neffy’s U.S. Launch Powers ARS Pharmaceuticals’ Revenue Growth, Despite Elevated Marketing Costs
neffy U.S. Rollout Fuels Substantial Revenue Growth
ARS Pharmaceuticals (NASDAQ: SPRY) reported a leap in revenue for Q3 2025, driven almost entirely by its lead product, neffy—a first-in-class needle-free epinephrine nasal spray. U.S. net product revenue reached $31.3 million in the quarter, pushing total revenue to $32.5 million, a striking increase compared to earlier periods.
Broad physician adoption underpinned this performance, with over 18,000 healthcare providers prescribing neffy, up 86% since August. Consumer awareness surged as a result of aggressive direct-to-consumer (DTC) campaigns, growing from approximately 20% to 56% in just a few months.
| Key Metrics (Q3 2025) | Q3 2025 | Q3 2024 |
|---|---|---|
| Total Revenue ($M) | 32.5 | 2.07 |
| neffy U.S. Product Revenue ($M) | 31.3 | 0.57 |
| Healthcare Providers Prescribing | 18,000+ | N/A |
| Consumer Awareness | 56% | ~20% |
Marketing Investment Supports Growth, Drives Net Loss
ARS Pharmaceuticals’ commercial push comes at a cost. Selling, general and administrative (SG&A) expenses soared to $74.8 million in Q3, up from $19.3 million a year prior, as the company heavily invested in advertising and outreach. Net loss for the quarter was $51.2 million, or $0.52 per share, a figure influenced by these upfront efforts to establish neffy’s market share.
The company ended September 2025 with a robust cash position of $288.2 million—bolstered by a recent $100 million term loan draw—to fund operations through projected cash-flow break-even. Management maintains its guidance that these resources should support further growth and ongoing DTC initiatives.
| Balance Sheet Snapshot | Sep 30, 2025 ($M) | Dec 31, 2024 ($M) |
|---|---|---|
| Cash & Cash Equivalents | 59.56 | 50.82 |
| Short-term Investments | 228.65 | 263.21 |
| Total Assets | 372.80 | 351.15 |
| Total Liabilities | 225.15 | 94.36 |
Commercial Execution Expands Patient and Provider Access
Several strategic moves stand out:
- DTC and Prescriber Initiatives: Introduction of a “Get neffy on Us” program reduces cost and administrative barriers for eligible patients. Surveys suggest over 70% of allergy sufferers would use a virtual prescribing option.
- School Access: Over 6,500 U.S. schools now stock neffy at no cost through a nationwide program, enhancing preparedness for emergencies.
- Real-World Outcomes: Recent data covering 680 patients indicate about 90% efficacy for a single dose of neffy in treating anaphylaxis, comparable to legacy injectable solutions.
Global Expansion and Pipeline Remain Key Drivers
International momentum is building. neffy recently secured regulatory approval in Japan and was launched as EURneffy in the UK in October 2025. Additional approvals in Canada and China are expected in early 2026, with an EMA review for the pediatric formulation also underway. Meanwhile, the clinical pipeline continues with a Phase 2b study for urticaria, targeting new potential indications for neffy’s intranasal platform.
Takeaway: Sustainable Growth Hinges on Execution
ARS Pharmaceuticals’ latest quarter underscores a successful U.S. neffy rollout, substantial market awareness gains, and strong physician buy-in, all while global expansion ramps up. Investors and observers will be watching closely to see whether surging marketing spend pays off in the form of lasting market leadership and, eventually, profitability. For those interested in the future of allergy treatment, SPRY’s next chapters—especially in reimbursement, provider adoption, and international markets—could be pivotal.
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