• Access and payer coverage: Despite certain payer discussions ongoing until mid-June, based on recent feedback, no new commercial formulary additions or coverage decisions have been issued for neffy in the July 1, 2026 cycle. 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. Demand has continued to grow independent of additional coverage additions. State Medicaid coverage has expanded with Florida adding neffy to its unrestricted Medicaid formulary effective July 1, 2026.
  • 2026 cash-based operating expenses: The Company has reduced its planned full-year 2026 cash-based operating expenses, excluding cost of goods sold (COGS), to approximately $248 million, reflecting prioritized commercial investment and enhanced cost discipline in the second half of 2026.
  • 2027 outlook: Combined with continued growth in the neffy base business, the Company reaffirms that its base business provides a path to reach cash-flow breakeven in 2027.
  • Base business supports expansion to CSU: ARS Pharma intends to build a profitable, growing commercial franchise around neffy that will underpin the Company’s financial trajectory and fund its pipeline development. The Company’s Phase 2b trial evaluating its intranasal technology for acute flares in CSU has completed enrollment of its interim population and interim data are expected in the fourth quarter of 2026. ARS Pharma views CSU as a potential significant future growth driver, with an estimated 1.6 million patients affected in the U.S. alone.