ARS Pharmaceuticals: Buy Rating Reaffirmed on Improved Competitive Outlook After Aquestive’s Anaphylm SetbackWe believe Aquestive’s announcement that the FDA has identified deficiencies that preclude labeling discussions for Anaphylm ahead of its January 31 PDUFA suggests a CRL is the likely outcome. While not entirely unexpected, we believe this news is a positive for shares in ARS, as it likely removes (or at least delays) the potential for a near-term competitor in the needle-free epinephrine space, which has been an overhang on the stock. While we await a final review decision and details on a potential path forward, this leaves neffy as the only needle-free epinephrine device on the market for the time being, giving ARS more time to establish neffy as the needle-free option before potential future competition.