Revenue Performance
ARS Pharmaceuticals recorded total revenue of $28.1 million for the fourth quarter of 2025, driven largely by $20.3 million in net product revenue from United States sales of its neffy epinephrine nasal spray. Additional fourth-quarter top-line contributions included $6.9 million in international collaboration revenue and $0.9 million from supply agreements. For the full year 2025, the company generated $84.3 million in total revenue. This annual figure consisted of $72.2 million in domestic neffy sales, $9.7 million from partner collaborations, and $2.4 million in supply agreement revenue.
Profitability and Liquidity
The company reported a net loss of $41.3 million, or $0.42 per basic and diluted share, for the fourth quarter of 2025. Full-year net loss totaled $171.3 million, representing $1.74 per basic and diluted share. Research and development expenses stood at $3.4 million for the quarter and $13.2 million for the full year, primarily supporting product development and clinical trials. Selling, general, and administrative expenses were $60.0 million in the fourth quarter and $230.1 million for the year, reflecting substantial investments in direct-to-consumer marketing campaigns and commercialization efforts for neffy. ARS Pharmaceuticals ended the year with $245.0 million in cash, cash equivalents, and short-term investments as of December 31, 2025.
Operational Highlights
Commercial adoption of neffy expanded throughout the year, with over 22,500 healthcare providers prescribing the treatment to date, half of whom are repeat prescribers. To further support prescribing depth, the company will expand its sales force from 106 to 150 representatives beginning in the second quarter of 2026. Internationally, the treatment received regulatory approvals in China and Australia in December 2025. Furthermore, the European Medicines Agency adopted a positive opinion in January 2026 recommending marketing authorization for EURneffy 1 mg for pediatric patients.