Investors in ARS Pharmaceuticals lost more than 23% of their investment value in after-hours trading on June 24, 2026, after the Company disclosed that Neffy® — its flagship epinephrine nasal spray — received zero new commercial formulary additions or payer-coverage decisions in the July 1, 2026 review cycle.
The June 24 disclosure followed more than a year of specific management projections about formulary coverage timelines. On March 20, 2025, during the Q4 2024 earnings call, CEO Richard Lowenthal stated: "we anticipate over 80% with our prior authorization by early this summer with the addition of Neffy to the Caremark formulary." On the same call, Lowenthal reported that coverage was already secured with Express Scripts, MSR, Zinc, and UnitedHealthcare — and anticipated “being on formulary for CVS Caremark, Anthem, Aetna and others by July 1 in time for the summer peak prescribing season." Chief Commercial Officer Eric Karas added “our goal is for Neffy to achieve more than 60% commercial coverage by the end of the first quarter."
On November 10, 2025, during the Q3 2025 earnings call, Lowenthal characterized Neffy’s prescription growth slowdown as "a one time event" and to return to quarter-over-quarter growth.” Yet the July 1, 2026 payer cycle produced no new commercial formulary additions or coverage decisions. The stock fell more than 23% on the disclosure.
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