ARS Pharmaceuticals (SPRY) Company Report

ARS Pharma's neffy has seen significant adoption, with over 20,000 physicians prescribing the product, a number that has doubled in the last three months.
The company is expanding market access through its "Get neffy on Us" program, which offers a zero copay for commercially insured patients and a free virtual prescriber service. While CVS and some Blue Cross plans remain challenging, neffy has achieved preferred status with Medicaid in eight states.
Neffy is contributing to market expansion, with 20% of prescriptions originating from previously unaddressed patient segments. Real-world data indicates neffy's efficacy is comparable to injections, with 90% of patients responding to a single dose.
Internationally, neffy has secured prices more than double that of EpiPen in Germany, the UK, and Japan, with launches and approvals expected in Japan and Canada by early 2026. ARS Pharma is also advancing a Phase 2B study for neffy in Chronic Spontaneous Urticaria (CSU), targeting a Phase 3 start by end of 2026.

Dec 3, 2025, 7:30 PM

Transcript

SPRY Discusses Neffy Adoption, Market Expansion, and International Strategy

SPRY

Product Launch

New Projects/Investments

Neffy's early adoption is strong, with over 20,000 prescribers and the number of prescribers doubling in the last three months. Real-world data confirms neffy's efficacy is comparable to injectable epinephrine.
The company is actively expanding market access through the "Get neffy on Us" program, which offers a zero copay for commercially insured patients and a free virtual prescriber service. Payer coverage is positive with major PBMs like Express Scripts and Optum, and eight states have granted preferred Medicaid status.
Neffy is contributing to epinephrine market expansion, with 20% of prescriptions coming from new patients who previously did not fill auto-injector prescriptions or never received one. The company also sees significant international potential, with neffy priced more than 2x the EpiPen price in some markets, and launches expected in Japan by end of 2025/early 2026 and Canada by end of 2025.
SPRY is advancing its Phase 2B study for Chronic Spontaneous Urticaria (CSU), with plans to start a Phase 3 study by the end of 2026 to address this unmet medical need.

Dec 3, 2025, 7:30 PM

Transcript

ARS Pharmaceuticals Reports Strong Q3 2025 Revenue Growth for Neffy and Secures New Financing

SPRY

Earnings

Revenue Acceleration/Inflection

Debt Issuance

ARS Pharmaceuticals reported Q3 2025 total revenue of $32.5 million, with U.S. net product revenue for neffy reaching $31.3 million, representing a 2.5-fold increase from the prior quarter and exceeding consensus expectations. The company recorded a net loss of $51.2 million or $0.52 per share.
Neffy's growth was supported by an 85% increase in prescribing healthcare providers since August, totaling over 18,000. To further drive adoption and simplify access, ARS launched the "Get neffy on Us" program, offering hassle-free virtual prescriber interactions and zero copay for most commercially insured patients.
As of September 30, 2025, ARS Pharmaceuticals had $288.2 million in cash equivalents and short-term investments after drawing $100 million from a new $250 million term loan facility. The company anticipates Q4 2025 sales will decrease from Q3 due to typical epinephrine market seasonality but expects to return to quarter-over-quarter growth in 2026.
Neffy has expanded globally, launching in Germany in late June and receiving approval in Japan in September, with a launch anticipated in Q4 2025. Approvals are expected in Canada by Q1 2026 and China in H1 2026, with these international launches projected to contribute to revenue and cash proceeds in the second half of 2026.

Nov 10, 2025, 1:30 PM

Transcript

ARS Pharmaceuticals Reports Q3 2025 Financial Results and neffy Sales Growth

SPRY

Earnings

Revenue Acceleration/Inflection

Debt Issuance

ARS Pharmaceuticals reported total revenue of $32.5 million and a net loss of $51.2 million for Q3 2025.
neffy US quarterly net sales demonstrated strong growth, reaching $31.3 million in Q3 2025.
The company maintained a strong financial position with $288.2 million in cash, cash equivalents, and short-term investments as of September 30, 2025, and drew a $100 million debt facility in September 2025.
The number of healthcare professionals prescribing neffy increased to 18,000 by November 2025, supported by the launch of an updated "Get neffy on Us" direct-to-consumer campaign and virtual prescriber option in November 2025.

Nov 10, 2025, 1:30 PM

Presentation

ARS Pharmaceuticals, Inc. Secures Up to $250 Million in Term Loans

SPRY

Debt Issuance

New Projects/Investments

ARS Pharmaceuticals, Inc. (SPRY) entered into a Credit Agreement on September 29, 2025, providing for up to $250.0 million in term loans.
An initial $100.0 million was advanced on the closing date, with proceeds designated for research, development, product commercialization activities, and general corporate purposes.
A $25.0 million Term C Loan tranche is contingent on achieving at least $100.0 million in trailing 12-month net revenues for neffy.
The Term Loans will mature on the five-year anniversary of the closing date and bear an initial interest rate of 5.50% plus the greater of three-month forward-looking term SOFR or 3.00%.

Sep 29, 2025, 8:15 PM

8-K

ARS Pharmaceuticals Provides Update on Nefi Launch and Commercial Strategy

SPRY

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

ARS Pharmaceuticals is approximately ten months into the launch of Nefi, which commenced in October.
The company initiated a direct-to-consumer (DTC) campaign in June, with linear TV ads starting in July, resulting in a significant increase in aided awareness for Nefi from 20% to 49%.
To improve profitability, ARS Pharmaceuticals discontinued its GoodRx program in July, which had been leading to negative revenue, and is actively working to expand access by anticipating Nefi's inclusion on Prime's formulary by January 1 and pressuring Caremark for similar coverage.
Physician adoption is growing, with approximately 10,000 doctors having prescribed Nefi, and the company observes a higher preference for Nefi among children and a greater number of prescriptions per patient compared to injections.
The average co-pay for Nefi with commercial coverage is $37, with about 80% of commercially covered patients paying $25 or less, which is lower than the $48 average for generic auto-injectors.

Sep 3, 2025, 8:52 PM

SPRY Reports Q4 2024 Financial Results and NEFI Commercial Progress

SPRY

Earnings

Product Launch

Revenue Acceleration/Inflection

ARS Pharmaceuticals reported Q4 2024 NEFI sales of $6.7 million and full year 2024 NEFI sales of $7.3 million since its late September launch. Total revenue for Q4 2024 was $86.6 million, and for the full year 2024 was $89.1 million, significantly boosted by collaboration revenue.
The company concluded 2024 with a strong financial position, holding $314 million in cash, cash equivalents, and short-term investments, and anticipates an operating runway of at least three years.
Payer coverage for NEFI is expanding rapidly, reaching over 51% for commercially insured patients without prior authorization by April 1 and projected to exceed 80% by early summer. The 1 milligram NEFI dose, which addresses 23% of the auto injector market, is expected to be available by May 2025.
To drive adoption, ARS Pharmaceuticals plans a large-scale direct-to-consumer (DTC) advertising campaign starting in May 2025, with a projected spend of $40 million to $50 million for the year. Full year 2025 operating expenses are forecasted to be between $200 million and $210 million.