** Shares of drugmaker ARS Pharmaceuticals SPRY.O rise 2.4% to $8.31 premarket

** Co reports Q1 revenue of $22.7 million, beating analysts' average estimate of $22.23 million, according to LSEG data

** SPRY posts net loss of $60.62 million vs expectations for loss of $51.87 million

** The company said it expects a majority of state Medicaid programs to adopt its nasal spray Neffy to their unrestricted formularies by early next year

** Neffy is ARS' FDA-approved nasal spray to treat severe allergic reactions including anaphylaxis

** As of last close, SPRY stock down 31.8% YTD