Rodney Reeves's questions to ARS Pharmaceuticals Inc (SPRY) leadership • Q2 2025
Question
An analyst on behalf of Rodney Reeves at Leerink Partners asked about the potential ceiling for commercial coverage without prior authorization, particularly regarding CVS Caremark, and the revenue implications of improving access for the remaining covered lives.
Answer
Co-Founder, President & CEO Richard Lowenthal explained that they have not yet seen a ceiling for coverage. He noted that while a majority of CVS Caremark members still require a prior authorization (PA), these are being approved over 80% of the time and no plans are blocking Nefi. As more payers move to open access, it frees up physician capacity to handle the remaining PAs, creating a positive feedback loop for access.