ARS Pharmaceuticals Inc (SPRY) saw its stock price plummet 6.37% in pre-market trading following the release of its first-quarter 2025 financial results. The company reported a wider-than-expected loss, overshadowing its revenue beat and progress in the commercial launch of its flagship product, Neffy® (epinephrine nasal spray).

The pharmaceutical company posted a net loss of $0.35 per share, missing analyst estimates of a $0.32 loss and significantly wider than the $0.11 loss reported in the same quarter last year. However, SPRY's revenue came in at $7.97 million, surpassing the consensus estimate of $7.48 million. The company's total revenue for the quarter reached $8.0 million, including $7.8 million from Neffy sales in the U.S. and $0.2 million from a collaboration with ALK-Abelló A/S.

Despite the revenue beat, investors seem concerned about the company's rising expenses. ARS Pharmaceuticals reported operating expenses of $45.15 million, with selling, general, and administrative expenses reaching $41.1 million, primarily due to personnel-related and marketing costs associated with Neffy's commercialization. The company emphasized that its current cash position of $275.7 million is expected to fund operations for at least the next three years. However, the market's negative reaction suggests that investors may be worried about the pace of spending and the timeline to profitability as SPRY continues to invest heavily in the launch of its first FDA-approved product.