Shares of ARS Pharmaceuticals Inc (SPRY) surged 5.79% in after-hours trading on Wednesday, following the release of the company's first-quarter 2025 financial results that exceeded analyst expectations in key areas.

The biotechnology and medical research firm reported Q1 revenue of $7.97 million, surpassing the mean analyst estimate of $7.48 million. While the company posted a quarterly adjusted loss of 35 cents per share, it met the consensus expectation of six analysts. The reported net loss for the quarter stood at $33.94 million, slightly better than the forecasted loss of $34.6 million.

Investors appear to be encouraged by ARS Pharmaceuticals' solid cash position, with the company reporting cash and investments of $275.7 million at the end of the quarter. This strong financial footing provides the company with ample resources to fund its ongoing research and development efforts. Additionally, Wall Street maintains a bullish outlook on SPRY, with a median 12-month price target of $30.00 and a consensus "strong buy" recommendation from analysts. The positive financial results, coupled with favorable analyst sentiment, likely contributed to the stock's after-hours rally.