ARS Pharmaceuticals: Strategic Positioning and Market Potential for Neffy Justifies Buy RatingWe believe the company has driven meaningful demand for neffy in recent months that should continue to grow and translate to prescriptions and revenue over the coming quarters as several commercial initiatives gain momentum. While the company has secured good coverage for neffy, lowering an important barrier to broad prescribing, it still has more work to do to remove barriers to prescribing for more patients; a recently announced FDA workshop on December 16 focused on enhancing access to epinephrine may help drive additional coverage. In the meantime, we believe the recent Get neffy on Us program should help while waiting for additional payers to come online. We continue to see blockbuster potential for neffy and believe the company is well funded to support the launch, so we rate shares Outperform.