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Summary

ARS Pharmaceuticals is rated Buy, with current market pricing disconnected from fundamental pipeline value despite commercial setbacks.

neffy, the flagship intranasal epinephrine spray, faces slow adoption and insurance hurdles but shows potential for significant market share and revenue.

Management pivots to a leaner, targeted prescriber approach, aiming for late-2027 cash-flow breakeven while addressing heavy cash burn and term debt.

My risk-adjusted fair value is $4.61 per share versus the current ~$3.38, reflecting upside despite execution and dilution risks.

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ARS Pharmaceuticals, Inc. ( SPRY ) is an early commercial-stage company that has a targeted platform approach.…