Oct. 23 at 2:04 PM
$SPRY
Sustained high off-exchange (ATS) trading activity and unusual price behavior between June 30 and September 19, 2025, that appear inconsistent with fair and transparent market dynamics.
Summary of Findings (refer to volume table below)
Between June 30 – September 19, 2025, weekly off-exchange volume rose from 1.99 million to 3.51 million shares, averaging ≈30% of total trading. During this same period, total market volume increased approximately 2.5×, while the share price declined from
$17.50 to
$9.79 (−44%).
The consistent 25–32% dark-pool share of total trading is abnormally high for a small-cap biotech, suggesting liquidity routing away from lit exchanges and potential impairment of transparent price discovery.
Key Market Events and Catalysts
Despite multiple major global milestones and value-enhancing developments, SPRY’s share price continued to decline during a period of elevated off-exchange trading:
1) June 2025 – EURneffy® 2 mg launched in Germany by ALK-Abelló, marking the first commercial rollout of ARS Pharmaceuticals’ intranasal epinephrine treatment in Europe.
2)July 18, 2025 – The U.K. formally approved EURneffy® (adrenaline nasal spray) as the first and only needle-free emergency treatment for anaphylaxis, representing a major European regulatory achievement.
3)September 19, 2025 – Japan’s Ministry of Health, Labour and Welfare (MHLW) approved Neffy, ARS Pharmaceuticals’ intranasal epinephrine product, establishing its first regulatory authorization in Asia.
4)September 29, 2025 – The company announced
$250 million in non-dilutive funding, materially strengthening its financial position without issuing new equity.
5)October 8, 2025 – The European Patent Office confirmed Neffy’s patent protection through 2039 across more than 30 European countries, securing long-term exclusivity in key markets.
Each of these catalysts would typically drive higher investor confidence and support price appreciation. However, the data show increasing total and dark-pool volumes during a continuing price decline — signaling liquidity absorption and muted price discovery.
If upcoming November earnings is a beat coupled with XUS approvals (Canada, New Zealand & Australia) all but Australia expected before year end…combined with lower off exchange trading. Consider this an
$RKLB rocket ship ready to take off to another atmosphere. Lol.
In all seriousness in my opinion only, the recent dip is a blessing for anyone that believes in the next EpiPen first and only needle free alternative Neffy (just launched worldwide ) and hives treatment (currently in under the radar phase two trials)!
This could be the next red hot sector similar to
$GSAT $ASTS $RKLB $SATS
Good luck to all and not financial advice.
