**ARS Pharmaceuticals Secures Up to $250 Million Loan Facility to Boost neffy® Commercialization** SAN DIEGO, Sept. 29, 2025 - ARS Pharmaceuticals Inc. (Nasdaq: SPRY) has entered into a new senior secured term loan facility of up to $250 million with affiliates of RA Capital Management and OMERS Life Sciences. The financing includes an initial $100 million term loan, with options for additional delayed draw loans and an uncommitted incremental facility, aimed at accelerating U.S. market share growth for neffy®, the company's needle-free epinephrine product. Key terms feature an interest rate of SOFR plus 5.5% (with a 3.0% SOFR floor) and interest-only payments until maturity in September 2030. Proceeds will support commercial expansion and general corporate purposes. ARS Pharma selected this non-dilutive financing to increase investment in commercialization while preserving shareholder value.