$SPRY

ARS Pharmaceuticals, Inc.

CIK:0001671858|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 33,658	$ 15,717	$ 56,339	$ 23,690
Operating expenses:
Cost of goods sold (including related party amounts of $1,851, $866, $3,084, and $1,354, respectively)	12,846	4,984	19,132	6,078
Research and development (including related party amounts of $612, $582, $1,279, and $1,245, respectively)	4,698	4,035	9,034	6,987
Selling, general and administrative (including related party amounts of $125, $107, $261, and $231, respectively)	77,579	54,312	149,783	95,416
Total operating expenses	95,123	63,331	177,949	108,481
Loss from operations	(61,465)	(47,614)	(121,610)	(84,791)
Interest income	1,605	2,731	3,573	5,968
Interest expense (including related party amounts of $124, $0, $246, and $0, respectively)	(2,479)	0	(4,920)	0
Total other (expense) income, net	(874)	2,731	(1,347)	5,968
Net loss	(62,339)	(44,883)	(122,957)	(78,823)
Unrealized losses on available-for-sale securities	(44)	(118)	(265)	(266)
Comprehensive loss	$ (62,383)	$ (45,001)	$ (123,222)	$ (79,089)
Net loss per share, Basic	$ (0.63)	$ (0.46)	$ (1.24)	$ (0.8)
Net loss per share, Diluted	$ (0.63)	$ (0.46)	$ (1.24)	$ (0.8)
Weighted-average shares outstanding used in computing net loss per share, basic	99,312,526	98,361,771	99,304,512	98,212,035
Weighted-average shares outstanding used in computing net loss per share, Diluted	99,312,526	98,361,771	99,304,512	98,212,035
Product revenue, net
Revenue:
Total revenue	$ 26,210	$ 12,800	$ 43,662	$ 20,563
Revenue under collaboration agreements
Revenue:
Total revenue	57	2,594	2,546	2,804
Revenue under supply agreements
Revenue:
Total revenue	$ 7,391	$ 323	$ 10,131	$ 323

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (122,957)	$ (78,823)
Non-cash adjustments to reconcile net loss to net cash used operating activities:
Stock-based compensation expense	19,818	10,669
Depreciation and amortization expense	813	559
Accretion on investments, net of amortization	(1,640)	(3,428)
Other non-cash items	2,331	2,252
Changes in operating assets and liabilities:
Accounts receivable	(21,469)	(14,375)
Inventories	(281)	(13,232)
Prepaid expenses and other assets	(3,238)	(697)
Accounts payable and accrued liabilities	20,839	16,981
Contract liability	(89)	(240)
Net cash and cash equivalents used in operating activities	(105,873)	(80,334)
Cash flows from investing activities:
Purchases of short-term investments, available-for-sale	(34,621)	(65,723)
Proceeds from maturities and sales of short-term investments, available-for-sale	103,984	143,500
Purchases of property and equipment	0	(142)
Net cash and cash equivalents provided by investing activities	69,363	77,635
Cash flows from financing activities:
Proceeds from milestone obligations met and royalties earned under license agreements recognized as an increase to the financing liability	2,508	0
Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan	848	3,422
Net cash and cash equivalents provided by financing activities	3,356	3,422
Net (decrease) increase in cash and cash equivalents	(33,154)	723
Cash and cash equivalents at beginning of period	41,317	50,817
Cash and cash equivalents at end of period	8,163	51,540
Supplemental cash flow information:
Cash paid for interest	4,618	0
Noncash Investing and Financing Items [Abstract]
Intangible assets included in accounts payable and accrued liabilities	0	5,860
Financing liability in accounts receivable	$ 0	$ 2,576

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 8,163	$ 41,317
Short-term investments	135,682	203,669
Accounts receivable, net	46,839	25,347
Inventories	11,689	8,369
Prepaid expenses and other current assets	9,137	6,194
Total current assets	211,510	284,896
Inventories, noncurrent	19,045	23,053
Property, plant and equipment, net	2,085	2,465
Intangible assets, net	13,900	14,452
Other assets	2,955	2,786
Total assets	249,495	327,652
Current liabilities:
Accounts payable and accrued liabilities (including related party amounts of $2,178 and $1,624, respectively)	59,732	37,948
Contract liability, current	535	609
Other current liabilities	596	588
Total current liabilities	60,863	39,145
Term loans, net (including related party amounts of $4,834 and $4,819, respectively)	96,676	96,374
Financing liability	74,927	72,140
Contract liability, net of current portion	1,115	1,130
Other accrued liabilities	3,402	4,605
Total liabilities	236,983	213,394
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized at June 30, 2026 and December 31, 2025; 99,437,865 and 99,290,926 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	10	10
Additional paid-in capital	430,202	408,726
Accumulated other comprehensive (loss) gain, net	(140)	125
Accumulated deficit	(417,560)	(294,603)
Total stockholders' equity	12,512	114,258
Total liabilities and stockholders' equity	$ 249,495	$ 327,652