ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) is a biopharmaceutical company focused on providing innovative solutions for patients at risk of severe allergic reactions, particularly through its product, neffy, a needle-free epinephrine nasal spray. The company reported its financial results for the fourth quarter and full year ended December 31, 2024, showing stable commercial growth following its neffy launch in the U.S. in September 2024.

In Q4 2024, ARS Pharmaceuticals generated $6.7 million in neffy sales, contributing to total revenues of $86.6 million for the quarter. This figure includes $73.5 million from a licensing collaboration with ALK, as well as additional revenue from partnerships in Japan and supply agreements. The company’s total revenue for the full year 2024 stood at $89.1 million, reflecting $7.3 million from neffy sales.

The net income for Q4 2024 was reported at $49.9 million, or $0.51 per share, while the net income for the full year was $8.0 million, equivalent to $0.08 per share. ARS Pharmaceuticals ended the year with $314 million in cash and cash equivalents, ensuring it has the financial resources to support ongoing and future commercialization efforts.

Research and development expenses totaled $3 million for Q4 2024 and $19.6 million for the full year. Selling, general, and administrative expenses were $35.5 million for the quarter and $71.7 million for the year, largely due to marketing efforts tied to the neffy commercial launch.

The licensing agreement with ALK resulted in a cash payment of $145 million, although $71.5 million is recorded as a liability under GAAP accounting rules due to specific contract terms. This accounting treatment has no impact on the actual cash received or the company’s ability to utilize these funds.

In terms of market positioning, ARS has engaged approximately 9,000 healthcare providers, with over 4,000 prescriptions submitted through its BlinkRx platform. Approximately 81% of these prescriber engagements are with the highest decile of allergists, indicating a strong foothold in the allergy treatment market.

Additionally, the company anticipates achieving over 60% access to commercial payers by the end of Q1 2025, targeting over 80% by early Q3 of the same year. Recent favorable decisions from major payers, including Express Scripts and UnitedHealthcare, further bolster this objective.

The upcoming introduction of the 1 mg neffy dosage in May 2025 is expected to expand addressable market opportunities significantly, specifically for younger children at risk of anaphylaxis. ARS Pharmaceuticals is well-positioned for future growth through sustained marketing efforts, including a direct-to-consumer campaign commencing May 2025, coinciding with the peak prescribing season.

Overall, ARS Pharmaceuticals displays stable growth with strong revenue figures from its new neffy product, and an encouraging financial position to support its expansion and commercialization plans into 2025 and beyond.