#Neffy #ARS Pharmaceuticals #SPRY

ARS Pharmaceuticals Sees Significant Stock Decline

On June 24, 2026, shares of ARS Pharmaceuticals (NASDAQ: SPRY) plummeted by more than 23% in after-hours trading. This sharp decline followed an announcement by the company indicating that its flagship product, Neffy®, an epinephrine nasal spray, was excluded from new commercial formulary additions for the July 1, 2026 review cycle. Despite previous optimistic projections from the company's leadership regarding formulary placements, the outcome has raised concerns among investors and stakeholders alike.

Background on ARS Pharmaceuticals
ARS Pharmaceuticals has been making waves in the pharmaceutical industry with its innovative product Neffy, designed to make epinephrine administration easier for individuals at risk of severe allergic reactions. CEO Richard Lowenthal and other executives had previously expressed high hopes for their inclusion in various formularies, most notably CVS Caremark. During a Q4 2024 earnings call, Lowenthal had confidently claimed that they anticipated securing over 80% coverage with prior authorizations by early summer of 2026.

Immediate Fallout from the Announcement
Despite these assurances, the announcement that no new formulary additions had been made led to an immediate backlash in the stock market. Investors swiftly reacted, leading to a significant drop in stock value. The sharp decline represents a major turnaround from the company's earlier promises, where the management seemed poised for growth with multiple partnerships already in place, including those with Express Scripts, MSR, Zinc, and UnitedHealthcare.

Legal Investigation Initiated
In light of these events, Levi & Korsinsky, a law firm renowned for securities litigation, has opened an investigation into the actions of the officers and directors of ARS Pharmaceuticals. They are examining whether there were any potential violations of securities laws and whether the company's leadership made misleading statements about the timing of Neffy's formulary placements and commercial coverage projections. Investors who have suffered financial losses due to the stock's decline are encouraged to assess their legal rights.

What Investors Should Do
For those who bought shares of ARS Pharmaceuticals and are now facing losses, it is essential to gather brokerage records, including purchase dates, quantities, and prices paid. Contacting Levi & Korsinsky could initiate a free, no-obligation consultation where an attorney will review individual trading histories to assess potential recoveries. Given that eligibility is based on purchase dates rather than current holdings, even those who sold shares at a loss may still participate in the investigation.

A Flashback to ARS's Projections
Company executives have characterized previous downturns in prescription growth as