ARS Pharmaceuticals (SPRY) Corporate presentation summary

Product innovation and market opportunity

• neffy is the first FDA-approved needle-free epinephrine nasal spray for emergency treatment of Type I allergic reactions, addressing significant limitations of autoinjectors.

• Offers a compact, easy-to-carry, and user-friendly alternative, with rapid administration and no risk of needle-related injuries.

• Demonstrates high reliability, with 99.999% effective dose delivery and a 30-month shelf life at room temperature.

• Holds strong intellectual property protection with patents extending to at least 2039.

• Represents a multi-billion dollar US market opportunity, with $3.5B in initial addressable segments and $7B in expansion potential.

Commercial performance and adoption

• Achieved $72.2M net US sales in FY 2025, with over 22,500 healthcare providers prescribing neffy and more than 50% repeat prescribers.

• Launched a $0 co-pay virtual prescriber option to reduce patient and provider burden, increasing accessibility.

• Direct-to-consumer campaigns significantly increased consumer awareness, with aided awareness rising from 20% to 58% in 2025.

• 95% of users are likely to refill, and 87% report a positive impact on daily and social life.

• 26% of neffy patients come from market expansion segments, not previously filling autoinjector prescriptions.

Market dynamics and growth strategy

• US market for severe allergic reactions includes ~40M patients, with ~6.5M prescribed epinephrine and consistent market growth at 6.5% CAGR since 2010.

• Market structure currently limits short-term switching from autoinjectors due to high rates of virtual refills, but patient turnover and in-person visits are expected to drive future growth.

• HCPs anticipate neffy will capture a majority market share within 3-5 years, with up to 70% share projected.

• Ex-US partnerships provide $570M in upfront and milestone payments, with strong royalty streams and approvals in major global markets.

• Real-world data shows neffy’s clinical effectiveness is comparable to injection, with an 89.2% single-dose success rate.