ARS Pharmaceuticals (NASDAQ:SPRY – Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.15), FiscalAI reports. The firm had revenue of $33.66 million for the quarter, compared to analyst estimates of $31.32 million. ARS Pharmaceuticals had a negative return on equity of 199.96% and a negative net margin of 184.24%.
Here are the key takeaways from ARS Pharmaceuticals’ conference call:
- neffy U.S. net product revenue reached $26.2 million in Q2 2026, while total market share doubled year over year to 5% and share in targeted accounts rose to 8% from 4%.
- ARS is shifting from broad direct-to-consumer advertising to targeted provider engagement, with its fully deployed sales force focused on high-value prescribers; management said cash-based SG&A and R&D spending should fall more than 40% in the second half of 2026 and expects a path to cash-flow breakeven by the end of 2027.
- Commercial and Medicaid access remains a focus, with 90% commercial coverage and 57% of coverage lacking prior authorization, but management emphasized that payer access must be paired with stronger provider conviction to drive prescriptions.
- The Phase IIb CSU program’s interim readout was pushed from year-end 2026 to Q1 2027 because patients need to experience and document three separate flare episodes; Q2 gross margin was also 62%, pressured by short-dated inventory reserves, manufacturing inefficiencies, and ex-U.S. launch costs.
ARS Pharmaceuticals Trading Down 7.4%
ARS Pharmaceuticals stock traded down $0.45 during trading hours on Friday, reaching $5.65. 5,045,978 shares of the company’s stock traded hands, compared to its average volume of 2,427,022. The firm’s 50 day moving average is $7.58 and its 200-day moving average is $8.31. ARS Pharmaceuticals has a fifty-two week low of $4.91 and a fifty-two week high of $15.09. The firm has a market capitalization of $561.04 million, a price-to-earnings ratio of -2.59 and a beta of 0.98. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94.
ARS Pharmaceuticals News Roundup
- Positive Sentiment: neffy revenue exceeded expectations. ARS reported $26.2 million in U.S. neffy net product revenue for the second quarter, while total U.S. epinephrine market share for Type 1 allergies reached 5%, including 8% in field-targeted accounts. The company also outlined a more focused commercial strategy. ARS Pharmaceuticals Q2 results and strategic priorities
- Neutral Sentiment: Revenue beat analyst expectations. Second-quarter revenue was $33.66 million, above the $31.32 million consensus estimate, indicating solid commercial momentum for neffy. However, revenue growth did not offset the company’s substantially higher expenses. ARS Pharmaceuticals Q2 earnings report
- Negative Sentiment: The quarterly loss was worse than expected and widened year over year. ARS reported a loss of $0.63 per share, compared with an expected loss of approximately $0.48-$0.55 per share and a $0.46 loss in the prior-year quarter. The company posted a negative net margin and return on equity, reinforcing concerns about ongoing profitability and cash-burn risk. ARS Pharmaceuticals Q2 net loss and revenue
- Negative Sentiment: Multiple law firms publicized a securities class action against ARS. The lawsuit covers investors who purchased shares between March 9 and June 24, 2026, and alleges that the company’s statements about a July 1 CVS Caremark formulary date were misleading or inadequately qualified. The lead-plaintiff deadline is October 5, 2026. The litigation adds legal, financial, and reputational uncertainty and appears to be the most immediate source of investor pressure. Kaplan Fox class action notice
Insider Buying and Selling at ARS Pharmaceuticals
In related news, insider Eric Karas sold 25,000 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.00, for a total value of $250,000.00. Following the completion of the sale, the insider owned 12,176 shares in the company, valued at approximately $121,760. This represents a 67.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the transaction, the insider owned 90,910 shares of the company’s stock, valued at approximately $909,100. This represents a 3.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is owned by company insiders.
Hedge Funds Weigh In On ARS Pharmaceuticals
Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of ARS Pharmaceuticals by 3.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,994 shares of the company’s stock worth $596,000 after purchasing an additional 1,234 shares in the last quarter. FAS Wealth Partners Inc. boosted its holdings in shares of ARS Pharmaceuticals by 0.9% during the fourth quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock worth $2,358,000 after acquiring an additional 1,787 shares during the period. Osaic Holdings Inc. grew its holdings in ARS Pharmaceuticals by 52.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock valued at $91,000 after buying an additional 1,803 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in ARS Pharmaceuticals by 6.7% in the 2nd quarter. Cresset Asset Management LLC now owns 30,152 shares of the company’s stock valued at $526,000 after purchasing an additional 1,900 shares during the period. Finally, BNP Paribas Financial Markets raised its position in shares of ARS Pharmaceuticals by 58.3% in the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock valued at $106,000 after buying an additional 2,245 shares in the last quarter. Institutional investors own 68.16% of the company’s stock.
Wall Street Analyst Weigh In
SPRY has been the topic of several recent analyst reports. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Leerink Partners dropped their price objective on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Finally, Cantor Fitzgerald increased their price target on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.20.
Read Our Latest Research Report on ARS Pharmaceuticals
About ARS Pharmaceuticals
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.
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