ARS Pharmaceuticals (SPRY) Soars 7.93% on Earnings Optimism Japan Approval $250M Loan

ARS Pharmaceuticals Inc. (SPRY) rose to its highest level since the beginning of this month, climbing 7.93% intraday on Nov. 8. The biopharma company’s stock climbed on optimism surrounding its upcoming earnings report, a $250 million loan to accelerate its nasal spray rollout, and regulatory approval in Japan for its flagship product neffy. The surge follows a recent string of strategic moves aimed at scaling commercialization and expanding into new markets.

The stock’s rally comes ahead of ARS’s Q3 2025 earnings release on Nov. 10, with analysts expecting revenue to jump 1,285% year-over-year to $28.68 million, driven by neffy’s strong uptake. However, a projected $0.49 loss per share—down 145% from the prior year—highlights the company’s focus on growth over short-term profitability. A $250 million loan secured earlier this year underscores its aggressive expansion plans, with funds earmarked for production scaling, distribution, and marketing. This debt financing avoids equity dilution but raises concerns about future earnings pressure if revenue growth slows.

Regulatory progress further bolstered investor sentiment, as neffy received approval in Japan, a key market for allergy therapeutics. The clearance validates the product’s safety and efficacy, potentially accelerating adoption in other regions. With Japan’s large healthcare market and high unmet demand for allergy treatments, the approval diversifies ARS’s revenue streams and reduces reliance on its domestic operations. Analysts remain split, with revenue estimates revised downward three times in the past three months, reflecting uncertainty over sustainability.

While the stock’s momentum reflects confidence in neffy’s market potential, risks persist. Rising debt and a projected earnings shortfall could weigh on investor confidence if the company fails to meet growth expectations. The Q3 earnings report will be a critical test of ARS’s ability to balance aggressive expansion with profitability. For now, the rally underscores market optimism about its long-term positioning in the allergy therapeutics space, provided neffy maintains its competitive edge and regulatory compliance remains intact.