ARS Pharmaceuticals, Inc. (SPRY)

The share price experienced a notable decline of 39.44% from October 23, 2024, to October 22, 2025. As of October 27, 2025, the stock price was $9.56, trading up 4.9% on October 28, 2025. The company's 52-week trading range has been between a low of $9.08 and a high of $18.90. Key positive developments include the approval of Neffy in the U.S., Europe, and Japan, which led to a rise in the stock. ARS Pharmaceuticals received a favorable decision from the European Patent Office regarding a patent related to Neffy and secured a loan facility of up to $250 million to accelerate Neffy's U.S. commercialization. ARS Pharmaceuticals reported strong Q2 2024 results with $218.7 million in cash and equivalents and a narrowed net loss. Analyst ratings have been mixed, with some initiating or reiterating "buy" ratings and others downgrading the stock to "sell". Insider selling has been noted, and technical indicators have shown a "Strong Sell" outlook and a bearish crossover.

There is an anticipated demand seasonality for ARS Pharmaceuticals, Inc.'s product, Neffy. The company expects greater growth in the second half of the year, fueled by a direct-to-consumer campaign and the "peak prescribing season when parents and children head back to school," suggesting a potential increase in demand during the late summer and fall months. The global epinephrine market, which Neffy targets, was valued at just under $2 billion in 2023 and is projected to grow to $4.6 billion by 2032.

ARS Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing treatments for severe allergic reactions, including anaphylaxis. The company's primary focus is neffy, an epinephrine nasal spray designed as a needle-free, low-dose intranasal epinephrine spray for emergency treatment of Type I allergic reactions. The company aims to provide a rapidly administered and reliable rescue medication for at-risk patients and their caregivers.

Headquartered in San Diego, California, ARS Pharmaceuticals, Inc. has expanded its product's reach globally. Neffy has received approval for emergency treatment of allergic reactions in the United States, Europe (as EURneffy), and Japan.

ARS Pharmaceuticals, Inc.'s brand reputation has been positively impacted by the regulatory approvals of Neffy in the United States, Europe, and Japan. The favorable decision from the European Patent Office regarding Neffy's patent further strengthens its intellectual property and market position. The company is actively positioning Neffy as a "game-changing product" and a "promising needle-free alternative" for anaphylaxis treatment. Securing a substantial loan facility for commercialization also signals confidence from investors in the company's future prospects.

ARS Pharmaceuticals, Inc. has a diverse ownership structure. Institutional shareholders hold a significant portion of the company's stock. Major institutional owners include Ra Capital Management, L.p., Deerfield Management Company, L.p. (series C), Orbimed Advisors Llc, BlackRock, Inc., Sr One Capital Management, Lp, Alliancebernstein L.p., Vanguard Group Inc, Citadel Advisors Llc, State Street Corp, and Franklin Resources Inc. Insider ownership is also substantial. Key individual shareholders include Richard E. Lowenthal, Sarina Tanimoto, Peter A. Thompson, James E. Flynn, Pratik Shah, and Jonathan D. Root. The Lowenthal-Tanimoto Family Trust also holds a notable stake.