ARS Pharmaceuticals(SPRY) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $32.5 million, with $31.3 million from neffy U.S. net product revenue and $1.1 million from supply revenue[5] - Total revenue for Q3 2025 was $32.5 million, a significant increase from $2.1 million in Q3 2024, representing a growth of 1,467%[29] - Product revenue for Q3 2025 reached $31.3 million, compared to only $568,000 in Q3 2024, indicating a substantial increase[29] - Net loss for Q3 2025 was $51.2 million, or $0.52 per share[5] - The net loss for Q3 2025 was $51.2 million, compared to a net loss of $19.1 million in Q3 2024, representing an increase in losses of 168%[29] Expenses - R&D expenses for Q3 2025 were $2.8 million, primarily for the ongoing Phase 2b clinical trial in urticaria and post-marketing registry study for anaphylaxis treatment[5] - SG&A expenses for Q3 2025 were $74.8 million, reflecting significant investment in national DTC marketing campaigns[5] - Operating expenses for Q3 2025 totaled $85.7 million, up from $23.8 million in Q3 2024, reflecting a rise of 260%[29] - Research and development expenses for the nine months ended September 30, 2025, were $9.7 million, down from $16.6 million in the same period of 2024[29] Cash and Assets - Cash position as of September 30, 2025, was $288.2 million, expected to fund operations through cash-flow breakeven[5] - Cash and cash equivalents as of September 30, 2025, were $59.6 million, up from $50.8 million at the end of 2024[28] - Total assets increased to $372.8 million as of September 30, 2025, compared to $351.2 million at the end of 2024[28] - Total liabilities rose to $225.1 million as of September 30, 2025, compared to $94.4 million at the end of 2024[28] - The company reported an accumulated deficit of $253.3 million as of September 30, 2025, compared to $123.3 million at the end of 2024[28] Market and Product Development - DTC campaign increased consumer awareness of neffy from approximately 20% to 56% as of September 2025[5] - Over 18,000 healthcare providers have prescribed neffy, an 86% increase since August 2025[6] - "Get neffy on Us" campaign launched to reduce cost barriers for patients, with over 70% of Type I allergy patients open to virtual prescribing options[6] - neffy approved in Japan in September 2025, with availability expected in Q4 2025[10] - Regulatory approvals for neffy in Canada and China anticipated in early to mid-2026[10] Share Information - The weighted-average shares outstanding for calculating net loss per share in Q3 2025 were approximately 98.8 million, compared to 97.0 million in Q3 2024[29]