ARS Pharmaceuticals (ARS Pharmaceuticals (SPRY)) on Wednesday reaffirmed its expectation to achieve cash-flow breakeven in 2027, even as no additional commercial formulary decisions for its epinephrine nasal spray Neffy were secured during the July 1, 2026 coverage cycle. The company also lowered its projected 2026 operating expenses, citing tighter cost controls and prioritizing commercial investments.

No New Commercial Coverage Added In July Cycle

ARS Pharma said discussions with certain payers continued through mid-June, but recent feedback indicated that no new commercial formulary additions or coverage decisions for Neffy were made for the July 1 cycle. Despite the lack of new commercial wins, the company said Neffy remains widely available to commercially insured patients through a combination of direct coverage and a recently introduced retail cash-pay option priced in line with other epinephrine products.

Florida Medicaid Expands Access To Neffy

ARS Pharma highlighted a recent expansion in public payer access, noting that Florida added Neffy to its unrestricted Medicaid formulary effective July 1, 2026. The company said it plans to continue engaging with remaining commercial payers to pursue broader formulary access.

Expense Reduction Supports Profitability Path

ARS Pharma lowered its planned full-year 2026 cash-based operating expense outlook, excluding cost of goods sold, to approximately $248 million. According to the company, the revised forecast reflects more disciplined spending and a focus on high-priority commercial investments during the second half of 2026. Combined with continued growth in the existing Neffy business, ARS Pharma reiterated that it remains on track to achieve cash-flow breakeven in 2027.

Analyst Says Expectations Have Reset

William Blair on Wednesday wrote, “Expansion of coverage—and, specifically, addition to the formulary of CVS, which remains the only major PBM without unrestricted coverage—has been a focus of investors for months, as access barriers and the need for prior authorizations remain the largest barrier to neffy adoption.” Analyst Lachlan Hanbury-Brown said the stock’s weakness is understandable, but recent prescription growth and market share gains point to solid commercial execution even without expanded access. Hanbury-Brown added that the latest news likely resets expectations to levels that should be readily achievable.

SPRY Price Action: ARS Pharmaceuticals shares were down 25.85% at $7.81 at the time of publication on Thursday.