ARS Pharmaceuticals (SPRY) Oppenheimer 35th Annual Healthcare Life Sciences Conference (Virtual) 2025 summary

Company overview and product launch

• Focused on commercializing Neffy, a needle-free intranasal epinephrine spray for severe allergic reactions, with a team experienced in nasal delivery and emergency medicine.

• Successfully established a regulatory pathway with the FDA, achieving approval after meeting challenging criteria and a positive advisory committee outcome.

• Launched Neffy at the end of September/early October, with initial uptake exceeding expectations and rapid insurance access.

• Strong cash position due to a favorable deal for European and Canadian rights, enabling accelerated commercial efforts.

Early sales performance and adoption drivers

• Achieved $7.1 million in sales within 13 weeks, surpassing consensus estimates, driven by pent-up demand and early adopters willing to pay out-of-pocket.

• Physicians are comfortable with the product's data, and insurance coverage is improving faster than anticipated.

• Seasonality impacts sales, with a significant uptick expected in the summer, especially among children renewing prescriptions for school.

• The Neffy Experience program, enrolling 1,900 doctors, accelerates adoption by providing firsthand clinical experience.

• Promotional and educational initiatives, including speaker programs and CME, are ramping up to build trust and awareness among healthcare professionals.

Market access and insurance coverage

• Currently, about 50% of commercial lives are covered, with 30% at Tier Two Preferred; targeting over 60% by quarter-end and up to 80% by summer.

• Improved insurance coverage and reduced copays (down to $25) are expected to drive broader adoption, especially as prior authorization barriers decrease.

• Gross-to-net is approximately 50%, with strong contracts in place with major PBMs, and efforts ongoing to secure additional coverage.

• Doctors benefit from reduced barriers as more insurers provide preferred coverage, making it easier to prescribe Neffy.