ARS Pharmaceuticals Inc. (NASDAQ: SPRY)*

As of 20 March 2025

Key Financial Highlights

• Q4 2024 revenue: $86.6 million
  • $6.7 million from neffy product sales
  • $73.5 million from ALK collaboration
  • $6 million from Japanese licensing partner

• Full year 2024 revenue: $89.1 million
  • $7.3 million from neffy sales since September launch

• Cash position: $314 million at year-end 2024
• Net income: $49.9 million for Q4, $8 million for full year 2024
• Projected operating expenses for 2025: $200-210 million
• Runway of at least three years based on current operating plan

Neffy Commercial Progress

• Launched 2mg neffy in September 2024
• FDA approval secured for 1mg neffy dose (for children 15-30kg)
• 1mg dose will be available starting May 2025, representing 23% of market
• Over 9,000 healthcare providers directly engaged by sales team
• 4,000+ healthcare providers submitted neffy prescriptions
• 2,500 allergists enrolled in neffy Experience Program

Market Access Achievements

• 51% of commercially insured patients will have unrestricted access (no prior authorization) by April 1, 2025
• Agreements signed with all three major group purchasing organizations:
  • Athens in Q4 2024
  • MSR and Zinc in recent weeks

• Major coverage decisions from Express Scripts, Cigna, Optum, Navitus Health, TRICARE
• UnitedHealthcare adding unrestricted coverage April 1
• CVS Caremark, Anthem, and Aetna expected to offer unrestricted coverage by July 1
• Company expects to reach 80% commercial coverage without prior authorization by early Q3 2025

Strategic Initiatives

• Planning $40-50 million direct-to-consumer advertising campaign starting May 2025
• Focusing on back-to-school season and pediatric population
• neffy in Schools program providing free doses to K-12 schools
• Global expansion progressing:
  • Approved in European Union
  • UK regulatory decision expected by May 2025
  • ALK-Abello preparing for German and UK launches by summer
  • Regulatory submissions completed in Canada, China, Japan, and Australia

Clinical Development

• Nine presentations at recent AAAAI meeting showing strong efficacy data
• Real-world data from neffy Experience Program shows promising results
• Planning to start Phase 1 trial for intranasal epinephrine in urticaria (hives)
• Challenge clinic registry study starting in coming weeks (600 patients)

The company emphasized that current prescription levels represent only a fraction of future potential, with many physicians planning to switch more patients once prior authorization requirements are removed. Management believes neffy is positioned to become the new standard of care in emergency allergy treatment.