Core Insights - ARS Pharmaceuticals is presenting real-world data on the effectiveness of neffy® (epinephrine nasal spray) at the 2025 Annual Scientific Meeting of the American College of Allergy, Asthma & Immunology, highlighting that approximately 90% of patients experiencing anaphylaxis were effectively treated with a single dose of neffy [1][2] - The presentations include one late-breaking oral presentation and six poster presentations, showcasing the treatment's value and effectiveness in various clinical settings [1][2] Company Overview - ARS Pharmaceuticals is focused on empowering at-risk patients and their caregivers to manage severe allergic reactions that could lead to anaphylaxis [1][18] - The company is commercializing neffy®, an epinephrine nasal spray indicated for emergency treatment of Type I allergic reactions, including anaphylaxis, in patients aged 4 years and older [1][18] Presentation Details - The oral presentation titled "Real World Data on the Effectiveness of Epinephrine Nasal Spray in Clinical Practice – Update" will take place on November 8, 2025 [3] - Six poster presentations will cover various topics, including the effectiveness of neffy in clinical settings and patient experiences with the nasal spray compared to autoinjectors [5][6][7] Clinical Evidence - Dr. Jonathan Spergel emphasized that the consistency of outcomes across diverse patient populations supports the reliability of intranasal epinephrine, asserting that it is as effective as injections [2] - Case reports presented during the meeting demonstrate the successful use of neffy in patients undergoing oral food challenges and allergy immunotherapy [2][7] Market Context - There are approximately 40 million people in the U.S. experiencing Type I allergic reactions, with a significant number diagnosed with severe reactions that may lead to anaphylaxis [17] - Despite the availability of epinephrine auto-injectors, many patients delay or do not administer treatment during emergencies due to various limitations, highlighting the need for alternatives like neffy [17]

Core Insights - ARS Pharmaceuticals, Inc. announced that the European Patent Office upheld the validity of its patent EP 3678649, which covers nasal spray epinephrine formulations, including alkyl-glycoside [1] - The company's global intellectual property portfolio related to its product neffy provides coverage until at least 2039 [2] - The successful defense of two patents in different jurisdictions strengthens the company's position against future patent challenges [3] Patent Validity and Legal Outcomes - The EPO's unanimous decision supports the strength and validity of ARS Pharma's extensive patent portfolio [4] - Earlier this year, the United States Patent and Trademark Office upheld key claims for U.S. Patent No. 10,682,414, which pertains to treating type-1 hypersensitivity reactions with an epinephrine nasal spray [2][4] Product Information - Neffy is a nasal spray indicated for emergency treatment of type I allergic reactions, including anaphylaxis, in patients aged 4 years and older who weigh at least 33 lbs [5] - The product is designed to address limitations associated with epinephrine auto-injectors, such as needle fear and portability issues [13] Market Context - Approximately 40 million people in the U.S. experience type I allergic reactions, with 20 million diagnosed and treated for severe reactions in the last three years [13] - Despite the prevalence, only 3.2 million filled their active epinephrine auto-injector prescriptions in 2023, highlighting a significant market opportunity for neffy [13]

Core Viewpoint - ARS Pharmaceuticals has received approval from Japanese regulators for neffy, a needle-free epinephrine nasal spray, which addresses a significant need for emergency treatment of anaphylaxis in both adults and children in Japan [1][2] Group 1: Product Approval and Market Entry - The Pharmaceuticals and Medical Devices Agency (PMDA) in Japan has approved neffy in 1 mg and 2 mg doses for emergency treatment of allergic reactions in individuals weighing over 15 kg [1] - Alfresa Holdings, which holds the marketing rights for neffy in Japan, anticipates that the product will be available in the fourth quarter of 2025 [1][3] Group 2: Market Need and Patient Statistics - Approximately 900,000 individuals in Japan are estimated to be affected by food allergies, with the prevalence in children doubling from 2010 to 2019 [2] - A survey conducted in 2025 revealed that only 14% of Japanese patients who experienced anaphylaxis had an epinephrine auto-injector prescription, and only half used it during their most recent episode [2] Group 3: Product Features and Advantages - Neffy offers a compact design with an extended shelf life of 24 months, making it easier for patients and caregivers to carry and administer during emergencies [2] - The product is already commercially available in the U.S. and has received regulatory approvals in Germany and the U.K., with further approvals expected in Canada, Australia, New Zealand, and China by 2026 [4]

Core Insights - ARS Pharmaceuticals reported $15.7 million in total revenue for Q2 2025, with $12.8 million coming from neffy U.S. net product revenue, indicating strong growth driven by increased payor access and a national DTC campaign [1][5][6] - The company achieved 93% commercial coverage for neffy, with a streamlined prior authorization process leading to high approval rates, positioning neffy as a preferred option for allergic reactions [1][6][8] - neffy has expanded its global footprint with EURneffy approved in the U.K. and launched in Germany, marking significant milestones in the company's international strategy [1][9][10] Financial Performance - Total revenue for Q2 2025 was $15.7 million, including $12.8 million from neffy sales, $2.6 million in milestone revenue from ALK-Abelló A/S, and $0.3 million in supply revenue [5][32] - R&D expenses were $4.0 million, primarily for clinical trials and development expenses related to neffy [5][32] - SG&A expenses reached $54.3 million, reflecting significant investment in marketing and commercialization efforts for neffy [5][32] - The net loss for Q2 2025 was $44.9 million, or $0.46 per share, with cash reserves of $240.1 million as of June 30, 2025, supporting operations for at least the next three years [5][32] Commercial Launch and Growth - neffy prescription growth increased approximately 180% from Q1 to Q2 2025, driven by effective sales execution and marketing strategies [4][6] - The DTC campaign significantly raised consumer awareness of neffy from 20% to 49% by late July 2025, with expectations for continued momentum [8] - Over 9,700 healthcare providers have prescribed neffy, a 73% increase since April 2025, indicating strong adoption among high-prescribing HCPs [6][8] Global Expansion - EURneffy was approved in the U.K. in July 2025 and launched in Germany in June 2025, with further regulatory approvals anticipated in Canada, Japan, Australia, and China by 2026 [9][10][11] - The company is also pursuing a Phase 2b clinical trial for neffy in treating chronic spontaneous urticaria, expanding its product's indications [11]

Core Viewpoint - The approval of EURneffy as the first needle-free adrenaline treatment in the U.K. represents a significant advancement for patients with severe allergies, addressing the need for a more accessible emergency treatment option [2][4]. Group 1: Product Overview - EURneffy is an epinephrine nasal spray approved for emergency treatment of allergic reactions, including anaphylaxis, in adults and children over 30 kg [1][5]. - The product is expected to be available in the U.K. by late Q3 2025, with the U.K. being the largest market outside the U.S. for adrenaline auto-injectors [1][4]. Group 2: Company Partnerships and Financials - ARS Pharmaceuticals entered an exclusive licensing agreement with ALK-Abelló A/S in November 2024, granting ALK rights to commercialize neffy outside the U.S. [2][4]. - ARS Pharma received a $145 million upfront payment and is eligible for up to an additional $320 million in milestone payments, along with tiered royalties on net sales in licensed territories [2][4]. Group 3: Market Strategy and Promotion - A co-promotion agreement was initiated between ARS Pharma and ALK in May 2025 to reach nearly 20,000 healthcare providers, particularly targeting pediatricians during the back-to-school season [3]. - ALK successfully launched EURneffy in Germany in late June 2025, with further regulatory approvals expected in Canada, Japan, Australia, and China by the end of 2025 and into 2026 [4].

Neffy Approval and Indication - Neffy (epinephrine nasal spray) has been approved for the emergency treatment of Type I allergic reactions, including anaphylaxis, in adults and children weighing ≥30kg[4, 65] - The available dose strength is a 2 mg nasal spray device[8] - A supplemental regulatory application (sNDA) for a 1 mg dose for children 15 kg to <30 kg is expected to be filed with the FDA in Q3 2024[2, 22] Addressing Unmet Needs and Market Opportunity - Only 10%-20% of patients with active prescriptions use them as indicated, highlighting significant limitations with current treatment options[5] - Approximately 40 million patients have type 1 allergic reactions, with ~20 million diagnosed and under physician care[25] - The US severe allergic reaction market has shown consistent growth, with a +6.5% Compound Annual Growth Rate (CAGR) since 2010 and +12.7% Year-over-Year (YoY) growth in 2023[25] - Market research indicates a 45% reduction in time to use with neffy compared to current devices, suggesting faster administration[30] Clinical Trial Data and Safety - Registrational studies demonstrate comparable pharmacodynamic (PD) surrogates for efficacy and pharmacokinetic (PK) with approved products[19] - In clinical trials, 100% of patients responded to a single dose of neffy within the first 15 minutes, and did not require a second dose of epinephrine per treatment guidelines in an oral food challenge induced anaphylaxis study[41] - The most common adverse events (>2%) with a single dose of neffy were mild nasal discomfort (9.7%) and mild headache (6%)[12, 19] Commercialization and Market Access - A commercial force of 110 sales representatives and area sales managers will target 12,500 allergy specialists and high decile prescribers[38] - The company anticipates at least 80% unrestricted access in the US by mid-2025[62] - A co-pay buy-down program will reduce the patient co-pay to $25 for commercially insured patients[48, 49] Global Expansion and Future Development - Filings by partners in Australia, China, and Japan are expected in 2024, with filings planned in Canada and other regions[22, 62] - Phase 2b trial results for treating acute urticaria exacerbations in CSU patients on antihistamine therapy are expected in 2025[23, 62] - The company has a strong balance sheet of $218.7 million and an expected operating runway of at least 3 years to support US commercialization[62]

Core Insights - ARS Pharmaceuticals has launched neffy, a 1 mg epinephrine nasal spray, now available by prescription in the U.S. for children aged four years and older, addressing the need for needle-free treatment of Type I allergic reactions, including anaphylaxis [1][5][6] Group 1: Product Availability and Features - The neffy nasal spray is designed to be easy to use and portable, making it suitable for children to carry in backpacks or lunchboxes [2] - Human factor studies indicate that 100% of users successfully administered neffy by following instructions, compared to a 35% error rate with injection devices [2] - The product has a shelf life of 24 months and can withstand temperatures up to 122°F (50°C) for three months without compromising quality [2] Group 2: Access and Affordability - ARS Pharmaceuticals offers a co-pay savings program, allowing eligible commercially insured patients to pay no more than $25 for two single-use neffy devices [3] - The cash price for neffy is $199 for two doses, and the Patient Assistance Program provides neffy at no cost for certain uninsured or underinsured individuals [3] - The company is working with major insurance providers to ensure broader access to neffy, aiming to reduce barriers for patients [4] Group 3: Market Context and Community Impact - Approximately 40 million people in the U.S. experience Type I allergic reactions, with 20 million diagnosed with severe reactions in the last three years [15] - Despite the prevalence, only 3.2 million filled their active epinephrine auto-injector prescriptions in 2023, highlighting a significant gap in treatment accessibility [15] - The introduction of neffy is expected to improve the likelihood of timely administration of epinephrine during allergic emergencies, particularly among children [4][15]

Core Viewpoint - ARS Pharmaceuticals has entered into a co-promotion agreement with ALK-Abelló A/S to promote neffy, an epinephrine nasal spray, targeting pediatricians and enhancing access to this needle-free treatment for severe allergic reactions, particularly ahead of the back-to-school season [1][2][3] Company Overview - ARS Pharmaceuticals is focused on empowering at-risk patients and caregivers to protect against severe allergic reactions that could lead to anaphylaxis [1][17] - The company is commercializing neffy, the only approved needle-free treatment for Type I allergic reactions, including anaphylaxis, for patients aged 4 years and older who weigh at least 33 pounds [4][6][17] Partnership Details - The agreement allows ARS Pharma to recognize all U.S. revenue and maintain sole responsibility for U.S. commercialization activities, including marketing and distribution [2][5] - ALK will promote neffy to approximately 9,000 pediatricians, representing about 55% of all community-use epinephrine prescriptions in the U.S. [2][5] - The partnership includes performance-based payments for ALK based on exceeding specific market share thresholds, starting at 30% of net revenue above an initial threshold in the second year [5] Market Strategy - ARS Pharma plans to launch a direct-to-consumer campaign in May 2025, coinciding with the availability of a 1 mg dose for children over four years old [3] - The company anticipates broadening unrestricted commercial access for neffy over the summer, ensuring a smooth prescribing experience for patients and physicians [3] Financial Outlook - ARS Pharma expects its operating expenses to increase by approximately $3 million per quarter starting in Q3 2025, but this will not impact its cash flow for 2025 [3]