ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) shares fell in after-hours trading on Wednesday after the company provided commercial and financial updates, including no new formulary additions for Neffy in the July 2026 coverage cycle.
SPRY closed Wednesday’s regular session at $10.54, up 2.53%. In after-hours trading, shares fell to $8.00, down 24.08%.
ARS Pharmaceuticals is a biopharmaceutical company focused on developing needle-free treatments. Its lead product, Neffy, is an epinephrine nasal spray used for emergency treatment of severe allergic reactions, including anaphylaxis.
No New Coverage Decisions For Neffy
ARS Pharmaceuticals said no new commercial formulary additions or coverage decisions were issued for Neffy in the July 1, 2026, cycle.
The company said it will continue discussions with payers for potential future inclusion.
ARS noted that Neffy remains broadly accessible to commercially insured patients through existing coverage and a recently introduced retail cash option.
The company also said Florida added Neffy to its unrestricted Medicaid formulary effective July 1, 2026.
Financial Outlook Updated
ARS Pharmaceuticals lowered its planned full-year 2026 cash-based operating expenses, excluding cost of goods sold, to approximately $248 million.
The company said the reduction reflects lower second-half spending and continued cost discipline.
ARS reaffirmed that continued growth in the neffy base business supports a path to cash-flow breakeven in 2027.
The company also said interim data from its Phase 2b chronic spontaneous urticaria program is expected in the fourth quarter of 2026.
Trading Metrics
ARS Pharmaceuticals has a market capitalization of approximately $1.05 billion.
The stock has traded between a 52-week high of $18.89 and a 52-week low of $6.66.
Over the past 12 months, SPRY shares have declined approximately 39%.
Benzinga Edge Stock Rankings indicate positive short-term and medium-term price trends, but a negative long-term trend.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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