In This Article:
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Total Revenue: $8 million for Q1 2025.
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US Net Product Revenue for neffy: $7.8 million.
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Collaboration Revenue: $0.2 million from ALK agreement.
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Cost of Goods Sold: $1.1 million for Q1 2025.
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R&D Expenses: $3 million for Q1 2025.
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SG&A Expenses: $41.1 million for Q1 2025.
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Planned DTC Campaign Investment: $40 million to $50 million for the remainder of 2025.
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Projected 2025 Operating Expenses: $210 million to $220 million, excluding stock-based compensation and COGS.
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Net Loss: $33.9 million, or $0.35 per share, for Q1 2025.
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Cash, Cash Equivalents, and Short-term Investments: $275.7 million as of March 31, 2025.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ARS Pharmaceuticals Inc (NASDAQ:SPRY) successfully launched neffy, the first needle-free epinephrine treatment, with $7.8 million in US net product revenue in Q1 2025.
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The company expanded commercial insurance coverage for neffy from 27% to 57%, with ongoing payer discussions to further increase coverage.
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Neffy 1-milligram dose was approved by the FDA for children, representing a significant portion of the pediatric market.
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A strategic collaboration with ALK-Abello expanded ARS Pharmaceuticals Inc (NASDAQ:SPRY)'s promotional network to over 20,000 healthcare providers, including 9,000 pediatricians.
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The company is launching a comprehensive direct-to-consumer campaign to increase patient awareness and drive prescription growth for neffy.
Negative Points
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ARS Pharmaceuticals Inc (NASDAQ:SPRY) reported a net loss of $33.9 million for Q1 2025, indicating financial challenges despite revenue growth.
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The cost of goods sold is expected to increase as the company uses up its zero-cost inventory.
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Prior authorization requirements remain a barrier for some patients, with only 57% of commercial lives having access to neffy without prior authorization.
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The company anticipates significant operating expenses of $210 million to $220 million for 2025, driven by marketing and commercialization efforts.
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Market share for neffy is currently low at 1.3% overall, though higher among targeted high-prescribing physicians.
Q & A Highlights
Q: How much of the first-quarter sales figure is attributed to inventory, and what are your expectations for inventory contribution over the next two quarters? A: Richard Lowenthal, President and CEO, stated that the first-quarter numbers were minimally influenced by inventory. The sales were primarily from 2-milligram doses, and inventory levels are steady. They do not expect inventory to significantly impact sales in the upcoming quarters.