ARS Pharmaceuticals shares plunged 23% in after-hours trading on Wednesday after the company said its neffy nasal spray failed to secure commercial insurance coverage. No new commercial formulary additions or coverage decisions were issued for neffy, its epinephrine nasal spray for the emergency treatment of severe allergic reactions, in the July 1, 2026 cycle. The company said it will continue discussions with payers in pursuit of future coverage expansions. ARS Pharmaceuticals also lowered its fiscal 2026 cash-based operating expense guidance, excluding cost of goods sold, to approximately $248 million, citing lower spending in the second half of the year and continued investment discipline. The company reaffirmed that the neffy base business supports a path to cash-flow breakeven in 2027. At the end of the first quarter, neffy had approximately 120,000 U.S. patients and generated $72.2 million in U.S. net sales during 2025, accounting for 86% of the company's total revenue.
ARS Pharmaceuticals, Incneffy failed to secure commercial insurance coverage, limiting patient access and sales.