ARS Pharmaceuticals Inc 2026年季度报告

FORM 10-Q(Mark One) ARS Pharmaceuticals, Inc. (Exact name of Registrant as specified in its Charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct: Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of May 13, 2026, there were 99,303,262 shares of registrant’s common stock, $0.0001 par value per share,outstanding. Table of Contents Item 1.Financial Statements7Condensed Consolidated Balance Sheets7Condensed Consolidated Statements of Operations and Comprehensive Loss8Condensed Consolidated Statements of Stockholders’ Equity9Condensed Consolidated Statements of Cash Flows11Notes to Unaudited Condensed Consolidated Financial Statements12Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations36Item 3.Quantitative and Qualitative Disclosures About Market Risk47Item 4.Controls and Procedures47 Item 1.Legal Proceedings48Item 1A.Risk Factors48Item 2.Unregistered Sales of Equity Securities and Use of Proceeds105Item 5.Other Information105Item 6.Exhibits106 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements thatinvolve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other thanstatements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, youcan identify forward-looking statements by words such as “anticipate,” “believe,” “contemplate,” “continue,”“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,”“will,” “would,” or the negative of these words or other comparable terminology. These forward-looking statementsinclude, but are not limited to, statements about: •the rate and degree of market acceptance ofneffyand any future product candidates;•the likelihood ofneffyattaining and maintaining favorable coverage;•future economic conditions or performance, includingneffynet product revenues and net product sales;•research and development plans, including planned clinical trials, for our current or future intranasalepinephrine technology product candidates;•the expected timing for reporting data;•our plans to submit regulatory filings forneffyin additional geographies in collaboration with ourpartners and the timing thereof;•the expected timing for regulatory review decisions forneffyand our intranasal epinephrine technologyproduct candidates;•the commercial potential of and commercialization strategy forneffyand our intranasal epinephrinetechnology product candidates;•the size of the markets (including annual sales opportunities) for our current and future productcandidates, as well as forneffyfor its currently approved indications and geographic markets, theprojected growth thereof, and our, and our collaboration and marketing partners’, ability to capture andgrow those markets;•our expected competitive position;•our potential to become the standard in treatment and transform the treatment of allergic reactions;•the expected intellectual property protection forneffy;•our ability to obtain, maintain and successfully enforce adequate patent and other intellectual propertyprotection forneffy, or any future product candidate;•legislative and regulatory developments in the United States and foreign countries;•estimates regarding anticipated operating losses, capital requirements and needs for additional funds;•our ability to satisfy our obligations, comply with the