ARS Pharmaceuticals (SPRY) investor relations material

Company overview and strategic focus

• Lead product neffy has been on the market for two years, with a focus on driving its launch and market share growth.

• Targeting cash flow breakeven and profitability by end of 2027, with ongoing execution on the CSU program.

• Market for Type I allergies is large but underserved, with only 3 million prescriptions annually out of 20 million diagnosed patients.

• Key milestones include increasing market share, achieving profitability, and interim data for the CSU program in Q1 next year.

• Strategic shift from broad consumer awareness to targeted provider engagement to drive prescriber behavior change.

Sales force and market approach

• Sales team consists of 148 professionals, focusing on both clinical messaging and account management.

• Emphasis on changing entrenched prescriber behavior by highlighting limitations of auto-injectors and positioning neffy as a solution.

• Targeting high-prescribing allergists and pediatricians, with plans to expand reach after establishing a strong foundation.

• Co-promotion with ALK reinforces the strategy of direct provider engagement.

• Market share is 5% overall, 8% in field-targeted areas, and 1% where the field team is not present.

Market dynamics and growth expectations

• Growth is expected to be linear due to the entrenched nature of the market, with ongoing efforts to inspire provider change.

• More competitors in the needle-free epinephrine space are seen as beneficial for raising awareness of unmet needs.

• Ongoing engagement with PBMs and Medicaid to improve access and reduce payer friction.

• Shift away from broad-based DTC campaigns to more targeted digital and provider-focused advertising for efficiency.

• Operating expense guidance is $100–110 million per semester, expected to continue through 2027.