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- **Revenue Surge**: Q3 U.S. net product revenue up 2.5x Q2 to $31.3M, driven by virtual prescribing program and institutional sales. 
- **Virtual Access Breakthrough**: Get neffy on Us program removes HCP time barriers, with 0 co-pay for insured patients. 
- **Global Expansion Funding**: $250M term loan provides liquidity for 2026 global launches in Japan, Canada, China. 
- **Clinical Growth Engine**: Phase IIb urticaria trial targeting 2M U.S. patients on track for mid-2026 readout. 
- **Market Share Resilience**: Q4 sales expected to resume growth despite seasonal decline, supported by $288M cash position.

**【CEO Summary Section】**
- **Revenue Growth**: U.S. net product revenue reached $31.3 million in Q3, a 2.5x increase from Q2, driven by new patient starts and institutional sales. 
- **Market Share Dynamics**: Q3 growth faced temporary pause due to back-to-school season HCP time constraints, but Q4 sales expected to resume growth despite seasonal market decline. 
- **Get neffy on Us Program**: Virtual prescribing initiative launched to simplify access, with 0 co-pay for insured patients, aiming to circumvent HCP time constraints. 
- **Global Expansion**: Neffy approved in Japan (Q4 2025 launch), Canada (Q1 2026), and China (Q1 2026), targeting $288M cash position to support expansion. 
- **Clinical Pipeline**: Phase IIb urticaria trial on track for mid-2026 readout, targeting 2M U.S. patients. 

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $32.5M (US net product $31.3M, supply $1.1M). 
- **Operating Expenses**: R&D $2.8M, SG&A $74.8M (up due to DTC campaign). 
- **Cash Position**: $288.2M post-$100M term loan draw, supporting commercial initiatives. 
- **Term Loan Facility**: $250M facility with RA Capital at SOFR+5.5%, interest-only through 2030. 

**【Q&A Highlights】**
- **Prior Auth Trends**: 50% of prescriptions require PA (down from prior quarters). 
- **Institutional Sales**: Significant but inconsistent volume outside IQVIA tracking. 
- **Virtual Prescriber Impact**: Doctors report reduced time burden, patients appreciate convenience. 
- **Payor Access**: Targeting 2026 formulary additions with CVS, Prime, Anthem. 
- **International Momentum**: U.K. launch with ALK shows early adoption similar to Germany. 
- ** Pediatric Penetration**: 9,000+ pediatricians engaged via ALK co-promotion.

ARS Pharmaceuticals, Inc. (SPRY) Q3 2025 Earnings Call Transcript

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