ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) reported $26.2 million in net product revenue from its epinephrine nasal spray neffy in the second quarter ended June 30, 2026, up from $12.8 million in the same period a year earlier, according to a company press release.

Total revenue for the quarter reached $33.7 million, which included $7.4 million in supply revenue from partners and $0.1 million in collaboration revenue. The company reported a net loss of $62.3 million, or $(0.63) per share, compared with a net loss of $44.9 million in the second quarter of 2025. SG&A expenses were $77.6 million for the quarter, driven largely by consumer-targeted media spending and one-time personnel costs related to a leadership transition in July.

The company said it is shifting its commercial strategy away from broad consumer advertising toward targeted engagement with high-volume prescribers. ARS Pharmaceuticals said neffy held a 5% total U.S. epinephrine market share for Type I allergies in the quarter, compared with 2.5% in the same period of 2025, and an 8% share within field-targeted accounts. Over 16,000 unique prescribers wrote for neffy during the quarter, the company said.

ARS Pharmaceuticals appointed Meg Smith as Chief Commercial Officer, effective August 17, 2026. Smith previously led commercial operations at Dynavax Technologies for the HEPLISAV-B vaccine launch.

The company guided for aggregate SG&A and R&D expenses of $114 million to $126 million in the second half of 2026, with cash-based expenses expected to decline more than 40% from the first half of 2026. The company said it anticipates reaching cash flow breakeven by the end of 2027.

As of June 30, 2026, ARS Pharmaceuticals held $143.8 million in cash, cash equivalents, and short-term investments, down from $244.9 million at year-end 2025. The accumulated deficit stood at $417.6 million.

The company said interim data from its Phase 2b trial of intranasal epinephrine for chronic spontaneous urticaria is expected in the first quarter of 2027.