ARS Pharmaceuticals (SPRY) investor relations material

Strategic goals and market access

• Aims for 90% commercial coverage for neffy by summer, focusing on securing large payers and expanding Medicaid access, with Florida expected to join soon.

• Medicaid states are willing to pay over twice the price of EpiPen, representing 24-25% of the market.

• Two main 2024 goals: expand neffy access for greater uptake and advance urticaria clinical development.

• Commercial coverage is at 57% unrestricted, with 93% overall coverage; efforts ongoing to reduce prior authorization barriers.

• Medicaid expansion expected to accelerate through 2024 as more states' P&T committees approve coverage.

Product uptake, patient dynamics, and prescriber experience

• About 75% of neffy users are switching from auto-injectors, with 25% from new or previously unfilled prescriptions.

• Pediatric use remains strong, with 55% of patients being children; pending removal of age restriction expected to boost younger patient uptake.

• The neffy Experience program has driven high prescriber confidence and market share, with real-world data showing efficacy comparable to injection.

• Virtual prescription and Getneffy.com initiatives reduce physician and patient burden, streamlining access and supporting refill dynamics.

• DTC campaigns have raised consumer awareness from 20% to over 60%, with messaging now focused on practical benefits and ease of use.

Clinical development and pipeline progress

• Phase 2b urticaria study is ongoing, with interim analysis expected in Q3 2024; Phase 3 targeted for mid-2027.

• Early studies show rapid and significant itch relief in urticaria flares, supporting the rationale for intranasal epinephrine as an add-on therapy.

• The urticaria indication is seen as a major value driver, with potential to reduce ER visits and biologic use, offering pharmacoeconomic benefits.

• The urticaria program is considered low risk due to strong clinical evidence and expert support.