ARS Pharmaceuticals (NASDAQ:SPRY) Issues Quarterly Earnings Results

ARS Pharmaceuticals (NASDAQ:SPRY) announced its 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 business 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 153.61% and a negative net margin of 200.00%.

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 6.0%

Shares of SPRY traded down $0.36 during mid-day trading on Friday, reaching $5.74. The stock had a trading volume of 1,371,605 shares, compared to its average volume of 1,731,318. ARS Pharmaceuticals has a 52-week low of $4.91 and a 52-week high of $15.09. The firm has a market cap of $569.49 million, a price-to-earnings ratio of -2.86 and a beta of 0.98. The business’s fifty day moving average is $7.63 and its 200 day moving average is $8.33. The company has a debt-to-equity ratio of 2.79, a current ratio of 4.94 and a quick ratio of 4.77.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPRY. Cantor Fitzgerald boosted their price target 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 raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded shares of ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Finally, Leerink Partners decreased their target price 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. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.20.

ARS Pharmaceuticals News Roundup

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

• Positive Sentiment: Commercial momentum continued. ARS reported $26.2 million in U.S. neffy net product revenue for the second quarter of 2026, with 5% share of the U.S. epinephrine market for Type 1 allergies and 8% share in field-targeted accounts. Total revenue of $33.66 million exceeded analysts’ expectations of $31.32 million. ARS Pharmaceuticals second-quarter results and strategic priorities
• Neutral Sentiment: Management is emphasizing a focused commercial strategy. The earnings call and results announcement highlighted priorities for expanding neffy adoption and targeting accounts where the product can gain share, but investors will likely look for evidence that these initiatives can improve the company’s substantial ongoing losses. ARS Pharmaceuticals Q2 2026 earnings call transcript
• Negative Sentiment: The quarterly loss was wider than expected. ARS reported a loss of $0.63 per share, versus consensus estimates ranging from a loss of $0.55 to $0.48 per share and a loss of $0.46 a year earlier. The miss reinforces concerns about profitability, with analysts expecting a full-year loss of approximately $1.95 per share. ARS Pharmaceuticals Q2 earnings report
• Negative Sentiment: Pending litigation adds an overhang. Multiple law firms are soliciting investors in connection with a securities class action covering March 9 through June 24, 2026. The allegations reportedly involve statements about a July 1 CVS Caremark formulary date and investor losses following a 23.9% single-day decline. The lead-plaintiff deadline is October 5, 2026; the allegations have not been proven. ARS Pharmaceuticals class-action lawsuit notice

Insider Activity

In other news, insider Eric Karas sold 25,000 shares of the firm’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 $250,000.00. Following the completion of the sale, the insider owned 12,176 shares in the company, valued at $121,760. This trade represents a 67.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the company’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 value of $33,550.00. Following the completion of the transaction, the insider owned 90,910 shares in the company, valued at $909,100. This represents a 3.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 33.80% of the company’s stock.

Hedge Funds Weigh In On ARS Pharmaceuticals

Large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 during the period. FAS Wealth Partners Inc. raised its holdings in ARS Pharmaceuticals by 0.9% in the 4th quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock valued at $2,358,000 after buying an additional 1,787 shares during the period. Osaic Holdings Inc. raised 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 during the period. Cresset Asset Management LLC lifted its position in ARS Pharmaceuticals by 6.7% in the second quarter. Cresset Asset Management LLC now owns 30,152 shares of the company’s stock valued at $526,000 after buying an additional 1,900 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position 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 buying an additional 2,245 shares during the last quarter. Institutional investors and hedge funds own 68.16% of the company’s stock.

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.