ARS Pharmaceuticals
ARS Pharmaceuticals (Nasdaq: SPRY) is a specialty pharmaceutical company that develops and commercializes neffy, the first FDA-approved needle-free intranasal epinephrine spray for emergency treatment of severe allergic reactions, serving roughly 40 million Americans with Type I allergies.
- Company typePublic
- Founded2015
- HeadquartersSan Diego, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What ARS Pharmaceuticals does
ARS Pharmaceuticals (Nasdaq: SPRY) is a publicly traded specialty pharmaceutical company founded in 2015 and headquartered in San Diego, California. The company develops and commercializes neffy, the first and only FDA-approved needle-free intranasal epinephrine spray for emergency treatment of Type I allergic reactions including anaphylaxis. Neffy's proprietary technology is built around Intravail (dodecyl-maltoside), a patented absorption agent that enables injection-like pharmacokinetics through nasal administration, paired with a delivery device reporting 99.999% dose-delivery reliability. The product targets approximately 40 million people in the United States with severe allergies, of whom only about 3 million currently hold an epinephrine prescription and an estimated 80-90% do not carry or administer their device as indicated due to needle aversion and device inconvenience.
The revenue model combines direct U.S. commercial sales through wholesale distributors (McKesson, Cardinal Health, Cencora, Anda) and specialty pharmacy channels with international licensing partnerships (ALK-Abelló for Canada, Pediatrix Therapeutics for China). For the full year 2025, ARS reported total revenue of $84.3 million, of which $72.2 million was U.S. neffy net product sales; Q1 2026 revenue reached $22.7 million, a 124% year-over-year increase. Patient access is supported by the neffyConnect co-pay and patient-assistance program and a direct cash-pay channel that became a focal point after PBM coverage was denied. Commercial operations are built around a 148-person specialty sales force (targeting 150 in Q2 2026) directed at allergists, emergency physicians, and pediatricians, supplemented by direct-to-consumer, celebrity (Drew Brees), medical-conference, and community (neffyInSchools) initiatives.
Capital structure reflects a November 2022 merger with Silverback Therapeutics that delivered over $280 million in cash and securities and created the public Nasdaq listing, an August 2021 $55 million Series D led by SR One with participation from RA Capital and Deerfield, and an October 2025 $250 million loan facility to fund commercialization. The company holds regulatory approvals for neffy in the United States, Canada, China (NMPA, December 2025), and the European Union (EURneffy 1 mg and 2 mg), and is advancing a Phase 2b pipeline program for chronic spontaneous urticaria with interim data expected in Q4 2026.
ARS Pharmaceuticals firmographics
Firmographics- Name
- ARS Pharmaceuticals
- Legal name
- ARS Pharmaceuticals, Inc.
- Website
- https://ars-pharma.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- ARS Pharmaceuticals (Nasdaq: SPRY) is a specialty pharmaceutical company that develops and commercializes neffy, the first FDA-approved needle-free intranasal epinephrine spray for emergency treatment of severe allergic reactions, serving roughly 40 million Americans with Type I allergies.
- Ownership category
- akta.pro rank
ARS Pharmaceuticals industry classification
Industry- Product category
- Epinephrine Nasal Spray (Allergy Therapeutics)
- NAICS
- Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Nasal Drug Delivery Devices (Sprays/Powder Devices) (HLAHAIAK)
- akta.pro secondary industry
- Needle-Free Injection Systems (Jet Injectors/Microneedle Patches) (HLAHAIAD)
Keywords
Where ARS Pharmaceuticals is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
ARS Pharmaceuticals business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Marketing or Sales, Technology or R&D, Operations, Supply Chain
Revenue model
- Neffy product sales: Commercial revenue from neffy U.S. net product sales following FDA approval. Q1 2026 revenue of $22.7M including $17.5M in neffy net product revenue, up 124% year-over-year. Full year 2025 revenue of $84.3M with neffy generating $72.2M in U.S. net product revenue.
- International licensing and milestones: Upfront payments, regulatory milestones, and sales milestones from international partners. Received $155M in upfront and milestone payments from ALK-Abelló for Canada licensing with potential for up to $310M in additional regulatory and sales milestones. $4M regulatory milestone from China approval with potential for up to $80M plus tiered royalties.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Commercial insurance co-pay program |
| Other | Pay-as-you-go | Patient Assistance Program |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels7 records
ARS Pharmaceuticals product offering
Product offeringCore offering
ARS Pharmaceuticals manufactures and commercializes neffy, the first and only FDA-approved needle-free intranasal epinephrine spray for emergency treatment of Type I severe allergic reactions including anaphylaxis in adults and children weighing at least 33 lbs. Available in 1mg and 2mg doses, neffy uses the proprietary Intravail (dodecyl-maltoside) absorption agent to deliver epinephrine with injection-like pharmacokinetics through nasal administration, addressing the gap where 80-90% of prescribed patients do not carry or use auto-injectors due to needle fear. The company also supports patient access through co-pay programs (neffyConnect) and a K-12 schools donation program (neffyInSchools).
Product overview
ARS Pharmaceuticals commercializes neffy (epinephrine nasal spray), the first FDA-approved needle-free epinephrine product for emergency treatment of severe allergic reactions including anaphylaxis. The portfolio consists of the core neffy product available in 1mg and 2mg doses, supported by the neffyConnect patient assistance program for access and affordability, and the neffyInSchools community initiative distributing free product to U.S. schools. The company is also advancing its intranasal epinephrine technology into chronic spontaneous urticaria through a Phase 2b pipeline program.
Differentiator
Problem solved
Functional benefit
Brands
- neffyConnect: Patient support and financial assistance program for neffy, providing medication fulfillment, financial support, insurance navigation, and access barriers assistance
- neffyinSchools
- neffy
- EURneffy
Products and services
- neffy (epinephrine nasal spray) FDA-approved needle-free intranasal epinephrine spray for emergency treatment of Type I severe allergic reactions including anaphylaxis in adults and children weighing 33 lbs or greater. Available in 1mg and 2mg doses, it uses the proprietary Intravail (dodecyl-maltoside) absorption agent to deliver injection-like pharmacokinetics via nasal administration through a device with a 99.999% dose-delivery track record. It targets the approximately 40 million Americans with severe allergies, of whom only 3 million currently hold an epinephrine prescription, addressing the gap where 80-90% of prescribed patients fail to carry or administer auto-injectors due to needle fear.
Quantifiable outcome
- 124% year-over-year revenue growth in Q1 2026
- +2 more outcomes
Companies that use ARS Pharmaceuticals
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
ARS Pharmaceuticals technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
ARS Pharmaceuticals partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Drew BreesminorCelebrity collaboration to raise awareness about severe food allergies and epinephrine treatment options. Brees, who has food allergies himself, participates in education initiatives emphasizing preparedness and emergency response. Campaign aims to improve timely treatment for allergic reactions.
- ALK-Abelló A/ScoreExclusive licensing agreement for neffy commercialization in Canada. ARS Pharma received $155 million in upfront and milestone payments and is eligible for up to $310 million in additional regulatory and sales milestones. Health Canada approved neffy on April 15, 2026, with expected launch summer 2026, potentially benefiting over 2.5 million Canadians with severe allergies.
- Pediatrix TherapeuticscoreLicensing agreement for neffy commercialization in China. China's NMPA approved neffy 2mg on December 29, 2025. ARS Pharma received $4 million regulatory milestone payment with potential for up to $80 million plus tiered royalties in additional milestones. Product expected spring 2026 in China.
Scale indicators16 records
Recent moves7 records
Expansion highlights6 records
ARS Pharmaceuticals competitors and assessment
Company assessmentBroad incumbents
- Viatris: Viatris markets EpiPen, the dominant epinephrine auto-injector and ARS Pharma's primary direct competitor in emergency anaphylaxis treatment. Comparable in therapeutic area, prescriber base, and patient population, though Viatris operates broadly across generics and branded pharma.
- Emergent BioSolutions: Emergent BioSolutions operates in the emergency countermeasure space with epinephrine-related products. ARS's CCO previously led commercial initiatives there. Comparable in addressing acute allergic and emergency-response therapeutics.
- Teva Pharmaceutical: Teva markets authorized generic epinephrine auto-injectors that compete with EpiPen and by extension neffy. Comparable as a high-volume manufacturer of epinephrine injectables supplying retail and institutional pharmacy channels.
- Seqirus (CSL): Seqirus, a CSL subsidiary, distributes Auvi-Q in the U.S. and operates broadly in vaccines and specialty therapeutics. Comparable as a distributor and channel partner for emergency epinephrine products to allergy specialists and schools.
Direct peers
- Kaleo (Auvi-Q): Kaleo manufactures Auvi-Q, a competing compact epinephrine auto-injector with voice-prompt instructions, directly competing with neffy for allergist prescriptions and school stocking contracts in the U.S. emergency epinephrine market.
- Amphastar Pharmaceuticals: Amphastar manufactures specialty injectable pharmaceuticals including epinephrine and other emergency-use injectables. It is comparable as a specialty pharma with similar injectable/epinephrine product focus and FDA-approved manufacturing footprint.
- Dynavax Technologies: Dynavax is a commercial-stage biopharma specializing in allergy-adjacent vaccines (HEPLISAV-B). ARS's new President Donn Casale was CCO there. Comparable as a public, U.S.-based commercial biopharma scaling a single-category product to specialty prescribers.
- Adapt Pharma / NARCAN: Adapted into Emergent BioSolutions, NARCAN nasal spray pioneered needle-free community-use emergency therapeutics. ARS's CCO previously led NARCAN's commercial launch, making it a directly comparable needle-free emergency medication franchise targeting lay users.
Regional players
- ALK-Abelló: ALK-Abelló is ARS's Canadian licensing partner for neffy and a global leader in allergy immunotherapy. Comparable in allergy-focused therapeutics and serves a similar allergist channel, though its primary franchise is sublingual immunotherapy rather than emergency epinephrine.
Emerging players
- PharmaTher Holdings: PharmaTher is developing novel formulations of epinephrine and other emergency-use drugs. Comparable as a small emerging player pursuing differentiated delivery formats in the epinephrine space that may overlap with ARS's intranasal platform strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks4 records
Key highlights7 records
Customer concentration
ARS Pharmaceuticals social profiles
Digital presenceARS Pharmaceuticals compliance and trust
Trust signalCompliance1 record
ARS Pharmaceuticals financial estimates
Financial estimateRevenue estimate
Valuation estimate
ARS Pharmaceuticals leadership team
Management profileNumber of profiles
Profiles11 records
ARS Pharmaceuticals subsidiaries and ownership
Company hierarchySubsidiaries3 records
ARS Pharmaceuticals funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ARS Pharmaceuticals M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ARS Pharmaceuticals
What does ARS Pharmaceuticals do?
ARS Pharmaceuticals manufactures and commercializes neffy, the first and only FDA-approved needle-free intranasal epinephrine spray for emergency treatment of Type I severe allergic reactions including anaphylaxis in adults and children weighing at least 33 lbs. Available in 1mg and 2mg doses, neffy uses the proprietary Intravail (dodecyl-maltoside) absorption agent to deliver epinephrine with injection-like pharmacokinetics through nasal administration, addressing the gap where 80-90% of prescribed patients do not carry or use auto-injectors due to needle fear. The company also supports patient access through co-pay programs (neffyConnect) and a K-12 schools donation program (neffyInSchools).
Is ARS Pharmaceuticals a public or private company?
ARS Pharmaceuticals is a public company. It is classified as public and is currently operating.
When was ARS Pharmaceuticals founded?
ARS Pharmaceuticals was founded in 2015. It employs 101 to 250 people.
Where is ARS Pharmaceuticals based?
ARS Pharmaceuticals is headquartered in San Diego, United States, in the North America region.
How does ARS Pharmaceuticals make money?
Two revenue lines are on record. Neffy product sales are the primary driver. The others are international licensing and milestones.
Who are ARS Pharmaceuticals's main competitors?
Broad incumbents on record are Viatris, Emergent BioSolutions, Teva Pharmaceutical and Seqirus (CSL). Direct peers are Kaleo (Auvi-Q), Amphastar Pharmaceuticals, Dynavax Technologies and Adapt Pharma / NARCAN. ALK-Abelló is listed as a regional player. PharmaTher Holdings is listed as an emerging player.
Does ARS Pharmaceuticals have an API?
No public API is recorded for ARS Pharmaceuticals.
What industry is ARS Pharmaceuticals in?
ARS Pharmaceuticals's product category is Epinephrine Nasal Spray (Allergy Therapeutics). Its primary akta.pro industry code is HLAHAIAK, Nasal Drug Delivery Devices (Sprays/Powder Devices), with a secondary code of HLAHAIAD, Needle-Free Injection Systems (Jet Injectors/Microneedle Patches). Its NAICS code is 325412 and its SIC code is 2834.