ARS Pharmaceuticals (SPRY)
Maker of the first FDA-approved needle-free nasal spray for severe allergic reactions.
Something off on this page? Send us feedback.
Sells neffy, a needle-free nasal spray version of epinephrine for emergency treatment of severe allergic reactions, as its only approved product. U.S. sales are booked directly, while partners commercialize it across Europe, Canada, the U.K., and Asia-Pacific for milestone payments and royalties.
neffy is a nasal spray delivering epinephrine without a needle, approved as the first and only needle-free rescue treatment for Type I allergic reactions including anaphylaxis. It reached the U.S. market in late 2024, following a prior round of additional FDA-requested testing, and a lower-dose pediatric version followed in 2025.
Commercial rights stay with the company in the U.S., where revenue is booked directly; every other region runs through licensed partners covering Europe, Canada, the U.K., Japan, China, and Australia and New Zealand, generating milestone payments and royalties rather than direct sales.
neffy is the company's only approved product, with a related nasal-epinephrine candidate for chronic hives in mid-stage testing. Continued growth depends on regulatory clearances for label and geographic expansion, and the company manufactures supply for its licensing partners as well as itself.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | Leerink Partners | Target | Target: $26 | Target: $15 |
| Apr 9, 2026 | Northland Securities | Target | Target: — | Target: $25 |
| Mar 10, 2026 | Leerink Partners | Target | Target: $18 | Target: $26 |
| Nov 4, 2025 | Roth Capital | Target | Target: — | Target: $30 |
| Sep 26, 2025 | Raymond James | Target | Target: $22 | Target: $32 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $143.8M · Total debt $171.6M · Total assets $249.5M · Shareholders' equity $12.5M
- Revenue
- $33.7M
- Operating income
- −$61.5M
- Net income
- −$62.3M
No dividends on record.
| Institutions | 91.67% | 91.16M shares | |
|---|---|---|---|
| 217 holders · as of Jun 30, 2026 | |||
| Insiders | 21.08% | 20.97M shares | |
| 8 holders · as of Jun 12, 2026 | |||
| Adds to | 112.75% | ||
99.45M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 112.75%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Ra Capital Management, L.P.Institution | 10.92% | 10.86M | as of Jun 30, 2026 |
James E. FlynnInsider10 percent owner | 10.48% | 4.89M · 5.54M | filed Jul 1, 2025 |
Rubric Capital Management LPInstitution | 8.59% | 8.54M | as of Jun 30, 2026 |
Orbimed Advisors LLCInstitution | 8.33% | 8.29M | as of Jun 30, 2026 |
Deerfield Management Company, L.P. (Series C)Institution | 7.55% | 7.50M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 12, 2026 | Alexander A. Fitzpatrick | officer: Chief Legal Officer | −3,355 | $10.00 |
| Jun 12, 2026 | Eric Karas | officer: Chief Commercial Officer | −25,000 | $10.00 |
| Nov 12, 2025 | Justin Chakma | officer: Chief Business Officer | −166,380 | $8.87 |
| Nov 13, 2025 | Brian Dorsey | officer: Chief Operating Officer | −21,828 | $8.71 |
- Viatris
Market-leading injectable epinephrine autoinjector (EpiPen)
- Teva (ADR)
Largest generic drugmaker; sells authorized generic EpiPen injectable
- Amphastar Pharmaceuticals
Injectable/inhalation/intranasal generics maker with an epinephrine product line
- Aquestive Therapeutics
Pre-approval sublingual-film epinephrine, direct device-free substitute threat
- Amneal Pharmaceuticals
Delaware-based generics maker selling a generic epinephrine autoinjector
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ARS Pharmaceuticals | $4.57 | +5.06% | $432.0M | — | — | 3.7 | +114.2% |
| Viatris | $17.16 | +0.32% | $19.91B | — | 6.7 | 1.4 | +4.9% |
| Teva (ADR) | $39.78 | −0.70% | $46.66B | 66.8 | 14.2 | 2.7 | −0.8% |
| Amphastar Pharmaceuticals | $24.53 | +0.22% | $1.08B | 14.5 | 7.7 | 1.5 | +5.4% |
| Aquestive Therapeutics | $4.96 | +3.77% | $599.7M | — | — | 11.1 | +38.2% |
| Amneal Pharmaceuticals | $19.41 | −3.72% | $6.44B | 41.4 | 19.5 | 2.1 | +9.9% |
| Median | 41.4 | 10.9 | 2.1 | +5.4% |