CUSIP 82835W108), representing 4.98% of the class. The filing lists 4,860,113 shares as sole voting power and 4,946,412 shares as sole dispositive power. The amendment is signed by Spencer Fleming, Managing Director, dated 04/27/2026.
ARS Pharmaceuticals filings report beneficial ownership by a Millennium-affiliated group. Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander disclose shared voting and dispositive power over 5,194,497 and 5,916,030 common shares respectively, shown as 5.2% and 6.0% of the class on the cover pages.
The filing is a joint Schedule 13G/A amendment dated in late March 2026 and includes a Joint Filing Agreement among the four reporting parties. The statement clarifies that the securities are held by entities subject to voting control and investment discretion by Millennium-affiliated managers.
Millennium Management LLC and affiliates reported beneficial ownership of 5,391,440 shares of ARS Pharmaceuticals common stock, representing 5.4%. The filing is a joint Schedule 13G cover dated 03/17/2026 and signed under a Joint Filing Agreement dated 03/23/2026.
The disclosure shows shared voting and shared dispositive power of 5,391,440 shares across Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander.
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.