S
ARS Pharmaceuticals, Inc.
SPRYCIK 0001671858NasdaqNon-AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$84.28M
Net Income
$-171.30M
Total Assets
$327.65M
Equity
$114.26M
Shares Out
99.30M
Op. Cash Flow
$-170.87M
Business
ARS Pharmaceuticals, Inc. develops and commercializes neffy, a needle-free intranasal epinephrine product for the emergency treatment of Type I allergic reactions, including anaphylaxis. Its main products include neffy nasal spray (2 mg and 1 mg doses) built on an intranasal formulation using the Intravail absorption enhancer and related intranasal epinephrine candidates. Key business activities comprise U.S. commercial operations with a direct sales force, clinical development programs (including urticaria studies), and licensing/collaboration arrangements with regional partners. ARS markets and distributes neffy through wholesalers, telemedicine and direct-to-consumer channels in the United States and pursues regulatory approvals and partner-led commercialization across the EU, UK, Canada, Japan, China, Australia and other international markets.
Summary from filing dated 2025-03-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue | 84 | 89 | 30,000 | 1 | 6 | |
| Cost of goods sold (including related party amounts of $4,781 and $241, respectively) | 20 | 977,000 | 0 | — | — | |
| Research and development (including related party amounts of $2,255 and $2,066, respectively) | 13 | 20 | 20 | 18 | 20 | |
| Selling, general and administrative (including related party amounts of $475 and $465, respectively) | 230 | 72 | 47 | 603,000 | — | |
| Total operating expenses | 264 | 92 | 68 | 37 | 25 | |
| Loss from operations | −179 | −3 | −68 | −36 | −19 | |
| Interest income | 11 | 11 | — | — | — | |
| Interest expense (including related party amounts of $130 and $0, respectively) | −3 | 0 | — | — | — | |
| Total other income, net | 8 | 11 | 13 | 974,000 | −789,000 | |
| (Loss) income before income tax (benefit) expense | −171 | 8 | −54 | — | — | |
| Income tax (benefit) expense | −80,000 | 288,000 | 0 | — | — | |
| Net (loss) income | −171 | 8 | −54 | −35 | −20 | |
| Unrealized (losses) gains on available-for-sale securities | −95,000 | 171,000 | −358,000 | 407,000 | 0 | |
| Comprehensive (loss) income | −171 | 8 | −55 | −34 | −20 | |
| Net (loss) income per share, basic | −1.74 | 0.08 | −0.57 | −0.87 | −0.7 | |
| Net income (loss) per share, Diluted | −1.74 | 0.08 | −0.57 | −0.87 | −0.7 | |
| Weighted- average common shares outstanding, basic | 99 | 97 | 95 | 40 | 29 | |
| Weighted Average Number of Shares Outstanding, Diluted | 99 | 102 | 95 | 40 | 29 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 41 | 51 | 71 | 211 | 60 | |
| Short-term investments | 204 | 263 | 157 | 64 | 0 | |
| Accounts receivable, net | 25 | 8 | 0 | — | — | |
| Inventories | 8 | 5 | — | — | — | |
| Prepaid expenses and other current assets | 6 | 7 | 3 | 3 | 667,000 | |
| Total current assets | 285 | 334 | 232 | 278 | 61 | |
| Inventories, noncurrent | 23 | 5 | 0 | — | — | |
| Property, plant and equipment, net | 2 | 1 | 574,000 | 329,000 | 72,000 | |
| Intangible assets, net | 14 | 7 | 0 | — | — | |
| Other assets | 3 | 3 | 638,000 | 3 | 23,000 | |
| Total assets | 328 | 351 | 233 | 281 | 61 | |
| Accounts payable and accrued liabilities (including related party amounts of $1,624 and $656, respectively) | 38 | 23 | 2 | 5 | 3 | |
| Contract liability, current | 609,000 | 557,000 | 0 | 283,000 | 1 | |
| Other current liabilities | 588,000 | 42,000 | — | — | — | |
| Total current liabilities | 39 | 23 | 2 | 5 | 8 | |
| Term loans, net (including related party amounts of $4,819 and $0, respectively) | 96 | 0 | — | — | — | |
| Financing liability | 72 | 69 | 0 | — | — | |
| Contract liability, net of current portion | 1 | 2 | 0 | 3 | 3 | |
| Other accrued liabilities | 5 | 0 | — | — | — | |
| Total liabilities | 213 | 94 | 2 | 9 | 17 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.0001 par value per share; 200,000,000 shares authorized at December 31, 2025 and 2024; 99,290,926 and 97,954,172 shares issued and outstanding at December 31, 2025 and 2024, respectively | 10,000 | 10,000 | 10,000 | 9,000 | 3,000 | |
| Additional paid-in capital | 409 | 380 | 362 | 349 | 11 | |
| Accumulated other comprehensive gain, net | 125,000 | 220,000 | 49,000 | 407,000 | 0 | |
| Accumulated deficit | −295 | −123 | −131 | −77 | −42 | |
| Total stockholders' equity | 114 | 257 | 231 | 273 | −31 | |
| Total liabilities and stockholders' equity | 328 | 351 | 233 | 281 | 61 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation expense | 22 | 15 | 9 | 6 | 3 | |
| Provision for inventory reserve | 2 | 0 | — | — | — | |
| Depreciation and amortization expense | 1 | 79,000 | — | — | — | |
| Accretion on investments, net of amortization | −6 | −7 | — | — | — | |
| Other non-cash items | 337,000 | 0 | — | — | — | |
| Accounts receivable | −17 | −8 | 0 | — | — | |
| Inventories | −22 | −6 | 0 | — | — | |
| Prepaid expenses and other assets | 656,000 | −6 | −1 | −1 | 1 | |
| Accounts payable and accrued liabilities | 19 | 16 | −3 | −10 | 974,000 | |
| Contract liability | −350,000 | 2 | −3 | −1 | −3 | |
| Net cash and cash equivalents (used in) provided by operating activities | −171 | 14 | −59 | −40 | −18 | |
| Purchases of short-term investments, available-for-sale | −242 | −356 | −272 | 0 | 0 | |
| Maturities of short-term investments, available-for-sale | 307 | 258 | 185 | 0 | — | |
| Payments of milestone obligations under license agreements | −8 | −8 | 0 | — | — | |
| Purchases of property and equipment | −339,000 | −563,000 | −175,000 | −199,000 | −55,000 | |
| Net cash and cash equivalents provided by (used in) investing activities | 57 | −106 | −87 | −199,000 | −55,000 | |
| Proceeds from term loan, net of issuance costs | 96 | 0 | — | — | — | |
| Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan | 6 | 3 | 7 | 570,000 | 169,000 | |
| Proceeds from milestone obligations met under license agreements recognized as an increase to the financing liability | 3 | 69 | — | — | — | |
| Net cash and cash equivalents provided by financing activities | 105 | 72 | 7 | 191 | 53 | |
| Net decrease in cash and cash equivalents | −10 | −20 | −140 | 150 | 36 | |
| Cash paid for interest | 2 | 0 | — | — | — |
Filings
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