ARS Pharma Refocuses Strategy As Q2 Revenue Hits $33.7M
(RTTNews) - ARS Pharmaceuticals, Inc. (SPRY), a biopharmaceutical company focused on developing and commercializing needle-free treatments for allergic reactions and anaphylaxis, recently reported second-quarter 2026 financial results and outlined strategic priorities aimed at driving adoption of its epinephrine nasal spray, neffy, while improving operating efficiency.
The company is shifting its commercial strategy toward targeted engagement with high-volume healthcare providers, reducing broad consumer advertising and focusing resources on accounts representing 44% of the U.S. market opportunity. Q2 2026 Performance:
ARS Pharma reported second-quarter total revenue of $33.7 million, compared with $15.7 million in the second quarter of 2025.
Total revenue included $26.2 million in U.S. net product revenue from neffy, compared with $12.8 million in net product revenue in the second quarter of 2025.
Collaboration revenue was $0.1 million in Q2 2026, compared with $2.6 million in Q2 2025.
Supply revenue from partners rose to $7.4 million in Q2 2026, compared with $0.3 million in Q2 2025.
The company had more than 16,000 unique prescribers during the second quarter, nearly three times the number in the year-ago period.
Total operating expenses, excluding cost of goods sold, were $82.3 million, including SG&A expenses of $77.6 million and R&D expenses of $4.7 million.
Net loss widened to $62.3 million, or $0.63 per share, from a net loss of $45 million, or $0.46 per share, in the prior-year period.
Commercial & Strategic Updates:
ARS Pharma appointed Meg Smith as Chief Commercial Officer, effective August 17, 2026, bringing more than 25 years of commercial leadership experience, including her most recent role leading the commercial organization at Dynavax Technologies.
The company has completed the expansion of its field sales organization, which will focus primarily on high-value prescribers to drive neffy adoption and market-share growth.
ARS Pharma is also implementing significant cost reductions, shifting spending away from broad consumer advertising toward targeted healthcare-provider education and field execution.
Neffy (epinephrine nasal spray) is a needle-free epinephrine treatment for Type I allergic reactions, including anaphylaxis.
Neffy received its initial U.S. FDA approval on August 9, 2024, for adults and children weighing 30 kg or more at a 2 mg dose, followed by European Commission approval on August 22, 2024, where it is marketed as EURneffy.
On March 5, 2025, the FDA expanded its approval to include younger pediatric patients weighing 15 kg to less than 30 kg at a 1 mg dose.
Beyond neffy, ARS Pharma is advancing ARS-2, its intranasal epinephrine program for acute flares of chronic spontaneous urticaria (CSU).
The Phase 2b trial has completed enrollment in the interim patient population, with interim data expected in the first quarter of 2027. The company believes the CSU program represents a potential expansion opportunity, as there are currently no FDA-approved on-demand treatments for acute CSU flares.
The Road Ahead:
ARS Pharma expects aggregate SG&A and R&D expenses of $114 million-$126 million for the second half of 2026, including approximately $14 million-$16 million in stock-based compensation.
Cash-based SG&A and R&D expenses are expected to total $100 million-$110 million in the second half of 2026, representing a reduction of more than 40% from the first half of the year.
Based on its revised spending plan and expected revenue growth, the company anticipates reaching cash flow breakeven by the end of 2027.
Cash Position:
As of June 30, 2026, ARS Pharma had $143.8 million in cash, cash equivalents and short-term investments, providing funding to support its commercial strategy for neffy and continued development of its intranasal epinephrine platform.
SPRY has traded between $4.91 and $15.09 over the past year. SPRY closed Monday's trading at $6.24, up 10.44%. In premarket trading today, the stock is down 0.84% at $6.19.
