ARS Pharmaceuticals reports $60.6M loss despite neffy's revenue growth in Q1 2026

ARS Pharmaceuticals has released its financial results for the first quarter of 2026. The company reported a net loss of $60.6 million, despite growing sales of its emergency allergy treatment, neffy. Revenue for the period reached $22.7 million, with most coming from U.S. prescriptions of the nasal spray. The FDA recently expanded approval for neffy, removing age restrictions for the 1 mg dose. Now, anyone weighing 33 lbs or more can use it for severe allergic reactions, including anaphylaxis. This change broadens access to the treatment.

More than 28,000 healthcare providers have prescribed neffy so far. Around half of them continue to write repeat prescriptions, indicating steady adoption. Florida also added neffy to its Medicaid formulary without prior authorisation, bringing the total to nine states with unrestricted coverage. ARS Pharma is pushing for wider commercial access as well. The company submitted a proposal to CVS Caremark, aiming to include neffy in its formulary by July 1, 2026. Financially, the company’s operating costs remained high. Selling, general, and administrative expenses totalled $72.2 million for the quarter. Research and development spending reached $4.3 million. By the end of March, ARS held $201.0 million in cash and short-term investments.

The quarter saw neffy’s revenue climb to $17.5 million, but losses persisted. With expanded FDA approval and ongoing formulary negotiations, the company continues to focus on increasing market access. Cash reserves remain strong, providing financial flexibility for future operations.