ARS Pharmaceuticals (NASDAQ:SPRY) Announces Quarterly Earnings Results

ARS Pharmaceuticals (NASDAQ:SPRY) issued its quarterly earnings results on Thursday. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.15), FiscalAI reports. The business had revenue of $33.66 million for the quarter, compared to the consensus estimate of $31.32 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%.

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 Stock Up 0.8%

SPRY traded up $0.05 during midday trading on Thursday, reaching $6.10. The company’s stock had a trading volume of 1,962,375 shares, compared to its average volume of 1,733,891. The firm has a market capitalization of $605.75 million, a price-to-earnings ratio of -3.03 and a beta of 0.98. The company has a current ratio of 4.94, a quick ratio of 4.77 and a debt-to-equity ratio of 2.79. ARS Pharmaceuticals has a 1 year low of $4.91 and a 1 year high of $15.72. The stock’s 50-day moving average is $7.69 and its 200-day moving average is $8.35.

Insider Buying and Selling

In other news, insider Alexander A. Fitzpatrick sold 3,355 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $10.00, for a total transaction of $33,550.00. Following the completion of the transaction, the insider directly owned 90,910 shares in the company, valued at $909,100. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $250,000.00. Following the completion of the transaction, the insider owned 12,176 shares in the company, valued at approximately $121,760. The trade was a 67.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Creek Drive Management Group LLC purchased a new position in ARS Pharmaceuticals in the 4th quarter worth approximately $3,447,000. FAS Wealth Partners Inc. boosted its stake in ARS Pharmaceuticals by 0.9% during the 4th quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock valued at $2,358,000 after purchasing an additional 1,787 shares during the last quarter. VARCOV Co. purchased a new stake in ARS Pharmaceuticals during the 4th quarter valued at $260,000. Osterweis Capital Management Inc. bought a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth $65,000. Finally, Millennium Management LLC bought a new stake in shares of ARS Pharmaceuticals in the 4th quarter worth $36,912,000. Institutional investors own 68.16% of the company’s stock.

More ARS Pharmaceuticals News

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

• Negative Sentiment: The lawsuits allege that ARS made overly confident statements about a July 1, 2026 CVS Caremark formulary date while failing to adequately disclose the risk that CVS’s rigid formulary process could delay coverage until January 2027. Plaintiffs claim the potential delay would cause neffy to miss important summer and back-to-school allergy seasons. SPRY Deadline Alert
• Negative Sentiment: Investor notices reference an alleged 23.9% single-day share-price decline following the market’s reassessment of CVS coverage timing. The class period covers investors who purchased ARS securities from March 9 through June 24, 2026, and the lead-plaintiff deadline is October 5, 2026. Robbins LLP investor notice
• Neutral Sentiment: Several firms—including Robbins, Pomerantz, Rosen, Kaplan Fox, Faruqi & Faruqi, Levi & Korsinsky, Bronstein Gewirtz & Grossman, and Grabar—are urging affected shareholders to contact them. These announcements largely repeat the same already-filed class-action allegations rather than reporting a new operating development, but they increase visibility around ARS’s legal and disclosure risks. Bronstein Gewirtz & Grossman notice

Wall Street Analysts Forecast Growth

SPRY has been the topic of a number of analyst reports. Cantor Fitzgerald lifted their target price on shares of ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Finally, Leerink Partners reduced their price target on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Four research 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’s stock. Based on data from MarketBeat, ARS Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $28.20.

ARS Pharmaceuticals Company Profile

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.