Slide 1: May 2026 Corporate Presentation
May 2026 Corporate Presentation neffy – the transformative needle-free solution for severe allergic reactions Exhibit 99.2 NASDAQ: SPRY
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
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 Potential multi-billion US market opportunity ($3.5B Rx’ed, plus $7B expansion segment) driven by HCP and
Slide 4: 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.
Slide 5: 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.
Slide 6: 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.
Slide 7: 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
Slide 8: Commercialization Progress
Commercialization Progress ARS Pharmaceuticals, Inc. Investor Presentation – Ma y 2026
Slide 9: HCPs support the belief that neffy will capture a lion's share of the market
HCPs support the belief that neffy will capture a lion’s share of the market with comparable market access as autoinjectors Anticipated share (%) of patients receiving neffy (Oct 2025 Survey) References: 1. October 2025 HCP ATU survey (n = 250) ARS Pharmaceuticals, Inc. Investor Presentation – May 2
Slide 10: Structural barriers in autoinjector market structure mean fewer short-term opportunities to switch
Structural barriers in autoinjector market structure mean fewer short-term opportunities to switch to neffy References: 1. IQVIA analysis (March 2026) based on Jan 2025 to Jan 2026 epinephrine pharmacy and claims (LRx) and medical and institutional claims (Dx), 2. IQVIA longitudinal epinephrine Rx c
Slide 11: Underlying demand for neffy growing despite coverage challenges
New Patients Underlying demand for neffy growing despite coverage challenges, but market structure obscures near-term uptake ARS Pharmaceuticals, Inc. Investor Presentation – May 2026 Epinephrine Autoinjector Market Flow When EAI Expires (Later in 2026/2027) EAI Rx Today (2025-2026) ~40% electronic
Slide 12: neffy users indicating a higher intention to refill vs. EAIs
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 positive impact on daily and social l
Slide 13: 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
Slide 14: Real world evidence supports 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
Slide 15: DTC investment is significantly increasing consumer awareness
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 2.9x increase 58% Dec 2025 DTC impact on aided consumer awareness of neffy (%)1 References: 1. September 2025 DTC Tracker (n = 4
Slide 16: "Get neffy on Us" virtual prescriber with $0 co-pay
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
Slide 17: CSU is a blockbuster opportunity for ARS-2
Chronic spontaneous urticaria (CSU) is a blockbuster opportunity for ARS-2 as the first-ever treatment for acute flares ~1.5M diagnosed and treated chronic urticaria patients based on US claims database analysis prevalence of 0.57%1 900K US chronic urticaria patients reported to be uncontrolled with
Slide 18: Intranasal epinephrine (ARS-2) shows reduction of acute flares in treatment-resistant CSU
Intranasal epinephrine (ARS-2) shows significant and rapid reduction of acute flares in treatment-resistant CSU patients in-clinic who exhibit flares nearly all the time References: 1. Bernstein J, et al. Frequency of angioedema in chronic spontaneous urticaria: Report from the Urticaria Voices stud
Slide 19: Phase 2b trial with low-dose ARS-2 in CSU patients
Phase 2b trial with low-dose ARS-2 (0.5 mg, 1 mg) in CSU patients with episodic flares to read out interim result (n=21) in Q4 2026 n = 42 CSU patients, 18 to 65 years old, with a history of moderate to severe acute exacerbations or flares (UAS Score ≥ 2) Patients are on chronic therapy of antihista
Slide 20: CSU experts intend to prescribe ARS-2 as an adjunctive therapy
CSU experts intend to prescribe ARS-2, if approved, as an adjunctive therapy to a majority of CSU patients of all CSU patients would be prescribed ARS-2 (regardless of background therapy - antihistamines, biologics and combo) “I would be very excited to have this option to provide to our patients… e
Slide 21: Strong financial position to invest into the growth of neffy
Strong financial position to invest into the growth of neffy $201.0M in cash, cash equivalents and short-term investments as of March 31, 2026 ~50% target gross-to-net retention guidance Q1 2026 Highlights $22.7M total revenue $82.8M total operating expenses (cash and non-cash) $60.6M net loss ARS P
Slide 22: 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 900+ documented cases of real-world anaphylaxis treated using ne