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Jun 30
ARS Pharmaceuticals Q2 2025 Earnings Report
ARS Pharmaceuticals posted strong revenue growth in Q2 2025 driven by U.S. neffy sales and European milestone payments, while operating losses widened due to marketing investments.
Key Takeaways
In Q2 2025, ARS Pharmaceuticals generated $15.7M in total revenue, largely from neffy sales in the U.S. and milestone revenue in Germany. Despite the top-line growth, the company posted a net loss of $44.9M due to continued R&D and heavy SG&A spending tied to product promotion.
Total revenue reached $15.7M in Q2 2025, including $12.8M from neffy sales
Net loss widened to $44.9M or -$0.46 per share
SG&A expenses increased significantly due to DTC campaign
Regulatory and commercial progress made in U.K. and Germany
ARS Pharmaceuticals
ARS Pharmaceuticals
ARS Pharmaceuticals Revenue by Segment
Revenue by Segment
neffy Product Sales Revenue
CapyFin.comCollaboration Agreements Revenue
CapyFin.comSupply Agreements Revenue
CapyFin.com Forward Guidance
ARS Pharma expects continued growth driven by neffy adoption, expanded payor access, and global commercialization, with adequate liquidity to fund operations through 2028.
Positive Outlook
- neffy prescriptions grew ~180% QoQ ahead of DTC campaign impact
- EURneffy launched in Germany, approved in the UK
- 93% commercial coverage achieved in U.S. for neffy
- DTC campaign boosted brand awareness to 49% by late July
- Cash position supports operating runway for at least 3 years
Challenges Ahead
- Net loss widened to $44.9M driven by high SG&A
- R&D spending remains high due to clinical trial activity
- Prior authorizations still required for some payors under Zinc network
- No update yet on Canadian, Japanese, or Chinese approvals
- Global expansion adds regulatory complexity and costs