ARS Pharma Narrows Loss After Cutting SG&A

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $37.7 million as U.S. neffy net product sales reached $33.4 million and the company posted a $35.6 million net loss, or $(0.36) a share.

ARS Pharmaceuticals (SPRY), a commercial biopharmaceutical company focused on needle-free epinephrine, reported third-quarter 2026 revenue of $37.7 million, up from $32.5 million a year earlier, as U.S. net product revenue for neffy rose to $33.4 million from $31.3 million.

The sequential climb in neffy product sales continued. U.S. net product revenue was $26.2 million in the second quarter of 2026 and $17.5 million in the first quarter. Supply revenue was $2.6 million and collaboration revenue $1.7 million in the third quarter.

Total U.S. epinephrine market share held at 5%, matching the second-quarter level and up from 4% in the third quarter of 2025. Among field-targeted accounts, which the company said represent about 44% of the total market opportunity, share reached approximately 9%, compared with 8% in the second quarter and 6% a year earlier. Share in non-targeted accounts was 2%. Unique prescribers numbered 19,605, up 49% from the third quarter of 2025, for more than 44,000 prescribers since launch.

President and Chief Executive Officer Donn Casale said the company had committed in August to steady market-share gains with neffy, greater financial discipline with a path to cash-flow breakeven by year-end 2027, and expansion of the needle-free epinephrine platform beyond anaphylaxis. Chief Commercial Officer Meg Smith said the company completed a commercial assessment and is shifting to account-based targeting, provider-focused messaging and a strengthened market-access strategy.

SG&A expenses fell to $43.5 million from $74.8 million a year earlier, a 42% reduction versus the first-half 2026 quarterly average, after $72.2 million in the first quarter. The company said the decline primarily reflected the discontinuation of linear TV and broad consumer advertising and more focused commercial investment. Total operating expenses were $71.9 million, including $8.1 million of stock-based compensation, versus $85.7 million a year earlier.

Research and development expenses were $18.3 million, compared with $2.8 million a year earlier, including a one-time $12.5 million payment related to a license agreement for exclusive worldwide rights to certain intellectual property, as well as advancing the Phase 2b trial of ARS-2 in breakthrough flares of chronic spontaneous urticaria.

Net loss narrowed to $35.6 million, or $(0.36) a share, from $51.2 million, or $(0.52) a share, a year earlier, after a $60.6 million, or $(0.61) a share, loss in the first quarter. Spending was tracking in line with second-half 2026 guidance of $114 million to $126 million in aggregate SG&A and R&D expenses, including stock-based compensation.

Cash, cash equivalents and short-term investments were $138.4 million as of September 30, 2026, down from $201.0 million as of March 31, 2026. Based on its current expense-base plan, the company continues to expect to reach cash-flow breakeven by the end of 2027.

The company also appointed Randall Kaye, M.D., as Chief Medical Officer and John Slebir as Chief Legal Officer, in addition to Smith’s August appointment. ARS-2 is in a Phase 2b trial evaluating 0.5 mg and 1.0 mg doses of needle-free epinephrine for on-demand treatment of breakthrough flares in chronic spontaneous urticaria. Interim data remain expected in the first quarter of 2027, with full data later in 2027, which the company said will inform the design of a potential Phase 3 registration program.