ARS Pharmaceuticals: Neffy's Slow Launch, No Guidance For 2026 Keep Me On Sidelines

ARS Pharmaceuticals, Inc. maintains a Hold rating as neffy's commercial uptake remains slow despite FDA approval and a robust marketing push. SPRY reported 2025 revenues of $84.3m, a net loss of $171.3m, and plans to sustain high SG&A spending to accelerate U.S. market share. Management offers no 2026 revenue guidance, raising concerns about breakeven prospects and ongoing competition from established and emerging epinephrine products.