{"url_path":"/sec/spry/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1671858/0001193125-26-225142-index.html","accession_number":"0001193125-26-225142","cik":"0001671858","ticker":"SPRY","issuer_name":"ARS Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1671858/0001193125-26-225142-index.html","primary_entity_key":"0001671858","primary_entity_name":"ARS Pharmaceuticals, Inc."},"word_count":425,"has_tables":true,"body_markdown":"10-Q\n\nQ10001671858--12-31false1http://fasb.org/srt/2025#ChiefExecutiveOfficerMember0001671858spry:CustomerOneMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:TermLoansMembersrt:MaximumMember2025-09-290001671858spry:TerminationAgreementMemberspry:RecordatiAgreementMember2025-06-300001671858spry:CustomerOneMembersrt:MinimumMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:CustomerFiveMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858spry:RevenueUnderSupplyAgreementsMember2026-01-012026-03-310001671858spry:TermLoansMember2025-09-292025-09-290001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMembersrt:MaximumMember2026-01-012026-03-310001671858spry:CustomerOneMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001671858spry:EquityIncentivePlansMember2018-09-302018-09-300001671858us-gaap:CommonStockMember2025-01-012025-03-310001671858country:DK2026-01-012026-03-310001671858spry:ALKCo-PromotionAgreementMember2026-03-310001671858spry:AggregateSaleOfRecordatiLicensedProductMemberspry:TerminationAgreementMemberspry:RecordatiAgreementMember2023-02-280001671858spry:CustomerFiveMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:CustomerOneMemberspry:RevenueUnderCollaborationAgreementsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-03-310001671858spry:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858us-gaap:CommonStockMember2026-01-012026-03-310001671858spry:MedicalAffairsMember2026-01-012026-03-310001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001671858spry:FoodAllergyResearchAndEducationIncMember2025-01-012025-03-310001671858spry:CustomerFourMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2025-01-012025-12-310001671858us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001671858spry:RecordatiAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-06-012024-06-300001671858spry:FoodAllergyResearchAndEducationIncMember2026-01-012026-03-310001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001671858spry:CustomerOneMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-03-310001671858spry:SeqirusAgreementMemberspry:LicenseAgreementMember2024-03-012024-03-310001671858spry:LicenseAgreementMemberspry:RecordatiAgreementMember2020-01-012020-12-310001671858spry:DevelopmentAndRegulatoryServicesMember2024-11-300001671858spry:TermLoansMember2026-03-310001671858spry:RecordatiAgreementMember2025-01-012025-03-310001671858spry:WarrantsToPurchaseCommonStockMember2026-01-012026-03-310001671858srt:MinimumMember2026-03-310001671858spry:ALKCollaborationAgreementMemberspry:ALKFinancingLiabilityMember2026-03-310001671858spry:CustomerOneMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:ALKCo-PromotionAgreementMember2025-05-012025-05-310001671858spry:CustomerFourMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858srt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2026-01-012026-03-310001671858spry:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858us-gaap:RetainedEarningsMember2024-12-310001671858spry:FairValueInputsLevel1AndLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001671858us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001671858spry:RestrictedStockUnitsGrantedAndOutstandingMember2025-12-310001671858us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001671858spry:ALKCo-PromotionAgreementMember2026-03-310001671858spry:FoodAllergyResearchAndEducationIncMember2026-03-310001671858us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001671858country:JPspry:LicenseAgreementMemberspry:AlfresaAgreementMember2020-04-012020-04-300001671858spry:EuropeanEconomicAreaLicenseMember2024-11-300001671858spry:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2026-01-012026-03-310001671858spry:CustomerFiveMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-3100016718582026-03-310001671858srt:MaximumMember2025-01-012025-03-310001671858spry:TerminationAgreementMemberspry:RecordatiAgreementMember2023-02-012023-02-280001671858spry:RecordatiAgreementMember2026-01-012026-03-310001671858srt:MinimumMember2025-09-292025-09-290001671858spry:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2025-01-012025-12-310001671858spry:TerminationAgreementMemberspry:FirstCommercialSaleOfRecordatiLicensedProductMemberspry:RecordatiAgreementMember2023-02-012023-02-280001671858spry:CommonStockReservedForFutureAwardsOrOptionGrantsMember2026-03-310001671858spry:EstimatedSharesPurchasedUnderEsppMember2025-01-012025-03-310001671858us-gaap:RestrictedStockUnitsRSUMember2026-03-310001671858spry:LicenseAgreementMemberspry:PediatrixAgreementMember2026-01-012026-03-310001671858us-gaap:RelatedPartyMember2026-03-310001671858us-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:EquityIncentivePlan2018Member2026-03-310001671858spry:EquitySalesAgreementMemberspry:EquityOfferingsMembersrt:MaximumMember2025-01-012025-01-310001671858spry:ALKCollaborationAgreementMember2026-03-310001671858us-gaap:RelatedPartyMember2026-01-012026-03-310001671858spry:CommonStockReservedForFutureEmployeeStockPurchasePlanIssuancesMember2026-03-310001671858spry:RenaissanceLakewoodLlcMember2026-01-012026-03-310001671858us-gaap:SellingAndMarketingExpenseMember2026-01-012026-03-310001671858spry:EstimatedSharesPurchasedUnderEsppMember2026-01-012026-03-310001671858spry:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858us-gaap:RetainedEarningsMember2025-01-012025-03-310001671858us-gaap:AdditionalPaidInCapitalMember2025-12-310001671858spry:TerminationAgreementMemberspry:RecordatiAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2020-09-012020-09-300001671858spry:CustomerFourMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:TrancheOneTermLoanMember2025-09-292025-09-2900016718582025-03-310001671858spry:CostOfGoodsSoldMember2026-01-012026-03-310001671858spry:CustomerFiveMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858us-gaap:SellingAndMarketingExpenseMember2025-01-012025-03-310001671858us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2025-01-012025-12-310001671858us-gaap:RetainedEarningsMember2026-03-310001671858spry:AegisTherapeuticsLlcMemberspry:FirstCommercialSaleOfNeffyMember2024-09-300001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001671858spry:RevenueUnderSupplyAgreementsMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2026-01-012026-03-310001671858us-gaap:RelatedPartyMember2025-01-012025-03-310001671858spry:ClinicalMember2025-01-012025-03-310001671858spry:SeqirusAgreementMemberspry:LicenseAgreementMembersrt:MaximumMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMember2026-01-012026-03-310001671858spry:EuropeanMedicinesAgencyMemberspry:TerminationAgreementMemberspry:RecordatiAgreementMember2023-02-012023-02-280001671858spry:CommonStockOptionsMember2025-01-012025-03-310001671858spry:CommonStockOptionsGrantedAndOutstandingMember2026-03-310001671858spry:OrbiMedAdvisorsLLCMember2025-01-012025-03-310001671858us-gaap:AdditionalPaidInCapitalMember2026-03-310001671858us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001671858us-gaap:ProductMember2026-01-012026-03-310001671858us-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001671858us-gaap:RetainedEarningsMember2025-12-310001671858spry:TermLoansMembersrt:MinimumMemberspry:CreditAgreementMember2025-09-292025-09-290001671858spry:CustomerTwoMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:Share-BasedCompensationMember2025-01-012025-03-310001671858spry:CustomerOneMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:RevenueUnderSupplyAgreementsMember2025-01-012025-03-310001671858spry:SeqirusAgreementMemberspry:LicenseAgreementMember2026-03-310001671858spry:EquityIncentivePlan2018Memberspry:EquityIncentivePlansMember2026-03-310001671858spry:EquitySalesAgreementMemberspry:EquityOfferingsMember2026-01-012026-03-310001671858us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001671858spry:CustomerFiveMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858spry:WarrantsToPurchaseCommonStockMember2025-12-310001671858us-gaap:RestrictedStockUnitsRSUMember2025-12-310001671858us-gaap:CommonStockMember2025-03-310001671858us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001671858spry:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2026-01-012026-03-310001671858spry:CustomerTwoMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858us-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858us-gaap:CommonStockMember2026-03-310001671858spry:AegisTherapeuticsLlcMember2018-12-312018-12-310001671858srt:MaximumMember2025-09-292025-09-290001671858country:DK2025-01-012025-03-310001671858spry:CommonStockOptionsGrantedAndOutstandingMember2025-12-310001671858spry:CommonStockReservedForFutureAwardsOrOptionGrantsMember2025-12-3100016718582025-12-310001671858spry:CustomerTwoMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMember2026-01-012026-03-310001671858us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001671858srt:MinimumMemberspry:CustomerFourMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858us-gaap:CommonStockMember2025-12-310001671858us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001671858spry:CustomerTwoMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2026-01-012026-03-310001671858spry:Share-BasedCompensationMember2026-01-012026-03-310001671858us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001671858us-gaap:SellingGeneralAndAdministrativeExpensesMember2026-01-012026-03-310001671858srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:LicenseAgreementMemberspry:PediatrixAgreementMembersrt:MaximumMember2026-01-012026-03-310001671858spry:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:FairValueInputsLevel1AndLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001671858us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001671858us-gaap:CommonStockMember2024-12-310001671858spry:LicenseAgreementMemberspry:AlfresaAgreementMember2020-04-012020-04-300001671858us-gaap:OtherExpenseMember2025-01-012025-03-3100016718582024-12-310001671858spry:LiquidityAndCapitalResourcesMember2026-03-310001671858spry:EquityIncentivePlan2016And2020Member2026-03-310001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMember2024-11-092024-11-0900016718582026-01-012026-03-310001671858srt:MaximumMember2026-01-012026-03-310001671858spry:CustomerTwoMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:CustomerFourMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberspry:CustomerThreeMember2026-01-012026-03-310001671858us-gaap:ProductMember2025-01-012025-03-310001671858spry:CustomerOneMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:TrancheOneTermLoanMember2025-09-290001671858us-gaap:InProcessResearchAndDevelopmentMemberspry:TerminationAgreementMemberspry:RecordatiAgreementMember2023-12-310001671858us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001671858us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001671858spry:RevenueUnderCollaborationAgreementsMember2025-01-012025-03-310001671858country:JPspry:LicenseAgreementMemberspry:AlfresaAgreementMember2026-01-012026-03-310001671858spry:CustomerFourMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858spry:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:SeqirusAgreementMemberspry:LicenseAgreementMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMemberspry:DevelopmentAndRegulatoryServicesMember2025-03-310001671858us-gaap:InventoriesMember2025-01-012025-03-310001671858srt:MinimumMember2026-01-012026-03-310001671858us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001671858spry:LicenseAgreementMemberspry:PediatrixAgreementMember2026-03-310001671858us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMemberspry:DevelopmentAndRegulatoryServicesMember2026-03-310001671858spry:ALKCollaborationAgreementMemberspry:ALKFinancingLiabilityMember2026-01-012026-03-310001671858spry:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:TerminationAgreementMemberspry:RecordatiAgreementMember2025-06-012025-06-300001671858us-gaap:NonUsMember2025-01-012025-03-310001671858spry:LicenseAgreementMemberspry:AlfresaAgreementMember2026-01-012026-03-310001671858spry:LicenseAgreementMemberspry:PediatrixAgreementMember2025-01-012025-03-310001671858spry:CustomerTwoMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:TrancheThreeTermLoanMember2025-09-290001671858us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001671858us-gaap:RelatedPartyMember2025-12-310001671858spry:EquityIncentivePlan2016And2020Memberspry:EquityIncentivePlansMember2026-03-310001671858srt:MinimumMemberspry:CustomerFourMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:ALKCo-PromotionAgreementMember2025-01-012025-03-310001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMember2024-11-012024-11-300001671858us-gaap:AdditionalPaidInCapitalMember2025-03-310001671858us-gaap:FairValueMeasurementsRecurringMember2026-03-310001671858spry:LicenseAgreementMemberspry:PediatrixAgreementMember2021-03-012021-03-310001671858spry:AegisTherapeuticsLlcMember2024-08-310001671858us-gaap:OtherExpenseMember2026-01-012026-03-310001671858us-gaap:RetainedEarningsMember2025-03-310001671858spry:OrbiMedAdvisorsLLCMember2026-01-012026-03-3100016718582026-05-130001671858spry:CommonStockReservedForFutureEmployeeStockPurchasePlanIssuancesMember2025-12-310001671858spry:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:RestrictedStockUnitsGrantedAndOutstandingMember2026-03-310001671858country:US2025-01-012025-03-310001671858country:JPspry:LicenseAgreementMemberspry:AlfresaAgreementMember2020-03-012020-03-310001671858spry:CustomerOneMemberspry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2026-01-012026-03-310001671858spry:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:DevelopmentMember2026-01-012026-03-3100016718582026-01-012026-03-310001671858spry:TerminationAgreementMemberspry:RecordatiAgreementMember2025-02-232025-12-310001671858spry:CommonStockOptionsMember2026-01-012026-03-310001671858country:US2026-01-012026-03-310001671858us-gaap:ShortTermInvestmentsMember2026-01-012026-03-310001671858spry:ROWLicenseMember2024-11-300001671858spry:TermLoansMember2025-09-290001671858us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberspry:CustomerThreeMember2025-01-012025-12-310001671858spry:RACapitalManagementLPMember2025-09-290001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMembersrt:MaximumMember2024-11-012024-11-300001671858spry:CustomerOneMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2026-01-012026-03-310001671858us-gaap:InventoriesMember2026-01-012026-03-310001671858spry:TrancheTwoTermLoanMember2025-09-290001671858spry:CostOfGoodsSoldMember2025-01-012025-03-310001671858us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-03-310001671858spry:ALKCo-PromotionAgreementMember2026-01-012026-03-310001671858srt:MinimumMember2025-01-012025-03-310001671858spry:MedicalAffairsMember2025-01-012025-03-310001671858spry:AegisTherapeuticsLlcMember2026-01-012026-03-310001671858us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001671858spry:CustomerOneMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2025-01-012025-03-310001671858spry:CustomerFourMembersrt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001671858spry:TrancheFourTermLoanMember2025-09-290001671858spry:ALKCollaborationAgreementMemberspry:ALKFinancingLiabilityMember2025-12-310001671858spry:AegisTherapeuticsLlcMember2025-09-012025-09-300001671858spry:LicenseAgreementMemberspry:AlfresaAgreementMember2025-01-012025-03-310001671858us-gaap:InventoriesMember2026-03-310001671858spry:SeqirusAgreementMemberspry:LicenseAgreementMember2025-01-012025-03-310001671858spry:WarrantsToPurchaseCommonStockMember2026-03-310001671858us-gaap:RetainedEarningsMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMember2025-12-310001671858spry:RevenueUnderSupplyAgreementsMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2026-01-012026-03-310001671858srt:MinimumMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMember2025-01-012025-12-310001671858spry:RevenueUnderCollaborationAgreementsMember2026-01-012026-03-3100016718582025-01-012025-03-310001671858spry:WarrantsToPurchaseCommonStockMember2025-01-012025-03-310001671858spry:CustomerFourMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2026-01-012026-03-310001671858spry:DevelopmentMember2025-01-012025-03-310001671858us-gaap:CustomerConcentrationRiskMemberspry:CustomerThreeMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858spry:CustomerFiveMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2025-01-012025-12-310001671858us-gaap:AdditionalPaidInCapitalMember2024-12-310001671858spry:ClinicalMember2026-01-012026-03-310001671858spry:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMember2025-01-012025-12-310001671858spry:PacificLinkConsultingLlcMember2025-01-012025-03-310001671858spry:CustomerTwoMemberspry:RevenueUnderSupplyAgreementsMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:CustomerOneMemberspry:RevenueUnderCollaborationAgreementsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001671858spry:AegisTherapeuticsLlcMemberus-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001671858us-gaap:NonUsMember2026-01-012026-03-310001671858spry:PacificLinkConsultingLlcMember2026-01-012026-03-310001671858spry:ALKCollaborationAgreementMemberspry:LicenseAgreementMemberspry:FirstCommercialSaleOfNeffyMember2024-11-300001671858spry:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueProductLineMember2026-01-012026-03-310001671858us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembersrt:MaximumMemberspry:CustomerThreeMember2026-01-012026-03-310001671858us-gaap:ShortTermInvestmentsMember2025-01-012025-03-310001671858spry:EuropeanEconomicAreaLicenseMemberspry:ALKCollaborationAgreementMember2026-03-31iso4217:USDxbrli:sharesiso4217:EURspry:Tranchexbrli:purespry:Segmentxbrli:sharesspry:Doctoriso4217:USD\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number 001-39756\n\nARS Pharmaceuticals, Inc.\n\n(Exact name of Registrant as specified in its Charter)\n\n \n\n \n\n \n\nDelaware\n\n81-1489190\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n11682 El Camino Real, Suite 300\n\nSan Diego, California\n\n92130\n\n(Address of principal executive offices)\n\n(Zip Code)\n\nRegistrant’s telephone number, including area code: (858) 771-9307\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n \n\n \n\n \n\nTitle of each class\n\nTrading\n\nSymbol(s)\n\nName of each exchange\n\non which registered\n\nCommon Stock, par value $0.0001 per share\n\nSPRY\n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\n \n\n \n\nEmerging growth company\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 13, 2026, there were 99,303,262 shares of registrant’s common stock, $0.0001 par value per share, outstanding.\n\n \n\n \n\n \n\nTable of Contents\n\n \n\nPage\n\nPART I\n\nFINANCIAL INFORMATION"}