Shares of ARS Pharmaceuticals Inc (NASDAQ: SPRY) are skyrocketing 20.34% in pre-market trading on Thursday following the release of the company's fourth quarter and full-year 2024 financial results, which dramatically exceeded analyst expectations.

The biopharmaceutical company, known for its needle-free epinephrine nasal spray neffy, reported a quarterly earnings per share of $0.48, significantly outperforming the analyst consensus estimate of a $0.14 loss. This represents a substantial improvement from the $0.07 loss per share in the same quarter last year. Revenue for Q4 2024 came in at $86.60 million, surpassing the analyst estimate of $15.82 million by an impressive 447.48%.

ARS Pharmaceuticals also highlighted several positive business updates contributing to investor enthusiasm. The company reported $7.3 million in total neffy U.S. net product revenue for 2024 since its launch in late September. Additionally, ARS Pharmaceuticals announced FDA approval for neffy 1 mg for younger children, expanding its market reach. The company's strong cash position of $314.0 million at year-end 2024 is expected to support increased commercialization efforts in 2025 while maintaining an operating runway of at least three years. These factors, combined with ongoing positive developments in physician adoption, patient feedback, and payer coverage, have fueled the significant pre-market stock price increase.