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

ARS Pharmaceuticals (NASDAQ:SPRY) posted its quarterly earnings results on Friday. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.08), FiscalAI reports. ARS Pharmaceuticals had a negative return on equity of 100.29% and a negative net margin of 203.25%.The company had revenue of $22.68 million during the quarter, compared to analyst estimates of $22.20 million.

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

NASDAQ:SPRY traded down $0.51 during midday trading on Friday, reaching $7.43. The stock had a trading volume of 3,673,082 shares, compared to its average volume of 1,813,247. ARS Pharmaceuticals has a 1-year low of $6.66 and a 1-year high of $18.90. The firm’s fifty day simple moving average is $8.30 and its 200-day simple moving average is $9.29. The company has a debt-to-equity ratio of 1.47, a current ratio of 7.28 and a quick ratio of 7.06. The stock has a market capitalization of $737.80 million, a P/E ratio of -4.25 and a beta of 0.93.

Analyst Ratings Changes

Several equities analysts have commented on SPRY shares. Zacks Research raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Weiss Ratings downgraded shares of ARS Pharmaceuticals from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, April 24th. Leerink Partners set a $26.00 target price on shares of ARS Pharmaceuticals and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Finally, Northland Securities started coverage on shares of ARS Pharmaceuticals in a research report on Thursday, April 9th. They set an “outperform” rating and a $25.00 target price on the stock. Three equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $28.25.

Institutional Investors Weigh In On ARS Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in SPRY. Rubric Capital Management LP grew its position in shares of ARS Pharmaceuticals by 247.5% in the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the company’s stock valued at $45,225,000 after purchasing an additional 3,205,122 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at about $36,912,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of ARS Pharmaceuticals in the second quarter valued at about $30,154,000. Qube Research & Technologies Ltd acquired a new stake in shares of ARS Pharmaceuticals in the third quarter valued at about $10,400,000. Finally, FIL Ltd acquired a new stake in shares of ARS Pharmaceuticals in the fourth quarter valued at about $9,437,000. 68.16% of the stock is owned by institutional investors and hedge funds.

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.