Slide 1: neffy – the transformative needle-free solution for severe allergic reactions
NASDAQ: SPRY neffy – the transformative needle-free solution for severe allergic reactions March 2026 Corporate Presentation
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 ARS Pharmaceuticals, Inc. Investo
Slide 4: Anaphylaxis is Accompanied by Many Frequent Symptoms
Anaphylaxis is Accompanied by Many Frequent Symptoms Symptoms (>2%) reported during US anaphylaxis events 1-14 Common Anaphylaxis Symptoms Include: 0% 20% 40% 60% 80% 100% Urticaria or Angioedema >85% urticaria (hives, erythema) or angioedema Urticaria Flushing Mucosal (swelling of the face, lips, t
Slide 5: Type I Allergy Patients Face Significant Limitations
Type I Allergy Patients Face Significant Limitations with Other Treatment Options that neffy may help to address NO TREATMENT REFUSAL OF DELAY IN USER ERROR IN PROBLEM: READILY AVAILABLE TREATMENT TREATMENT TREATMENT ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 ONLY 10% - 20% of pati
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 Epidemiology prevalence data estimates Consistent Market Growth (Units) +6.5% CAGR since 2010, +12.7% YoY in 20231 ~40M patients with type 1 allergic reactions2-9 ARS Pharmaceuticals, Inc. Investor Presentation
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 ARS has received US, EU, UK, China, AUS and JP approvals and is under review in CAN; these regions represent 98% of global epinephrine autoinjector sales1 ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 • Strong ex-US l
Slide 8: Commercialization Progress
ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 Commercialization Progress
Slide 9: Structural barriers in autoinjector market structure
Structural barriers in autoinjector market structure mean fewer short-term opportunities to switch to neffy Epinephrine Autoinjector Market Flow EAI Rx Today When EAI Expires ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 (2025-2026) (Later in 2026/2027) ~45% new patient in- However, d
Slide 10: Underlying demand for neffy growing despite coverage challenges
Underlying demand for neffy growing despite coverage challenges, but market structure obscures near-term uptake Epinephrine Autoinjector Market Flow EAI Rx Today When EAI Expires ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 (2025-2026) (Later in 2026/2027) ~45% 50%+ future market sha
Slide 11: 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 80% 70% 68% ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 61% 60% 58% 52% 52% 50% 43% 44% 40% 37% 30% 20% 10% 0
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 High rates of neffy patient satisfaction and intent to refill ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 95% % of users likely to refill neffy1 (12 to 24 month expiry from product receipt
Slide 13: neffy is already expanding the epinephrine market
neffy is already expanding the epinephrine market into new patient segments beyond those who already fill autoinjector Rx Source of neffy patients by segment Addressable US (September 2025)1 Segment Size (Patients) ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 100% 26% of neffy patien
Slide 14: 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 ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 14 References: 1. Casale TB, Spergel JM, Bernstein DI, Tanimoto S. Real world data on the effectiveness of neffy in clinical practice
Slide 15: neffy investment in DTC is significantly increasing consumer awareness
neffy investment in DTC is significantly increasing consumer awareness with early ROI measures on track to benchmarks ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 DTC impact on aided consumer awareness of neffy (%)1 80% of patients 89% 20% 2.9x increase 58% are very likely or extreme
Slide 16: Get neffy on Us virtual prescriber
“Get neffy on Us” virtual prescriber with a $0 co-pay launched in November 2025 to reduce patient burden 72% of patients are interested in a virtual ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 prescriber option1 $0 co-pay for commercially eligible patients $0 visit fee <5 to 10 min
Slide 17: Chronic spontaneous urticaria 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 ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 900K U
Slide 18: Intranasal epinephrine (ARS-2) shows significant and rapid reduction of acute flares
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 Randomized, placebo-controlled, blinded Phase 2b study in the clinic ARS Pharmaceuticals, Inc. Investor Presentation – March 2026
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 starting in H2 2026, followed by Phase 3 (mid-2027) and potential launch in 2028 EPI-U02 CSU Trial CSU patients randomized to 6 possible sequences to Clinical outcomes enrollment criteria receive 0.5 m
Slide 20: CSU experts intend to prescribe ARS-2, if approved
CSU experts intend to prescribe ARS-2, if approved, as an adjunctive therapy to a majority of CSU patients “None of our therapies that we use right now are directed at resolving CSU. They're all band aids that we're giving our patients to treat the symptoms... so Survey of allergists who manage you'
Slide 21: Strong financial position to invest into the growth of neffy
Strong financial position to invest into the growth of neffy FY 2025 Highlights ARS Pharmaceuticals, Inc. Investor Presentation – March 2026 $84.3M $245.0M in cash, cash equivalents and short-term investments total revenue as of December 31, 2025 $243.2M ~50% total operating expenses gross-to-net re
Slide 22: A Clear Path for Continuing to Accelerate neffy Growth
A Clear Path for Continuing to Accelerate neffy Growth in 2026, and Maintain Potential Blockbuster Sales Trajectory $0 & co-pay and wait-time for getting neffy at getneffy.com, for Multi-blockbuster <10 min commercially eligible patients, eliminating travel, wait time and peak sales potential ARS Ph