ARS Pharmaceuticals Inc
ars-pharma.comWhat Do They Do?
Sells and develops neffy, a needle-free epinephrine nasal spray for people needing emergency treatment for severe allergic reactions, including anaphylaxis.
10-K for FY2025, filed Mar 9, 2026We are a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union…View ↗
How Do They Make Money?
U.S. wholesalers and pharmacies pay for neffy when it is delivered, except that some pharmacies pay when a patient buys it; partners pay for regional licenses, milestones, royalties and supplied product.
10-K for FY2025, filed Mar 9, 2026The Company’s product, neffy, was approved by the FDA in August 2024, and the Company began generating product revenue from sales of neffy…View ↗
The Company uses a third-party logistics provider to support the warehousing, distribution, order processing, accounts receivable, and data…View ↗
The Company also enters into consignment agreements with certain pharmacies, under which revenue is recognized when the product is sold to…View ↗
The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license…View ↗
Under the Pediatrix Agreement, we received a one-time upfront payment of $3.0 million in 2021 and earned a regulatory milestone payment of…View ↗
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10-K for FY2025, filed Mar 9, 2026
FY2025 revenue by product or service ↗
$84.3M
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10-K for FY2025, filed Mar 9, 2026
$84.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue, net
Sold outright
10-K for FY2025, filed Mar 9, 2026 |
86% |
Product revenue, net, FY2025
$72.2M Sources
|
Sold outright |
|
Revenue under collaboration agreements
|
12% |
Revenue under collaboration agreements, FY2025
$9.7M Sources
|
|
|
Revenue under supply agreements
Sold outright
|
2.8% |
Revenue under supply agreements, FY2025
$2.4M Sources
|
Sold outright |
Who Are Their Customers?
In the U.S., ARS sells mainly to pharmaceutical wholesale distributors and also to pharmacy customers; those customers resell products to pharmacies and health care providers or dispense them to patients. Outside the U.S., regional partners promote and sell neffy under licenses.
10-K for FY2025, filed Mar 9, 2026The Company’s product, neffy, was approved by the FDA in August 2024, and the Company began generating product revenue from sales of neffy…View ↗
The EC has granted marketing authorization in the EU for EURneffy 2 mg (the trade name for neffy 2 mg in the EU and U.K.), for the…View ↗
Collaboration and Distribution Agreement with PediatrixView ↗
Do Revenues Turn Into Profits?
No. It lost $171.3M in FY2025.
10-K for FY2025, filed Mar 9, 2026
−$179.4MView ↗
10-K for FY2025, filed Mar 9, 2026
−$171.3MView ↗
10-K for FY2025, filed Mar 9, 2026
−$171.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$62.3MView ↗
- ▲ +39% (Loss)
- vs −$44.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Jul 7, 2026
Donn Casale replaced Richard Lowenthal as CEO
Sources
8-K, filed Jul 7, 2026
On July 7, 2026, the Board of Directors (the “Board”) of ARS Pharmaceuticals, Inc. (the “Company”) appointed the Company’s current…View ↗
Growing. Revenue grew 15.3x in 4 years, from $5.5M in FY2021 to $84.3M in FY2025, about 98% a year.
From development to commercial sales
The older report described neffy as an investigational product candidate for emergency allergic reactions; the latest report describes an approved product being commercialized while development continues.
10-K for FY2022, filed Mar 23, 2023 10-K for FY2025, filed Mar 9, 2026We are a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union…View ↗
Who Do They Compete With?
Competes with Viatris, Teva Pharmaceuticals, Amneal Pharmaceuticals, Kaleo, Sandoz, Bryn Pharma, Hikma Pharmaceuticals, Nasus Pharma, Orexo, Insignis Therapeutics, Belhaven BioPharma, and Aquestive Therapeutics
10-K for FY2025, filed Mar 9, 2026neffy competes primarily against epinephrine intra-muscular injectable products, for the emergency treatment of Type I allergic reactions…View ↗
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