ARS Pharmaceuticals (SPRY) investor relations material

Executive summary

• Q2 2026 total revenue was $33.7 million, up 114% year-over-year, driven by $26.2 million in U.S. neffy sales and expanded international launches.

• U.S. neffy market share doubled to 5% in Q2 2026, with 8% share in targeted accounts and over 16,000 unique prescribers, nearly tripling from the prior year.

• Strategic shift to provider-focused commercial execution, sales force expansion, and appointment of a new Chief Commercial Officer to accelerate adoption.

• neffy achieved regulatory approvals and commercial launches in the U.S., EU, UK, Japan, Australia, China, and Canada.

• Advancing intranasal epinephrine platform into chronic spontaneous urticaria (CSU), with interim Phase 2b data expected Q1 2027.

Financial highlights

• Q2 2026 net product revenue: $26.2 million; total revenue: $33.7 million; cost of goods sold: $12.8 million; gross margin: 61.8%.

• Operating expenses were $95.1 million, with SG&A at $77.6 million and R&D at $4.7 million for the quarter.

• Net loss for Q2 2026 was $62.3 million, or ($0.63) per share; operating loss was $61.5 million.

• Cash, cash equivalents, and short-term investments totaled $143.8 million as of June 30, 2026.

• Gross-to-net ratio stable at or approaching 50%; gross margin expected to improve as manufacturing scales.

Outlook and guidance

• SG&A and R&D expenses for H2 2026 expected at $114–$126 million (including $14–$16 million stock-based compensation); cash-based SG&A and R&D at $100–$110 million.

• More than 40% reduction in cash-based SG&A expected from H1 to H2 2026, with continued discipline into 2027.

• Cash flow breakeven targeted by end of 2027, supported by $143.8 million in cash and short-term investments.

• Interim readout for the phase II-B CSU trial expected in Q1 2027 due to patient episode timing.

• Management expects existing cash, investments, product revenues, and available credit to fund operations until cash-flow break-even.