ARS Pharmaceuticals Inc (SPRY) saw its stock price plummet 5.59% in pre-market trading on Friday following the release of its fourth quarter and full year 2024 financial results. The decline reflects investor concerns over the slower-than-anticipated adoption of the company's flagship product, neffy, a needle-free epinephrine nasal spray for severe allergic reactions.

During the earnings call, ARS Pharmaceuticals reported $7.3 million in neffy sales for the full year 2024, which fell short of market expectations. The company cited challenges with prior authorizations as a significant hurdle in driving initial prescriptions. Despite these obstacles, ARS Pharmaceuticals highlighted progress in securing payer coverage, with a goal of reaching 80% unrestricted commercial coverage by early summer 2025.

Looking ahead, ARS Pharmaceuticals outlined plans to accelerate adoption, including the launch of a direct-to-consumer advertising campaign in May 2025 and the introduction of a 1mg dose for children. The company also expects the upcoming availability of real-world data from its neffy Experience Program to boost physician confidence. However, investors appear to be taking a cautious stance, waiting to see if these initiatives will translate into significant sales growth in the coming quarters.