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.
The company also noted significant global progress, securing recent regulatory approvals in China and Australia.
In Europe, a Committee for Medicinal Products for Human Use (CHMP) positive opinion was received for EURneffy 1 mg, which targets children weighing 15 kg to 30 kg.
Leadership indicated that expanded discussions with payors are ongoing to broaden insurance coverage as the product enters its second year on the market.