ARS Pharma slashes costs as Neffy market share doubles
New CEO Donn Casale outlines a strategy to cut cash-based expenses by more than 40% in the second half of 2026, aiming to drive profitability for the epinephrine nasal spray.
ARS Pharmaceuticals has reported a significant shift in commercial strategy following its second-quarter 2026 results, with new President and CEO Donn Casale prioritising tighter financial discipline alongside aggressive market share gains for its epinephrine nasal spray, Neffy. The company, which listed on the NASDAQ under the ticker SPRY, disclosed total revenue of $33.7 million for the quarter, with $26.2 million derived from US net product sales.
The core of Casale’s strategy involves a substantial reduction in spending to improve financial efficiency. Management is guiding for combined selling, general, and administrative (SG&A) and research and development expenses of $114 million to $126 million for the second half of 2026. Specifically, cash-based SG&A spending is expected to fall to between $100 million and $110 million, representing a cut of more than 40% compared to the first half of the year. This reduced spending pace is projected to continue through 2027.
These cost measures accompany notable growth in Neffy’s market presence. The product’s total US market share doubled to 5% in the second quarter, up from 2.5% a year earlier. Within the field sales team’s targeted call universe, share increased further to 8% from 4%. The number of unique Neffy prescribers also tripled, exceeding 16,000 in the quarter. Casale noted that the gap between covered and uncovered territory is stark, with the product holding 8% share where the sales team is active versus roughly 1% elsewhere.
To lead the commercial push, ARS appointed Meg Smith, a 25-year industry veteran, as Chief Commercial Officer. The field organisation is now fully built out and focused on high-value prescribers, who represent 44% of the total market opportunity. Casale acknowledged that previous spending on broad consumer advertising did not convert effectively in what he described as a prevention-based market rather than a treatment market.
On the pipeline front, the company is extending its intranasal epinephrine platform into chronic spontaneous urticaria (CSU), a market currently lacking an FDA-approved on-demand treatment for acute flares. However, the phase II-B interim readout for the CSU trial has been delayed from the end of 2026 to the first quarter of 2027. The delay was attributed to the trial design, which requires patients to log three separate flare episodes before data can be collected.
ARS Pharmaceuticals ended the quarter with $143.8 million in cash and short-term investments. Management is targeting cash flow breakeven by the end of 2027, a timeline that depends on the disciplined spending plan holding and market share gains continuing at a steady pace.
