Despite ongoing negotiations with payers that extended through mid-June, the company reported no new commercial coverage decisions. The setback arrives even as ARS Pharma confirms that Neffy has secured inclusion in Florida state Medicare plans. To offset the stalled commercial momentum, management has tightened its belt, reducing projected full-year cash-based operating expenses to approximately $248 million.
In section Market Quotes
ARS Pharmaceuticals Shares Slide as Commercial Insurers Hold Out
A 23% plunge in after-hours trading greeted ARS Pharmaceuticals on Wednesday, as the company revealed that its needle-free epinephrine nasal spray, Neffy, failed to secure new commercial insurance coverage during the current cycle. The sharp decline erased earlier gains, leaving investors rattled by the lack of formulary expansion.
Company leadership maintains that demand for the product continues to climb independently of insurance mandates. To bypass the current coverage gaps, ARS Pharma is leaning on a direct-to-consumer retail cash option priced to compete with existing epinephrine alternatives. Even with the current market volatility, the firm reaffirmed its long-term financial roadmap, targeting cashflow breakeven by 2027.
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