Lachlan Hanbury-Brown

Ryan Deschner

Andreas Argyrides

Joshua Schimmer

Louise Chen

Alexa Deemer

Roanna Clarissa Ruiz

Rodney Reeves

- **ARS Pharmaceuticals, Inc. (SPRY)** entered into a **Credit Agreement** on **September 29, 2025**, providing for up to **$250.0 million** in term loans.  **[1671858_0001193125-25-223228_d27880d8k.htm:1]** 
- An initial **$100.0 million** was advanced on the closing date, with proceeds designated for **research, development, product commercialization activities**, and general corporate purposes.  **[1671858_0001193125-25-223228_d27880d8k.htm:1]** 
- A **$25.0 million Term C Loan** tranche is contingent on achieving at least **$100.0 million in trailing 12-month net revenues for neffy**.  **[1671858_0001193125-25-223228_d27880d8k.htm:1]** 
- The Term Loans will mature on the **five-year anniversary** of the closing date and bear an initial interest rate of **5.50% plus the greater of three-month forward-looking term SOFR or 3.00%**.  **[1671858_0001193125-25-223228_d27880d8k.htm:1]**

ARS Pharmaceuticals, Inc. Secures Up to $250 Million in Term Loans

- ARS Pharmaceuticals is approximately **ten months** into the launch of Nefi, which commenced in **October**.  **[1671858_tx_381240_0]** 
- The company initiated a direct-to-consumer (DTC) campaign in **June**, with linear TV ads starting in **July**, resulting in a significant increase in aided awareness for Nefi from **20% to 49%**.  **[1671858_tx_381240_0]** **[1671858_tx_381240_3]** 
- To improve profitability, ARS Pharmaceuticals discontinued its GoodRx program in **July**, which had been leading to negative revenue, and is actively working to expand access by anticipating Nefi's inclusion on Prime's formulary by **January 1** and pressuring Caremark for similar coverage.  **[1671858_tx_381240_4]** **[1671858_tx_381240_7]** **[1671858_tx_381240_8]** 
- Physician adoption is growing, with approximately **10,000 doctors** having prescribed Nefi, and the company observes a higher preference for Nefi among children and a greater number of prescriptions per patient compared to injections.  **[1671858_tx_381240_1]** **[1671858_tx_381240_6]** 
- The average co-pay for Nefi with commercial coverage is **$37**, with about **80%** of commercially covered patients paying **$25 or less**, which is lower than the **$48** average for generic auto-injectors.  **[1671858_tx_381240_6]**

ARS Pharmaceuticals Provides Update on Nefi Launch and Commercial Strategy

ARS Pharmaceuticals (SPRY)