NASDAQ$SPRY
ARS Pharmaceuticals Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
ARS Pharmaceuticals Inc reported total revenue of $22.7 million and a net loss of $60.6 million for Q1 2026.
The company generated $17.5 million in net product revenue from neffy sales in the United States along with collaboration and supply agreement revenues. Operating expenses rose to $82.8 million primarily due to expanded commercialization and marketing activities. Cash, cash equivalents and short-term investments totaled $201.0 million at quarter end, supporting ongoing operations and growth initiatives.
- Total revenue reached $22.7 million, up from $8.0 million in Q1 2025, driven by neffy product sales and partner revenues.
- Net loss widened to $60.6 million as selling, general and administrative expenses increased to $72.2 million to support the U.S. launch.
- Over 120,000 patients are using neffy with approximately 90% commercial insurance coverage achieved.
- Cash position of $201.0 million provides runway for continued commercialization and pipeline development.
Headline financials
Revenue & EPS history
ARS Pharmaceuticals · Revenue · Quarterly
$22.7M
Revenue by segment
ARS Pharmaceuticals · $22.7M total across 3 segments · Q1 2026
- Product revenue, net$17.5M—76.9%
- Revenue under supply agreements$2.74M—12.1%
- Revenue under collaboration agreements$2.49M—11.0%
Forward guidance
The company continues to expand neffy commercialization with plans for additional geographic launches and a Phase 2b study in chronic spontaneous urticaria.
Tailwinds
- Broadening insurance coverage and patient adoption of neffy
- Multiple international regulatory approvals and launches underway
Headwinds
- Increased operating expenses from launch activities
- Ongoing net losses as commercialization scales
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
-1.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.4%
Avg return
30 days after
41%
9 / 22 earnings
Positive
+22.8%
Q4 2024
Best reaction
-15.1%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -6.2% | -1.5% | +23.1% | |
| Q4 2025 | -0.1% | -7.4% | -9.6% | |
| Q3 2025 | +0.8% | -7.2% | +18.0% | |
| Q2 2025 | -5.2% | -15.8% | -39.8% | |
| Q1 2025 | -9.4% | +6.8% | +15.3% | |
| Q4 2024 | +22.8% | +12.9% | +27.7% | |
| Q3 2024 | -15.1% | -17.0% | -28.4% | |
| Q2 2024 | +2.7% | +16.7% | +26.1% | |
| Q1 2024 | -3.5% | -0.9% | -2.8% | |
| Q4 2023 | -0.6% | +14.9% | -2.6% | |
| Q3 2023 | +4.2% | +18.2% | +48.6% | |
| Q2 2023 | -0.9% | +2.2% | +7.0% | |
| Q1 2023 | +1.6% | +6.6% | -23.6% | |
| Q4 2022 | -5.0% | -17.0% | -18.1% | |
| Q3 2022 | -1.5% | -5.5% | +13.5% | |
| Q2 2022 | +1.0% | +7.2% | +3.2% | |
| Q4 2021 | -8.8% | +11.7% | +44.1% | |
| Q1 2022 | -8.8% | -4.5% | -11.6% | |
| Q3 2021 | +0.2% | +3.5% | -17.1% | |
| Q2 2021 | +2.6% | -1.0% | -4.0% | |
| Q1 2021 | +9.1% | +3.2% | -21.0% | |
| Q4 2020 | -5.9% | -9.6% | +4.5% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — |
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