Earnings Releases·Nov 5, 2026, 4:04 PM ET

ARS Pharmaceuticals — Third Quarter 2026 Earnings Summary

Total revenue rose to $37.7 million in Q3 2026 from $32.5 million in Q3 2025, driven by neffy U.S. net product revenue of $33.4 million, while net loss narrowed to $35.6 million ($0.36 per share) from $51.2 million ($0.52 per share) in the prior year.
Operating expenses decreased to $71.9 million from $85.7 million in Q3 2025, primarily due to a 42% reduction in SG&A to $43.5 million, though R&D increased to $18.3 million following a one-time $12.5 million payment for exclusive worldwide IP rights.
The company reaffirmed its path to cash flow breakeven by the end of 2027, with operating expenses tracking within the second-half 2026 guidance range of $114 million to $126 million.
neffy achieved a 5% U.S. market share in Q3 2026 (up from 4% in Q3 2025) and expanded its unique prescriber base by 49% to 19,605, while interim Phase 2b data for ARS-2 is expected in Q1 2027.
Leadership appointments included Chief Medical Officer Randall Kaye and Chief Legal Officer John Slebir, and the company reported cash, cash equivalents, and short-term investments of $138.4 million as of September 30, 2026.