ARS Pharmaceuticals (NASDAQ:SPRY) Issues Quarterly Earnings Results, Misses Estimates By $0.15 EPS

ARS Pharmaceuticals (NASDAQ:SPRY) announced its earnings results on Thursday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.15), FiscalAI reports. The business had revenue of $33.66 million for the quarter, compared to analyst estimates of $31.32 million. ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%.

Here are the key takeaways from ARS Pharmaceuticals’ conference call:

• neffy U.S. net product revenue reached $26.2 million in Q2 2026, while total market share doubled year over year to 5% and share in targeted accounts rose to 8% from 4%.
• ARS is shifting from broad direct-to-consumer advertising to targeted provider engagement, with its fully deployed sales force focused on high-value prescribers; management said cash-based SG&A and R&D spending should fall more than 40% in the second half of 2026 and expects a path to cash-flow breakeven by the end of 2027.
• Commercial and Medicaid access remains a focus, with 90% commercial coverage and 57% of coverage lacking prior authorization, but management emphasized that payer access must be paired with stronger provider conviction to drive prescriptions.
• The Phase IIb CSU program’s interim readout was pushed from year-end 2026 to Q1 2027 because patients need to experience and document three separate flare episodes; Q2 gross margin was also 62%, pressured by short-dated inventory reserves, manufacturing inefficiencies, and ex-U.S. launch costs.

ARS Pharmaceuticals Price Performance

Shares of SPRY stock traded up $0.05 on Thursday, reaching $6.10. 1,968,373 shares of the company were exchanged, compared to its average volume of 1,734,819. The company has a debt-to-equity ratio of 2.79, a quick ratio of 4.77 and a current ratio of 4.94. ARS Pharmaceuticals has a 1 year low of $4.91 and a 1 year high of $15.72. The company has a market cap of $605.75 million, a price-to-earnings ratio of -3.03 and a beta of 0.98. The business has a 50-day moving average price of $7.69 and a 200 day moving average price of $8.35.

Insiders Place Their Bets

In other news, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider owned 12,176 shares in the company, valued at $121,760. This trade represents a 67.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of ARS Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the sale, the insider directly owned 90,910 shares in the company, valued at approximately $909,100. The trade was a 3.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 33.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On ARS Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creek Drive Management Group LLC acquired a new position in shares of ARS Pharmaceuticals in the 4th quarter valued at $3,447,000. FAS Wealth Partners Inc. increased its position in shares of ARS Pharmaceuticals by 0.9% during the 4th quarter. FAS Wealth Partners Inc. now owns 202,407 shares of the company’s stock worth $2,358,000 after purchasing an additional 1,787 shares during the last quarter. VARCOV Co. acquired a new stake in shares of ARS Pharmaceuticals during the 4th quarter worth about $260,000. Osterweis Capital Management Inc. purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $65,000. Finally, Millennium Management LLC purchased a new stake in ARS Pharmaceuticals in the 4th quarter valued at about $36,912,000. Hedge funds and other institutional investors own 68.16% of the company’s stock.

Key Headlines Impacting ARS Pharmaceuticals

Here are the key news stories impacting ARS Pharmaceuticals this week:

• Positive Sentiment: ARS reported $26.2 million in U.S. neffy net product revenue for the quarter. The needle-free epinephrine product reached 5% of the total U.S. epinephrine market for Type 1 allergies and 8% share in field-targeted accounts, providing evidence of commercial adoption. ARS Pharmaceuticals Q2 2026 results
• Positive Sentiment: Quarterly revenue of $33.66 million exceeded analysts’ $31.32 million estimate, suggesting sales momentum was better than expected despite the company’s ongoing commercial investment. ARS Pharmaceuticals earnings report
• Neutral Sentiment: Management’s decision to prioritize a focused commercial strategy could improve execution and resource allocation, but the release did not establish whether the change will accelerate growth or reduce near-term expenses. ARS Pharmaceuticals strategic priorities
• Negative Sentiment: ARS posted a quarterly loss of $0.63 per share, wider than the analyst estimate of a $0.48 loss. The company also reported a negative net margin and negative return on equity, underscoring its continued cash-burn and profitability risks. ARS Pharmaceuticals quarterly earnings
• Negative Sentiment: Multiple law firms publicized a securities class action covering investors who purchased SPRY shares from March 9 through June 24, 2026. The allegations center on disclosures concerning CVS Caremark’s formulary decision for neffy and the possibility that coverage could be delayed until January 2027, potentially missing key allergy seasons. The claims are allegations and have not been proven. The lead-plaintiff deadline is October 5, 2026. SPRY securities class action notice

Wall Street Analysts Forecast Growth

SPRY has been the topic of a number of recent analyst reports. Leerink Partners cut their price target on shares of ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Wall Street Zen raised ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Finally, Cantor Fitzgerald lifted their target price on ARS Pharmaceuticals from $12.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ARS Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.20.

ARS Pharmaceuticals Company Profile

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.