Shares of ARS Pharmaceuticals fell after the company said no commercial insurers had added its neffy nasal spray to their plans in the current insurance cycle.

Shares plunged 23% to $8.12 in after-hours trading Wednesday. The stock closed up 2.5% at $10.54, down 9.5% this year.

The company highlighted that neffy was added to Florida state Medicare coverage, but said there had been no commercial formulary additions or coverage decisions despite discussions with some payers stretching into mid-June.

"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, the company said. "Demand has continued to grow independent of additional coverage additions."

The company cut its planned full-year cash-based operating expenses to around $248 million, citing cost discipline and the prioritization of commercial investments. It reaffirmed its outlook of reaching cashflow breakeven in 2027.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

June 24, 2026 18:25 ET (22:25 GMT)

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