ARS Pharmaceuticals (NASDAQ:SPRY) Posts Quarterly Earnings Results, Misses Estimates By $0.08 EPS

ARS Pharmaceuticals (NASDAQ:SPRY) released its 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 firm had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $22.20 million. ARS Pharmaceuticals had a negative return on equity of 100.29% and a negative net margin of 203.25%.

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 Stock Performance

SPRY stock opened at $7.43 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 7.06 and a current ratio of 7.28. The stock has a market cap of $737.80 million, a P/E ratio of -3.70 and a beta of 0.93. The firm has a 50 day simple moving average of $8.30 and a 200 day simple moving average of $9.29. ARS Pharmaceuticals has a 52 week low of $6.66 and a 52 week high of $18.90.

Institutional Trading of ARS Pharmaceuticals

Several institutional investors have recently made changes to their positions in SPRY. Osterweis Capital Management Inc. acquired a new stake in shares of ARS Pharmaceuticals during the fourth quarter worth approximately $65,000. Russell Investments Group Ltd. boosted its holdings in shares of ARS Pharmaceuticals by 197.5% during the third quarter. Russell Investments Group Ltd. now owns 6,668 shares of the company’s stock worth $67,000 after purchasing an additional 4,427 shares during the period. Quantbot Technologies LP acquired a new stake in ARS Pharmaceuticals in the third quarter valued at approximately $82,000. Osaic Holdings Inc. lifted its stake in ARS Pharmaceuticals by 52.8% in the second quarter. Osaic Holdings Inc. now owns 5,215 shares of the company’s stock valued at $91,000 after acquiring an additional 1,803 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in 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 acquiring an additional 2,245 shares during the last quarter. 68.16% of the stock is currently owned by institutional investors and hedge funds.

More ARS Pharmaceuticals News

Here are the key news stories impacting ARS Pharmaceuticals this week:

• Positive Sentiment: Q1 2026 revenue rose to $22.7 million, well above last year’s level, driven by $17.5 million in U.S. neffy product sales and additional collaboration/supply revenue. Article Title
• Positive Sentiment: Management said the CVS Caremark formulary proposal for neffy is in the final stages, with a more definitive update expected soon, which could improve payer access and support future sales growth. Article Title
• Positive Sentiment: ARS Pharma expanded its sales force to 148 representatives, and more than 28,000 healthcare providers have prescribed neffy to date, signaling growing commercial traction. Article Title
• Neutral Sentiment: The company said its Phase 2b chronic spontaneous urticaria study is fully enrolled and still on track for a Q4 2026 readout, a longer-term pipeline catalyst rather than an immediate driver. Article Title
• Negative Sentiment: Despite revenue beat, ARS Pharma posted a Q1 loss of $0.61 per share, wider than the $0.53 consensus estimate, reinforcing concerns about profitability and high spending. Article Title
• Negative Sentiment: SG&A expenses remained very high at $72.2 million, suggesting heavy commercialization spending is still weighing on earnings. Article Title
• Negative Sentiment: An analyst note also showed a downgrade to Sell, adding to cautious sentiment around the shares. Article Title

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of ARS Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Wall Street Zen raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday. 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 for the company. Finally, Leerink Partners set a $26.00 price target on shares of ARS Pharmaceuticals and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.25.

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.