ARS Pharmaceuticals (NASDAQ:SPRY) Posts Earnings Results, Misses Expectations By $0.15 EPS

ARS Pharmaceuticals (NASDAQ:SPRY) issued its quarterly earnings results on Thursday. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.15), FiscalAI reports. The company had revenue of $33.66 million during the quarter, compared to analysts’ expectations 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 Stock Performance

NASDAQ SPRY traded up $0.05 during trading on Thursday, hitting $6.10. 1,962,375 shares of the company’s stock traded hands, compared to its average volume of 1,733,891. The stock has a market capitalization of $605.75 million, a price-to-earnings ratio of -3.03 and a beta of 0.98. ARS Pharmaceuticals has a 12-month low of $4.91 and a 12-month high of $15.72. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. The business has a 50 day moving average of $7.69 and a 200-day moving average of $8.35.

Trending Headlines about ARS Pharmaceuticals

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

Analyst Ratings Changes

SPRY has been the topic of several research reports. Wall Street Zen raised shares of ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Leerink Partners lowered their price target on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Cantor Fitzgerald upped their price objective on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings raised ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.

Insider Activity

In related 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 value of $250,000.00. Following the completion of the transaction, the insider directly owned 12,176 shares of the company’s stock, valued at approximately $121,760. This trade represents a 67.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 ARS Pharmaceuticals 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 $33,550.00. Following the completion of the transaction, the insider owned 90,910 shares of the company’s stock, valued at $909,100. This represents a 3.56% decrease in their ownership of the stock. 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.

Hedge Funds Weigh In On ARS Pharmaceuticals

A number of large investors have recently made changes to their positions in SPRY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $596,000 after buying an additional 1,234 shares in the last quarter. FAS Wealth Partners Inc. grew its position in ARS Pharmaceuticals by 0.9% in the fourth quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock worth $2,358,000 after acquiring an additional 1,787 shares in the last quarter. Osaic Holdings Inc. increased 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. Cresset Asset Management LLC increased its stake 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 acquiring an additional 1,900 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in ARS Pharmaceuticals by 58.3% during the second quarter. BNP Paribas Financial Markets now owns 6,097 shares of the company’s stock valued at $106,000 after purchasing an additional 2,245 shares in the last quarter. 68.16% of the stock is owned by institutional investors.

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.