Ars Pharmaceuticals, Inc. · NASDAQ:SPRY

Ars Pharmaceuticals — Investor Presentation (November 2025)

19 slides from Ars Pharmaceuticals's investor presentation, Nov 10, 2025

  1. Slide 1: November 2025 Corporate Presentation

    November 2025 Corporate Presentation neffy – the transformative needle-free solution for severe allergic reactions Exhibit 99.2 NASDAQ: SPRY

  2. Slide 2: Forward-looking statements

    Forward-looking statements 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 reg

  3. Slide 3: Transforming the Emergency Treatment of Type I Allergic Reactions

    Transforming the Emergency Treatment of Type I Allergic Reactions neffy®: first and only FDA approved “no needle, no injection” solution for the emergency treatment of Type I allergic reactions for those 4 years and older who weigh 33 lbs or more (2 mg and 1 mg now available) Strong execution ($31.3

  4. Slide 4: Strong neffy sales growth to date, with significant near-term levers

    Strong neffy sales growth to date, with significant near-term levers to unlock even greater sales growth in 2026 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

  5. Slide 5: Anaphylaxis is Accompanied by Many Frequent Symptoms

    Anaphylaxis is Accompanied by Many Frequent Symptoms References: 1. Shaker MS, et al. J Allergy Clin Immunol. 2020. 2. Pistiner M, et al. J Allergy Clin Immunol Pract. 2021. 3. Jalil M, et al. Abstract at AAAAI 2020 Virtual Meeting. 4. Gonzelez-Estrada A, et al. Ann Allergy Asthma Immunol. 2018. 5.

  6. Slide 6: Type I Allergy Patients Face Significant Limitations with Other Treatment Options

    Type I Allergy Patients Face Significant Limitations with Other Treatment Options that neffy may help to address References: 1. Warren CM, et al. Ann Allergy Asthma Immunol. 2018. 2. Rooney E, et al. Poster Presentation at ACAAI 2022 (Louisville, KY). 3. Brooks C, et al. Ann Allergy Asthma Immunol.

  7. Slide 7: Addressing the Significant Unmet Needs in US Severe Allergic Reaction Patient Population

    Addressing the Significant Unmet Needs in US Severe Allergic Reaction Patient Population References: 1. Based on IQVIA prescription data through Sept 2025 (5.7M two-packs). 2. Gupta RS, et al. Pediatrics. 2011. 3. Gupta RS, et al. Pediatrics 2018. 4. McGowan EC, et al. J Clin Allergy Immunol. 2013.

  8. Slide 8: Ex-US partners enable ARS to focus exclusively on the United States

    Ex-US partners enable ARS to focus exclusively on the United States References: 1. 2023 IQVIA data based on estimated gross-to-net for generic and branded autoinjector products in the United States, 2. ALK Press Release (Nov 9, 2024) ALK licenses rights to neffy®, the first approved adrenaline nasal

  9. Slide 9: Commercialization Progress

    Commercialization Progress ARS Pharmaceuticals, Inc. Investor Presentation – November 2025

  10. Slide 10: Strong neffy US sales to date with higher intention to refill

    Strong neffy US sales to date with neffy users indicating a higher intention to refill vs. EAIs, contributing to market expansion % of 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 po

  11. Slide 11: neffy is already expanding the epinephrine market into new patient segments

    neffy is already expanding the epinephrine market into new patient segments beyond those who already fill autoinjector Rx 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 sur

  12. Slide 12: Real world evidence supports the clinical interchangeability of neffy and injection

    Real world evidence from neffy experience supports the clinical interchangeability of neffy and injection References: 1. Casale TB, Spergel JM, Bernstein DI, Tanimoto S. Real world data on the effectiveness of neffy in clinical practice. Annals of Allergy, Asthma and Immunology (November 2025). ARS

  13. Slide 13: Dissemination of real-world evidence expected to positively impact prescribing

    Dissemination of real-world evidence is expected to have significant positive impact on prescribing of neffy ARS Pharmaceuticals, Inc. Investor Presentation – November 2025 References: 1. October 2025 HCP ATU survey (n = 250), 2. May – August 2025 Kantar Consumer Surveys (n = 963 patients) 89% of ty

  14. Slide 14: 80% of patients likely to ask their HCP about neffy

    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 awarene

  15. Slide 15: 72% of patients are interested in a virtual prescriber option

    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

  16. Slide 16: Intranasal epinephrine (ARS-2) shows rapid reduction of acute flare in CSU

    Intranasal epinephrine (ARS-2) shows significant and rapid reduction of acute flare in CSU, with Phase 2b data mid-2026 Phase 2b randomized, placebo-controlled crossover clinical study to read out in H1 2026 Patients on stable chronic therapy with >1-2 acute flares/month are randomized to treat with

  17. Slide 17: CSU experts intend to prescribe ARS-2, if approved, to a majority of patients

    CSU experts intend to prescribe ARS-2, if approved, to a majority of patients, representing a blockbuster sales opportunity of all CSU patients would be prescribed ARS-2 (regardless of background therapy - antihistamines, biologics and combo) ~2M diagnosed chronic urticaria patients based on 12 mont

  18. Slide 18: Strong financial position to invest into the growth of neffy

    Strong financial position to invest into the growth of neffy $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

  19. Slide 19: A Clear Path for Continuing to Accelerate neffy Growth in 2026

    A Clear Path for Continuing to Accelerate neffy Growth in 2026, and Maintain Potential Blockbuster Sales Trajectory Multi-blockbuster peak sales potential driven by initial $3.5B segment, ~$7B expansion segment and ~$2B+ CSU indication ARS Pharmaceuticals, Inc. Investor Presentation – November 2025

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