ARS Pharmaceuticals, Inc.

ARS Pharmaceuticals, Inc. (NASDAQ: ARSP) is a biopharmaceutical company focused on the commercialization and development of neffy, a needle-free intranasal epinephrine product for the emergency treatment of Type I allergic reactions, including anaphylaxis. The company's website is www.arspharm.com.

neffy represents the first new delivery method for epinephrine in more than 35 years and is the first and only FDA and European Commission-approved needle-free epinephrine product. The formulation combines epinephrine with an innovative absorption enhancer called Intravail, enabling safe intranasal delivery at low doses that provide comparable exposures to approved injectable products. neffy 2 mg is approved in the United States, European Union, United Kingdom, Japan, Australia, and China for adults and children weighing 30 kg or greater, while neffy 1 mg is approved in the U.S., Australia, and China for patients four years of age and older weighing 15 kg to less than 30 kg.

The company addresses a significant market opportunity, targeting approximately 3.2 million patients in the United States who actively fill epinephrine autoinjector prescriptions, representing an estimated $1.8 billion in annual net sales potential. The company's commercialization strategy includes a direct sales force of 106 individuals targeting high-volume prescribers, an additional co-promotion sales force of approximately 70 individuals with partner ALK-Abelló, and a virtual prescriber platform launched in November 2025. As of February 2026, more than 22,500 physicians have prescribed neffy since launch, with approximately 93 percent overall commercial insurance coverage achieved.

Beyond its approved indication, ARS is developing neffy for chronic urticaria, with a Phase 2b clinical trial initiated in the second quarter of 2025. The company estimates the chronic urticaria market represents an addressable opportunity exceeding $2.0 billion annually.

ARS maintains a robust global intellectual property portfolio with composition of matter and method patents not expected to expire until 2038. The company has established international partnerships with Alfresa for Japan, Pediatrix for China, Seqirus for Australia and New Zealand, and ALK for Canada, the European Union, United Kingdom, and other territories. Real-world data from the neffy experience program demonstrates approximately 90 percent single-dose treatment success rates, consistent with historical injection efficacy.