ARS Pharmaceuticals reports $60.6M loss despite strong neffy allergy treatment sales

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, while revenue reached $22.7 million, driven largely by sales of its allergy treatment, neffy. Despite the loss, the firm remains focused on expanding access to its key product. In early 2026, the company recorded total revenue of $22.7 million, with $17.5 million coming from U.S. sales of neffy. However, expenses remained high, including $72.2 million in Selling, General and Administrative costs and $4.3 million in Research and Development. These figures contributed to a net loss of $60.6 million, or ($0.61) per share.

The company also made progress in broadening neffy’s availability. Florida became the ninth state to add the treatment to its Medicaid formulary without prior authorization. Additionally, ARS Pharma submitted a proposal to CVS Caremark, seeking to include neffy in its commercial formulary under the same terms.

Regulatory updates further supported the drug’s reach. The FDA approved the removal of age restrictions for the 1 mg dose of neffy, allowing its use for all children and adults weighing 33 lbs. or more during Type I allergic reactions. As of March 31, 2026, ARS Pharma held $201.0 million in cash, cash equivalents, and short-term investments, which the company believes will sustain operations until cash-flow break-even. ARS Pharmaceuticals continues to push for wider adoption of neffy, despite reporting a significant quarterly loss. With nine state Medicaid plans now covering the treatment and a pending proposal to CVS Caremark, the company aims to improve accessibility. Its current cash reserves are expected to support operations until profitability is achieved.