ARS Pharmaceuticals (SPRY) investor relations material

Executive summary

• Q1 2026 revenue reached $22.7 million, driven by $17.5 million in U.S. neffy sales, collaboration milestones, and supply revenue, with prescription volume tripling year-over-year.

• neffy is now approved in the U.S., EU, UK, Japan, Australia, China, and Canada, with launches ongoing and expanding prescriber and school adoption.

• U.S. launch momentum includes over 120,000 patients using neffy, 28,000+ prescribers, and broadening insurance coverage.

• Key growth drivers are expanded access, improved affordability, increased prescriber adoption, and heightened consumer awareness.

• Net loss increased to $60.6 million from $33.9 million in Q1 2025, reflecting higher commercial and R&D investments.

Financial highlights

• Q1 2026 revenue: $22.7 million, including $17.5 million U.S. neffy sales, $2.5 million collaboration, and $2.7 million supply revenue.

• $5 million milestone payment from ALK for EU approval, with $2.5 million recognized as revenue.

• SG&A expenses rose to $72.2 million, reflecting commercialization and sales force expansion.

• R&D expenses were $4.3 million, focused on clinical development and personnel.

• Cash, cash equivalents, and short-term investments totaled $201 million as of March 31, 2026.

Outlook and guidance

• Revenue expected to be weighted toward H2 2026 as refill dynamics and back-to-school season drive demand.

• CVS Caremark formulary approval expected by July 2026, with broader Medicaid coverage anticipated by early 2027.

• Cash runway projected to fund operations through cash-flow break-even, anticipated by mid-2027.

• Interim data from Phase 2b urticaria trial expected in Q4 2026; potential Phase 3 in 2027.

• Focus remains on expanding market share, securing payor coverage, and advancing new indications.