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Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 8,341	$ 3,406
Prepaid insurance	1,285	1,261
Interest receivable	971	987
Other	963	1,232
Total	$ 11,560	$ 6,886

Common Stock and Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Common Stock and Stockholders' Equity

11. Common Stock and Stockholders’ Equity

Authorized Shares

The Company’s current Amended and Restated Certificate of Incorporation authorizes 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	March 31, 2025		December 31, 2024
Common stock options granted and outstanding		17,348,839		15,161,180
Restricted stock units granted and outstanding		1,382		2,763
Common stock reserved for future awards or option grants		8,441,571		5,905,773
Common stock reserved for future employee stock purchase plan issuances		2,923,100		2,223,100
Warrants to purchase common stock		45,456		45,456
Total		28,760,348		23,338,272

Equity Offerings

In January 2025, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission which became effective upon filing (the “Shelf Registration Statement”). The Shelf Registration Statement allows the Company, from time to time, to offer and sell any combination of shares of the Company’s common stock and preferred stock, various series of debt securities, and/or warrants to purchase any of such securities, either individually or in combination with other securities, in one or more offerings. The Company simultaneously entered into a Controlled Equity OfferingSM sales agreement (the “Equity Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to offer, sell and issue shares of the Company’s common stock from time to time through Cantor acting as sales agent and up to a maximum aggregate offering price of $200.0 million. As of March 31, 2025, no securities have been sold pursuant to the Shelf Registration Statement or Equity Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

6. Balance Sheet Details

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Prepaid expenses	$	8,341	$	3,406
Prepaid insurance		1,285		1,261
Interest receivable		971		987
Other		963		1,232
Total	$	11,560	$	6,886

Other long-term assets consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Prepaid supply agreement fee	$	2,880	$	2,800
Capitalized software implementation costs		251		314
Total	$	3,131	$	3,114

Accounts payable and accrued liabilities consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Accounts payable	$	4,095	$	9,870
Accrued inventory		4,225		4,255
Accrued compensation		4,732		2,293
Accrued gross-to-net adjustments		4,115		2,179
Accrued marketing related expenses		5,600		1,855
Other		4,242		2,389
Total	$	27,009	$	22,841

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

Stock-based compensation expense recognized for all equity awards has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development expense	$	663	$	911
Selling, general and administrative expense		4,635		2,404
Total	$	5,298	$	3,315

During the three months ended March 31, 2025, $0.2 million of stock compensation expense was capitalized into inventory. No stock-based compensation expense was capitalized into inventory during the three months ended March 31, 2024.

As of March 31, 2025, the total unrecognized stock-based compensation expense related to outstanding employee options was $54.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.7 years.

As of March 31, 2025 and December 31, 2024, there were 1,382 and 2,763 restricted stock units outstanding, respectively.

Equity Incentive Plans

In September 2018, ARS Pharma adopted the 2018 Equity Incentive Plan. As a result of the Merger, on November 8, 2022 ARS Pharma assumed Silverback’s 2016 and 2020 Equity Incentive Plans, and Employee Stock Purchase Plan (“ESPP”). There were no shares of common stock purchased under the ESPP during each of the three months ended March 31, 2025 and 2024.

As of March 31, 2025, 25,737,116 shares were authorized under the 2016 and 2020 Equity Incentive Plans, of which 8,144,226 shares were available for future grant, and 12,920,603 shares were outstanding. As of March 31, 2025, 6,634,333 shares were authorized under the 2018 Equity Incentive Plan, of which 297,345 shares were available for future grant, and 4,429,618 shares were outstanding. The Company does not intend to grant future stock options or other equity awards under the 2016 or 2018 Equity Incentive Plans.

Stock Options

Stock options granted under the Company’s equity incentive plans expire no later than 10 years from the date of grant and generally vest over a four-year period, with vesting either occurring at a rate of 25% at the end of the first year and thereafter in 36 equal monthly installments or on a monthly basis. In the case of awards granted to the Company’s non-employee board members, vesting generally occurs on a monthly basis over three years or in full on an annual basis. The Company issues new shares of common stock upon the exercise of stock options.

A summary of the Company’s stock option activity for the three months ended March 31, 2025 is as follows:


						Weighted-
	Shares			Weighted-		Average		Aggregate
	Subject to			Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	Outstanding			Price		Life (Years)		(in thousands)
Outstanding at December 31, 2024		15,161,180		$	6.63
Granted		2,643,850		$	10.73
Exercised		(174,251	)	$	4.17
Forfeited		(281,940	)	$	11.92
Outstanding at March 31, 2025		17,348,839		$	7.20		7.9	$	101,067
Exercisable at March 31, 2025		9,050,857		$	5.40		6.9	$	71,409

The exercisable shares subject to options outstanding at March 31, 2025 in the table above include vested and early exercisable awards. The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the Company’s common stock for all options that were in-the-money at March 31, 2025. The aggregate intrinsic value of options exercised during the three months ended March 31, 2025 and 2024 was $1.3 million and $1.0 million, respectively.

The weighted-average grant date fair value per share of option grants for the three months ended March 31, 2025 and 2024 was $8.06 and $4.36, respectively. The total fair value of shares vested during the three months ended March 31, 2025 and 2024 was $6.2 million and $6.0 million, respectively.

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following weighted-average assumptions:


	Three Months Ended March 31,
	2025			2024
Expected term (in years)		6.0			6.1
Expected volatility		87.1	%		94.2	%
Risk-free interest rate		4.4	%		3.9	%
Expected dividend yield		—			—

The fair value of stock options was determined using the Black-Scholes assumptions below. Each of these inputs is subjective and generally requires significant judgment.

Fair Value of Common Stock. The fair market value of the Company's common stock is based on its closing price as reported on the date of grant on the primary stock exchange on which the Company’s common stock is traded.

Expected Term. The expected term represents the period that the options granted are expected to be outstanding. The expected term of stock options issued is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term.

Expected Volatility. Given the Company’s limited historical stock price volatility data, the Company derived the expected volatility from the average historical volatilities over a period approximately equal to the expected term of comparable publicly traded companies within its peer group that were deemed to be representative of future stock price trends as the Company has limited trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Risk-free Interest Rate. The risk-free interest rate is based on the U.S. Treasury rate, with maturities similar to the expected term of the stock options.

Expected Dividend Yield. The Company has never paid dividends on its common stock and does not anticipate paying any dividends in the foreseeable future. Therefore, the Company uses an expected dividend yield of zero.

Commitments and Contingencies - Summary of Future Minimum Noncancelable Operating Lease Payments (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025 (remaining nine months)	$ 73
Total lease payments	73
Less imputed interest	0
Lease liability	$ 73

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Provided to the CODM

Segment reporting provided to the CODM for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025			2024
Revenue:
Product revenue, net	$	7,763		$	—
Revenue under collaboration agreements		210			—
Total revenue		7,973			—
Segment operating expenses:
Cost of goods sold		1,094			—
Clinical		1,204			2,816
Development		1,101			1,508
Medical affairs		945			333
Sales and marketing		26,757			1,451
General and administrative		8,719			3,690
Stock-based compensation		5,298			3,315
Other		32			79
Total segment operating expenses		45,150			13,192
Loss from operations		(37,177	)		(13,192	)
Other income, net		3,237			2,900
Net loss	$	(33,940	)	$	(10,292	)

Segment Information - Schedule of Segment Reporting Provided to the CODM (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 7,973	$ 0
Operating expenses:
Total segment operating expenses	45,150	13,192
Loss from operations	(37,177)	(13,192)
Other income, net	3,237	2,900
Net loss	(33,940)	(10,292)
Cost of Goods Sold [Member]
Operating expenses:
Total segment operating expenses	1,094	0
Clinical [Member]
Operating expenses:
Total segment operating expenses	1,204	2,816
Development [Member]
Operating expenses:
Total segment operating expenses	1,101	1,508
Medical affairs [Member]
Operating expenses:
Total segment operating expenses	945	333
Sales and marketing [Member]
Operating expenses:
Total segment operating expenses	26,757	1,451
General and administrative [Member]
Operating expenses:
Total segment operating expenses	8,719	3,690
Stock-based compensation [Member]
Operating expenses:
Total segment operating expenses	5,298	3,315
Other [Member]
Operating expenses:
Total segment operating expenses	32	79
Product revenue, net [Member]
Revenue:
Total revenue	7,763	0
Revenue under collaboration agreements [Member]
Revenue:
Total revenue	$ 210	$ 0

Balance Sheet Details - Schedule of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Assets [Abstract]
Prepaid supply agreement fee	$ 2,880	$ 2,800
Capitalized software implementation costs	251	314
Total	$ 3,131	$ 3,114

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share Amount

The following securities are excluded from the calculation of weighted-average dilutive common shares because their inclusion would have been anti-dilutive:


	As of March 31,
	2025		2024
Warrants to purchase common stock		45,456		45,456
Common stock options granted and outstanding		17,348,839		14,398,501
Unvested restricted stock units		1,382		2,763
Estimated shares to be purchased under the employee stock purchase plan		65,748		26,856
Total		17,461,425		14,473,576

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”), of the Financial Accounting Standards Board (“FASB”). The Company’s financial statements are presented on a condensed consolidated basis, which include the accounts of ARS Pharmaceuticals, Inc., ARS Pharmaceuticals Operations, Inc. and ARS Pharmaceuticals IRL, Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s functional and reporting currency is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income in the condensed consolidated statements of operations and comprehensive loss. All adjustments considered necessary for a fair presentation have been included.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated balance sheet as of March 31, 2025, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2025 and 2024, and the condensed consolidated statements of cash flows for the three months ended March 31, 2025 and 2024, are unaudited. The balance sheet as of December 31, 2024 was derived from the audited financial statements as of and for the year ended December 31, 2024. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2024, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2025, the condensed consolidated results of its operations for the three months ended March 31, 2025 and 2024, and its cash flows for the three months ended March 31, 2025 and 2024. The financial data and other information disclosed in these notes related to the three months ended March 31, 2025 and 2024 are also unaudited. The condensed consolidated results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or any other period.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements are revenue recognized under collaboration agreements, accruals for variable components of product revenue, accruals for research and development expenses, valuation of equity awards, and measurement of the financing liability. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Cash and Cash Equivalents

Cash and cash equivalents include cash readily available in checking, money market mutual funds, and short-term investments with remaining maturities when purchased of 90 days or less. The Company considers all highly liquid investments with remaining maturities when purchased of 90 days or less to be cash equivalents.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable includes trade accounts receivable from product sales to customers and reimbursable costs to partners under the Company’s collaboration agreements. Trade accounts receivable are recorded at wholesale acquisition cost (“WAC”), less purchase price discounts, prompt pay discounts, chargebacks, and an allowance for credit losses, if any. The allowance for credit losses is the Company’s estimate of losses over the life of the receivables. The Company determines the allowance for credit losses for accounts receivable based on each customer’s or partner’s accounts receivable balance and age, their financial condition, and the general economic environment. The Company must also use professional judgment for its allowance for credit losses on trade accounts receivable as neffy was commercially launched in September 2024 and historical data is limited. The Company is currently operating under the Title Agreement (as defined in Note 3 – Revenue) with its Title Agent (as defined in Note 3 – Revenue) and the Title Agent retains all credit and collection risk on product sales to the Company’s wholesale distributors and pharmacy customers.

When the collectability of an invoice is no longer probable, the Company will create a reserve for that specific receivable. If a receivable is determined to be uncollectible, it is charged against the general credit loss reserve or the reserve for the specific receivable, if one exists. No allowance for credit losses was deemed necessary at March 31, 2025 or December 31, 2024.

Investments

The Company invests excess cash in investment grade fixed income securities. These investments are included in short-term investments on the condensed consolidated balance sheets, classified as available-for-sale, and reported at fair value with unrealized gains and losses included in accumulated other comprehensive gain, net. Realized gains and losses on the sale of securities are recognized in net loss.

Fair Value of Financial Instruments

Cash, cash equivalents, and short-term investments are carried at fair value. The carrying amounts of all accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and contract liability are considered to be representative of their respective fair values because of the short-term nature of those instruments.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality financial institutions.

The Company reviews its financial instruments portfolio on a quarterly basis to determine if any unrealized losses have resulted from a credit loss or other factors. As part of the review, management considers factors such as historical experience, market data, issuer-specific factors, and current economic conditions. This review is subjective, as it requires management to evaluate whether an event or change in circumstances has occurred in that period that may be related to credit issues.

The Company is also subject to credit risk related to its trade accounts receivable from product sales. neffy is distributed primarily through wholesale distributors and pharmacies. These entities are not obligated to purchase any set number of units and they distribute neffy on demand as orders are received. The Company extends credit to its customers in the normal course of business after evaluating their overall financial condition. As stated above, the Company is currently operating under the Title Agreement with its Title Agent (as defined in Note 3 – Revenue) and the Title Agent retains all credit and collection risk on sales to the Company’s wholesale distributors and pharmacy customers. The Company’s Title Agent accounts for 90% and 93% of its trade accounts receivable balance as of March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025, the Company’s five largest customers combined accounted for 90% of its gross product sales. Historically, the Company has not experienced any credit losses from product sales. For the three months ended March 31, 2025, one customer accounted for 100% of revenue under collaboration agreements.

Inventories

Inventories consist of finished goods held for sale and distribution, raw materials and work in process, and include labor and overhead. Inventories are stated at the lower of cost or net realizable value, and are determined on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company periodically reviews its inventory to identify obsolete, slow-moving, or otherwise unsalable inventories, and establishes allowances for situations in which the cost of the inventory is not expected to be recovered. Such impairment charges, if any, are recorded in cost of goods sold, on the condensed consolidated statements of operations.

The Company capitalizes inventory costs after regulatory approval, when future commercialization is considered probable, and a future economic benefit is expected to be realized. Prior to regulatory approval, the Company records inventory costs as research and development expenses. As such, when regulatory approval is received, this may result in zero-cost inventory which does not have a carrying value. This inventory is available to the Company to utilize for commercial operations as well as ongoing research and development activities.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally five years. Repair and maintenance costs are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment and intangible assets. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted net cash flows which the asset or asset group are expected to generate, including its eventual residual value. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds its fair value. The Company has not recognized any impairment losses from inception through March 31, 2025.

Leases

The Company determines the initial classification and measurement of its right-of-use (“ROU”) asset and lease liabilities at the lease commencement date and thereafter, if modified. The Company recognizes a ROU asset for its operating leases with lease terms greater than 12 months. The lease term includes any renewal options and termination options that the Company is reasonably assured to exercise. The lease liability is calculated by using the present value of all lease payments, with the present value determined by using the incremental borrowing rate for operating leases determined by using the incremental borrowing rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment as well as a review of peer companies. Variable charges for common area maintenance and other variable costs are recognized as expense as incurred. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in research and development and general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

Intangible Assets

Intangible assets are measured at fair value as of the acquisition date or, in the case of commercial milestone payments, the date they become due. The evaluation of intangible assets includes assessing the amortization period for which the asset is expected to contribute to the future cash flows of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis when the Company is unable to reliably estimate the pattern of cash flow.

Revenue Recognition

The Company’s revenues consist of product sales of neffy and revenue derived from its collaboration and out-licensing agreements. See Note 3 – Revenue for more detail on product revenue, and Note 8 – Collaboration and Out-Licensing for more detail on revenue from collaboration agreements, out-licensing agreements, and supply agreements.

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The provisions of ASC 606 require the following steps to determine revenue recognition: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, determines whether each promised good or service is distinct and identifies those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Cost of Goods Sold

Cost of goods sold primarily consists of direct and indirect costs related to the manufacture of neffy for commercial sale, including salaries and related expenses for personnel, stock-based compensation, third-party manufacturing costs, raw material and component costs, packaging services, freight, storage costs, distribution fees, amortization of capitalized in-licensed costs, supply agreement fees, and royalties on product sales. Prior to the FDA approval of neffy in August 2024, costs incurred for the manufacture of neffy were recorded as research and development expenses, which resulted in zero-cost inventory. As a result, the cost of goods sold related to neffy will initially reflect a lower average per unit cost of materials, as previously expensed zero-cost inventory is utilized for commercial production and sold to customers.

Research and Development Costs

Research and development costs are expensed in the period incurred. Research and development costs primarily consist of salaries and related expenses for personnel, stock-based compensation expense, external research and development costs incurred under agreements with contract research organizations, investigative sites and consultants to conduct clinical studies, costs related to compliance with regulatory requirements, costs related to manufacturing the Company’s product candidates (including neffy prior to FDA approval in August 2024) for clinical trials, and other allocated expenses.

Payments for research and development activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying condensed consolidated balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. The Company uses judgments and estimates to determine the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Selling, General and Administrative Costs

Selling, general and administrative costs are expensed in the period incurred. Selling, general and administrative costs primarily consist of marketing-related expenses, salaries and related expenses for personnel, including meals and travel-related expenses incurred by the sales team, stock-based compensation, legal fees incurred relating to corporate and patent matters, professional fees incurred for accounting, auditing, tax, and other consulting services, and insurance costs.

Advertising

Costs for producing advertising are expensed when incurred. Costs for communicating advertising, such as search engine marketing, banner advertisements, social media advertisements, and print advertisements, are recorded as prepaid expenses and then expensed when the advertisement occurs. For the three months ended March 31, 2025, advertising costs were $11.0 million. No advertising costs were incurred for the three months ended March 31, 2024.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expenses in the statements of operations and expensed as incurred since recoverability of such expenditures is uncertain.

License Fees

Costs incurred to acquire technology licenses and milestone payments made on existing agreements are expensed or capitalized based upon the asset achieving technological feasibility in accordance with management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of stock option grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company recognizes expense for awards subject to performance-based milestones over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur. In the event that stock-based awards are granted in contemplation of or shortly before a planned release of material non-public information, and such information is expected to result in a material increase in the share price of the Company’s common stock, the Company may consider whether an adjustment to the observable market price is required when estimating the grant date fair value.

Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss typically consists of the change in unrealized gains and losses on available-for-sale securities.

Segment Reporting

Operating segments are components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker for purposes of making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company. For purposes of this calculation, stock options, warrants, and unvested restricted stock units, are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be antidilutive.

The following securities are excluded from the calculation of weighted-average dilutive common shares because their inclusion would have been anti-dilutive:


	As of March 31,
	2025		2024
Warrants to purchase common stock		45,456		45,456
Common stock options granted and outstanding		17,348,839		14,398,501
Unvested restricted stock units		1,382		2,763
Estimated shares to be purchased under the employee stock purchase plan		65,748		26,856
Total		17,461,425		14,473,576

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)–Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 was effective for the Company on January 1, 2024 for annual periods and on January 1, 2025 for interim periods. The adoption of ASU 2023-07 resulted in enhanced disclosures as included in Note 15 – Segment Information and did not impact the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements — Not Yet Adopted

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted as of the specified effective date. The Company believes the impact of recently issued standards, other than those noted below, and any issued but not yet effective standards will not have a material impact on our financial statements upon adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)–Improvements to Income Tax Disclosures (“ASU 2023-09”). The new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect to early adopt the new standard. The new standard is expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the income statement within continuing operations of public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any and all prior periods presented in the financial statements. The impact of adoption of this ASU on the Company’s disclosures is currently being evaluated.

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) Segment
Disaggregation of Revenue [Line Items]
Number of operating segments \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, allocates resources and evaluates the performance of the operating segment based on historical and projected product sales, segment operating expenses, and condensed consolidated net loss, as reflected in the accompanying condensed consolidated statements of operations and comprehensive loss, which is the segment measure of loss.
Customer One [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 3.4
Customer One [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%
Customer Two [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 2.0
Customer Two [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%
Customer Three [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1.8
Customer Three [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%
Customer Four [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1.6
Customer Four [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%
Customer Five [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1.6
Customer Five [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%
ALK Agreement [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 0.2
ALK Agreement [Member] \| Revenue [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of risk	10.00%

Balance Sheet Details - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 4,095	$ 9,870
Accrued inventory	4,225	4,255
Accrued compensation	4,732	2,293
Accrued gross-to-net adjustments	4,115	2,179
Accrued marketing related expenses	5,600	1,855
Other	4,242	2,389
Total	$ 27,009	$ 22,841

Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Accumulated deficit	$ 157,245	$ 123,305
Minimum [Member]
Period for first new delivery method of epinephrine	35 years
Liquidity and Capital Resources [Member]
Accumulated deficit	$ 157,200
Cash, cash equivalents and short-term investments	$ 275,700

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Share based compensation number of options granted		2,643,850
OrbiMed
Related Party Transaction [Line Items]
Royalty expense payable		$ 0.5
Board of directors
Related Party Transaction [Line Items]
Share based compensation number of options granted	590,950
Maximum \| Board of directors
Related Party Transaction [Line Items]
Stock-based compensation expense		0.1	$ 0.1
Pacific-Link Consulting, LLC
Related Party Transaction [Line Items]
Consulting expenses		0.7	0.7
Marlinspike Group, LLC
Related Party Transaction [Line Items]
Consulting expenses		$ 0.1	$ 0.1

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Supplemental Lease Information

The following table summarizes supplemental lease information (in thousands):


	Three Months Ended March 31,
	2025		2024
Lease expense(1)	$	60	$	56
Cash paid for leases	$	63	$	61

______________

(1) Variable lease costs for the three months ended March 31, 2025 and 2024 were immaterial.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 12, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	ARS Pharmaceuticals, Inc.
Entity Central Index Key	0001671858
Document Period End Date	Mar. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Title of 12(b) Security	Common Stock
Trading Symbol	SPRY
Security Exchange Name	NASDAQ
Securities Act File Number	001-39756
Entity Tax Identification Number	81-1489190
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	11682 El Camino Real
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	771-9307
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,213,561

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share Amount (Detail) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,461,425	14,473,576
Warrants To Purchase Common Stock [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	45,456	45,456
Common Stock [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,348,839	14,398,501
Unvested Restricted Stock Units [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,382	2,763
Estimated Shares To Be Purchased Under The Employee Stock Purchase Plan [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	65,748	26,856

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Intangible Assets, Net - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
	Sep. 30, 2024	Aug. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 100	$ 0
Intangible assets			$ 7,241,000	$ 0	$ 7,371,000
Aegis Therapeutics Agreement
Finite-Lived Intangible Assets [Line Items]
Aggregate milestone payments	$ 5,000,000	$ 2,500,000
Estimated Life of Finite Lived Intangible Assets	14 years 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Summary of Activity Related to Stock Option (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Subject to Options Outstanding, Beginning balance	15,161,180
Shares Subject to Options Outstanding, Granted	2,643,850
Shares Subject to Options Outstanding, Exercised	(174,251)
Shares Subject to Options Outstanding, Forfeited	(281,940)
Shares Subject to Options Outstanding, Ending balance	17,348,839
Shares Subject to Options Exercisable, Ending Balance	9,050,857
Weighted- Average Exercise Price, Beginning balance \| $ / shares	$ 6.63
Weighted- Average Exercise Price, Granted \| $ / shares	10.73
Weighted- Average Exercise Price, Exercised \| $ / shares	4.17
Weighted- Average Exercise Price, Ending balance \| $ / shares	7.2
Weighted- Average Exercise Price Exercisable , Ending balance \| $ / shares	$ 5.4
Weighted- Average Remaining Contractual Life (Years)	7 years 10 months 24 days
Weighted- Average Remaining Contractual Life (Years), Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Ending balance \| $	$ 101,067
Aggregate Intrinsic Value, Exercisable Ending balance \| $	$ 71,409

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	5.00%
Contribution totaled		$ 0.4	$ 0.1

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net, all of which are finite-lived, consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Capitalized milestone payments	$	7,500		$	7,500
Less accumulated depreciation		(259	)		(129	)
Total	$	7,241		$	7,371

Schedule of Estimated Future Amortization Expense

As of March 31, 2025, estimated future amortization expense for capitalized intangible assets for the next five years is as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining nine months)	$	388
2026		517
2027		517
2028		517
2029		517
Total	$	2,456

Summary of Significant Accounting Policies (Additional Information) (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) Segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Summary of Significant Accounting Policies [Line Items]
Allowance for credit losses	$ 0		$ 0
Advertising expense	$ 11,000,000	$ 0
Number of operating segments \| Segment	1
Account Receivable [Member] \| Customer Concentration Risk [Member] \| Title Agent [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of credit risk	90.00%		93.00%
Product Sales [Member] \| Customer Concentration Risk [Member] \| Five Largest Customer [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of credit risk	90.00%
Revenue under collaboration agreements [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of credit risk	100.00%

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Zero cost inventory	$ 10.9	$ 11.7

Collaboration and Out-Licensing (Table)

3 Months Ended

Mar. 31, 2025

Collaborative Arrangement [Abstract]

Schedule of Reconciliation of Contract Liability from ALK Collaboration Agreement

A reconciliation of the contract liability from the ALK Collaboration Agreement is as follows (in thousands):


Balance at December 31, 2024	$	2,089
Revenue recognized under the ALK Collaboration Agreement		(210	)
Balance at March 31, 2025	$	1,879

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Due from related parties, current	$ 710	$ 656
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock , shares authorized	10,000,000	10,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	98,129,804	97,954,172
Common stock, shares, outstanding	98,129,804	97,954,172

In-Licensing and Supply - Additional Information (Detail) € in Millions	1 Months Ended				3 Months Ended			12 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)
In Licensing and Supply [Line Items]
Intangible assets, net					$ 7,241,000				$ 7,371,000
Ompi Supply Agreement
In Licensing and Supply [Line Items]
Upfront payment								€ 3.0	$ 3,200,000
Supply Agreement Expiration Date					Dec. 31, 2035
Agreement Termination, Due To Material Breach					90 days
Aegis Therapeutics Agreement
In Licensing and Supply [Line Items]
Upfront License Fees				$ 50,000,000
Aggregate milestone payments upon achievement of certain sales milestones					$ 20,000,000
Aggregate milestone payments		$ 5,000,000	$ 2,500,000
Estimated Life of Finite Lived Intangible Assets		14 years 6 months
Notice Period Description					The Company may terminate the Aegis Agreement with 30 days written notice or either party may terminate the Aegis Agreement for certain breaches of the Aegis Agreement. Unless terminated earlier by either or both parties, the term of the Aegis Agreement will continue until the final expiration of all royalty obligations under the Aegis Agreement.
Legal Patent Fees					$ 0	$ 0
Supply Agreement Expense					0	$ 0
Aegis Therapeutics Agreement \| New Drug Application
In Licensing and Supply [Line Items]
Aggregate milestone payments					500,000		$ 1,000,000
Milestone payments		$ 2,500,000
Milestone payment due					$ 2,000,000
Milestone amount			$ 2,500,000
Intangible assets, net		7,500,000
Aegis Therapeutics Agreement \| New Drug Application \| First Commercial Sale Of Neffy
In Licensing and Supply [Line Items]
Milestone payments	$ 5,000,000
Milestone amount		$ 5,000,000
Aegis Therapeutics Agreement \| New Drug Application \| Intellectual Property
In Licensing and Supply [Line Items]
Estimated Life of Finite Lived Intangible Assets					14 years 6 months
Renaissance Agreement
In Licensing and Supply [Line Items]
Contract Termination Claims, Description					Either party may elect not to renew the U.S. Renewal Term and/or the EU Renewal Term by providing the requisite prior notice to the other party, with the initial terms automatically renewing for successive two-year terms, unless either party gives notice pursuant to the Renaissance Agreement. Either party may terminate the Renaissance Agreement (1) for uncured material breach of the other party, (2) upon notice for insolvency-related events of the other party that are not discharged within a defined time period, (3) on a product-by-product basis if the manufacture, distribution or sale would materially contravene any applicable law, (4) by providing the requisite notice if (a) the authorization and approval to distribute or sell Renaissance Product in the U.S. is not granted on or before a specified date, (b) the authorization and approval representing more than a certain number of units of Renaissance Product sold in the U.S. during the last calendar year is withdrawn by the FDA, or (c) the Company decided in its sole discretion to cease commercializing the Renaissance Product in the U.S., (5) in the case of a force majeure event that continues for six months or more, or (6) a violation by the other party of trade control or anti-corruption laws.

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

The Company’s revenues consist primarily of product sales of neffy, revenue derived from its collaboration and out-licensing agreements, and revenue from its supply agreements. See Note 8 – Collaboration and Out-Licensing for further discussion related to revenue from collaboration, out-licensing, and supply agreements.

Product Revenue

neffy was approved by the FDA in August 2024, and the Company began generating product revenue from sales of neffy in September 2024. The Company uses a third-party logistics provider (“3PL Agent”) to fulfill orders of neffy to the Company’s customers. The 3PL Agent provides services to the Company that include warehousing, distribution, order and accounts receivable management, and data management.

The Company entered into a title model agreement (“Title Agreement”) with an affiliate of the 3PL Agent (the “Title Agent”) so that the Title Agent may purchase and take title to neffy and then sell it to the Company’s wholesale distributors and pharmacy customers that have contracted to make a purchase. Under the Title Agreement, the economic substance of the transaction is such that the Company does not recognize revenue until neffy is sold and title has transferred from the Title Agent to a wholesale distributor or pharmacy.

The Company also entered into sales agreements with pharmacies that are not subject to the Title Agreement. Under these agreements, the pharmacy holds neffy under consignment. Under the consignment model, the Company recognizes revenue when neffy is sold to a patient, at which point title transfers from the Company directly to the patient.

Product revenue is recorded with each sale at the transaction price, net of reserves for variable components, including but not limited to distribution service fees, prompt pay discounts, product returns, chargebacks, rebates, and co-payment assistance, which are collectively referred to as “Gross-to-Net Adjustments.” Estimates for Gross-to-Net Adjustments are reassessed each reporting period, and adjustments are recorded on a cumulative catch-up basis, which would affect product revenue and net loss in the period of adjustment. Trade accounts receivable due to the Company from contracts with its customers are stated in the condensed consolidated balance sheet, net of various allowances as described in the Accounts Receivable and Allowance for Credit Losses policy in Note 2 – Summary of Significant Accounting Policies.

The Company utilizes the expected value method when estimating the amount of variable consideration to include in the transaction price with respect to each of the foregoing variable components. Variable consideration is included in the transaction price only to the extent it is probable that a significant revenue reversal will not occur when the uncertainty associated with the variable consideration is resolved.

In accordance with ASC 606, the Company must make significant judgments to determine the estimate for certain Gross-to-Net Adjustments. The specific considerations that the Company uses in estimating the amounts related to Gross-to-Net Adjustments are as follows:

Distribution Service Fees. The Company pays distribution service fees to its wholesale distributors. These fees are a contractually fixed percentage of WAC and are calculated at the time of sale based on the purchased amount. These fees are recorded as other current liabilities on the condensed consolidated balance sheets.

Commercial Pharmacy Discounts. The Company provides discounts to its pharmacy customers. These discounts are a contractually fixed percentage of WAC and are a direct reduction from the WAC price they are charged. They are calculated at the time of sale based on the purchased amount. These discounts are recorded as contra trade accounts receivable on the condensed consolidated balance sheets.

Prompt Pay Discounts. The Company incentivizes on time invoice payments through prompt pay discounts. Prompt pay discounts are typically taken by customers, so an estimate of the discount is recorded at the time of sale based on the purchased amount. Prompt pay discount estimates are recorded as contra trade accounts receivable on the condensed consolidated balance sheets.

Chargebacks. Certain government entities and covered entities (e.g. Veterans Administration, 340B covered entities) can purchase the product at a price discounted below WAC. The difference between the government or covered entity purchase price and WAC will be charged back to the Company. The Company estimates the amount of chargebacks based on the expected number of claims and the related cost that is associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Estimated chargebacks are recorded as contra trade accounts receivable on the condensed consolidated balance sheets.

Rebates. The Company provides commercial rebates to pharmacy benefit managers and managed care organizations and is subject to mandatory discount obligations under the Medicare, Medicaid, and Tricare programs. The rebate amounts for these programs are determined by contractual arrangements or statutory requirements. Rebates are owed after the product has been dispensed to a patient and the Company has been invoiced. The Company estimates the amount in rebates based on the expected number of claims and the related cost that is associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Rebate estimates are recorded as other current liabilities on the condensed consolidated balance sheets.

Co-payment Program. The Company offers co-payment assistance programs to commercially insured patients whose insurance requires a co-payment to be made when filling their prescription. The Company estimates the amount of co-payment assistance based on the expected volume and the average buy down rate associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Co-payment programs estimates are recorded as other current liabilities on the condensed consolidated balance sheets.

Product Returns. Customers have the right to return damaged product, product that is within six months or less of the labeled expiration date, or product that is past the expiration date by no more than twelve months. neffy was commercially launched in September 2024 and due to the lack of historical sales and returns data, the Company used professional judgment and industry data to estimate returns. As time passes and historical data becomes available, the Company will use historical sales and returns data to estimate future product returns. A reserve for potential product returns is recorded as other current liabilities on the condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized milestone payments	$ 7,500,000	$ 7,500,000
Less accumulated depreciation	(259,000)	(129,000)
Total	$ 7,241,000	$ 7,371,000	$ 0

Commitments and Contingencies - Summary of Supplemental Lease Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lease, Cost [Abstract]
Lease expense	$ 60	$ 56
Cash paid for leases	$ 63	$ 61

Related-Party Transactions

3 Months Ended

Mar. 31, 2025

Related-Party Transactions

14. Related-Party Transactions

In September 2015, the Company entered into a consulting agreement, superseded in July 2022, for regulatory and development services with Pacific-Link Regulatory Consulting, Inc., an entity owned by the President/Chief Executive Officer/director and his spouse, the Chief Medical Officer of the Company. The Company incurred consulting expenses related to this agreement totaling $0.7 million in each of the three months ended March 31, 2025 and 2024.

In September 2018, the Company entered into a consulting agreement with Marlinspike Group, LLC (“Marlinspike Group”) to provide management, business consulting services and business development support. The managing member of Marlinspike Group is the Chair of the Board of Directors of the Company and one of its stockholders. The Company incurred expenses related to this agreement totaling $0.1 million in each of the three months ended March 31, 2025 and 2024.

In April 2021, the Company entered into a consulting agreement, as amended in April 2022, with a member of the Board of Directors of the Company for general advice and assistance with the development of neffy and any future product candidates. As compensation for the consulting services the Company granted the member of the Board of Directors 590,950 stock options that vest over a four-year period. The Company incurred less than $0.1 million in stock-based compensation expense related to this agreement in each of the three months ended March 31, 2025 and 2024.

As described in Note 10 – In-Licensing and Supply, the Company is required to make milestone payments to Aegis upon achievement of certain regulatory and commercial milestones, and royalty payments to Aegis based on net product sales of neffy. In November 2024, OrbiMed entered into an agreement with Aegis to purchase the rights, royalty interests, and related sales milestone payments on net product sales of neffy. A member of the Company’s Board of Directors is a General Partner at OrbiMed. The Company incurred $0.5 million in royalty expense payable to OrbiMed during the three months ended March 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Subsequent Events - Additional Information (Detail)	May 02, 2025
Subsequent Event [Member]
Subsequent Event [Line Items]
Transaction under agreement with A.L.K U.S	Payments for the first year of the partnership will be deferred and paid in the second year of the partnership. In addition to the base fee, ALK U.S. will be eligible to receive performance-based bonus payments from the Company starting in the second year of the partnership equal to 30% of the portion of neffy net sales generated from the ALK U.S.-targeted prescribers in excess of a specified initial market share threshold in year two or a 50% market share threshold during years three and four of the partnership.

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References + Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Selling, general and administrative expenses related party amount	$ 41,104	$ 7,958
Related Party [Member]
Cost of goods sold expenses related party amount	488	0
Research and development expenses related party amount	666	726
Selling, general and administrative expenses related party amount	$ 124	$ 93

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase of short-term investments	$ 34,345,000	$ 63,430,000
Maturities of short-term investments, available-for-sale	63,500,000	55,000,000
Allowance for credit losses	0		$ 0
Accrued interest on available-for-sale securities	1,000,000
Net unrealized holding gain (loss)	100,000	(200,000)
Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase of short-term investments	34,300,000	63,400,000
Maturities of short-term investments, available-for-sale	63,500,000	$ 55,000,000
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities transfers from Level 2 to Level 1	0
Fair value, assets transfers into (out of) level 3	$ 0

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On May 2, 2025, the Company entered into a co-promotion agreement (the “ALK Co-Promotion Agreement”) with ALK-Abelló, Inc. (“ALK U.S.”), an affiliate of ALK-Abelló A/S, to co-promote neffy to specified pediatricians and other prescribers in the U.S. The Company will pay ALK U.S. a base fee to compensate ALK U.S. for its promotion activities. Payments for the first year of the partnership will be deferred and paid in the second year of the partnership. In addition to the base fee, ALK U.S. will be eligible to receive performance-based bonus payments from the Company starting in the second year of the partnership equal to 30% of the portion of neffy net sales generated from the ALK U.S.-targeted prescribers in excess of a specified initial market share threshold in year two or a 50% market share threshold during years three and four of the partnership.

Stock-Based Compensation - Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model (Detail)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	6 years	6 years 1 month 6 days
Expected volatility	87.10%	94.20%
Risk-free interest rate	4.40%	3.90%
Expected dividend yield	0.00%	0.00%

Common Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares authorized		200,000,000	200,000,000
Common stock, par value		$ 0.0001	$ 0.0001
Preferred stock , shares authorized		10,000,000	10,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001
Equity Offerings [Member] \| Equity Sales Agreement [Member]
Class of Stock [Line Items]
Securities sold		0
Equity Offerings [Member] \| Maximum [Member] \| Equity Sales Agreement [Member]
Class of Stock [Line Items]
Maximum aggregate offering price of securities	$ 200.0

Nature of Business

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Nature of Business

1. Nature of Business

Description of Business

ARS Pharmaceuticals, Inc. (“ARS”, “ARS Pharma” or the “Company”) is a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the EU by the trade name EURneffy) for the needle-free intranasal delivery of epinephrine for the emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is the first and only FDA and European Commission-approved needle-free epinephrine product, and the first new delivery method for epinephrine in more than 35 years.

The Company incorporated in Delaware in January 2016 and is located in San Diego, California. The Company has a wholly owned subsidiary, ARS Pharmaceuticals Operations, Inc., incorporated in Delaware in August 2015, through which it conducts substantially all its operations. ARS Pharmaceuticals Operations, Inc. has a wholly owned subsidiary in Ireland, ARS Pharmaceuticals IRL, Limited, to facilitate the filing of regulatory approval for neffy in European countries.

Liquidity and Capital Resources

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred net operating losses in most years since its inception and had an accumulated deficit of $157.2 million as of March 31, 2025. The Company had cash, cash equivalents, and short-term investments of $275.7 million as of March 31, 2025 and has not generated positive cash flows from operations in most years. To date, the Company has funded its operations primarily with proceeds from the merger with Silverback in November 2022 (the “Merger”), private placement of convertible preferred stock, issuance of common stock, licensing, supply and distribution agreements, bank debt, and limited net product sales. The Company’s currently available cash, cash equivalents, and short-term investments as of March 31, 2025 are sufficient to meet its anticipated cash requirements for at least the 12 months following the date these financial statements are issued.

From August 5, 2015 (inception) through March 31, 2025, the Company has devoted substantially all of its efforts to developing intellectual property, conducting product development and clinical trials, organizing and staffing the Company, business planning, raising capital, building infrastructure, pre-commercial and commercial activities, and providing general and administrative support for these operations. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. Management expects operating expenses to increase for the foreseeable future, and there can be no assurance that the Company will achieve profitability in the future, or if achieved, that it will be sustained on a continuing basis.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):


					Gross		Gross			Estimated
			Amortized		Unrealized		Unrealized			Fair
	Level		Cost		Gains		Losses			Value
March 31, 2025
Cash and cash equivalents - Money market mutual funds		1	$	39,577	$	—	$	—		$	39,577
Cash and cash equivalents - U.S. Treasury securities		2		—		—		—			—
Short-term investments - U.S. Treasury securities		2		235,791		83		(11	)		235,863
Total			$	275,368	$	83	$	(11	)	$	275,440
December 31, 2024
Cash and cash equivalents - Money market mutual funds		1	$	6,506	$	—	$	—		$	6,506
Cash and cash equivalents - U.S. Treasury securities		2		42,382		5		—			42,387
Short-term investments - U.S. Treasury securities		2		262,990		223		(8	)		263,205
Total			$	311,878	$	228	$	(8	)	$	312,098

Summary of Significant Accounting Policies (Polices)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Unaudited Interim Condensed Consolidated Financial Statements

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable and Allowance for Credit Losses

Investments

Fair Value of Financial Instruments

Concentrations of Credit Risk

Inventories

Property and Equipment

Impairment of Long-Lived Assets

Research and Development Costs

Selling, General and Administrative Costs

Advertising

Stock-Based Compensation

Comprehensive Loss

Segment Reporting

Net Loss Per Share

The following securities are excluded from the calculation of weighted-average dilutive common shares because their inclusion would have been anti-dilutive:


	As of March 31,
	2025		2024
Warrants to purchase common stock		45,456		45,456
Common stock options granted and outstanding		17,348,839		14,398,501
Unvested restricted stock units		1,382		2,763
Estimated shares to be purchased under the employee stock purchase plan		65,748		26,856
Total		17,461,425		14,473,576

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements — Not Yet Adopted

Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

4. Inventories

The Company began to capitalize the inventory costs associated with neffy upon FDA approval in August 2024 when future commercialization was considered probable, and it was determined that the inventory had a probable future economic benefit. These inventory costs consist primarily of purchased materials, third-party manufacturing costs, and packaging and serialization services. Noncurrent inventory consists of inventory anticipated to remain on hand for more than one year from the balance sheet date.

Capitalized inventories consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Finished goods	$	7,270	$	5,212
Total inventories, current		7,270		5,212
Raw materials, noncurrent		11,845		4,674
Work in process, noncurrent		94		19
Finished goods, noncurrent		—		614
Total inventories	$	19,209	$	10,519

Prior to FDA approval in August 2024, costs incurred for the manufacturing of neffy were recorded as research and development expenses, which upon approval resulted in zero-cost inventory. The Company held $10.9 million and $11.7 million in zero-cost inventory as of March 31, 2025 and December 31, 2024, respectively, none of which was determined to be obsolete as of each period end. The Company expects to fully utilize its zero-cost inventory in future periods.

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 39,864	$ 50,817
Level 1 [Member] \| Fair Value, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	39,577	6,506
Estimated Fair Value	39,577	6,506
Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities, Gross unrealized gains	83	228
Gross unrealized losses	(11)	(8)
Level 2 [Member] \| Fair Value, Recurring [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	42,382
Cash And Cash Equivalents Gross Unrealized Gains	0	5
Cash and Cash Equivalents Gross Unrealized Losses	0	0
Estimated Fair Value	0	42,387
Level 2 [Member] \| Fair Value, Recurring [Member] \| U.S. Treasury Securities [Member] \| Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities, Amortized Cost	235,791	262,990
U.S. Treasury securities, Gross unrealized gains	83	223
Gross unrealized losses	(11)	(8)
U.S. Treasury securities, Fair Value	235,863	263,205
Level 1 And Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Amortized Cost	275,368	311,878
Total Fair Value	$ 275,440	$ 312,098

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Unrecorded Unconditional Purchase Obligation [Line Items]
Commitments	$ 5.0
Food Allergy Research and Education Inc [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Commitments, 2025	2.0
Commitments, 2026	3.0
Purchase obligations amount made	2.0	$ 0.0
Inventories [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional purchase obligations	60.6
Unconditional purchase obligations, 2025	4.0
Unconditional purchase obligations, 2026	10.5
Unconditional purchase obligations, 2027	11.8
Unconditional purchase obligations, 2028	13.8
Thereafter through 2035	2.9
Purchase obligations amount made	4.3	0.0
Software License Subscription Fees [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional purchase obligations	3.0
Unconditional purchase obligations, 2025	1.1
Unconditional purchase obligations, 2026	1.5
Unconditional purchase obligations, 2027	0.4
Purchase obligations amount made	$ 0.3	$ 0.0

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Gain, Net [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2023	$ 230,760	$ 10	$ 362,004	$ 49	$ (131,303)
Beginning balance, shares at Dec. 31, 2023		96,414,963
Exercise of common stock options and release of restricted stock units	258		258
Exercise of common stock options and release of restricted stock units, Shares		159,086
Shares issued under the employee stock purchase plan, Shares		0
Stock-based compensation	3,315		3,315
Net loss and comprehensive loss	(10,465)			(173)	(10,292)
Ending balance at Mar. 31, 2024	223,868	$ 10	365,577	(124)	(141,595)
Ending balance, shares at Mar. 31, 2024		96,574,049
Beginning balance at Dec. 31, 2024	$ 256,798	$ 10	379,873	220	(123,305)
Beginning balance, shares at Dec. 31, 2024	97,954,172	97,954,172
Exercise of common stock options and release of restricted stock units	$ 725		725
Exercise of common stock options and release of restricted stock units, Shares		175,632
Shares issued under the employee stock purchase plan, Shares		0
Stock-based compensation	5,539		5,539
Net loss and comprehensive loss	(34,088)			(148)	(33,940)
Ending balance at Mar. 31, 2025	$ 228,974	$ 10	$ 386,137	$ 72	$ (157,245)
Ending balance, shares at Mar. 31, 2025	98,129,804	98,129,804

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Leases

In October 2021, the Company entered into a 38-month noncancelable lease for its current headquarters location consisting of 4,047 rentable square feet of office space in San Diego, California. Under the terms of the agreement, there is no option to extend the lease, and the Company is subject to additional charges for common area maintenance and other costs. Monthly rental payments due under the lease commenced on December 6, 2021 and escalate through the lease term. The Company prepaid the first month’s rent upon execution of the lease, and the lease agreement provided full rent abatement for the second and third months of the rental term. As there was not an implicit rate within the lease, the discount rate was determined by using a set of peer companies incremental borrowing rates.

In January 2025, the Company entered into a lease amendment to its headquarters location lease (the “Headquarters Amendment”), pursuant to which the Company will relocate to a new premises located in the same building which consists of 9,254 rentable square feet of office space. The Company will take possession of the new office space when the landlord’s work is substantially complete, which is estimated to be July 1, 2025. The Company must vacate its current office space within 15 days of taking possession of the new premises. The term of the lease will be extended to 36 full calendar months following the date the Company takes possession of the new office space. As of March 31, 2025, the remaining lease term was three months, subject to the substantial completion of the new office space. The monthly lease payments will increase when the Company takes possession of the new space and escalate through the lease term, resulting in an annualized payment of $0.6 million. The Company remains subject to additional charges for common area maintenance and other costs. The Company has one option to extend the lease for an additional term of three years, and the monthly payment amounts would be determined by the landlord at the then-prevailing rate.

Upon entering into the Headquarters Amendment, the Company remeasured the right-of-use asset and lease liability pertaining to its current headquarters, and as a result recorded an additional $0.1 million to both its right-of-use asset and lease liability on its condensed consolidated balance sheet. As there was not an implicit rate within the lease amendment, a discount rate of 8% was determined using a set of peer companies’ incremental borrowing rates.

The following table summarizes supplemental lease information (in thousands):


	Three Months Ended March 31,
	2025		2024
Lease expense(1)	$	60	$	56
Cash paid for leases	$	63	$	61

______________

(1) Variable lease costs for the three months ended March 31, 2025 and 2024 were immaterial.

As of March 31, 2025, future minimum non-cancelable operating lease payments are as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining nine months)	$	73
Total lease payments		73
Less imputed interest		—
Lease liability	$	73

Contingencies

From time to time, the Company may be involved in various legal proceedings and subject to claims that arise in the ordinary course of business.

On July 24, 2023, Aera A/S, an IP consultancy firm in Denmark representing an unidentified opponent, filed a notice of opposition with the European Patent Office (the “EPO”) in respect of EP 3678649 (the “EP ‘649 Patent”), which is a patent directed to a nasal spray formulation of epinephrine, and uses thereof. The Company filed a response to the notice of opposition on December 15, 2023. The EPO scheduled oral proceedings on October 7, 2025, and the Company will continue to vigorously defend the EP ‘649 Patent. The results of any notice of opposition are inherently unpredictable and uncertain and could result in the EPO finding the patent to be invalid or unenforceable.

On March 25, 2025, Aptargroup, Inc. and Aptar France SAS (collectively, “Aptar”) filed a suit against ARS Pharmaceuticals, Inc. and ARS Pharmaceuticals Operations, Inc. in the United States District Court for the Southern District of New York. Aptar alleges the Company violated the Defend Trade Secrets Act (18 USC § 1836), misappropriated trade secrets under New York state law, and committed various breaches of contract. The complaint was served to the Company and the response is due on June 12, 2025. The Company intends to vigorously defend itself in this matter.

Regardless of the outcome, involvement in legal proceedings may have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company cannot predict the outcome of these suits, and failure by the Company to obtain favorable resolutions could have a material adverse effect on its business, results of operations, and financial condition. The Company’s chances of success on the merits of these suits are still uncertain and any possible loss or range of loss cannot be reasonably estimated and as such the Company has not recorded a liability as of March 31, 2025.

Except as described above, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or other body pending or, to the knowledge of the Company’s executive officers, threatened against or affecting the Company, the Company’s common stock, any of its subsidiaries or its subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Unconditional Purchase Obligations and Commitments

Unconditional purchase obligations and commitments are defined as agreements to purchase goods or services that are enforceable and legally binding (non-cancelable, or cancelable only in certain circumstances). In the normal course of business, the Company enters into arrangements with suppliers, manufacturers, and various other companies that supply goods or services. These arrangements can include unconditional purchase obligations and commitments.

The total amount of unconditional purchase obligations related to the supply of raw materials is $60.6 million as of March 31, 2025. Payment obligations by year are as follows: 2025 ($4.0 million), 2026 ($10.5 million), 2027 ($11.8 million), 2028 ($13.8 million), and $2.9 million per year thereafter through 2035. During the three months ended March 31, 2025, the Company made $4.3 million in payments under this agreement. No payments were made under this agreement during the three months ended March 31, 2024.

The total amount of unconditional purchase obligations related to hosted software license subscription fees is $3.0 million as of March 31, 2025. Payments by year are as follows: 2025 ($1.1 million), 2026 ($1.5 million), and 2027 ($0.4 million). During the three months ended March 31, 2025, the Company made $0.3 million in payments under this agreement. No payments were made under this agreement during the three months ended March 31, 2024.

The total amount of commitments related to a corporate sponsorship agreement with Food Allergy Research and Education, Inc. is $5.0 million as of March 31, 2025. Payments by year are as follows: 2025 ($2.0 million) and 2026 ($3.0 million). During the three months ended March 31, 2025, the Company made $2.0 million in payments under this agreement. No payments were made under this agreement during the three months ended March 31, 2024.

The amounts above do not represent the entire anticipated spend in the future but represent only those items for which the Company is contractually obligated. For this reason, these amounts do not provide an indication of the Company’s expected future cash outflows related to purchases and commitments.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 39,864	$ 50,817
Short-term investments	235,863	263,205
Accounts receivable, net	9,303	8,175
Inventories	7,270	5,212
Prepaid expenses and other current assets	11,560	6,886
Total current assets	303,860	334,295
Long-term inventories	11,939	5,307
Right-of-use asset	72	37
Fixed assets, net	1,075	1,029
Intangible assets, net	7,241	7,371
Other assets	3,131	3,114
Total assets	327,318	351,153
Current liabilities:
Accounts payable and accrued liabilities (including related party amounts of $710 and $656, respectively)	27,009	22,841
Contract liability, current	540	557
Lease liability	73	42
Total current liabilities	27,622	23,440
Financing liability	69,383	69,383
Contract liability, net of current portion	1,339	1,532
Total liabilities	98,344	94,355
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2025 and December 31, 2024; no shares issued and outstanding at March 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized at March 31, 2025 and December 31, 2024; 98,129,804 and 97,954,172 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	10	10
Additional paid-in capital	386,137	379,873
Accumulated other comprehensive gain, net	72	220
Accumulated deficit	(157,245)	(123,305)
Total stockholders' equity	228,974	256,798
Total liabilities and stockholders' equity	$ 327,318	$ 351,153

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development expense	$	663	$	911
Selling, general and administrative expense		4,635		2,404
Total	$	5,298	$	3,315

Summary of Activity Related to Stock Option

A summary of the Company’s stock option activity for the three months ended March 31, 2025 is as follows:


						Weighted-
	Shares			Weighted-		Average		Aggregate
	Subject to			Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	Outstanding			Price		Life (Years)		(in thousands)
Outstanding at December 31, 2024		15,161,180		$	6.63
Granted		2,643,850		$	10.73
Exercised		(174,251	)	$	4.17
Forfeited		(281,940	)	$	11.92
Outstanding at March 31, 2025		17,348,839		$	7.20		7.9	$	101,067
Exercisable at March 31, 2025		9,050,857		$	5.40		6.9	$	71,409

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following weighted-average assumptions:


	Three Months Ended March 31,
	2025			2024
Expected term (in years)		6.0			6.1
Expected volatility		87.1	%		94.2	%
Risk-free interest rate		4.4	%		3.9	%
Expected dividend yield		—			—

Collaboration and Out-Licensing - Additional Information (Detail) $ in Thousands, € in Millions				1 Months Ended												3 Months Ended		12 Months Ended		25 Months Ended
	Nov. 09, 2024	Feb. 22, 2023 EUR (€)	Feb. 22, 2023 USD ($)	Nov. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	May 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Jul. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Financing liability																$ 69,383				$ 69,383	$ 69,383
Revenue under collaboration agreements																7,973	$ 0
Contract liability, current																540				540	557
Contract liability, noncurrent																1,339				1,339	1,532
EEA License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation, transaction price																69,400				69,400
Financing liability				$ 69,400
ROW License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation, transaction price																73,100				73,100
Revenue under collaboration agreements				73,100
Development and Regulatory Services [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation, transaction price																2,600				2,600
Alfresa Agreement [Member] \| License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment															$ 2,000
Milestone Payments															13,000	13,000
Initial Transaction Price															7,000
Contract with Customer, Liability, Revenue Recognized																0	$ 0
Contract with Customer, Liability																0				0	0
Milestone payments earned																11,000
Remaining regulatory milestone																2,000
Alfresa Agreement [Member] \| License Agreement [Member] \| JAPAN
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment															$ 2,000
License Agreement Expiration Term															10 years
Milestone Payments														$ 5,000
Regulatory milestone payment											$ 6,000
Recordati Agreement [Member] \| License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment																			$ 11,800
Initial Transaction Price													$ 11,800
Regulatory milestone payment											$ 6,000								$ 6,000
Recordati Agreement [Member] \| Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment		€ 3.0	$ 3,300
Contract with Customer, Liability, Revenue Recognized																				0
Recordati Agreement [Member] \| Research and development [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments						€ 2.0	$ 2,100
Recordati Agreement [Member] \| Research and development [Member] \| Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment \| €												€ 3.0
Contract with Customer, Liability													$ 3,100
Recordati Agreement [Member] \| European Medicines Agency [Member] \| Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments \| €		2.0
Recordati Agreement [Member] \| First commercial sale of Recordati Licensed Product [Member] \| Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments \| €		5.0
Recordati Agreement [Member] \| Aggregate sale of Recordati Licensed Product [Member] \| Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty payments \| €		€ 5.0
Pediatrix Agreement [Member] \| License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment										$ 3,000
License Agreement Expiration Term										10 years
Initial Transaction Price										$ 3,000
Contract with Customer, Liability, Revenue Recognized																		$ 3,000
Regulatory and Commercial Sales Milestones										84,000
Pediatrix Agreement [Member] \| License Agreement [Member] \| CHINA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Regulatory milestone payment										$ 4,000
Seqirus Agreement [Member] \| License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment								$ 500
Initial Transaction Price									$ 500
Contract with Customer, Liability, Revenue Recognized					$ 1,500			500
Regulatory and Commercial Sales Milestones								$ 4,500
ALK Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with Customer, Liability																1,879				1,879	$ 2,089
ALK Collaboration Agreement [Member] \| License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment				$ 145,000
License Agreement Expiration Term				15 years
Regulatory milestone payment																15,000
Commercial milestone payments																5,000
Sales-Based Milestones																5,000
Contingent Sales-Based Milestones				$ 55,000
Purchase Commitment Period	5 years
ALK Collaboration Agreement [Member] \| License Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Regulatory and Commercial Sales Milestones				20,000
Sales-Based Milestones				300,000
ALK Collaboration Agreement [Member] \| Development and Regulatory Services [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with Customer, Liability, Revenue Recognized				$ 500												200
Contract liability, current																500				500
Contract liability, noncurrent																$ 1,300				$ 1,300

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net Income (Loss)	$ (33,940)	$ (10,292)
Non-cash adjustments to reconcile net loss to net cash used operating activities:
Stock-based compensation expense	5,298	3,315
Depreciation and amortization expense	280	11
Accretion on investments, net of amortization	(1,961)	(1,980)
Changes in operating assets and liabilities:
Accounts receivable	(1,128)	0
Inventories	(8,449)	0
Prepaid expenses and other assets	(4,796)	867
Donation of equipment	0	30
Accounts payable and accrued liabilities	4,168	1,344
Operating right-of-use assets and lease liabilities, net	(4)	(5)
Contract liability	(210)	0
Net cash and cash equivalents used in operating activities	(40,742)	(6,710)
Cash flows from investing activities:
Purchases of short-term investments, available-for-sale	(34,345)	(63,430)
Maturities of short-term investments, available-for-sale	63,500	55,000
Purchase of property and equipment	(91)	(83)
Net cash and cash equivalents provided by (used in) investing activities	29,064	(8,513)
Cash flows from financing activities:
Proceeds from exercise of common stock options	725	258
Net cash and cash equivalents provided by financing activities	725	258
Net decrease in cash and cash equivalents	(10,953)	(14,965)
Cash and cash equivalents at beginning of period	50,817	70,971
Cash and cash equivalents at end of period	39,864	56,006
Supplemental cash flow information:
Remeasurement of right-of-use asset and lease liability from lease modification	$ 93	$ 0

Commitments and Contingencies - Additional Information (Leases) (Detail) $ in Thousands			3 Months Ended
	Jul. 01, 2025 USD ($)	Jan. 24, 2025 ft²	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Oct. 31, 2021 ft²
Lessee, Lease, Description [Line Items]
Leased properties, square feet \| ft²		9,254
Noncancelable lease agreement description		In January 2025, the Company entered into a lease amendment to its headquarters location lease (the “Headquarters Amendment”), pursuant to which the Company will relocate to a new premises located in the same building which consists of 9,254 rentable square feet of office space. The Company will take possession of the new office space when the landlord’s work is substantially complete, which is estimated to be July 1, 2025. The Company must vacate its current office space within 15 days of taking possession of the new premises. The term of the lease will be extended to 36 full calendar months following the date the Company takes possession of the new office space. As of March 31, 2025, the remaining lease term was three months, subject to the substantial completion of the new office space. The monthly lease payments will increase when the Company takes possession of the new space and escalate through the lease term, resulting in an annualized payment of $0.6 million. The Company remains subject to additional charges for common area maintenance and other costs. The Company has one option to extend the lease for an additional term of three years, and the monthly payment amounts would be determined by the landlord at the then-prevailing rate.Upon entering into the Headquarters Amendment, the Company remeasured the right-of-use asset and lease liability pertaining to its current headquarters, and as a result recorded an additional $0.1 million to both its right-of-use asset and lease liability on its condensed consolidated balance sheet. As there was not an implicit rate within the lease amendment, a discount rate of 8% was determined using a set of peer companies’ incremental borrowing rates.	In October 2021, the Company entered into a 38-month noncancelable lease for its current headquarters location consisting of 4,047 rentable square feet of office space in San Diego, California. Under the terms of the agreement, there is no option to extend the lease, and the Company is subject to additional charges for common area maintenance and other costs.
Noncancelable lease term of contract		36 months
Operating Lease Weighted Average Discount Rate			8.00%
Annualized payment of lease			$ 63	$ 61
Lease option to extend		The Company has one option to extend the lease for an additional term of three years	there is no option to extend the lease
Lease renewal term		3 years
Right-of-use asset and lease liability			$ 100
Commitments			$ 5,000
San Diego California [Member]
Lessee, Lease, Description [Line Items]
Leased properties, square feet \| ft²					4,047
Noncancelable lease term of contract					38 months
Scenario Forecast [Member]
Lessee, Lease, Description [Line Items]
Annualized payment of lease	$ 600

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 7,270	$ 5,212
Total inventories, current	7,270	5,212
Raw materials, noncurrent	11,845	4,674
Work in process, noncurrent	94	19
Finished goods, noncurrent	0	614
Total inventories	$ 19,209	$ 10,519

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Prepaid expenses	$	8,341	$	3,406
Prepaid insurance		1,285		1,261
Interest receivable		971		987
Other		963		1,232
Total	$	11,560	$	6,886

Schedule of Other Long Term Assets

Other long-term assets consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Prepaid supply agreement fee	$	2,880	$	2,800
Capitalized software implementation costs		251		314
Total	$	3,131	$	3,114

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Accounts payable	$	4,095	$	9,870
Accrued inventory		4,225		4,255
Accrued compensation		4,732		2,293
Accrued gross-to-net adjustments		4,115		2,179
Accrued marketing related expenses		5,600		1,855
Other		4,242		2,389
Total	$	27,009	$	22,841

Collaboration and Out-Licensing

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and Out-Licensing

8. Collaboration and Out-Licensing

The Company has entered into collaboration and licensing agreements, including supply and distribution, to license certain rights to neffy to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; clinical, regulatory, and/or commercial milestone payments; payment for clinical and commercial supply; and royalties or a transfer price on the net sales of licensed products.

Licenses of Intellectual Property. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, revenue is recognized from non-refundable, upfront payments allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. If the license is subject to repurchase by the Company, at its option, control of the license is not considered transferred to the customer, and in such case, the Company would account for the proceeds allocated to such license as either a financing obligation or a lease in accordance with ASC 606. Future amounts received related to the license which is subject to the Company’s repurchase would be accounted for as additional financing proceeds and would increase the financing obligation on the Company’s condensed consolidated balance sheet. The Company would record such financing obligation as revenue when the right to repurchase has lapsed or was exercised.

If the license is not a distinct performance obligation, the Company evaluates the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone Payments. At the inception of each arrangement that includes clinical, regulatory or commercial milestone payments, the Company evaluates whether achieving the milestones is considered probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Milestone payments that are not within the Company’s control, such as approvals from regulators or where attainment of the specified event is dependent on the development activities of a third party, are not considered probable of being achieved until those approvals are received or the specified event occurs. Revenue is recognized when the underlying performance obligation has been met.

Transaction Price Allocation. At the inception of each arrangement, the Company identifies its distinct performance obligations and allocates the transaction price to the performance obligations based upon their relative standalone selling prices. Standalone selling price is the price at which an entity would sell a promised good or service separately to a customer. The best evidence of standalone selling price is an observable price of a good or service when sold separately by an entity in similar circumstances to similar customers. Since the Company typically does not have such evidence, the Company estimates standalone selling price so that the amount that is allocated to each performance obligation equals the amount that the Company expects to receive for transferring the promised goods or services. The methods that the Company uses to make such estimates include (1) the adjusted market assessment approach, under which the Company forecasts product sales in the appropriate market, considers probability of commercialization success, and estimates discount rates; and (2) the expected cost of satisfying the performance obligations inclusive of a reasonable margin, also known as the expected cost plus margin approach.

Research and Development Revenues. For arrangements that contain research and development commitments, any arrangement consideration allocated to the research and development work is recognized as the underlying services are performed over the research and development term, if the criteria for over time recognition are met. If the over time recognition criteria are not met, research and development performance obligations are recognized at a point in time, when the research and development work is completed.

Clinical and Commercial Supply. Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered customer options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations.

Royalty/Transfer Price Revenues. For arrangements that include sales-based royalties or transfer price, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). The Company has not received any royalty or transfer price revenues as of March 31, 2025.

Alfresa Agreement

In March 2020, the Company signed a Letter of Intent (“LOI”) with Alfresa Pharma Corporation (“Alfresa”) for the right to negotiate a definitive agreement for the exclusive license and sublicensable right to develop, register, import, manufacture and commercialize neffy in Japan in exchange for an upfront payment of $2.0 million. In April 2020, the Company entered into a Collaboration and License Agreement for the rights pursuant to the LOI. Under the agreement, the Company delivered a license to neffy technology, completed a required clinical study, and remains obligated to use commercially reasonable efforts to develop and commercialize neffy in Japan. The parties agreed to share the cost of any additional clinical studies required for approval of neffy in Japan. Alfresa is solely responsible for regulatory and commercialization activities and may elect to assume responsibility for manufacturing and supplying drug product for commercial use in Japan. Either party may terminate the agreement for certain breaches of the agreement. Unless terminated earlier by either or both parties, the term of the agreement will continue until the later of (i) expiration of the last-to-expire patent in Japan; or (ii) 10 years after the commercial sale of neffy in Japan.

In addition to the $2.0 million received under the LOI, the Company was initially eligible to receive up to $13.0 million of milestone payments upon achievement of certain clinical and regulatory milestones. Further, the Company is eligible to receive a negotiable transfer price expected to be in the low double-digit percentage on net sales subject to the regulatory approval to commercialize neffy in Japan.

At the commencement of this collaboration, the Company identified the following performance obligations: the license for neffy and research and development services, both of which have been completed. The Company determined the initial transaction price to be $7.0 million, which includes a clinical milestone as it was deemed not probable of significant reversal at the inception of the agreement. Due to the uncertainty in the achievement of the regulatory and commercial milestones, the variable consideration associated with these future milestone payments has been fully constrained and is excluded from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates will be reassessed at each reporting period. The transaction price was allocated to the performance obligations based on the estimated stand-alone selling price of each performance obligation.

In July 2020, the Company earned a $5.0 million milestone payment upon the completion of a clinical milestone in Japan. In November 2024, the Company earned a $6.0 million milestone payment upon the completion of a regulatory milestone in Japan. Of the $13.0 million in milestone payments that the company was eligible to earn, $11.0 million in milestone payments has been earned and a final $2.0 million regulatory milestone remains. For the three months ended March 31, 2025 and 2024, the Company recognized no revenue related to the Alfresa Agreement. As of both March 31, 2025 and December 31, 2024, there was no contract liability recorded for the final regulatory milestone.

Recordati Agreement

In September 2020, the Company entered into a License and Supply Agreement (the “Recordati Agreement”) with Recordati Ireland, Ltd. (“Recordati”) for the exclusive license and sublicensable right to develop, import, manufacture or have manufactured commercial product, file and hold regulatory approvals and commercialize neffy in Europe and certain European Free Trade Association, Russia/the Commonwealth of Independent States, Middle East and African countries (the “Recordati Territory”).

Under the terms of the Recordati Agreement, the Company received an upfront payment of $11.8 million and a regulatory milestone payment of $6.0 million during 2020.

At the commencement of this collaboration, the Company identified the following performance obligations: the license for neffy in the defined territory and the research and development services. The Company determined the initial transaction price to be the $11.8 million upfront payment. Due to the uncertainty in the achievement of all the developmental and commercial milestones, at inception of the contract, the variable consideration associated with future milestone payments was fully constrained and excluded from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. The transaction price was allocated to the performance obligations based on the estimated stand-alone selling price of each performance obligation. In November 2020, the Company earned a regulatory milestone of $6.0 million.

On February 22, 2023, the Company and Recordati entered into a termination agreement (the “Recordati Termination Agreement”), pursuant to which, among other things, the Company and Recordati agreed to terminate the Recordati Agreement. Pursuant to the Recordati Termination Agreement, the Company reacquired all of the Recordati rights, paid Recordati a one-time upfront payment of €3.0 million ($3.3 million in U.S. dollars), and has agreed to pay additional payments upon achievement of certain milestones including: (i) an EMA regulatory milestone payment of €2.0 million, (ii) a milestone payment of €5.0 million upon first commercial sale of a Recordati Licensed Product in the Recordati Territory, and (iii) royalty payments of up to €5.0 million in the aggregate from sales of Recordati Licensed Product(s) in the Recordati Territory (collectively, the “Recordati Rights”).

The Company determined that the Recordati Rights at the time of entering into the Recordati Termination Agreement had no alternative future use and therefore recorded the €3.0 million upfront payment to Recordati as an IPR&D expense presented within research and development expense. The Recordati Termination Agreement ended the Company’s performance obligations pursuant to the Recordati Agreement and consequently the existing contract liability of $3.1 million previously received from Recordati was recorded against IPR&D expense presented within research and development expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss). Accordingly, no revenue has been recognized subsequent to the Recordati Termination Agreement. In June 2024, the EMA regulatory milestone was met and a €2.0 million ($2.1 million in U.S. dollars) expense was recorded in research and development expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss). The Company paid the EMA regulatory milestone to Recordati in July 2024.

Pediatrix Agreement

In March 2021, the Company entered into a Collaboration and Distribution Agreement with Pediatrix Therapeutics, Inc. (“Pediatrix”) for the exclusive license and sublicensable right to develop, import, manufacture or have manufactured commercial product, file and hold regulatory approvals and commercialize neffy in the People’s Republic of China, Taiwan, Macau, and Hong Kong. Under the agreement, Pediatrix is responsible, at its sole cost and expense, for all ongoing development work that is necessary for or otherwise supports regulatory approval in the defined territory, including all clinical trials, and activities related to post-approval commitments and commercialization tests. In addition, Pediatrix is responsible for commercialization activities and may elect to assume responsibility for manufacturing and supplying drug product for commercial use. The Company is responsible for the manufacturing of product for clinical studies as well as commercial supply, all at a negotiated transfer price. Either party may terminate the agreement for certain breaches of the agreement. Unless terminated earlier by either or both parties, the term of the agreement will continue as long as Pediatrix has commercial sales of neffy in the region, or 10 years after the first commercial sale.

Under the terms of the agreement, the Company received an upfront payment of $3.0 million. In addition, the Company is eligible to receive up to $84.0 million of milestone payments upon achievement of certain regulatory and commercial sales milestones. The next eligible milestone is a $4.0 million regulatory milestone. Subject to regulatory approval, the Company will earn tiered royalties in the low double-digits on annual net sales in the region and will receive a per unit supply price for the sale of commercial supply to Pediatrix.

At the commencement of this collaboration, the Company identified performance obligations related to the delivery of the license for neffy in the defined territory and manufacturing of product for clinical studies and commercial supply. The Company concluded that the license was distinct from potential supply obligation. The supply provisions are effectively options granted to Pediatrix to purchase future goods and did not contain a material right. The Company determined the initial transaction price to be the $3.0 million upfront payment. Due to the uncertainty in the achievement of all the developmental and commercial milestones, the variable consideration associated with these future milestone payments has been fully constrained and is excluded from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates will be reassessed at each reporting period. The Company recognized revenue of the full $3.0 million during the year ended December 31, 2021.

Seqirus Agreement

In March 2024, the Company entered into a License and Distribution Agreement (the “Seqirus Agreement”) with Seqirus Pty, Ltd. (“Seqirus”) for the exclusive license to commercialize neffy in Australia and New Zealand (the “Seqirus Territory”). Under the Seqirus Agreement, the Company is responsible for the transfer of know-how, which includes regulatory materials, regulatory data, and commercialization data, and also for the manufacturing of product for commercial supply which is available to Seqirus at a negotiated price. Seqirus is solely responsible for all regulatory and commercialization activities in the Seqirus Territory. Either party may terminate the Seqirus Agreement for certain breaches. Unless terminated earlier by either or both parties, the initial term of the Seqirus Agreement is 15 years from the first commercial sale of neffy in the Seqirus Territory. The Seqirus Agreement will automatically renew for two-year periods unless either party gives a notice to terminate at least 12 months prior to the end of the initial or any renewal term.

Under the terms of the Seqirus Agreement, the Company received an upfront payment of $0.5 million in May 2024. In addition, the Company was eligible to receive up to $4.5 million of milestone payments upon achievement of certain event milestones. Subject to regulatory approval in Australia and New Zealand, the Company will also receive a per unit supply price for the sale of commercial supply to Seqirus.

At the commencement of this collaboration, the Company identified one performance obligation which is the delivery of the license for neffy in the Seqirus Territory in combination with the transfer of know-how. The Company determined that the option to purchase the commercial supply does not represent a material right. The Company determined the initial transaction price to be the $0.5 million upfront payment. Due to the uncertainty in the achievement of all the regulatory milestones, the variable consideration associated with these future milestone payments has been fully constrained and is excluded from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. The variable consideration will be reassessed at each reporting period. In May 2024, the Company delivered the license for neffy in the Seqirus Territory in combination with the transfer of know-how and recognized $0.5 million in revenue. In August 2024, the first milestone event was met and the Company recognized $1.5 million in revenue.

ALK Collaboration Agreement

In November 2024, the Company entered into a Collaboration, License and Distribution Agreement (the “ALK Collaboration Agreement”) with ALK-Abelló A/S (“ALK”). Pursuant to the ALK Collaboration Agreement, the Company granted to ALK a worldwide (other than the United States, Japan, mainland China, Hong Kong, Taiwan, Macau, Australia and New Zealand) (“ALK Territory”), exclusive license under certain of the Company’s patents and know-how to develop, manufacture and commercialize products containing epinephrine administered intranasally, including EURneffy (the trade name for neffy in the European Union) (epinephrine nasal spray) (“Products”), for all human uses, including the immediate or emergency treatment of allergic reactions (including Type I) and anaphylaxis and urticaria, and other future indications as agreed by the parties. If the Company develops any new intranasally administered product that contains epinephrine and files a new drug application in the United States for such product (“New Product”), upon ALK’s request such New Product will be included as a Product under the ALK Collaboration Agreement, subject to ALK bearing the costs of development of such New Product for its licensed territory.

Under the ALK Collaboration Agreement, the Company is obligated to transfer to ALK the existing marketing authorizations for the Products in ALK’s territory. The Company is also required to conduct certain development and regulatory activities for Products in support of obtaining further regulatory approval of Products in ALK’s territory and will transfer such regulatory approvals to ALK. ALK is obligated to use commercially reasonable efforts to obtain and maintain regulatory approval for Products through the European Commission and within specified countries within ALK’s territory. Following such approval for a Product in each indication within specified countries within ALK’s territory, ALK is obligated to use commercially reasonable efforts to commercialize such Product in such indication in such countries and to achieve first commercial sale of a Product in certain countries in accordance with a timeline specified in the ALK Collaboration Agreement.

Under the ALK Collaboration Agreement, ALK made a $145.0 million upfront payment to the Company in November 2024. The Company is eligible to receive regulatory and commercialization milestones of up to $20.0 million and sales-based milestones of up to $300.0 million, provided that $55.0 million of such sales-based milestones are contingent upon the Company obtaining regulatory approval for the Product in Canada by a specified time. The Company is entitled to receive tiered royalty payments on net sales in the mid- to high-teens, subject to certain standard reductions and offsets. Royalties will be payable, on a Product-by-Product and country-by-country basis, until the latest of the expiration of the licensed patents covering such Product in such country, 15 years from first commercial sale of such Product in such country, or expiration of regulatory exclusivity for such Product in such country.

The contract will expire upon the expiration of the last to expire royalty term for all Products in the ALK Territory, unless terminated earlier. Either the Company or ALK may terminate the ALK Collaboration Agreement in the case of the other party’s insolvency or in the event of an uncured material breach of the other party, except that the Company may not terminate the ALK Collaboration Agreement for ALK’s material breach of its commercial diligence obligations. ALK may terminate the ALK Collaboration Agreement for convenience upon 12 months’ prior written notice or for a safety or regulatory concern. The Company may terminate the ALK Collaboration Agreement in the event ALK makes certain challenges to certain of the Company’s patents. Prior to a change of control and outside of a set period of time after which the Company commences change of control negotiations, the Company may terminate the ALK Collaboration Agreement with respect to all countries in the European Economic Area (“EEA”) upon prior written notice to ALK and payment of a termination fee that is the higher of an agreed mid-nine digit amount and the fair market value of the Products business in the EEA at the time of such termination (the “Repurchase Option”). The Company may also terminate the ALK Collaboration Agreement if ALK commercializes a non-injectable epinephrine product or manufactures such a product in the United States.

In connection with the ALK Collaboration Agreement, the Company and ALK also entered into a commercial supply agreement (the “ALK Supply Agreement”) in November 2024, under which the Company will supply ALK’s requirements (and ALK will purchase from the Company its requirements) of Products for five years for a specified supply price, after which ALK may elect to transition to itself or its contract manufacturer the manufacture and supply of Products. The contract term for the ALK Supply Agreement is coterminous with the ALK Collaboration Agreement. Either the Company or ALK may terminate the ALK Supply Agreement in the event of an uncured material breach of the other party.

Accounting Assessment

The Company concluded that the ALK Collaboration Agreement and the ALK Supply Agreement qualify as a contract with a customer under ASC 606 as one combined arrangement. The Company identified the following performance obligations: (i) exclusive commercialization license in the European Economic Area (the “EEA License”); (ii) exclusive commercialization license in the rest of the ALK Territory (the “ROW License”) and; (iii) five separate development and regulatory services performance obligations. The Company also evaluated the (i) promise to add a New Product and new indications to the ALK Collaboration Agreement, and (ii) the promises under the ALK Supply Agreement, and concluded that these promises did not meet the definition of a performance obligation nor did these promises convey a material right to ALK.

The Company determined that the non-refundable upfront payment of $145.0 million is the estimated transaction price at contract inception. The outstanding regulatory milestone payments (totaling $15.0 million) were fully constrained at contract inception and as of March 31, 2025 as a result of the uncertainty of whether any of the milestones will be achieved. In making the assessment of the constraint utilizing the most likely amount method, the Company considered the stage of development, and the risks associated with the remaining development required to achieve the milestones, as well as whether the achievement of the milestone is outside the control of the Company or ALK. The Company has determined that the commercial milestone ($5.0 million) and the sales-based milestones and royalties will be recognized on the later of when the related sales occur or when control of the associated license has been transferred, as the Company determined that such sales-based consideration relates predominantly to the licenses granted to ALK. The Company reevaluates the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur and will include regulatory milestones in the transaction price if it is probable that a significant revenue reversal will not occur in future periods.

At contract inception, the Company determined the estimated standalone selling prices for each performance obligation in order to allocate the transaction price among the performance obligations. The standalone selling price for the licenses was estimated using the adjusted market assessment approach. Under this method, the Company forecasted future cash flows expected in the ALK Territory, the probability of commercialization success, and a market discount rate. To estimate the standalone selling prices of the development and regulatory services, the Company forecasted its expected costs of satisfying each performance obligation inclusive of an appropriate margin for that service.

The Company allocated the total transaction price to each performance obligation on a relative standalone selling price basis and determined whether revenue should be recognized at a point in time or over time. The Company allocated $69.4 million to the EEA License performance obligation; $73.1 million to the ROW License performance obligation; and $2.6 million to the development and regulatory services performance obligations.

Revenue should be recognized when, or as, an entity satisfies a performance obligation by transferring a promised good or service to a customer, i.e., when the customer obtains control of the good or service. The licenses granted to ALK are being accounted for as distinct performance obligations. The licenses relate to functional intellectual property for which revenue is recognized at a point in time. In the case of the EEA License, the Company evaluated the impact of the Company’s Repurchase Option, and determined that, as a result of the Company’s ability to repurchase the license, control of the EEA License has not been transferred to ALK under ASC 606. The Company determined that the transaction price allocated to the EEA License should be accounted for as a financing liability, due to the repurchase price being greater than the original selling price of this performance obligation. Control of the EEA License will not be considered transferred to ALK until such time that the Repurchase Option lapses, which under the terms of the ALK Collaboration Agreement, will occur upon the expiration of the contract, or exercise by the Company of the Repurchase Option. In November 2024, the Company recognized the transaction price allocated to the EEA License of $69.4 million as a financing liability.

In the case of the ROW License, the point in time for recognition of revenue was shortly after the inception of the contract because the customer obtained control of the license and was able to use and benefit from its right to use the intellectual property at that point. In November 2024, the Company recognized $73.1 million in revenue for the transaction price allocated to the ROW License.

The development and regulatory services performance obligations under the ALK Collaboration Agreement each represent a separate performance obligation. The development and regulatory services, which are transferred to the customer over time, were provided to ALK from inception of the agreement and are expected to continue through 2028. Revenue related to the development and regulatory services performance obligations was initially recorded as contract liability and is being recognized as services are performed based on the costs incurred through the end of each reporting period, as a percentage of the estimated total costs to be incurred for these performance obligations. In November 2024, the Company recognized $0.5 million of revenue related to the development and regulatory services performance obligations. For the three months ended March 31, 2025, the Company recognized $0.2 million of revenue related to the development and regulatory services performance obligations. As of March 31, 2025, the accompanying consolidated balance sheet includes a contract liability of $0.5 million classified as current and $1.3 million classified as noncurrent, associated with these performance obligations, based on the expected period of performance for the development and regulatory services.

ALK Contract Liability

A reconciliation of the contract liability from the ALK Collaboration Agreement is as follows (in thousands):


Balance at December 31, 2024	$	2,089
Revenue recognized under the ALK Collaboration Agreement		(210	)
Balance at March 31, 2025	$	1,879

Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

7. Intangible assets, net

As described in Note 10 – In-Licensing and Supply, under the Aegis Agreement the Company capitalized a $2.5 million milestone payment in August 2024 and a $5.0 million milestone payment in September 2024. The assets are amortized on a straight-line basis over the estimated life of the intellectual property of 14.5 years, beginning from the first commercial sale of neffy in September 2024.

Intangible assets, net, all of which are finite-lived, consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Capitalized milestone payments	$	7,500		$	7,500
Less accumulated depreciation		(259	)		(129	)
Total	$	7,241		$	7,371

The amortization expense for the three months ended March 31, 2025 was $0.1 million. No intangible assets were held as of March 31, 2024, and there was no amortization expense recognized for the three months ended March 31, 2024.

As of March 31, 2025, estimated future amortization expense for capitalized intangible assets for the next five years is as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining nine months)	$	388
2026		517
2027		517
2028		517
2029		517
Total	$	2,456

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 7,973	$ 0
Operating expenses:
Cost of goods sold (including related party amounts of $488 and $0, respectively)	1,094	0
Research and development (including related party amounts of $666 and $726, respectively)	2,952	5,234
Selling, general and administrative (including related party amounts of $124 and $93, respectively)	41,104	7,958
Total operating expenses	45,150	13,192
Loss from operations	(37,177)	(13,192)
Other income, net	3,237	2,900
Net loss	(33,940)	(10,292)
Change in unrealized gains and losses on available-for-sale securities	(148)	(173)
Comprehensive loss	$ (34,088)	$ (10,465)
Net loss per share, Basic	$ (0.35)	$ (0.11)
Net loss per share, Diluted	$ (0.35)	$ (0.11)
Weighted- average common shares outstanding, basic	98,060,636	96,486,480
Weighted Average Number of Shares Outstanding, Diluted	98,060,636	96,486,480
Product revenue, net [Member]
Revenue:
Total revenue	$ 7,763	$ 0
Revenue under collaboration agreements
Revenue:
Total revenue	$ 210	$ 0

Intangible Assets, Net - Schedule of Estimated Future Amortization Expense (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining nine months)	$ 388
2026	517
2027	517
2028	517
2029	517
Total	$ 2,456

Common Stock and Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) - shares	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock options granted and outstanding	17,348,839	15,161,180
Restricted stock units granted and outstanding	1,382	2,763
Common stock reserved for future awards or option grants	8,441,571	5,905,773
Common stock reserved for future employee stock purchase plan issuances	2,923,100	2,223,100
Warrants to purchase common stock	45,456	45,456
Total	28,760,348	23,338,272

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended
	Sep. 30, 2018	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense capitalized to inventory		$ 200,000	$ 0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 54,500,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number		17,348,839		15,161,180
Restricted common stock, vesting in equal monthly installments		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		25.00%
Aggregate Intrinsic Value, Exercised		$ 1,300,000	1,000,000
Fair Value of Shares Vested		$ 6,200,000	$ 6,000,000
Common stock reserved for future awards or option grants		28,760,348		23,338,272
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 8.06	$ 4.36
Restricted Stock Units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number		1,382		2,763
Equity Incentive Plan 2016 and 2020 [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		25,737,116
Equity Incentive Plan 2018 [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		6,634,333
Common Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share purchased under employee stock purchase plan		0	0
Equity Incentive Plans [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Description	In September 2018, ARS Pharma adopted the 2018 Equity Incentive Plan. As a result of the Merger, on November 8, 2022 ARS Pharma assumed Silverback’s 2016 and 2020 Equity Incentive Plans, and Employee Stock Purchase Plan (“ESPP”). There were no shares of common stock purchased under the ESPP during each of the three months ended March 31, 2025 and 2024.
Equity Incentive Plans [Member] \| Equity Incentive Plan 2016 and 2020 [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number		12,920,603
Common stock reserved for future awards or option grants		8,144,226
Equity Incentive Plans [Member] \| Equity Incentive Plan 2018 [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number		4,429,618
Common stock reserved for future awards or option grants		297,345

Stock-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,298	$ 3,315
Research and development expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	663	911
Selling, general and administrative expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,635	$ 2,404

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (33,940)	$ (10,292)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

15. Segment Information

The Company reports segment information using the management approach and views its operations and manages its business as a single operating segment. Revenue is generated in the United States through product sales. Outside of the United States, revenue is generated through collaboration and license agreements, including supply and distribution. During the three months ended March 31, 2025, the Company had five customers that each accounted for more than 10% of the Company’s gross product revenue. Those customers’ revenue amounts for the three months ended March 31, 2025 were: $3.4 million, $2.0 million, $1.8 million, $1.6 million, and $1.6 million. For the three months ended March 31, 2025, the Company had one customer, ALK, which accounted for more than 10% of the Company’s revenue under collaboration agreements. Under the ALK Collaboration Agreement, the Company recognized $0.2 million during the three months ended March 31, 2025.

The Company’s Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, allocates resources and evaluates the performance of the operating segment based on historical and projected product sales, segment operating expenses, and condensed consolidated net loss, as reflected in the accompanying condensed consolidated statements of operations and comprehensive loss, which is the segment measure of loss.

The segment reports that are provided to the CODM are tracked against the Company’s internally budgeted expenses. The segment operating expense categories consist primarily of the Company’s functional departments: Clinical, Development, Medical Affairs, Sales and Marketing, and General and Administrative. The CODM does not review assets when evaluating the operating segment’s performance; therefore, this information is not presented.

Segment reporting provided to the CODM for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025			2024
Revenue:
Product revenue, net	$	7,763		$	—
Revenue under collaboration agreements		210			—
Total revenue		7,973			—
Segment operating expenses:
Cost of goods sold		1,094			—
Clinical		1,204			2,816
Development		1,101			1,508
Medical affairs		945			333
Sales and marketing		26,757			1,451
General and administrative		8,719			3,690
Stock-based compensation		5,298			3,315
Other		32			79
Total segment operating expenses		45,150			13,192
Loss from operations		(37,177	)		(13,192	)
Other income, net		3,237			2,900
Net loss	$	(33,940	)	$	(10,292	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The Company categorizes its assets and liabilities measured at fair value in accordance with the authoritative accounting guidance that establishes a consistent framework for measuring fair value and expands disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:


Level 1	–	Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2	–	Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and
Level 3	–	Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):


					Gross		Gross			Estimated
			Amortized		Unrealized		Unrealized			Fair
	Level		Cost		Gains		Losses			Value
March 31, 2025
Cash and cash equivalents - Money market mutual funds		1	$	39,577	$	—	$	—		$	39,577
Cash and cash equivalents - U.S. Treasury securities		2		—		—		—			—
Short-term investments - U.S. Treasury securities		2		235,791		83		(11	)		235,863
Total			$	275,368	$	83	$	(11	)	$	275,440
December 31, 2024
Cash and cash equivalents - Money market mutual funds		1	$	6,506	$	—	$	—		$	6,506
Cash and cash equivalents - U.S. Treasury securities		2		42,382		5		—			42,387
Short-term investments - U.S. Treasury securities		2		262,990		223		(8	)		263,205
Total			$	311,878	$	228	$	(8	)	$	312,098

There were no transfers between the Level 1 and Level 2 categories or into or out of the Level 3 category during the periods presented. During the three months ended March 31, 2025, the Company purchased $34.3 million in short-term investments and there were $63.5 million in maturities of short-term investments. During the three months ended March 31, 2024, the Company purchased $63.4 million in short-term investments and there were $55.0 million in maturities of short-term investments.

The Company’s short-term investments portfolio contains investments in U.S. Treasury securities that have an effective maturity date that is less than one year from the respective balance sheet date. The Company's money market mutual fund holdings are highly liquid and invest primarily in cash and U.S. Treasury securities.

There was a $0.1 million net unrealized gain on available-for-sale securities for the three months ended March 31, 2025, and a $0.2 million unrealized loss on available-for-sale securities for the three months ended March 31, 2024. Management determined that the gross unrealized losses on the Company’s available-for-sale securities as of March 31, 2025 were primarily attributable to current economic and market conditions and not credit risk. As of March 31, 2025 and December 31, 2024, no allowance for credit losses was recorded. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell any investments prior to recovery of its amortized cost basis, which is expected to be at maturity.

Accrued interest on the Company's available-for-sale securities was $1.0 million as of March 31, 2025 and is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet.

As of March 31, 2025 and December 31, 2024, the Company did not have any liabilities that were measured at fair value on a recurring basis.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

13. Employee Benefit Plans

In June 2022, the Company adopted a retirement plan, which is qualified under section 401(k) of the Internal Revenue Code of 1986, as amended, for the Company’s U.S. employees. The plan allows eligible employees to defer, at the employee’s discretion, pretax compensation up to the Internal Revenue Service (the “IRS”) annual limits. The Company matches up to 5% of an employee’s pay that they contribute to the plan, subject to IRS limitations. Expenses associated with the Company’s matching contribution totaled $0.4 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

Collaboration and Out-Licensing - Schedule of Reconciliation of Contract Liability from ALK Collaboration Agreement (Detail) - ALK Collaboration Agreement [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Balance at December 31, 2024	$ 2,089
Revenue recognized under the ALK Collaboration Agreement	(210)
Balance at March 31, 2025	$ 1,879