ARS Pharmaceuticals (NASDAQ:SPRY) Announces Quarterly Earnings Results

Posted by Stanley Muller on May 15th, 2026

ARS Pharmaceuticals (NASDAQ:SPRY – Get Free Report) posted its quarterly earnings results on Friday. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.08), FiscalAI reports. The company had revenue of $22.68 million during the quarter, compared to the consensus estimate of $22.20 million. ARS Pharmaceuticals had a negative net margin of 203.25% and a negative return on equity of 100.29%.

Here are the key takeaways from ARS Pharmaceuticals’ conference call:

ARS reported $22.7 million in total Q1 2026 revenue, including $17.5 million in U.S. neffy net product revenue, which management said was roughly 3x prescription volume growth year over year and more than double revenue.
Management said access is improving, with about 90% commercial coverage and 57% of that coverage without prior authorization. They also said the CVS Caremark formulary proposal is in the final approval stage and could meaningfully expand access starting around July 1.
The company launched a new retail cash program that caps out-of-pocket cost at $199 for patients whose commercial claims are rejected. ARS believes this will reduce prescription abandonment and remove a major barrier caused by previously confusing retail pricing.
Commercial execution is being scaled with a 148-person sales force, broader direct-to-consumer marketing, and support tools aimed at simplifying prior authorizations and driving adoption among high-volume prescribers. Management said more than 28,000 HCPs have prescribed neffy, with prescribing concentrated in the highest-volume practices.
ARS reiterated that revenue should become more seasonal and refill-driven, with management expecting a stronger second half as back-to-school demand builds and refills begin contributing more meaningfully. The company ended Q1 with $201 million in cash and said it remains on track toward cash-flow breakeven by mid-2027.

ARS Pharmaceuticals Trading Down 6.4%

Shares of NASDAQ SPRY traded down $0.51 during midday trading on Friday, hitting $7.43. The company’s stock had a trading volume of 3,673,082 shares, compared to its average volume of 1,813,247. The stock has a fifty day moving average price of $8.33 and a 200 day moving average price of $9.30. ARS Pharmaceuticals has a one year low of $6.66 and a one year high of $18.90. The company has a debt-to-equity ratio of 1.47, a quick ratio of 7.06 and a current ratio of 7.28.

Institutional Trading of ARS Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its position in shares of ARS Pharmaceuticals by 7.8% in the second quarter. The Manufacturers Life Insurance Company now owns 34,020 shares of the company’s stock valued at $594,000 after purchasing an additional 2,469 shares during the period. Deutsche Bank AG raised its position in shares of ARS Pharmaceuticals by 16.2% in the fourth quarter. Deutsche Bank AG now owns 48,727 shares of the company’s stock valued at $568,000 after purchasing an additional 6,776 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at approximately $450,000. Intech Investment Management LLC increased its holdings in ARS Pharmaceuticals by 21.4% during the 3rd quarter. Intech Investment Management LLC now owns 31,514 shares of the company’s stock worth $317,000 after acquiring an additional 5,551 shares during the period. Finally, Wealthspire Advisors LLC bought a new stake in ARS Pharmaceuticals during the 4th quarter worth approximately $276,000. Institutional investors own 68.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Leerink Partners set a $26.00 price objective on shares of ARS Pharmaceuticals and gave the company an “outperform” rating in a report on Tuesday, March 10th. Zacks Research upgraded shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Northland Securities initiated coverage on shares of ARS Pharmaceuticals in a report on Thursday, April 9th. They set an “outperform” rating and a $25.00 price target on the stock. Finally, Weiss Ratings cut shares of ARS Pharmaceuticals from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $28.25.

Get Our Latest Research Report on ARS Pharmaceuticals

ARS Pharmaceuticals Company Profile

(Get Free Report)

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.