ARS Pharmaceuticals, Inc. (SPRY)

ARS Pharmaceuticals experienced several stock events in the past six months. Q2 2025 earnings showed a revenue beat but a net loss per share due to elevated spending. Q3 2025 revenue increased significantly, exceeding expectations, but EPS missed expectations. China approved neffy for emergency treatment of allergic reactions. Roth MKM reiterated a Buy rating with a price target of $30. The stock price has been volatile, influenced by earnings reports and international approvals, and as of January 8, 2026, was $10.95 per share.

Demand for ARS Pharmaceuticals' products, particularly neffy, exhibits seasonality, with higher demand in the second half of the year due to the "back-to-school" season. There can be temporary market share pauses during this season due to limited physician time. Management anticipates that Q4 sales may decrease from Q3 due to this seasonality, but expects a return to quarter-over-quarter growth in 2026. The company's direct-to-consumer campaigns aim to increase future prescription rates by improving awareness.

ARS Pharmaceuticals, Inc. (SPRY) is a biopharmaceutical company focused on developing and commercializing treatments for severe allergic reactions. Their primary product is neffy, a needle-free intranasal epinephrine spray for anaphylaxis, utilizing Intravail for enhanced absorption. The company serves healthcare professionals, patients, and caregivers.

ARS Pharmaceuticals is headquartered in San Diego, California, and is expanding internationally. Neffy has been approved in China and launched in Germany and the U.K., with approvals anticipated in Japan, Canada, and China. They have a collaboration with ALK-Abelló A/S for neffy outside specific regions.

ARS Pharmaceuticals' brand reputation has been shaped by the progress and approval of neffy. The company has received positive sentiment from analysts, with a consensus rating of "Moderate Buy". Key events impacting its reputation include the FDA approval of neffy, European and international approvals, and strong commercial progress. The company faces a patent challenge by Lupin, and there has been some insider selling. Overall, the brand reputation appears strong due to the innovative nature and commercial success of neffy, despite some challenges.

ARS Pharmaceuticals has significant institutional ownership, with 363 institutional owners holding approximately 84.61% of the shares. Major institutional owners include RA Capital Management, Orbimed Advisors LLC, and Deerfield Management Company, L.P. Individual insider ownership accounts for approximately 105.81% of the company, with key shareholders including Richard E. Lowenthal, Sarina Tanimoto, and Peter A. Thompson. Insiders have sold approximately $7 million worth of shares in 2025, and a beneficial owner disposed of over $13.5 million of equity in late June 2025.