Last updated
Revenue
R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $3.9852W HIGH $13.15
Volume
1.59 M
Value Traded
7.85 M
Short % Float
35.36%
+12.04%Week
-12.81%1 Month
-42.57%3 Month
-43.35%6 Month
-71.83%5 Year
-72.62%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
453.48 M
EPS (TTM)
-2.17
P/E Ratio
-
Ent. Value
406.31 M
Total Shares
99.36 M
Float Shares
65.25 M
Insiders
34.38%
Institutions
71.45%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
PoA blends historical approval base rates, trial design score and FDA review track record.
SPRY Catalyst Timeline
Dated clinical, regulatory and corporate events for ARS Pharmaceuticals, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for ARS Pharmaceuticals, Inc.
321Total events
12Upcoming
108Tier-1 (high impact)
2020 to 2027Coverage
Upcoming catalysts 2
Event history 50
▲Enrollment CompleteARS-2Trial
Enrollment completed in interim patient population for Phase 2b CSU trial
chronic spontaneous urticariasource ↗
◆Timing GuidancePresentation
Definitive update on CVS Caremark formulary approval anticipated
▲Enrollment MilestoneneffyApprovedTrial
Interim analysis population fully enrolled in Phase 2b CSU trial
Chronic spontaneous urticaria (CSU)source ↗
▲Other Regulator MilestoneneffyApprovedEx-US Regulatory
Health Canada approved neffy
Allergic reactions including anaphylaxissource ↗
▲Product LaunchneffyApprovedPost-Market
Inclusion of carrying case in each prescription carton
Type I allergic reactions including anaphylaxissource ↗
◆Other Regulator MilestoneneffyApprovedEx-US Regulatory
neffy approval in Canada expected Q2 2026
Anaphylaxissource ↗
▲EU ApprovalEURneffyApprovedEx-US Regulatory
European Commission granted marketing authorization for EURneffy 1 mg
Anaphylaxis in pediatric patients 4+ years, 15-30 kgsource ↗
▲FDA ApprovalneffyApprovedFDA Decision
FDA approval to remove age requirement from neffy 1 mg label
Type I allergic reactions including anaphylaxissource ↗
▲Product LaunchneffyApprovedPost-Market
neffy U.S. commercial launch progress update
Type I allergic reactions including anaphylaxissource ↗
●Trial InitiationTrial
Phase 2b trial in CSU enrolling patients
Chronic spontaneous urticaria (acute flares)source ↗
◆Poster PresentationneffyApprovedPresentation
ALK partner late-breaking poster presentations on neffy at AAAAI 2026
Type I allergic reactions including anaphylaxissource ↗
▲FDA ApprovalneffyApprovedFDA Decision
FDA approved removal of age criteria for neffy 1 mg
Type I allergic reactions including anaphylaxissource ↗
◆Poster PresentationneffyApprovedPresentation
Five poster presentations on neffy at AAAAI 2026
Type I allergic reactions including anaphylaxissource ↗
◆Oral PresentationneffyApprovedPresentation
Non-CME PBL Presentation: Reimagining Epinephrine Administration with Epinephrine Nasal Spray
Type I allergic reactions including anaphylaxissource ↗
▲CHMP Positive OpinionEURneffyApprovedEx-US Regulatory
CHMP positive opinion for EURneffy 1 mg for children weighing ≥15 kg to <30 kg
emergency treatment of allergic reactions (anaphylaxis) in children weighing ≥15 kg to <30 kgsource ↗
▲Product LaunchneffyApprovedPost-Market
California becomes eligible for neffyinSchools program
emergency treatment of type I allergic reactions including anaphylaxissource ↗
▲Product LaunchneffyApprovedPost-Market
Expected commercial availability in China under trade name 优敏速®
Type I allergic reactions (anaphylaxis)source ↗
▲Milestone PaymentneffyApprovedCorporate
Received $5.0M milestone payment from ALK for EU approval of neffy 1 mg
▲CHMP Positive OpinionEURneffyApprovedEx-US Regulatory
CHMP positive opinion for EURneffy 1 mg
Allergic reactions (anaphylaxis) in children aged 4+ with bodyweight 15-30 kgsource ↗
◆Topline ReadoutneffyApprovedClinical Data
Topline data from Phase 2b CSU trial anticipated in early 2026
Acute flares in chronic spontaneous urticariasource ↗
▲NMPA NDA ApprovalneffyApprovedEx-US Regulatory
NMPA approval of neffy 2 mg for adults and children ≥30 kg
Type I allergic reactions (anaphylaxis)source ↗
▲Milestone PaymentneffyApprovedCorporate
Regulatory milestone payment of $4 million from Pediatrix Therapeutics
◆Oral PresentationPresentation
ARS Pharmaceuticals to participate in fireside chat at Piper Sandler 37th Annual Healthcare Conference
▲NMPA NDA ApprovalneffyApprovedEx-US Regulatory
neffy 2 mg approved in China
Type I allergic reactions (anaphylaxis) in adults and children ≥30 kgsource ↗
▲Other Regulator MilestoneneffyApprovedEx-US Regulatory
neffy 2 mg and 1 mg approved in Australia
Anaphylaxis in adults and children aged 4+ weighing ≥15 kgsource ↗
▲PublicationneffyApprovedPresentation
Real-world experience publication in Annals of Allergy, Asthma and Immunology
Anaphylaxissource ↗
◆Poster PresentationneffyApprovedPresentation
Poster: Survey of patients who were prescribed epinephrine nasal spray
allergic reactions including anaphylaxissource ↗
◆Oral PresentationneffyApprovedPresentation
Epinephrine Administration Evolved: The Intranasal Alternative
anaphylaxissource ↗
◆Oral PresentationneffyApprovedPresentation
Late-breaking oral presentation: Real World Data on the Effectiveness of Epinephrine Nasal Spray in Clinical Practice – Update
allergic reactions including anaphylaxissource ↗
◆Poster PresentationneffyApprovedPresentation
Poster: Anxiety and well-being related to intra-nasal epinephrine versus autoinjector in food allergic patients and caregivers
allergic reactions including anaphylaxissource ↗
◆Poster PresentationneffyApprovedPresentation
Poster: Low risk of ocular toxicity after unintentional exposure of epinephrine nasal spray
allergic reactions including anaphylaxissource ↗
▲Product LaunchneffyApprovedPost-Market
Launch of Get neffy on Us program to improve patient access
severe allergic reactions including anaphylaxissource ↗
▲Patent GrantedneffyApprovedIP / Competition
EPO Opposition Division upheld validity of all claims in EP 3678649 for neffy
allergic reactions including anaphylaxissource ↗
▲Product LaunchneffyApprovedPost-Market
Expected availability of neffy in Japan by Alfresa
allergic reactions (anaphylaxis)source ↗
▲Milestone PaymentneffyApprovedCorporate
Regulatory milestone payment of $2 million from Alfresa upon NHI listing
allergic reactions (anaphylaxis)source ↗
▲Debt Royalty FinancingCorporate
ARS Pharma enters up to $250 million loan facility with RA Capital and OMERS Life Sciences
▲PMDA MilestoneneffyApprovedEx-US Regulatory
PMDA approval of neffy 1 mg and 2 mg doses in Japan
allergic reactions (anaphylaxis)source ↗
▲Full ResultsneffyApprovedClinical Data
Real-world evidence data from neffy experience program (545 patients) shows 89.2% single-dose success rate
anaphylaxissource ↗
Past FDA Catalysts and PDUFA Decisions
How SPRY actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-03-26 | Neffy (epinephrine) | PDUFA Date Approved | PDUFA |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
D29 / 100
Pipeline Score
$57M
Pipeline Value
$268M
Commercial Value
Overvalued
Valuation Signal
2
Drugs Scored
0.3x
rNPV / MCap
Top 73%
Micro Cap(rank 481 of 658)
Percentile Rank
ARS Pharmaceuticals, Inc. faces pipeline headwinds (29/100), with $476M risk-adjusted pipeline value, led by ARS-1 with URTI in Asthma (Phase 2), but cash runway is a concern.
Commercial products (revenue basis: trailing 4 quarters of total revenue (10-K and 10-Q), to Jun 2026; product lines: last four quarters to Jun 2026 (10-K and 10-Q)) Revenue $116.9M x 2.3 = $268M
| Product | Revenue | Prior period | Change |
|---|---|---|---|
| neffy | $95M | $28M | +242.6% |
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ARS-1 with URTI Small moleculeCompletedNCT05496465 | Urticaria | Phase 2 | COMPLETED | 21 | Feb 29, 2024 |
Clinical Trial Results
Readouts, endpoints and source filings for every SPRY program
| Drug Name | Indication | Phase | Date | Trial Results Summary | Title | Source |
|---|---|---|---|---|---|---|
| neffy | chronic spontaneous urticaria | Phase 2 | 2024-02-26 | statistically significant and clinically meaningful improvement in pruritus, hives, body surface area and erythema; as early as 5 minutes post-administration; 1 mg and 2 mg neffy demonstrating statistically significant and clinically meaningful changes from baseline in itch, hives, urticaria and erythema scoresRead More | ARS Pharmaceuticals announces neffy meets primary endpoints and shows rapid symptom control in Phase 2 urticaria clinical studyRead More |
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| RICHARD LOWENTHALOfficer | Sell | 35,000 | $5.06 | 09/11/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in SPRY
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | 0.8 % (-11.1 %) | 87.00 M | 10.86 M |
SPRY Institutional Ownership Trends
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-10-16 | ||||||||||||
Real-Time Option Chain
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How SPRY ranks across every disease it competes in
Competitive Position is a premium feature
See how SPRY ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialSPRY News
SPRYARS Pharmaceuticals to Participate in Upcoming Investor Conferences
ARS Pharmaceuticals, Inc. announced its participation in two upcoming investor conferences in September 2026. CEO Donn Casale will engage in 1x1 meetings at the Wells Fargo Healthcare Conference in Boston and a fireside chat at the Cantor Global Healthcare Conference in New York. The company is known for its innovative epinephrine nasal spray, neffy®, and is developing ARS-2 for chronic spontaneous urticaria.
Read more →SPRY▼ -7.4%on this news
ARS Pharmaceuticals Outlines Strategic Priorities, including a Focused Commercial Strategy, and Reports Second Quarter 2026 Financial Results
ARS Pharmaceuticals reported a strong financial performance in Q2 2026, achieving $26.2 million in net product revenue from its neffy epinephrine nasal spray. The company is shifting its commercial strategy to focus on targeted provider engagement, which is expected to enhance market share. Additionally, they are advancing their clinical program for chronic spontaneous urticaria (CSU), with interim data anticipated in Q1 2027. Despite a reported net loss, the company aims for cash flow breakeven by the end of 2027.
Read more →SPRY▲ +6.4%on this news
ARS Pharmaceuticals Announces Conference Call and Webcast on August 13 Outlining its Updated Strategic Priorities and Reporting Second Quarter 2026 Financial Results
ARS Pharmaceuticals has announced a conference call and webcast scheduled for August 13, 2026. During this event, CEO Donn Casale will discuss the company's updated strategic priorities and report on the financial results for the second quarter of 2026. This initiative reflects ARS's commitment to transparency and engagement with its investors.
Read more →SPRYARS Pharmaceuticals Announces CEO Succession
ARS Pharmaceuticals has announced a leadership transition, with co-founder Richard Lowenthal stepping down as CEO effective July 6, 2026. Donn Casale, previously the President, has been appointed as the new CEO and Director. The Board expresses confidence in Casale's ability to drive growth for the neffy franchise and enhance the company's market position.
Read more →SPRY▼ -23.9%on this news
ARS Pharmaceuticals Provides Commercial and Financial Updates
ARS Pharmaceuticals provided updates on its epinephrine nasal spray, neffy, indicating no new coverage decisions from payers for July 2026. The company has lowered its cash-based operating expenses for 2026 and remains on track for cash-flow breakeven by 2027. Additionally, interim data from the Phase 2b trial for chronic spontaneous urticaria is expected in Q4 2026, highlighting potential growth opportunities.
Read more →SPRYDrew Brees Collaborates with ARS Pharmaceuticals to Raise Awareness About Living Life with Severe Allergies
ARS Pharmaceuticals has partnered with Drew Brees to raise awareness about severe food allergies and the importance of epinephrine. The collaboration aims to educate individuals on treatment options, particularly the neffy nasal spray, which provides a needle-free alternative for emergency allergic reactions. Brees, who has personal experience with food allergies, emphasizes the need for preparedness and communication in managing these conditions.
Read more →SPRY▼ -6.5%on this news
ARS Pharmaceuticals Reports First Quarter 2026 Financial Results and Corporate Update
ARS Pharmaceuticals reported a total revenue of $22.7 million for Q1 2026, driven by strong sales of its epinephrine nasal spray, neffy. The company is expanding its sales force and is in the final stages of a proposal to CVS Caremark for formulary inclusion. Additionally, the Phase 2b study for chronic spontaneous urticaria is fully enrolled, with interim results expected in Q4 2026. However, the company also reported a significant net loss of $60.6 million.
Read more →SPRY▼ -7.2%on this newsshared move
ARS Pharmaceuticals Strengthens Leadership Team with Appointment of Industry Veteran Donn Casale as President
ARS Pharmaceuticals has appointed Donn Casale as President, effective June 1, 2026. Casale, a seasoned biopharmaceutical leader, will oversee global operations and drive growth, particularly for the epinephrine nasal spray, neffy. His experience in commercial strategy is expected to enhance patient access and prepare the company for expansion into chronic spontaneous urticaria.
Read more →SPRYARS Pharmaceuticals Announces Conference Call and Webcast for its First Quarter 2026 Financial Results
ARS Pharmaceuticals has announced a conference call and webcast scheduled for May 15, 2026, to discuss its first quarter financial results and business highlights. The event aims to provide insights into the company's performance and future direction. Interested participants can register for dial-in information and access the webcast through the company's website.
Read more →SPRYneffy® (epinephrine nasal spray) Approved in Canada as the First and Only Needle-Free Emergency Treatment of Allergic Reactions (anaphylaxis)
Health Canada has approved neffy, a needle-free epinephrine nasal spray, for emergency treatment of anaphylaxis in adults and children over 30 kg. This innovative delivery method aims to improve accessibility and ease of use for patients experiencing severe allergic reactions. ARS Pharmaceuticals plans to make neffy available in Canada by summer 2026, following a licensing agreement with ALK Abelló A/S.
Read more →SPRY▼ -5.7%on this news
ARS Pharmaceuticals Receives FDA Approval to Remove Age Requirement From neffy® 1 mg (epinephrine nasal spray) Label
ARS Pharmaceuticals has received FDA approval to update the neffy® 1 mg (epinephrine nasal spray) label, removing the age requirement for use. Now, all individuals weighing 33 lbs. or more can utilize this needle-free treatment for allergic reactions, including anaphylaxis. The update aims to ease the administration of emergency treatment for families with young children.
Read more →SPRYARS Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Updates on neffy® (epinephrine nasal spray) Commercialization
ARS Pharmaceuticals reported strong financial results for 2025, with $72.2 million in U.S. net product revenue from neffy, its epinephrine nasal spray. The company is focusing on expanding market share and securing payor access while managing significant operational costs. Despite a net loss of $171.3 million, ARS Pharma maintains a robust cash position to support its growth strategy.
Read more →SPRYARS Pharmaceuticals Announces Conference Call and Webcast for its Fourth Quarter and Full Year 2025 Financial Results and Participation at Upcoming Conferences
ARS Pharmaceuticals has announced a conference call and webcast scheduled for March 9, 2026, to discuss its fourth quarter and full year 2025 financial results. The company is also participating in several upcoming investor conferences. ARS Pharma is known for its epinephrine nasal spray, neffy®, aimed at treating allergic reactions, including anaphylaxis.
Read more →SPRYARS Pharmaceuticals to Showcase Scientific Innovation and Robust Clinical Data on neffy® (epinephrine nasal spray) at 2026 American Academy of Allergy, Asthma and Immunology (AAAAI) Annual Scientific Meeting
ARS Pharmaceuticals is set to present five posters and additional reports on neffy, an epinephrine nasal spray, at the 2026 AAAAI Annual Scientific Meeting. The presentations will cover clinical advancements, usability, and health-economic analyses, highlighting neffy's potential advantages over traditional injectable epinephrine. The company emphasizes the importance of providing a reliable and intuitive option for patients at risk of anaphylaxis.
Read more →SPRYEURneffy® 1 mg (adrenaline nasal spray) Recommended for Approval in the EU for Emergency Treatment of Type 1 Allergic Reactions, including Anaphylaxis in Children Weighing ≥15 kg to <30 kg
ARS Pharmaceuticals announced that the European Medicines Agency's CHMP has recommended approval for EURneffy® 1 mg, a needle-free adrenaline nasal spray for emergency treatment of anaphylaxis in children weighing 15 kg to less than 30 kg. This marks a significant advancement in providing a practical treatment option for younger children at risk of severe allergic reactions. The product is expected to be authorized by the European Commission, expanding access across EU member states.
Read more →SPRYCalifornia K-12 Schools Now Eligible for neffyinSchools Program, Offering Needle-Free Epinephrine at No Cost for Emergency Use
California has joined 23 other states in the neffyinSchools program, allowing K-12 schools to receive free needle-free epinephrine for emergency use. This initiative aims to empower school staff to respond effectively to allergic reactions, which can lead to anaphylaxis. The program has expanded significantly since its launch, now covering 24 states and over 8,000 schools nationwide.
Read more →SPRYneffy® (epinephrine nasal spray) Approved in China as the First and Only Community Use Epinephrine Product for the Treatment of Allergic Reactions (anaphylaxis)
ARS Pharmaceuticals' neffy® (epinephrine nasal spray) has received approval from China's National Medical Products Administration for the emergency treatment of anaphylaxis in adults and children over 30 kg. This marks the first community-use epinephrine product available in China, addressing a significant gap in treatment options. The product is expected to be available by spring 2026, with plans for additional dosage approvals in the future.
Read more →SPRYARS Pharmaceuticals to Participate in Piper Sandler 37th Annual Healthcare Conference
ARS Pharmaceuticals will participate in the Piper Sandler 37th Annual Healthcare Conference from December 2-4, 2025. CEO Richard Lowenthal and CCO Eric Karas will engage in a fireside chat on December 3. The event will provide a platform for investor meetings and includes a live webcast of the discussion.
Read more →SPRYARS Pharmaceuticals Reports Third Quarter 2025 Financial Results and Highlights for neffy® (epinephrine nasal spray)
ARS Pharmaceuticals reported a strong financial performance for Q3 2025, achieving $32.5 million in revenue, primarily driven by the successful launch of neffy®, an epinephrine nasal spray. The company is enhancing its commercial strategy through direct-to-consumer initiatives and real-world evidence to boost prescriber confidence. A conference call is scheduled to discuss these results and future plans.
Read more →SPRYARS Pharma Launches Get neffy® on Us for Patients with Severe Allergic Reactions to Improve Access to neffy (epinephrine nasal spray)
ARS Pharmaceuticals has launched the 'Getneffy on Us' program, which allows eligible patients to access the needle-free epinephrine spray, neffy, through a hassle-free virtual visit with a healthcare provider. This initiative aims to improve accessibility for those with severe allergies, particularly in light of the limited availability of allergists. The program offers a $0 co-pay for eligible patients with commercial insurance, making it easier for them to obtain this critical medication.
Read more →About ARS Pharmaceuticals, Inc.
Headquarters11682 EL CAMINO REAL, SUITE 300, SAN DIEGO, CA, 92130
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