ARS Pharmaceuticals Reports $15.7M Revenue and $44.9M Net Loss for Quarter Ending June 30, 2025

ARS Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenue of $15.7 million, a substantial increase from just $0.5 million in the same period last year. This revenue includes $12.8 million from product sales of its intranasal epinephrine product, neffy, which was launched in September 2024, alongside $2.6 million from collaboration agreements and $0.3 million from supply agreements. The increase in revenue reflects the successful commercialization of neffy, which is the first FDA-approved needle-free epinephrine product.

In terms of expenses, ARS Pharmaceuticals reported total operating expenses of $63.3 million for the quarter, up from $15.8 million in the prior year. This increase was primarily driven by a significant rise in selling, general, and administrative expenses, which soared to $54.3 million from $8.9 million, largely due to marketing efforts and the expansion of its sales force. Research and development expenses decreased to $4.0 million from $6.9 million, reflecting a strategic shift as the company transitions from development to commercialization.

The company’s net loss for the quarter was $44.9 million, compared to a loss of $12.5 million in the same quarter of 2024. This increase in net loss is attributed to higher operational costs associated with the launch and marketing of neffy. As of June 30, 2025, ARS Pharmaceuticals had an accumulated deficit of $202.1 million and cash, cash equivalents, and short-term investments totaling $240.1 million, which management believes will be sufficient to meet anticipated cash requirements for at least the next 12 months.

Operationally, the company has expanded its sales force to approximately 108 employees and has engaged in a co-promotion agreement with ALK-Abelló, which includes an additional 60 sales representatives targeting pediatricians and other prescribers. The company is also actively pursuing regulatory approvals for neffy in various international markets, including Canada, China, Japan, and Australia, with expectations for significant market opportunities in these regions.

Looking ahead, ARS Pharmaceuticals anticipates continued fluctuations in revenue as it navigates the commercialization of neffy and works towards achieving additional regulatory milestones. The company remains focused on expanding its market presence and enhancing product adoption while managing operational costs effectively.