ARS Pharmaceuticals(SPRY) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $8.0 million, with $7.8 million from neffy U.S. net product revenue and $0.2 million from collaboration revenue[2] - Total revenue for Q1 2025 was $7.973 million, with product revenue of $7.763 million and collaboration agreement revenue of $210,000[30] - Net loss for Q1 2025 was $33.9 million, or $0.35 per share[2] - Net loss for Q1 2025 was $33.940 million, compared to a net loss of $10.292 million in Q1 2024, resulting in a net loss per share of $0.35[30] - The company reported a comprehensive loss of $34.088 million for Q1 2025, compared to a comprehensive loss of $10.465 million in Q1 2024[30] Expenses - R&D expenses for Q1 2025 were $3.0 million, primarily for neffy clinical and development expenses[2] - Operating expenses for Q1 2025 totaled $45.150 million, significantly higher than $13.192 million in Q1 2024, driven by increased selling, general and administrative expenses[30] - SG&A expenses for Q1 2025 were $41.1 million, mainly for personnel-related and sales and marketing expenses for neffy commercialization[2] - Research and development expenses for Q1 2025 were $2.952 million, down from $5.234 million in Q1 2024[30] Cash and Assets - As of March 31, 2025, cash, cash equivalents, and short-term investments totaled $275.7 million, supporting operating plans for at least the next three years[2] - Cash and cash equivalents decreased to $39.864 million as of March 31, 2025, down from $50.817 million at the end of 2024[29] - Total current assets decreased to $303.860 million from $334.295 million at the end of 2024[29] - Total assets decreased to $327.318 million as of March 31, 2025, compared to $351.153 million at the end of 2024[29] - Total liabilities increased to $98.344 million as of March 31, 2025, up from $94.355 million at the end of 2024[29] Market and Product Development - Over 5,000 physicians have prescribed neffy, indicating strong demand for the product[1] - The co-promotion agreement with ALK-Abelló Inc. expands neffy's promotional reach to nearly 20,000 healthcare providers[1] - 57% commercial coverage has been secured, with ongoing negotiations aiming for over 80% access by early Q3 2025[6] - A national direct-to-consumer marketing campaign is set to launch on May 15, 2025, to increase brand awareness[5] - ARS Pharma plans to initiate a Phase 2b clinical trial for intranasal epinephrine technology in Q2 2025, with topline data expected in early 2026[9]