ARS Pharmaceuticals, Inc.

ARS Pharmaceuticals, Inc. reported a net loss of $171.3 million for fiscal year 2025, a significant decline from a net income of $8.0 million in the prior year. Total revenue was $84.3 million, a 5% decrease from $89.1 million in FY 2024. This revenue consisted of $72.2 million in net product sales from the U.S. launch of neffy, $9.7 million from collaboration agreements, and $2.4 million from supply agreements. The substantial net loss was driven by a $230.1 million increase in selling, general, and administrative expenses, primarily for marketing and sales force expansion, and a $19.4 million increase in cost of goods sold. The company ended the year with $245.0 million in cash, cash equivalents, and short-term investments, and an accumulated deficit of $294.6 million. Management believes current resources are sufficient to meet cash requirements for at least the next three years.

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