ARS Pharmaceuticals cuts 2026 expenses after no new neffy coverage gains

ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) announced that no new commercial formulary additions or coverage decisions were issued for its epinephrine nasal spray neffy in the July 1, 2026 payer cycle, according to a company statement released June 24, 2026.

The company said it plans to continue discussions with remaining payers. Neffy is currently accessible to commercially insured patients through direct coverage and a retail cash option priced in line with other epinephrine products. Florida added neffy to its unrestricted Medicaid formulary, effective July 1, 2026.

ARS Pharmaceuticals lowered its planned full-year 2026 cash-based operating expenses, excluding cost of goods sold, to approximately $248 million, down from a prior figure, reflecting reduced second-half spending. The company reaffirmed that its neffy base business supports a path to cash-flow breakeven in 2027.

The company also reported that enrollment of the interim population for its Phase 2b clinical trial evaluating intranasal technology for acute flares in chronic spontaneous urticaria (CSU) has been completed. Interim data from that trial are expected in the fourth quarter of 2026. ARS Pharmaceuticals cited an estimated 1.6 million U.S. patients affected by CSU.

"Every day, more patients and caregivers are choosing neffy to protect against life-threatening allergic reactions," said Richard Lowenthal, co-founder and CEO of ARS Pharmaceuticals. "We believe the strength and trajectory of neffy provides us with a path to cash-flow breakeven next year while also allowing us to invest in what we believe is a very significant opportunity."

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