ARS Pharmaceuticals makes and sells neffy, a needle-free intranasal epinephrine nasal spray for the emergency treatment of severe Type I allergic reactions, including anaphylaxis. neffy is ARS's only commercial product. Epinephrine is the first-line treatment for anaphylaxis, and until neffy, the only out-of-hospital delivery option was intramuscular auto-injectors like EpiPen. These injectors have real practical limitations — needle anxiety causes patients to delay use, their size discourages portability, and dosing errors are common. neffy addresses these issues with a pocket-sized, needle-free nasal spray that requires no inhalation or special training. In the U.S., ARS sells neffy through a direct salesforce of roughly 106 reps targeting high-volume prescribers, a co-promotion partnership with ALK covering pediatricians, a telehealth prescribing platform, and a direct-to-consumer advertising campaign. U.S. net product revenue is recorded after gross-to-net deductions for payer rebates and co-pay assistance. Outside the U.S., ARS has out-licensed neffy to regional partners — ALK (Canada, EU, UK), Alfresa (Japan), Pediatrix (China and surrounding territories), and Seqirus (Australia/New Zealand) — generating supply revenue, milestones, and royalties. ARS's cost structure is weighted heavily toward SG&A, reflecting the company's investment in brand-building and physician adoption ahead of refill cycles. Beyond the core anaphylaxis indication, ARS is running a Phase 2b trial exploring neffy as a rescue treatment for chronic spontaneous urticaria flares, a use case where no prescription product currently exists.