ARS Pharma reports $60.6M loss despite strong neffy nasal spray sales

ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) has released its financial results for the first quarter of 2026. The company reported a net loss of $60.6 million, despite generating $22.7 million in revenue. A key highlight was the strong performance of its nasal spray product, neffy, which brought in $17.5 million in U.S. sales.

The company’s total revenue for the quarter reached $22.7 million, with neffy accounting for the majority. This included $17.5 million from U.S. sales of the nasal spray, used for treating severe allergic reactions. Meanwhile, expenses remained high, with Selling, General and Administrative costs at $72.2 million and Research and Development spending at $4.3 million.

In regulatory news, the FDA approved the removal of age restrictions for neffy 1 mg. The spray can now be used by all children and adults weighing 33 lbs. or more for Type I allergic reactions. This decision expands access to the treatment. ARS Pharma also made progress in insurance coverage. Florida added neffy to its unrestricted Medicaid formulary, bringing the total to nine states where the product is covered without prior authorisation. Additionally, the company submitted a proposal to CVS Caremark, seeking to include neffy in its commercial formulary without prior approval. Financially, the company held $201.0 million in cash, cash equivalents, and short-term investments as of March 31, 2026. Management stated this position should fund operations until the business reaches cash-flow break-even.

ARS Pharma’s quarterly results show a mix of growing revenue and high operational costs. The FDA’s expanded approval for neffy and increased Medicaid coverage could boost future sales. With $201.0 million in reserves, the company expects to sustain operations until reaching profitability.