ARS Pharmaceuticals, Inc.
SPRY evidence brief
What we can confirm
- BioSniper Score:
- 4.3 / 10
- Market Cap:
- $536.0M
What it means
What to watch
Prepared research question
What matters most for SPRY—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SPRY
ARS Pharmaceuticals, Inc. (SPRY) is a commercial-stage biopharmaceutical company focused on developing and commercializing neffy, a needle-free intranasal epinephrine product for severe allergic reactions, and advancing a pipeline candidate for chronic spontaneous urticaria.
Key risk: Clinical trial uncertainty
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$536.0M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
ARS Pharmaceuticals, Inc. (SPRY) is a commercial-stage biopharmaceutical company focused on developing and commercializing neffy, a needle-free intranasal epinephrine product for severe allergic reactions, and advancing a pipeline candidate for chronic spontaneous urticaria.
- Generated $26.2 million in U.S. neffy net product revenue in Q2 2026 [news].
- Cash, cash equivalents, and short-term investments of $143.8 million as of June 30, 2026 [sec_mda].
- Total revenue of $33.7M and net income of -$62.3M for the latest reported period as of 2026-06-30 [sec].
- Phase 2b trial for neffy in chronic spontaneous urticaria is underway; interim data anticipated in Q4 2026 [sec_mda].
- neffy approved or under regulatory review in countries representing approximately 98% of the current global epinephrine autoinjector sales market [sec_mda].
What works
- neffy has achieved regulatory approvals in multiple regions, including Canada (April 2026), and is under review in markets covering ~98% of global epinephrine autoinjector sales [sec_mda].
- The company has a strong cash position of $143.8 million as of June 30, 2026, expected to support operations through cash-flow breakeven [sec_mda].
- Commercial operations are being realigned to reduce operating expenses, supporting a projected path to cash flow breakeven by end of 2027 [news].
What to weigh
- The company has incurred net losses in most years, with a net income of -$62.3M for the latest reported period as of 2026-06-30 [sec].
- neffy's U.S. epinephrine market share for Type 1 allergies is only 5%, with 8% share within field-targeted accounts, indicating early-stage commercial penetration [news].
- The company faces risks that clinical trial results may not be indicative of future outcomes and that it could deplete capital resources sooner than expected [sec_mda].
From the filings
Quoted directly from source documents.
Q2 2026 neffy net product revenue
“$26.2 million in U.S. neffy® net product revenue in Q2 2026”
News · August 13, 2026
Cash position as of June 30, 2026
“As of June 30, 2026, we had cash, cash equivalents, and short-term investments of $143.8 million.”
SEC MD&A · August 13, 2026
Interim data from Phase 2b CSU trial anticipated in Q4 2026
“interim data from this clinical trial is anticipated in the fourth quarter of 2026”
SEC MD&A · May 15, 2026
Global market coverage for neffy
“neffy has already been approved or is under regulatory review in countries representing approximately 98% of the current global epinephrine autoinjector sales market.”
SEC MD&A · August 13, 2026
Risks & what to watch (3)›
Key risks
- Clinical trial uncertainty — Results from clinical trials may not be indicative of future outcomes [sec_mda].
- Capital depletion risk — The company could deplete capital resources sooner than expected if revenue or milestones fall short [sec_mda].
- Low market share — neffy holds only 5% U.S. epinephrine market share for Type 1 allergies [news].
What to watch
- Interim data from the Phase 2b CSU trial expected in Q4 2026 [sec_mda].
- Potential initiation of a single Phase 3 pivotal efficacy study for CSU in mid-2027 [sec_mda].
- Progress toward cash flow breakeven by end of 2027 [news].
- Commercial launch of neffy in Canada by partner ALK later in 2026 [sec_mda].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 4, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 18.94 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 2 sells (180d)
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
202
Total value held
$732.9M
| Holder | Shares | Value |
|---|---|---|
| ra capital management, l.p. | 10,860,977 | $87.2M |
| orbimed advisors llc | 8,288,510 | $66.6M |
| rubric capital management lp | 8,000,000 | $64.2M |
| deerfield management company, l.p. | 7,503,812 | $60.3M |
| millennium management llc | 5,982,919 | $48.0M |
| blackrock, inc. | 5,012,254 | $40.2M |
| aberdeen group plc | 4,113,617 | $33.0M |
| sr one capital management, lp | 4,012,903 | $32.2M |
| state street corp | 3,644,966 | $29.3M |
| franklin resources inc | 3,278,549 | $26.3M |
Showing top 10 of 202 institutional holders of ARS Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 41.5%
- Days to cover
- 15.7
- Shares short
- 25,341,296
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SPRY short interestGovernance
Frequently asked questions
What is the AI investment thesis for ARS Pharmaceuticals, Inc.?
ARS Pharmaceuticals, Inc. (SPRY) is a commercial-stage biopharmaceutical company focused on developing and commercializing neffy, a needle-free intranasal epinephrine product for severe allergic reactions, and advancing a pipeline candidate for chronic spontaneous urticaria.
Who is the CEO of ARS Pharmaceuticals, Inc.?
Mr. Donn Casale is the chief executive officer of ARS Pharmaceuticals, Inc. (SPRY).
Where is ARS Pharmaceuticals, Inc. headquartered?
ARS Pharmaceuticals, Inc. (SPRY) is headquartered in San Diego, CA, United States.
What therapeutic areas does ARS Pharmaceuticals, Inc. focus on?
ARS Pharmaceuticals, Inc. develops therapies across Oncology, Immunology, Ophthalmology, Cardiovascular, Respiratory, Dermatology, Nephrology, Endocrinology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.