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November 10, 2025 ARS Pharmaceuticals Third Quarter 2025 Financial Results Conference Call NASDAQ: SPRY
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Forward-looking statements 2 Statements in this presentation that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this presentation include, without limitation, statements regarding: the potential market, demand and expansion opportunities for neffy; the expectation for neffy sales and prescriptions in 2026 and beyond; evaluations, judgments, and expectations regarding ARS Pharma's marketing and commercialization strategies; the belief that real world outcomes data supports the clinical interchangeability of neffy and epinephrine injection; the expectation that the loan facility will enable ARS Pharma to execute on its strategic expansion plans and fuel continued growth; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “demonstrate,” “expect,” “indicate,” “plan,” “potential,” “target,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon ARS Pharma's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation: the ability to obtain and maintain regulatory approval for neffy; results from clinical trials and non-clinical studies may not be indicative of results that may be observed in the future; potential safety and other complications from neffy; the labeling for neffy in any future indication or patient population; the scope, progress and expansion of developing and commercializing neffy; ARS Pharma's reliance on its licensing and co-promotion partners; the potential for payors and governments to delay, limit or deny coverage or reimbursements for neffy; the size and growth of the market therefor and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; net product sales may not be indicative of profitability or profitability at expected levels; reliance on survey results with small sample sizes; ARS Pharma's ability to protect its intellectual property position; and the impact of government laws and regulations. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in ARS Pharma's Annual Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025. This and other documents ARS Pharma files with the SEC can also be accessed on ARS Pharma's website at ars-pharma.com by clicking on the link “Financial Filings” under the “Investors & Media” tab. The forward-looking statements included in this presentation are made only as of the date hereof. ARS Pharma assumes no obligation and does not intend to update these forward-looking statements, except as required by law. ARS Pharmaceuticals, Inc. Investor Presentation – November 2025
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Strong neffy sales growth to date, with significant near-term levers to unlock even greater sales growth in 2026 3 $7.8 $12.8 $31.3 Q1 2025 Q2 2025 Q3 2025 neffy US quarterly net sales in 2025 $ millions of USD 1.64x 2.45x Near-term activities expected to further accelerate U.S. growth REAL WORLD EVIDENCE DISSEMINATION November 2025: formal publication (Nov 24) and oral presentation (Nov 8) of real-world evidence (n = 680) that shows consistent anaphylaxis treatment outcomes as injection historically 2, 3 SEAMLESS PATIENT EXPERIENCE November 2025: Updated “Get neffy on Us” DTC campaign launched (www.getneffy.com) to increase awareness and motivate patients to switch to neffy with a $0 co-pay and a simple virtual prescribing option References: 1. Anticipated as of spring 2026 with addition of neffy to commercial formularies of CVS Caremark/Aetna (~23% of Rx) and Prime (~11%), 2. Casale TB, et al. Real world data on the effectiveness of neffy in clinical practice. Annals, Allergy Asthma & Immunology (December 2025), 3. Casale TB et al. Real world data on the effectiveness of neffy in clinical practice – update. Oral presentation at the American College of Asthma, Allergy and Immunology Meeting on November 8th, 2025 (Orlando, Florida). ARS Pharmaceuticals, Inc. Investor Presentation – November 2025
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4 ARS Pharmaceuticals, Inc. Investor Presentation – November 2025 80% of patients are very likely or extremely likely to ask their HCP about neffy after learning about it2 89% of HCPs prescribe neffy when asked by a patient3 20% May 2025 2.8x increase 56% Sept 2025 DTC impact on aided consumer awareness of neffy (%) 1 References: 1. September 2025 DTC Tracker (n = 400 type I allergy patients), 2. September 2025 consumer ATU survey (n = 400 type I allergy patients), 3. September 2025 HCP ATU survey (n = 250 HCPs) neffy investment in DTC is significantly increasing consumer awareness with early ROI measures on track to benchmarks
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5 ARS Pharmaceuticals, Inc. Investor Presentation – November 2025 72% of patients are interested in a virtual prescriber option1 $0 co-pay for commercially eligible patients $0 visit fee <5 to 10 min appointment at the patient's convenience References: 1. August 2025 consumer ATU survey (n = 400 type I allergy patients) “Get neffy on Us” virtual prescriber with a $0 co-pay launched in November 2025 to reduce patient burden
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6 ARS Pharmaceuticals, Inc. Investor Presentation – November 2025 Total direct reach to ~20,000 HCPs representing ~55% of epinephrine Rx from all HCPs • ARS sales organization of 117 sales reps, virtual reps, area sales managers and national sales directors • More than ~15,000 HCPs have been engaged by the ARS sales force to date • Partnership with ALK US sales force (n = ~70 reps) targeting 9,000 pediatricians with neffy in primary position 5,600 9,700 18,000 April 2025 August 2025 November 2025 Growing breadth of HCPs prescribing # of HCPs that have prescribed neffy Continued strong growth in prescribing breadth by HCPs
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neffy is already expanding the epinephrine market into new patient segments beyond those who already fill autoinjector Rx 7 Source of neffy patients by segment (September 2025)1 Active EAI: ~$2B net sales2 (~3.3 million patients) Addressable US Segment Size (Patients) References: 1. September 2025 survey of neffy users (n = 70), 2. Segment net sales estimated by IQVIA epinephrine prescription data and neffy’s net price per two-pack unit. ARS Pharmaceuticals, Inc. Investor Presentation – November 2025 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% E Lapsed NRx 26% of neffy patients are from market expansion segments that represent a significant addressable market in the US Lapsed/Non-Filler: (~3.3 million patients) Never Rx: (~13.5 million patients)
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Surveys of neffy users indicate a high satisfaction and higher intention to refill versus EAIs, contributing to market expansion 8 95% 31% to 39% neffy injection % of actual users likely to refill neffy1 (12 to 24 month expiry from product receipt) Actual EAI refill rates2 (12 to 24 months after initial Rx) 87% of neffy users report a positive impact on daily and social life1 References: 1. September 2025 survey of neffy users (n = 70), 2. IQVIA longitudinal prescription data (2023) ARS Pharmaceuticals, Inc. Investor Presentation – November 2025
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Strong financial position to invest into the growth of neffy 9 $288.2M in cash, cash equivalents and short-term investments as of September 30, 2025 RA Capital and OMERS Life Sciences $100M debt facility draw in September 2025 provides additional operational flexibility while continuing our ability to achieve cashflow breakeven without additional dilutive equity capital Low-mid 50% gross-to-net retention guidance $210 to $220M FY2025 cash-based operating expense guidance Q3 2025 Highlights $32.5M total revenue $85.7M total operating expenses (cash and non-cash) $51.2M net loss ARS Pharmaceuticals, Inc. Investor Presentation – November 2025
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Q&A