ARS Pharmaceuticals (NASDAQ: SPRY) is a pharmaceutical company that develops and commercializes neffy, an intranasal epinephrine spray for the emergency treatment of anaphylaxis and Type I allergic reactions. Revenue comes from net product sales of neffy in the United States, royalties and milestone payments under collaboration agreements, and supply agreements with international partners. The company launched neffy in the U.S. and is commercializing it internationally through regional partners including ALK (Europe and U.K.), Alfresa (Japan), Seqirus (Australia), and Pediatrix (China). FY2025 total revenue was $84.3 million, comprised of $72.2 million in net product revenue, $9.7 million in collaboration revenue, and $2.4 million in supply agreement revenue. The company operates at a loss, reporting a $179.4 million operating loss in FY2025, with $230.1 million in selling, general and administrative expenses reflecting the full commercial buildout. As of December 31, 2025, ARS carries $100.0 million in term loan debt maturing September 29, 2030, plus contingent milestone and mid-single-digit royalty obligations to OrbiMed under the Aegis Agreement.

Revenue model

Transactional product revenue from U.S. net sales of neffy; collaboration agreement revenue including upfront and milestone payments from international partners; supply agreement revenue from product supplied to those partners; royalty obligations payable to OrbiMed based on a mid-single-digit percentage of net product sales.

Products and services

neffy 2 mg and neffy 1 mg: intranasal epinephrine spray for emergency treatment of anaphylaxis and Type I allergic reactions. neffy 2 mg is approved for patients weighing 30 kg or greater; neffy 1 mg is approved for children weighing 15 kg to less than 30 kg. Trade names include EURneffy (EU and U.K.) and 优敏速 (China). Approved in the U.S., EU, U.K., Japan, Australia, and China as of the filing date.

Customers and end markets

Patients at risk of anaphylaxis and their caregivers; prescribing physicians and allergists; retail and specialty pharmacies in the U.S. International end markets served through collaboration partners: ALK (Germany launched June 2025, U.K. launched October 2025), Alfresa (Japan, approval September 2025), Seqirus (Australia, launch initiated February 2026), Pediatrix (China, approval December 2025).

Value-chain role

Drug developer and U.S. commercial-stage manufacturer/marketer; licensor to regional collaboration partners for ex-U.S. markets; product supplier to those partners under supply agreements; royalty payer to OrbiMed on net product sales.

Geographic exposure

Primary commercial revenue from the United States (FY2025). International markets in Germany, U.K., Japan, Australia, and China commercialized through regional collaboration partners as of the 10-K filing date (2026-03-09). Canada regulatory decision expected Q2 2026.

Source: SEC 10-K, filed 2026-03-09

Industry: Pharmaceutical Preparations Peers: Actinium Pharmaceuticals Inc Acumen Pharmaceuticals Inc Fennec Pharmaceuticals Inc Akouos, Inc. Ardelyx Inc Clene Inc VBI Vaccines Inc/BC Oyster Point Pharma, Inc. Verastem Inc