ARS Pharma (SPRY) Q1 2026 Earnings Transcript

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DATE

Friday, May 15, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Richard Lowenthal

• Chief Commercial Officer — Eric Karas

• Chief Financial Officer — Kathleen Scott

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Full Conference Call Transcript

Richard Lowenthal: Thank you, Justin, and bully morning, everybody, and convey you for joining america connected the call. We are disconnected to a beardown commencement successful 2026, pursuing our archetypal afloat twelvemonth arsenic a commercialized institution and gathering momentum crossed the business. During the quarter, we continued to absorption connected cardinal drivers of growth, which are expanding access, making neffy much affordable to patients and caregivers, expanding prescriber adoption and strengthening user awareness. We person made advancement successful further positioning neffy arsenic a differentiated and progressively scalable attraction wrong a ample marketplace of benignant 1 allergic reactions, including anaphylaxis. In the archetypal quarter, we generated $22.7 cardinal successful full revenue.

This includes $17.5 cardinal successful U.S. nett merchandise gross for neffy, which represents 3x the measurement of neffy prescriptions year-over-year and much than treble the revenue. Our income maturation successful the archetypal 4th is simply a affirmative accomplishment fixed that the archetypal 2 months of the twelvemonth are typically the lowest measurement play for epinephrine. This is owed to the reset of wellness security deductibles connected January 1. As further context, epinephrine is successful a mature refill-driven market, wherever astir fractional the prescriptions are renewals typically written electronically without an bureau visit. As a caller entrant, neffy has mostly relied connected caller in-office prescriptions to date.

We are present opening to spot shifts successful the underlying marketplace dynamics with improved payer access, reduced prescribing friction and maturation successful the refill cycles for our installed base. These factors, alongside the maturation we've seen successful demand, prescriber engagement and diligent uptake supply the instauration for much accordant and scalable semipermanent maturation going forward. Our neffy priorities stay focused connected 3 areas: access, affordability and adoption. Starting with access. The superior barriers influencing prescriber adoption successful this class are the anterior authorization process and perceived misperceptions of out-of-pocket cost. Even erstwhile anterior authorization support is obtained, the process creates friction that tin hold oregon deter prescribing. Addressing these barriers is captious absorption for this year.

We ended the archetypal 4th with astir 90% commercialized coverage, of which 57% was without anterior authorization. At the authorities level, Florida, a bellwether Medicaid authorities has added neffy to its unrestricted formulary effectual July 1, with galore further states progressing towards adding neffy to their preferred cause list. This brings america to a full of 9 states covering neffy nether Medicaid. The astir consequential caller improvement is astatine CVS Zinc, which covers Caremark, Aetna and Anthem. Based connected feedback from CVS successful precocious April, we submitted an updated connection to adhd neffy to their commercialized formularies, removing the PA request and targeting a July 1 effectual date.