ARS Pharma Q2 revenue $15.7M, neffy volume +180% QoQ, net loss $44.9M

ARS Pharmaceuticals, Inc.

2025-Q2 EPS reported -$0.80 vs consensus -$0.48 ▼ miss (-66.9%)

Total revenue $15.7M, including $12.8M neffy U.S. net product revenue and $2.6M milestone from ALK.
Net loss of $44.9M ($0.46/sh); SG&A $54.3M driven by DTC campaign; cash $240.1M.
neffy weekly script volumes grew ~180% from Q1 end to Q2 end; 93% commercial coverage achieved.
EUR neffy approved in UK and launched in Germany; $5M milestone triggered from ALK.
Phase 2b urticaria trial initiated; topline data expected H1 2026.

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