SPRY Investor Alert: Levi & Korsinsky Investigates ARS Pharmaceuticals (SPRY) for Potential Securities Fraud

ARS Pharmaceuticals guided investors toward broad commercial coverage of Neffy, including the achievement of approximately 80% coverage -- the July 2026 payer cycle delivered zero new formulary additions, and SPRY dropped more than 23%.

NEW YORK--(BUSINESS WIRE)--Shareholders who held ARS Pharmaceuticals (NASDAQ: SPRY) stock watched the value drop more than 23% in after-hours trading on June 24, 2026, after the Company disclosed that Neffy® received no new commercial formulary additions or payer-coverage decisions in the July 1, 2026 review cycle. Investors who lost money on SPRY are encouraged to submit their information to discuss their legal rights. You may also contact Joseph E. Levi, Esq. via email at [e-mail] or by telephone at [phone].

During the Q4 2024 earnings call on March 20, 2025, Chief Commercial Officer Eric Karas commented that “the goal is for Neffy to achieve more than 60% commercial coverage by the end of the first quarter." CEO Richard Lowenthal added that ARS anticipated "being on formulary for CVS Caremark, Anthem, Aetna and others by July 1 in time for the summer peak prescribing season." The July 1, 2026 payer-review cycle produced zero new formulary additions for Neffy®.

On November 10, 2025, during the Q3 2025 earnings call, Lowenthal characterized Neffy’s prescription growth slowdown as "a one time event" and to return to quarter-over-quarter growth.” The Company's April 29, 2026 proxy filing claimed "over 90% overall commercial coverage" with no reference to pending payer-cycle risk or the possibility that no new formulary wins would materialize.

SPRY shareholders who suffered losses may click here to discuss their legal rights with Levi & Korsinsky. You may also contact Joseph E. Levi, Esq. via email at [e-mail] or by telephone at [phone].

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

Frequently Asked Questions About the SPRY Investigation

Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether ARS Pharmaceuticals made materially false or misleading statements regarding Neffy® commercial coverage outlook, including projections of near-term achievement of broad (~80%) payer coverage and expectations that CVS Caremark would add Neffy to its formulary by the July 1, 2026 cycle.

Q: Who is eligible to participate in the SPRY investigation? A: Investors who purchased SPRY stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do SPRY investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [e-mail] or [phone]. No immediate action is required to remain eligible to participate in the investigation.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.

Q: What if I already sold my SPRY shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought SPRY and sold at a loss may still participate in the investigation.

Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions. If legal action is later pursued, the overwhelming majority of affected investors never appear in court either.

Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I live outside the United States? A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.