SPRY Stock — ARS Pharmaceuticals Inc.: Cash, EV, Pipeline

Share price

$4.11

Market cap

$408.7M

Cash

$143.8M

Enterprise value

$361.6M

Balance sheet

Cash	$143.8M
Debt	$96.7M
Net cash	$47.1M
Enterprise value	$361.6M
Basic shares	99.4M shares
Fully diluted shares	129.2M shares
Fully diluted market cap	$531.2M
Cash per share	$1.45

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
May 13 - Jun 24	Neffy	Phase 4	Allergic Reactions	—
Jul 13 - Aug 24	0.5 mg epinephrine	Phase 2	Urticaria Chronic	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

neffy

Approved · Active Modality: intranasal spray

Aliases EURneffy

Partnerships ALK: EU collaboration and US co-promotion (ALK commenced promotion May 2025); Alfresa Pharma: exclusive license for Japan ($2.0M upfront, Apr 2020); Seqirus: exclusive license for Australia/NZ (Mar 2024, amended Dec 2025); Recordati agreement terminated

Indications

Severe Type I allergic reactions / anaphylaxis (Approved)
Chronic spontaneous urticaria (Stage not disclosed)

Status note First and only approved intranasal epinephrine for anaphylaxis. EU: EURneffy 2mg authorized; EURneffy 1mg CHMP positive opinion Jan 29, 2026 (ages 4+, 15-30kg). Launched Germany Jun 2025, UK Oct 2025. Chronic spontaneous urticaria clinical trials planned.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Neffy
Lead indication	Allergic Reactions
Lead phase	Phase 4
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06834165	Phase 4	Recruiting	Sponsor	ARS Pharmaceuticals, Inc.	—	Allergic Reactions	—
NCT06927999	Phase 2	Recruiting	Sponsor	ARS Pharmaceuticals, Inc.	—	Urticaria Chronic	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for ARS Pharmaceuticals, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	8,288,510	no change	1.26%	2026-08-14
ADAR1 Capital Management	600,999	-760,537	0.23%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

SPRY — ARS Pharmaceuticals Inc.