ARS Pharma reports $60.6M loss despite neffy revenue growth in Q1 2026

ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) has released its financial results for the first quarter of 2026. The company reported a net loss of $60.6 million, despite growing revenue from its flagship product, neffy. Recent regulatory and commercial developments have also expanded access to the emergency allergy treatment. The company’s total revenue for the quarter reached $22.7 million, with $17.5 million coming from U.S. sales of neffy. This nasal spray is used for emergency treatment of Type I allergic reactions, including anaphylaxis. In a key regulatory update, the FDA approved the removal of age restrictions for neffy, allowing its use in all children and adults weighing 33 lbs. or more.

ARS Pharma expanded its sales team during the quarter, increasing representatives and area managers from 106 to 148. The company’s cash reserves stood at $201.0 million as of March 31, 2026, which management believes will support operations until reaching cash-flow break-even. Operating expenses included $4.3 million in research and development, alongside $72.2 million in selling, general, and administrative costs. On the commercial front, Florida added neffy to its unrestricted Medicaid formulary, bringing the total to nine states covering the treatment without prior authorization. Additionally, CVS Caremark is finalising approval for neffy on its commercial formulary, with an expected effective date of July 1, 2026.

The FDA’s expanded approval and growing Medicaid coverage have widened access to neffy. With $201.0 million in cash reserves, ARS Pharma aims to sustain operations until achieving profitability. The company’s next financial update will likely reflect further commercial progress and formulary additions.