ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceutical company focused on empowering patients at risk for anaphylaxis, has reported its financial results for the fourth quarter and full year of 2025. Notably, the company’s flagship product, neffy® (epinephrine nasal spray), achieved significant revenue milestones, reflecting its unique position as the first FDA-approved needle-free epinephrine treatment for Type I allergic reactions.
In 2025, neffy generated $72.2 million in net product revenue from U.S. Sales, contributing to a total revenue of $84.3 million for the year. The fourth quarter alone accounted for $28.1 million in revenue, with $20.3 million stemming from neffy sales. This growth is indicative of the product’s increasing acceptance among healthcare providers and patients alike.
Richard Lowenthal, Co-Founder, President, and CEO of ARS Pharma, emphasized the importance of 2025 in establishing neffy as a scalable treatment option. He noted that initial prescriptions are expected to renew in 2026, which, combined with the growth of novel patients, places the company in a strong position to expand its market share further. “Progress with insurers has been positive over the past year, and we continue to focus on securing unrestricted access with the remaining major payors,” said Lowenthal.
Financial Performance Overview
For the full year of 2025, ARS Pharma’s revenue included:
- Net product revenue: $72.2 million from neffy sales in the U.S.
- Collaboration revenue: $9.7 million from international partners.
- Supply agreement revenue: $2.4 million.
- Total revenue: $84.3 million.
The company reported a net loss of $171.3 million for the year, reflecting ongoing investments in research, development, and marketing. Specifically, ARS Pharma’s selling, general, and administrative expenses reached $230.1 million, a result of significant spending on direct-to-consumer marketing campaigns aimed at boosting awareness and adoption of neffy.
neffy Commercialization and Market Access
As part of its commercialization strategy, ARS Pharma is actively working to improve access to neffy for patients. Currently, eight state Medicaid plans cover neffy without prior authorization, and the company anticipates additional plans will include neffy in their Preferred Drug Lists in 2026. Eligible commercially insured patients can access neffy with a $0 co-pay.
To enhance its market penetration, ARS Pharma plans to expand its sales force from 106 to 150 representatives in the second quarter of 2026. This initiative aims to increase the frequency of interactions with high-prescribing allergists, promoting the adoption of neffy in clinical settings.
Clinical Developments and Future Prospects
ARS Pharma is as well advancing its clinical programs. A Phase 2b trial evaluating the effectiveness of its intranasal epinephrine technology for treating chronic spontaneous urticaria is currently in progress, with interim data expected in the second half of 2026.
the company has seen promising developments regarding neffy’s international approvals. In January 2026, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) recommended marketing authorization for EURneffy® for emergency treatment of allergic reactions in children and adults.
As of December 31, 2025, ARS Pharma holds a robust cash position of $245 million, which is expected to support operations through anticipated cash-flow break-even. This financial stability enables the company to pursue its strategic goals without immediate concerns about liquidity.
Looking Ahead
The upcoming year promises to be pivotal for ARS Pharmaceuticals as it focuses on expanding the reach of neffy and securing further regulatory approvals. With plans to maintain its marketing momentum and strengthen partnerships with insurers, ARS Pharma aims to solidify neffy’s presence in the market as a reliable treatment option for those at risk of anaphylaxis.
As ARS Pharma continues to innovate and grow, stakeholders and patients alike will be watching closely to see how these strategies unfold. For those interested in learning more about neffy or ARS Pharmaceuticals, their official website provides detailed information and updates.
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Disclaimer: This article is for informational purposes only and should not be considered professional medical advice. Always consult a healthcare provider for advice regarding medical conditions or treatments.
