ARS Pharmaceuticals reported its 2025 financial results on Monday, highlighting the successful U.S. commercial launch of neffy, the first needle-free epinephrine nasal spray, which now anchors the company’s path toward cash-flow break-even.
ARS Pharmaceuticals (NASDAQ:SPRY) reported total full-year 2025 revenue of $84.3 million, with $72.2 million coming directly from U.S. net product sales of neffy.
Fourth-quarter revenue reached $28.1 million, demonstrating steady adoption of the needle-free alternative.
The company posted a net loss of $171.3 million for the year, largely driven by $230.1 million in selling, general, and administrative (SG&A) expenses associated with the heavy upfront costs of a national direct-to-consumer launch.
Despite the loss, the company’s balance sheet remains robust with $245 million in cash and short-term investments as of Dec. 31, 2025.
Management expects this liquidity to fund operations until the company reaches its anticipated cash-flow break-even point.
Commercial and regulatory momentum for 2026 includes plans to increase the U.S. salesforce from 106 to 150 representatives by the second quarter of 2026 and a new national television campaign launched in January to further drive patient awareness.