Revenue: As of FY2026 Q1, the actual value is USD 22.68 M, beating the estimate of USD 22.12 M.EPS: As of FY2026 Q1, the actual value is USD -0.61, missing the estimate of USD -0.53.EBIT: As of FY2026 Q1, the actual value is USD -59.67 M.<h4>First Quarter 2026 Financial Results</h4><ul><li>Total Revenue<ul><li>Total revenue for the first quarter of 2026 was $22,681 thousand, compared to $7,973 thousand for the first quarter of 2025.</li><li>This included $17,452 thousand in net product revenue from neffy sales in the U.S. in Q1 2026, up from $7,763 thousand in Q1 2025.</li><li>Collaboration revenue from international partners was $2,489 thousand in Q1 2026, compared to $210 thousand in Q1 2025.</li><li>Supply revenue from partners was $2,740 thousand in Q1 2026, with no corresponding revenue in Q1 2025.</li></ul></li><li>Operating Expenses<ul><li>Cost of goods sold was $6,286 thousand for the first quarter of 2026, compared to $1,094 thousand for the first quarter of 2025.</li><li>Research and Development (R&amp;D) expenses were $4,336 thousand for the first quarter of 2026, compared to $2,952 thousand for the first quarter of 2025.</li><li>Selling, General and Administrative (SG&amp;A) expenses were $72,204 thousand for the first quarter of 2026, compared to $41,104 thousand for the first quarter of 2025.</li><li>Total operating expenses were $82,826 thousand for the first quarter of 2026, compared to $45,150 thousand for the first quarter of 2025.</li></ul></li><li>Operating Loss<ul><li>Loss from operations was -$60,145 thousand for the first quarter of 2026, compared to -$37,177 thousand for the first quarter of 2025.</li></ul></li><li>Net Loss<ul><li>Net loss for the first quarter of 2026 was -$60,618 thousand, compared to -$33,940 thousand for the first quarter of 2025.</li></ul></li><li>Cash and Investments<ul><li>As of March 31, 2026, ARS Pharmaceuticals, Inc. had cash, cash equivalents, and short-term investments totaling $201.0 million, comprising $24,321 thousand in cash and cash equivalents and $176,648 thousand in short-term investments.</li><li>This compares to $244,986 thousand as of December 31, 2025, which included $41,317 thousand in cash and cash equivalents and $203,669 thousand in short-term investments.</li></ul></li></ul><h4>Operational Metrics and Updates</h4><ul><li>ARS Pharmaceuticals, Inc. completed the expansion of its sales force from 106 to 148 representatives in the first quarter of 2026.</li><li>More than 28,000 healthcare providers have prescribed neffy to date, with approximately half being repeat prescribers, and over 10,000 schools have opted into the neffyinSchools program, reporting more than 200 successful uses of neffy.</li><li>Health Canada approved neffy on April 15, 2026, and the European Commission granted marketing authorization for EURneffy® 1 mg on March 31, 2026.</li><li>The interim analysis population for ARS Pharmaceuticals, Inc.’s Phase 2b trial in chronic spontaneous urticaria (CSU) is fully enrolled.</li></ul><h4>Outlook and Guidance</h4>ARS Pharmaceuticals, Inc. anticipates a definitive update on the CVS Caremark proposal in early June, targeting a July 1, 2026, effective date with economics around 50 percent gross-to-net retention, and expects most Medicaid state plans to adopt neffy by early 2027, with a commercial launch in Canada later in 2026. The company believes its current cash position is sufficient to fund operations through cash-flow break-even. Interim data from the Phase 2b CSU trial is expected in the fourth quarter of 2026, potentially leading to a Phase 3 study initiation in mid-2027.

ARS Pharmaceuticals | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 22.68 M