ARS Pharmaceuticals (SPRY) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
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, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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		96,895,256

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 56,006	$ 70,971
Short term investments	167,626	157,389
Prepaid expenses and other current assets	2,609	3,366
Total current assets	226,241	231,726
Right-of-use asset	198	250
Fixed assets, net	616	574
Other assets	528	638
Total assets	227,583	233,188
Current liabilities:
Accounts payable and accrued liabilities (including related party amounts of $280 and $178, respectively)	3,498	2,154
Lease liability, current	217	237
Total current liabilities	3,715	2,391
Lease liability, net of current portion	0	37
Total liabilities	3,715	2,428
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 96,574,049 and 96,414,963 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	10	10
Additional paid-in capital	365,577	362,004
Accumulated other comprehensive (loss) gain, net	(124)	49
Accumulated deficit	(141,595)	(131,303)
Total stockholders' equity	223,868	230,760
Total liabilities and stockholders' equity	$ 227,583	$ 233,188

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Due from Related Parties, Current	$ 280	$ 178
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	96,574,049	96,414,963
Common stock, shares, outstanding	96,574,049	96,414,963

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue under collaboration agreements	$ 0	$ 20
Operating expenses:
Research and development (including related party amounts of $726 and $591, respectively)	5,234	6,552
General and administrative (including related party amounts of $93 and $337, respectively)	7,958	12,181
Total operating expenses	13,192	18,733
Loss from operations	(13,192)	(18,713)
Other income, net	2,900	3,752
Net loss	(10,292)	(14,961)
Change in unrealized gains and losses on available-for-sale securities	(173)	(339)
Comprehensive loss	$ (10,465)	$ (15,300)
Earnings Per Share, Basic	$ (0.11)	$ (0.16)
Earnings Per Share, Diluted	$ (0.11)	$ (0.16)
Weighted Average Number of Shares Outstanding, Basic	96,486,480	94,227,313
Weighted Average Number of Shares Outstanding, Diluted	96,486,480	94,227,313

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Research and development expenses related party amount	$ 726	$ 591
General and administrative expenses related party amount	$ 93	$ 337

Condensed Consolidated Statem_3

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, 2022	$ 272,886	$ 9	$ 349,408	$ 407	$ (76,938)
Beginning balance, shares at Dec. 31, 2022		93,943,316
Exercise of common stock options and release of restricted stock units	1,319		1,319
Exercise of common stock options and release of restricted stock units, Shares		504,712
Shares issued under the employee stock purchase plan, Shares		0
Stock-based compensation	2,250		2,250
Net loss and comprehensive loss	(15,300)			(339)	(14,961)
Ending balance at Mar. 31, 2023	261,155	$ 9	352,977	68	(91,899)
Ending balance, shares at Mar. 31, 2023		94,448,028
Beginning balance at Dec. 31, 2023	$ 230,760	$ 10	362,004	49	(131,303)
Beginning balance, shares at Dec. 31, 2023	96,414,963	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	96,574,049

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (10,292)	$ (14,961)
Non-cash adjustments to reconcile net loss to net cash used operating activities:
Stock-based compensation expense	3,315	2,250
Depreciation	11	20
Amortization and accretion, net	(1,980)	(1,809)
Changes in operating assets and liabilities:
Prepaid and other assets	867	445
Donation of equipment	30	0
Accounts payable and accrued liabilities (including related party amounts of $102 and $291, respectively)	1,344	4,756
Operating right-of-use assets and lease liabilities, net	(5)	(3)
Contract liability	0	(3,127)
Net cash used in operating activities	(6,710)	(12,429)
Cash flows from investing activities:
Purchases of short-term investments, available-for-sale	(63,430)	(131,353)
Maturities of short-term investments, available-for-sale	55,000	20,000
Purchase of property and equipment	(83)	(193)
Net cash used in investing activities	(8,513)	(111,546)
Cash flows from financing activities:
Proceeds from exercise of common stock options	258	1,319
Net cash provided by financing activities	258	1,319
Net change in cash and cash equivalents	(14,965)	(122,656)
Cash and cash equivalents at beginning of period	70,971	210,518
Cash and cash equivalents at end of period	56,006	87,862
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable	0	91
Purchases of property and equipment reclassed from prepaid expenses and other current assets	$ 0	$ 174

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Accounts payable and accrued liabilities including related party amounts	$ 102	$ 291

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,292)	$ (14,961)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Trading Arrangements During the quarter ended March 31, 2024, two of our executive officers adopted a trading plan for the orderly disposition of the Company’s securities as set forth in the table below. Type of Trading Arrangement Name and Position Action Adoption/Termination Date Rule 10b5-1 (1) Non-Rule 10b5-1 (2) Total Shares of Common Stock to be Sold Expiration Date Eric Karas, Chief Commercial Officer Adoption March 26, 2024 X 40,000 March 31, 2025 Kathleen D. Scott , Chief Financial Officer Adoption March 27, 2024 X 50,000 March 31, 2025 (1) Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (2) " Non -Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K under the Exchange Act.
Eric Karas [Member]
Trading Arrangements, by Individual
Name	Eric Karas, Chief Commercial Officer
Title	Chief
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	March 26, 2024
Arrangement Duration	370 days
Aggregate Available	40,000
Trd Arr Expiration Date	March 31, 2025
Kathleen D. Scott [Member]
Trading Arrangements, by Individual
Name	Kathleen D. Scott
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	March 27, 2024
Arrangement Duration	369 days
Aggregate Available	50,000
Trd Arr Expiration Date	March 31, 2025

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Nature of Business	1. Nature of Business Description of Business ARS Pharmaceuticals, Inc. (“ARS”, “ARS Pharma” or the “Company”) is focused on the development of ARS-1 (brand name neffy ® ), a proprietary product candidate for the needle-free intranasal delivery of epinephrine for the emergency treatment of Type I allergic reactions including anaphylaxis. 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 since its inception and had an accumulated deficit of $ 141.6 million as of March 31, 2024. The Company had cash, cash equivalents, and short-term investments of $ 223.6 million as of March 31, 2024 and has not generated positive cash flows from operations. To date, the Company has funded its operations primarily with proceeds from the merger with Silverback in November 2022 (the “Merger”), the issuance of convertible preferred stock, payments earned under collaboration agreements and bank debt. The Company’s currently available cash, cash equivalents, and short-term investments as of March 31, 2024 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, 2024, the Company has devoted substantially all of its efforts to developing intellectual property, conducting product development and clinical trials, raising capital, and building infrastructure. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. If the Company does not successfully commercialize any product candidates for which it receives regulatory approval, it will be unable to generate recurring product revenue or achieve profitability. Management expects operating expenses to increase for the foreseeable future and there can be no assurance that the Company will ever achieve profitability, or if achieved, that it will be sustained on a continuing basis. The Company’s ability to raise additional capital may be adversely impacted should the global economic conditions worsen or as a result of further disruptions to, and volatility in, the credit and financial markets in the United States, including bank failures, future health epidemics or pandemics, geopolitical actions or other macroeconomic factors. If such further disruption occurs, the Company could experience an inability to access additional capital. If the Company is not able to secure adequate additional funding, it may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, and future prospects.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2024, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, are unaudited. The balance sheet as of December 31, 2023 was derived from the audited financial statements as of and for the year ended December 31, 2023. 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, 2023, 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, 2024, the condensed consolidated results of its operations for the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The financial data and other information disclosed in these notes related to the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 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 relate to revenue recognized for its collaboration agreements, accruals for research and development expenses and valuation of equity awards. 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 and money market mutual funds. The Company considers all highly liquid investments with remaining maturities when purchased of 90 days or less to be cash equivalents. Investments The Company invests excess cash in investment grade fixed income securities. These investments are included in short-term investments on the balance sheets, classified as available-for-sale, and reported at fair value with unrealized gains and losses included in accumulated other comprehensive (loss) 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 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. 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. 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. 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, 2024 . 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. Revenue Recognition Our revenues generally consist of licenses and research services under license and collaboration agreements. We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Research and Development Costs Research and development 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 our clinical studies, costs related to compliance with regulatory requirements, costs related to manufacturing the Company’s product candidates 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. 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 charged to research and development expense 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. Acquired in-process research and development expense Acquired in-process research and development expense (“IPR&D”) is expensed on the acquisition date if there is no alternative future use. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration becomes payable. Milestone payments made to third parties subsequent to regulatory approval will be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. 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 our 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 Common 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, 2024 2023 Warrants to purchase common stock 45,456 45,456 Common stock options granted and outstanding 14,398,501 15,584,419 Unvested restricted stock units 2,763 7,107 Estimated shares to be purchased under the ESPP 26,856 9,867 Total 14,473,576 15,646,849 Recently Issued Accounting Pronouncements — Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (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 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the expected impact of ASU 2023-07 on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional disclosures on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the expected impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. 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): March 31, 2024 Level Amortized Cost Gross unrealized gains Gross unrealized losses Estimated Fair Value Cash and cash equivalents - Money market mutual funds 1 $ 54,961 $ — $ — $ 54,961 Short-term investments - U.S. Treasury securities 2 167,750 — ( 124 ) 167,626 Total $ 222,711 $ — $ ( 124 ) $ 222,587 December 31, 2023 Cash and cash equivalents - Money market mutual funds 1 $ 69,938 $ — $ — $ 69,938 Short-term investments - U.S. Treasury securities 2 157,340 61 ( 12 ) 157,389 Total $ 227,278 $ 61 $ ( 12 ) $ 227,327 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, 2024, the Company purchased $ 63.4 million in short-term investments and there was $ 55.0 million in maturities of short-term investments. During the three months ended March 31, 2023 , the Company purchased $ 131.4 million in short-term investments and there was $ 20.0 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 $ 0.2 million unrealized loss on available-for-sale securities for the three months ended March 31, 2024 and a $ 0.1 million unrealized gain on available-for-sale securities for the three months ended March 31, 2023. Management determined that the gross unrealized losses on the Company’s available-for-sale securities as of March 31, 2024 were primarily attributable to current economic and market conditions and not credit risk. As of March 31, 2024 and December 31, 2023, 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 $ 0.6 million as of March 31, 2024 and is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, the Company did no t have any liabilities that were measured at fair value on a recurring basis.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Details	4. Balance Sheet Details Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Prepaid insurance $ 688 $ 904 Interest receivable 618 686 Prepaid development costs 538 380 Prepaid expenses 465 1,124 Capitalized software implementation costs 233 163 Other 67 109 Total $ 2,609 $ 3,366 Property and equipment consisted of the following (in thousands): March 31, 2024 December 31, 2023 Equipment $ 748 $ 695 Less accumulated depreciation ( 132 ) ( 121 ) Total $ 616 $ 574 Depreciation expense was immaterial for each of the three months ended March 31, 2024 and 2023. Other long-term assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Capitalized software implementation costs $ 528 $ 617 Security deposit — 21 Total $ 528 $ 638 Accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued compensation $ 1,066 $ 315 Accounts payable 839 759 Accrued clinical expenses 578 515 Accrued legal and professional fees 509 174 Accrued development expenses 212 190 Accrued pre-commercialization marketing related expenses 79 42 Accrued tax expenses 47 4 Other 168 155 Total $ 3,498 $ 2,154

Collaboration and Out-Licensing

Collaboration and Out-Licensing	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and Out-Licensing	5. Collaboration and Out-Licensing The Company has entered into collaboration and licensing agreements 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, up-front 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, up-front 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 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, up-front 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 transferred to the customer. 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. 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 as options. We assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. The Company has not earned revenues for clinical or commercial supply sales as of March 31, 2024. 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, 2024. 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 the neffy technology and completed a certain clinical study and for the manufacturing of development and commercial drug supply. 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 is 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. In July 2020, the Company earned a $ 5.0 million milestone payment upon the completion of a clinical milestone 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 re-assessed at each reporting period. T he transaction price was allocated to the performance obligations based on the estimated stand-alone selling price of each performance obligation. The Company recognized no revenue and less than $ 0.1 million in revenue for the three months ended March 31, 2024 and 2023, respectively. T here was no contract liability as of March 31, 2024. 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. 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 “Termination Agreement”), pursuant to which, among other things, the Company and Recordati agreed to terminate the Recordati Agreement. Pursuant to the Termination Agreement, the Company reacquired all of the Recordati rights, paid Recordati a one-time upfront payment of € 3.0 million, 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. The Company determined that the Recordati rights at the time of entering into the 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 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. A ccordingly, no revenue was recognized in each of the three months ended March 31, 2024 and 2023. 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. 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 would only constitute a performance obligation if they contain a material right. The Company determined the option to purchase the clinical and commercial supply was not at a significantly discounted price and does not represent a material right, therefore does not constitute a performance obligation. The Company determined the initial transaction price to be the $ 3.0 million. 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 re-assessed at each reporting period. The Company recognized revenue of the full $ 3.0 million during the year ended December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6 . 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 of March 31, 2024 , the remaining lease term of the Company’s operating lease was 11 months , and the discount rate on the Company’s oper ating lease was 8 %. 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. The Company’s operating lease expense was $ 0.1 million for each of the three months ended March 31, 2024 and 2023. The Company’s variable lease expense was immaterial for each of the three months ended March 31, 2024 and 2023 . Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million for each of the three months ended March 31, 2024 and 2023. As of March 31, 2024, future minimum noncancelable operating lease payments are as follows (in thousands): Year ended December 31, Amount 2024 $ 245 2025 42 Total lease payments 287 Less imputed interest ( 70 ) Lease liability 217 Less current portion of lease liability ( 217 ) Lease liability, net of current portion $ — 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 August 12, 2021, Amphastar Pharmaceuticals, Inc. (“Amphastar”) filed a Petition for Inter Partes Review with the United States Patent and Trademark Office (“USPTO”), seeking to invalidate claims 1-20 of United States Patent No. 10,682,414 (the “‘414 patent”). The ‘414 patent issued on June 16, 2020 and is entitled “Intranasal Epinephrine Formulations and Methods for the Treatment of Disease.” The claims of the ‘414 patent are directed to methods of treating a type-1 hypersensitivity reaction, including anaphylaxis, using an aqueous nasal spray pharmaceutical formulation containing epinephrine or a salt thereof in a single dose. On February 9, 2023, the USPTO issued a Final Written Decision finding claims 3-6 and 18-20, which encompass the Company’s neffy product candidate, patentable, and claims 1-2 and 7-17 unpatentable. On April 12, 2023, Amphastar filed a notice of appeal with the United States Court of Appeals for the Federal Circuit. On May 15, 2023, the Company filed a motion to dismiss for lack of standing, which will be heard along with the merits of the case. Briefing on the merits is expected to be completed in the second quarter of 2024, and a decision from the Federal Circuit is expected by mid-2025. The results of any appeal proceedings are inherently unpredictable and uncertain, and could result in the Federal Circuit finding some or all of claims 1-20 of the ‘414 patent to be invalid or unenforceable. 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. We filed a response to the notice of opposition on December 15, 2023, and we 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. 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, 2024. 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.

In-Licensing and Supply

In-Licensing and Supply	3 Months Ended
	Mar. 31, 2024
In-LicensingAndSupply [Abstract]
In-Licensing and Supply	7. In-Licensing and Supply License Agreement with Aegis In June 2018, the Company entered into a License Agreement (the “Aegis Agreement”) with Aegis Therapeutics, LLC (“Aegis”). Under the Aegis Agreement, the Company licensed the exclusive, worldwide, royalty-bearing, sublicensable, rights to certain proprietary Aegis technology, patent rights and know-how to develop and commercialize epinephrine products. The Company utilizes this technology for the development of its lead product candidate, neffy . As consideration for the license, the Company paid an upfront license fee of $ 50,000 , which was recorded in research and development expenses in the condensed consolidated statement of operations. The Company is required to make aggregate milestone payments of up to $ 20.0 million upon achievement of certain regulatory and commercial milestones. The regulatory milestone payments under the Aegis Agreement will be recognized as research and development expense upon completion of the required events, as the triggering events are not considered to be probable until they are achieved. The Company made a $ 0.5 million milestone payment to Aegis upon the achievement of a regulatory milestone during 2019, and a $ 1.0 million payment to Aegis upon the FDA’s acceptance of the Company’s NDA submission for neffy , which occurred in the third quarter of 2022. The Company may be required to pay royalties based on annual net product sales in the low to mid-single digits on its or its sublicensees’ net sales of the Licensed Products (as defined in the Aegis Agreement) on a country-by-country and product-by-product basis. The Company is responsible for reimbursing Aegis for patent costs incurred in connection with prosecuting and maintaining patent rights that are specific to epinephrine or epinephrine products. There were no expenses recognized in connection with legal patent fees for each of the three months ended March 31, 2024 and 2023. The Company may terminate the Aegis Agreement with 30 days writt en 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. In conjunction with the Aegis Agreement, the Company also entered into a Supply Agreement (the “Supply Agreement”) with Aegis that allows the Company to purchase materials for preclinical, development and commercial use at predetermined prices. The Company may elect to have Aegis supply minimum quantities but there are no minimum or maximum purchase obligations under the Supply Agreement unless this election is made. The parties may terminate the Supply Agreement at any time by mutual agreement. In addition, the parties may terminate the Supply Agreement in the event of certain breaches of the Supply Agreement or upon the earlier of the expiration or termination of the Aegis Agreement or June 2028. The Supply Agreement term may be extended by mutual written agreeme nt. Under the Supply Agreement, no expense and $ 0.1 million in expense was recognized in the three months ended March 31, 2024 and 2023, respectively. Manufacturing Agreement with Renaissance In September 2020, the Company entered into a manufacturing agreement with Renaissance Lakewood, LLC (“Renaissance”), which was subsequently amended in July 2023 (the “Renaissance Agreement”). Pursuant to the Renaissance Agreement, Renaissance agreed to manufacture for, and provide to the Company, neffy nasal unit dose sprays (“Renaissance Products”). The Company is obligated to provide Renaissance with certain supplies to manufacture the Renaissance Products and to purchase from Renaissance a mid double-digit percentage of the Company’s annual aggregate Renaissance Product requirements in the E.U., and a high double-digit percentage of the Company’s annual aggregate Renaissance Product requirements in the U.S. The Renaissance Agreement contains conventional commercial pharmaceutical manufacturing provisions including certain minimum purchase amounts to be determined in the future based on forecast needs and minimum batch size projections. The Company may also request Renaissance to perform certain services related to the Renaissance Product, for which the Company will pay reasonable compensation to Renaissance. The initial term of the Renaissance Agreement commenced on September 9, 2020 and continues (a) for Renaissance Product designated for commercial sale in the U.S. until the earlier of the fifth anniversary of the (i) target U.S. launch date and (ii) the initial U.S. launch date (“U.S. Initial Term”), and (b) for Renaissance Product designated for commercial sale in the E.U. and other countries, the earlier of the fifth anniversary of (i) the target E.U. launch date and (ii) the initial E.U. launch date (“E.U. Initial Term”), in each case unless earlier terminated by one of the parties. The U.S. Initial Term and E.U. Initial Term automatically renew for successive two-year terms (“Renewal Term”). Either party may elect not to renew the U.S. Renewal Term and/or the E.U. Renewal Term by providing the requisite prior notice to the other party. 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 Company has not submitted a regulatory filing for any Renaissance Product in the U.S. on or before June 30, 2022, (b) the authorization and approval to distribute or sell Renaissance Product in the U.S. is not granted on or before the target U.S. launch date, (c) the authorization and approval representing more than a targeted number of units of Renaissance Product sold in the U.S. during the last calendar year is withdrawn by the FDA, or (d) 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.

Common Stock and Stockholders'

Common Stock and Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Common Stock and Stockholders' Equity	8. 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 Common stock reserved for future issuance consisted of the following: March 31, December 31, Common stock options granted and outstanding 14,398,501 11,493,481 Restricted stock units granted and outstanding 2,763 4,144 Common stock reserved for future awards or option grants 7,978,889 6,220,866 Warrants to purchase common stock 45,456 45,456 Total 22,425,609 17,763,947

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9 . 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, 2024 2023 Research and development expense $ 911 $ 608 General and administrative expense 2,404 1,642 Total stock-based compensation expense $ 3,315 $ 2,250 As of March 31, 2024, the total unrecognized stock-based compensation expense related to outstanding employee options was $ 32.8 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.73 years. There were 4,144 restricted stock units outstanding as of December 31, 2023 and 2,763 restricted stock units outstanding as of March 31, 2024. 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, 2024 and 2023. As of March 31, 2024 , the 2016 and 2020 Equity Incentive Plans authorized a total of 20,839,408 shares, of which 7,681,544 shares are available for future grant, and 9,000,878 shares are outstanding. As of March 31, 2024 , the 2018 Equity Incentive Plan authorized a total of 6,634,333 shares, of which 297,345 shares are available for future grant, and 5,400,386 shares are 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 our 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, 2024 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2023 11,493,481 $ 3.86 Granted 3,069,625 $ 5.58 Exercised ( 157,705 ) $ 1.63 Forfeited ( 6,900 ) $ 24.64 Outstanding at March 31, 2024 14,398,501 $ 5.41 8.12 $ 77,539 Exercisable at March 31, 2024 8,224,862 $ 4.35 7.24 $ 56,520 The exercisable shares subject to options outstanding at March 31, 2024 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, 2024. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $ 1.0 million and $ 2.4 million, respectively. The weighted-average grant date fair value per share of option grants for the three months ended March 31, 2024 and 2023 was $ 4.36 and $ 6.50 , respectively. The total fair value of shares vested during the three months ended March 31, 2024 and 2023 was $ 6.0 million and $ 0.7 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, 2024 2023 Expected term (in years) 6.1 6.1 Expected volatility 94.2 % 95.3 % Risk-free interest rate 3.9 % 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.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	10. 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 Rev enue 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 $ 0.1 million for each of the three months ended March 31, 2024 and 2023.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	11. 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 expense related to this agreement totaling $ 0.7 million and $ 0.6 million during the three months ended March 31, 2024 and 2023, respectively. 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 for each of the three months ended March 31, 2024 and 2023. 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 its current and 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 for each of the three months ended March 31, 2024 and 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Polices)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	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, 2024, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, are unaudited. The balance sheet as of December 31, 2023 was derived from the audited financial statements as of and for the year ended December 31, 2023. 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, 2023, 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, 2024, the condensed consolidated results of its operations for the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The financial data and other information disclosed in these notes related to the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other period.
Use of Estimates	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 relate to revenue recognized for its collaboration agreements, accruals for research and development expenses and valuation of equity awards. 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 Cash and cash equivalents include cash readily available in checking and money market mutual funds. The Company considers all highly liquid investments with remaining maturities when purchased of 90 days or less to be cash equivalents.
Investments	Investments The Company invests excess cash in investment grade fixed income securities. These investments are included in short-term investments on the balance sheets, classified as available-for-sale, and reported at fair value with unrealized gains and losses included in accumulated other comprehensive (loss) gain, net. Realized gains and losses on the sale of securities are recognized in net loss.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Cash, cash equivalents, and short-term investments are carried at fair value. The carrying amounts of all 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	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.
Property and Equipment	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	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment. 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. 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, 2024 .
Leases	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.
Revenue Recognition	Revenue Recognition Our revenues generally consist of licenses and research services under license and collaboration agreements. We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. We recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.
Research and Development Costs	Research and Development Costs Research and development 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 our clinical studies, costs related to compliance with regulatory requirements, costs related to manufacturing the Company’s product candidates 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.
Patent Costs	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	License Fees Costs incurred to acquire technology licenses and milestone payments made on existing agreements are charged to research and development expense 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.
Acquired in-process research and development expense	Acquired in-process research and development expense Acquired in-process research and development expense (“IPR&D”) is expensed on the acquisition date if there is no alternative future use. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration becomes payable. Milestone payments made to third parties subsequent to regulatory approval will be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product.
Stock-Based Compensation	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 our 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 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	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 Common Share	Net Loss Per Common 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, 2024 2023 Warrants to purchase common stock 45,456 45,456 Common stock options granted and outstanding 14,398,501 15,584,419 Unvested restricted stock units 2,763 7,107 Estimated shares to be purchased under the ESPP 26,856 9,867 Total 14,473,576 15,646,849 Recently Issued Accounting Pronouncements — Not Yet Adopted
Recently Adopted Accounting Pronouncements	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (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 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the expected impact of ASU 2023-07 on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional disclosures on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the expected impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Warrants to purchase common stock 45,456 45,456 Common stock options granted and outstanding 14,398,501 15,584,419 Unvested restricted stock units 2,763 7,107 Estimated shares to be purchased under the ESPP 26,856 9,867 Total 14,473,576 15,646,849 Recently Issued Accounting Pronouncements — Not Yet Adopted

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 Level Amortized Cost Gross unrealized gains Gross unrealized losses Estimated Fair Value Cash and cash equivalents - Money market mutual funds 1 $ 54,961 $ — $ — $ 54,961 Short-term investments - U.S. Treasury securities 2 167,750 — ( 124 ) 167,626 Total $ 222,711 $ — $ ( 124 ) $ 222,587 December 31, 2023 Cash and cash equivalents - Money market mutual funds 1 $ 69,938 $ — $ — $ 69,938 Short-term investments - U.S. Treasury securities 2 157,340 61 ( 12 ) 157,389 Total $ 227,278 $ 61 $ ( 12 ) $ 227,327

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Prepaid insurance $ 688 $ 904 Interest receivable 618 686 Prepaid development costs 538 380 Prepaid expenses 465 1,124 Capitalized software implementation costs 233 163 Other 67 109 Total $ 2,609 $ 3,366
Schedule of Property and equipment	Property and equipment consisted of the following (in thousands): March 31, 2024 December 31, 2023 Equipment $ 748 $ 695 Less accumulated depreciation ( 132 ) ( 121 ) Total $ 616 $ 574
Schedule of Other Long Term Assets	Other long-term assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Capitalized software implementation costs $ 528 $ 617 Security deposit — 21 Total $ 528 $ 638
Schedule of Accounts payable and accrued liabilities	Accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued compensation $ 1,066 $ 315 Accounts payable 839 759 Accrued clinical expenses 578 515 Accrued legal and professional fees 509 174 Accrued development expenses 212 190 Accrued pre-commercialization marketing related expenses 79 42 Accrued tax expenses 47 4 Other 168 155 Total $ 3,498 $ 2,154

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Noncancelable Operating Lease Payments	As of March 31, 2024, future minimum noncancelable operating lease payments are as follows (in thousands): Year ended December 31, Amount 2024 $ 245 2025 42 Total lease payments 287 Less imputed interest ( 70 ) Lease liability 217 Less current portion of lease liability ( 217 ) Lease liability, net of current portion $ —

Common Stock and Stockholders_2

Common Stock and Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of Common Shares Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following: March 31, December 31, Common stock options granted and outstanding 14,398,501 11,493,481 Restricted stock units granted and outstanding 2,763 4,144 Common stock reserved for future awards or option grants 7,978,889 6,220,866 Warrants to purchase common stock 45,456 45,456 Total 22,425,609 17,763,947

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Research and development expense $ 911 $ 608 General and administrative expense 2,404 1,642 Total stock-based compensation expense $ 3,315 $ 2,250
Summary of Activity Related to Stock Option Grants	A summary of the Company’s stock option activity for the three months ended March 31, 2024 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2023 11,493,481 $ 3.86 Granted 3,069,625 $ 5.58 Exercised ( 157,705 ) $ 1.63 Forfeited ( 6,900 ) $ 24.64 Outstanding at March 31, 2024 14,398,501 $ 5.41 8.12 $ 77,539 Exercisable at March 31, 2024 8,224,862 $ 4.35 7.24 $ 56,520
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, 2024 2023 Expected term (in years) 6.1 6.1 Expected volatility 94.2 % 95.3 % Risk-free interest rate 3.9 % 3.9 % Expected dividend yield — —

Nature of Business - Additional

Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accumulated deficit	$ (141,595)	$ (131,303)
Liquidity and Capital Resources [Member]
Accumulated deficit	(141,600)
Cash, cash Equivalents, and short-term investments	$ 223,600

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share Amount (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	14,473,576	15,646,849
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	14,398,501	15,584,419
Unvested Restricted Stock Units [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,763	7,107
Estimated Shares Purchased Under ESPP [Member]
Earnings Per Share Basic Line Items
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	26,856	9,867

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 56,006	$ 70,971
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	54,961	69,938
Estimated Fair Value	54,961	69,938
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	0	61
Gross unrealized losses	(124)	(12)
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	167,750	157,340
U.S. Treasury securities, Gross unrealized gains	0	61
Gross unrealized losses	(124)	(12)
U.S. Treasury securities, Fair Value	167,626	157,389
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	222,711	227,278
Total Fair Value	$ 222,587	$ 227,327

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase of short-term investments	$ 63,430,000	$ 131,353,000
Maturities of short-term investments, available-for-sale	55,000,000	20,000,000
Allowance for credit losses	0		$ 0
Accrued interest on available-for-sale securities	600,000
Net unrealized holding gains	200,000	100,000
Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase of short-term investments	63,400,000	131,400,000
Maturities of short-term investments, available-for-sale	55,000,000	$ 20,000,000
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

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid insurance	$ 688	$ 904
Interest receivable	618	686
Prepaid development costs	538	380
Prepaid expenses	465	1,124
Capitalized software implementation costs	233	163
Other receivables	67	109
Total	$ 2,609	$ 3,366

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Property and equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Equipment	$ 748	$ 695
Less accumulated depreciation	(132)	(121)
Total	$ 616	$ 574

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Capitalized software implementation costs	$ 528	$ 617
Security deposit	0	21
Total	$ 528	$ 638

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Accounts payable and accrued liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Accrued compensation	$ 1,066	$ 315
Accounts payable	839	759
Accrued clinical expenses	578	515
Accrued legal and professional fees	509	174
Accrued development expenses	212	190
Accrued pre-commercialization marketing related expenses	79	42
Accrued tax expenses	47	4
Other	168	155
Total	$ 3,498	$ 2,154

Collaboration and Out-Licensi_2

Collaboration and Out-Licensing - Additional Information (Details) $ in Thousands, € in Millions		1 Months Ended						3 Months Ended		12 Months Ended
	Feb. 22, 2023 EUR (€)	Mar. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Jul. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Alfresa Agreement [Member] | License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment.							$ 2,000
Milestone Payments							13,000
Initial Transaction Price							7,000
Contract with Customer, Liability, Revenue Recognized								$ 0	$ 100
Contract with Customer, Liability								0
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
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
Contract with Customer, Liability, Revenue Recognized								$ 0	$ 0
Recordati Agreement [Member] | Research and Development Expense [Member] | Termination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment. | €					€ 3
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
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
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
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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 $ / shares	Oct. 31, 2021 ft²
Loss Contingencies [Line Items]
Common stock, value per share | $ / shares	$ 0.0001		$ 0.0001
Noncancelable lease agreement description	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
Option to Extend	there is no option to extend the lease
Operating Lease Weighted Average Discount Rate	8%
Operating Lease Weighted Average Remaining Lease Term	11 months
San Diego California [Member]
Loss Contingencies [Line Items]
Leased properties, square feet | ft²				4,047
Noncancelable lease term of contract				38 months
Operating lease expense	$ 100,000	$ 100,000
Cash paid for amounts included in measurement of lease liabilities	$ 100,000	$ 100,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Noncancelable Operating Lease Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 245
2025	42
Total lease payments	287
Less imputed interest	(70)
Lease liability	217
Less current portion of lease liability	(217)	$ (237)
Lease liability, net of current portion	$ 0	$ 37

In-Licensing and Supply - Addit

In-Licensing and Supply - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Jun. 30, 2018	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2019
Aegis Therapeutics Agreement
Defined Benefit Plan Disclosure [Line Items]
Upfront License Fees	$ 50,000,000
Aggregate milestone payments upon achievement of certain sales milestones		$ 20,000,000
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	$ 100,000
Aegis Therapeutics Agreement | New Drug Application
Defined Benefit Plan Disclosure [Line Items]
Aggregate Milestone Payments				$ 1,000,000	$ 500,000
Renaissance Agreement
Defined Benefit Plan Disclosure [Line Items]
Contract Termination Claims, Description		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 Company has not submitted a regulatory filing for any Renaissance Product in the U.S. on or before June 30, 2022, (b) the authorization and approval to distribute or sell Renaissance Product in the U.S. is not granted on or before the target U.S. launch date, (c) the authorization and approval representing more than a targeted number of units of Renaissance Product sold in the U.S. during the last calendar year is withdrawn by the FDA, or (d) 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.

Common Stock and Stockholders_3

Common Stock and Stockholders' Equity - Summary of common stock reserved for Future Issuance (Detail) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock options granted and outstanding	14,398,501	11,493,481
Restricted stock units granted and outstanding	2,763	4,144
Common stock reserved for future awards or option grants	7,978,889	6,220,866
Warrants to purchase common stock	45,456	45,456
Total	22,425,609	17,763,947

Common Stock and Stockholders '

Common Stock and Stockholders 'Equity - Additional Information (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,315	$ 2,250
Research and development expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	911	608
General and administrative expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,404	$ 1,642

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity Related to Stock Option (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Subject to Options Outstanding, Beginning balance | shares	11,493,481
Shares Subject to Options Outstanding, Granted | shares	3,069,625
Shares Subject to Options Outstanding, Exercised | shares	(157,705)
Stock Issued During Period Shares Stock Options Forfeited | shares	(6,900)
Shares Subject to Options Outstanding, Ending balance | shares	14,398,501
Shares Subject to Options Exercisable, Ending Balance | shares	8,224,862
Weighted- Average Exercise Price, Beginning balance | $ / shares	$ 3.86
Weighted- Average Exercise Price, Granted | $ / shares	5.58
Weighted- Average Exercise Price, Exercised | $ / shares	1.63
Weighted Average Exercise Price Forfeited | $ / shares	24.64
Weighted- Average Exercise Price, Ending balance | $ / shares	5.41
Weighted- Average Exercise Price Exercisable , Ending balance | $ / shares	$ 4.35
Weighted- Average Remaining Contractual Life (Years)	8 years 1 month 13 days
Weighted- Average Remaining Contractual Life (Years), Exercisable	7 years 2 months 26 days
Aggregate Intrinsic Value, Ending balance | $	$ 77,539
Aggregate Intrinsic Value, Exercisable Ending balance | $	$ 56,520

Stock-Based Compensation - Su_3

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, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected volatility	94.20%	95.30%
Risk-free interest rate	3.90%	3.90%
Expected dividend yield	0%	0%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 30, 2018	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 32.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 8 months 23 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number		14,398,501		11,493,481
Restricted common stock, vesting in equal monthly installments		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		25%
Aggregate Intrinsic Value, Exercised		$ 1	$ 2.4
Fair Value of Shares Vested		$ 6	$ 0.7
Common stock reserved for future awards or option grants		22,425,609		17,763,947
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 4.36	$ 6.5
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		2,763		4,144
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		20,839,408
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, 2024 and 2023.
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		9,000,878
Common stock reserved for future awards or option grants		7,681,544
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		5,400,386
Common stock reserved for future awards or option grants		297,345

Employee Benefit Plans (Additio

Employee Benefit Plans (Additional Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	5%
Contribution totaled		$ 0.1	$ 0.1

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Stock-based compensation expense	$ 3,315	$ 2,250
Board of directors
Related Party Transaction [Line Items]
Stock options vested	590,950
Maximum | Board of directors
Related Party Transaction [Line Items]
Stock-based compensation expense	$ 100	100
Pacific-Link Consulting, LLC
Related Party Transaction [Line Items]
Consulting expense	700	600
Marlinspike Group, LLC
Related Party Transaction [Line Items]
Consulting expense	$ 100	$ 100