ARS Pharmaceuticals Stock Plunges 24% After Neffy Coverage Denial, Revises Expenses to $248M
SPRY•ARS Pharmaceuticals shares fell 24% after failing to secure expanded commercial insurance coverage for Neffy in the July 1 review cycle and lowered its 2026 cash-based operating expense forecast to $248 million. The coverage setback raises concerns about Neffy’s market adoption and revenue growth prospects.
1. Coverage Denial for Neffy
ARS Pharmaceuticals said that negotiations with major health insurers failed to secure broader coverage for Neffy in the July 1 review cycle, raising concerns about its market adoption and potential revenue growth for the needle-free allergic reaction treatment.
2. Expense Forecast Revision
The company also reduced its projected 2026 cash-based operating expenses to approximately $248 million, down from its prior guidance, signaling an effort to manage costs amid coverage uncertainties.
3. Stock Price Reaction and Sentiment
Shares declined by over 24% in after-hours trading, reflecting investor anxiety, though retail sentiment on social platforms improved from bearish to neutral following the announcement.
