ARS Pharmaceuticals Inc (SPRY) stock is experiencing a pre-market surge of 5.04% on Wednesday, following the release of its impressive second-quarter 2025 financial results and positive developments for its flagship product, Neffy.

The company reported total revenue of $15.7 million for Q2, surpassing analyst expectations of $13.776 million. This figure includes $12.8 million from Neffy sales in the U.S., demonstrating strong market traction for the needle-free epinephrine nasal spray. Additionally, ARS Pharmaceuticals received $2.6 million in milestone revenue from ALK-Abelló A/S for the launch of EURneffy in Germany, signaling successful international expansion.

Investors are particularly optimistic about Neffy's growing global footprint. The product recently received approval in the U.K. and launched in Germany, establishing itself as the first and only needle-free epinephrine treatment in these markets. Furthermore, the company anticipates regulatory approvals for Neffy in Canada, Japan, and Australia by the end of 2025, with commercial rollouts planned for the first half of 2026. China's regulatory approval is expected in the first half of 2026, opening up additional growth opportunities. With $240.1 million in cash and investments as of June 30, 2025, ARS Pharmaceuticals is well-positioned to support its operating plans for at least the next three years, fueling investor confidence in the company's long-term prospects.