ARS Pharmaceuticals (SPRY) Is Up 9.8% After Securing $250M Loan and European Patent Win – Has the Bull Case Changed?

• In late September 2025, ARS Pharmaceuticals announced it secured a senior secured term loan facility of up to US$250 million with affiliates of RA Capital Management and OMERS Life Sciences, alongside news that the European Patent Office upheld all claims for a key neffy patent.
• This dual development strengthens ARS’s financial position for scaling neffy’s commercialization and establishes robust long-term intellectual property protection in both Europe and the U.S.
• We'll look at how the debt financing and expanded European patent protection could shape ARS Pharmaceuticals' investment outlook and growth trajectory.

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ARS Pharmaceuticals Investment Narrative Recap

To be a shareholder in ARS Pharmaceuticals, one must believe in neffy’s ability to seize significant global market share as a needle-free alternative for anaphylaxis, driving revenue growth despite current net losses and product concentration risk. The recent US$250 million debt facility and affirmation of key European IP provide meaningful financial and competitive resources, but do not fundamentally change the near-term focus on commercial ramp and real-world adoption as the main catalyst or the risk of overreliance on neffy as the primary asset. Among recent announcements, Japan’s approval of neffy in September 2025 stands out as especially relevant. It extends ARS’s international footprint and signals tangible progress in addressing global regulatory milestones, one of the company’s major catalysts, especially as real-world uptake abroad remains in early stages. On the flip side, investors should be aware that growing SG&A spending may not translate into the expected script growth if market adoption stalls...

Read the full narrative on ARS Pharmaceuticals (it's free!)

ARS Pharmaceuticals' outlook anticipates $415.9 million in revenue and $73.7 million in earnings by 2028. This targets a 54.7% annual revenue growth rate and a $121.7 million increase in earnings from the current -$48.0 million.

Uncover how ARS Pharmaceuticals' forecasts yield a $31.00 fair value, a 174% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members set ARS’s fair value from US$0.66 to US$121.02 across 9 different perspectives. With product concentration still the main risk, it pays to examine your own view alongside these wide-ranging outlooks.

Explore 9 other fair value estimates on ARS Pharmaceuticals - why the stock might be worth less than half the current price!

Build Your Own ARS Pharmaceuticals Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your ARS Pharmaceuticals research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free ARS Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ARS Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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