ARS Pharmaceuticals Updates Neffy Financial Outlook for 2026

ARS Pharmaceuticals provided an update on payer access for neffy epinephrine nasal spray and an updated financial outlook for 2026 and 2027. Despite certain payer discussions ongoing until mid-June, based on recent feedback, no new commercial formulary additions or coverage decisions have been issued for neffy in the July 1 cycle. ARS Pharma intends to continue working with the remaining payers, and notes that neffy remains broadly accessible to commercially insured patients with the combination of direct coverage and a recently introduced retail cash option at a price consistent with other epinephrine products. Demand has continued to grow independent of additional coverage additions, according to the company. State Medicaid coverage has expanded with Florida adding neffy to its unrestricted Medicaid formulary effective July 1. The company has reduced its planned FY26 cash-based operating expenses, excluding cost of goods sold, to approximately $248M, reflecting prioritized commercial investment and enhanced cost discipline in the second half of 2026. Combined with continued growth in the neffy base business, the company reaffirms that its base business provides a path to reach cash-flow breakeven in 2027.