ARS Pharmaceuticals, Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference

Sure. ARS Pharma, it's a company that our lead product is neffy, and we've been in the marketplace for now 2 years. We're launching neffy and quite frankly, we're looking forward into continuing to drive the launch and success of neffy. With neffy also, we have our pipeline with CSU. We can certainly talk about that quite a bit. But right now, our goal is execution around the neffy launch, continuing to drive revenue each quarter, continued gains of market share year-over-year from a quarter standpoint. With a goal, we communicated to achieve cash flow breakeven and profitability by end of 2027, establish the foundation with neffy and continue to execute on our CSU program.

I think the story is, you have to start at the market overall. There's 20 million patients who are diagnosed with Type I allergies, so it's a really large market. But unfortunately, only 3 million patients receive a prescription every year. There's a huge unmet need from the standpoint of the market and really penetrating the market. neffy obviously is a highly differentiated option and solution. The biggest challenge right now is that most of the market doesn't understand some of the limitations that exist out there with auto-injectors. Our job really is to inspire and motivate the marketplace providers around those limitations, because really, neffy offers such a tremendous solution or protection. That's what we're doing each and every day around that.

Continue to increase market share. We reported our market share, both not only total market share, but field targeted market share. Total market share 5%, and where we send our field team, it's 8%. We see quite a bit of a difference in the field targeted universe. Then where we don't send our field team, it's only 1%. We're really excited about the fact that with our field sales team, we can continue to drive market share. That's certainly going to be a metric and something we continue to monitor. An important milestone obviously is, as I said earlier, being cash flow breakeven and profitable because that really establishes the foundation, enables really optionality for ARS moving forward.

We'll certainly talk about the milestone as it relates to some interim data for our CSU program as well in the first quarter of next year. We have a lot of exciting things ahead of us, and we're really excited about building this company moving forward.

What's worked well is we have really high awareness around neffy. The awareness both by providers and consumers is they know neffy exists. There's been a lot of work driving awareness around the brand, and that's the first important step. What we need to continue to do, though, is really drive and shift the focus away from broad awareness from the marketplace and consumer, and really start to focus our efforts on provider, whether it's the physician, the nurse, the MA, because ultimately they own the decision around the identification and the recommendation for neffy. We need to focus on the problem that exists to inspire them to change and change with the solution, which is neffy.

Yeah. I think one of the things we'll bring, being relatively new, is just a discipline and a focus about which part of the market we're going after. Don mentioned that our strategic imperative is to change prescriber behavior and conviction around the fact of appreciating some of the limitations with auto-injectors, and then therefore neffy becomes the solution. That's going to require our sales team to really work with the prescribers and everybody in their staff to get them to understand the challenges and then help them figure out how they get neffy actually all the way through the pipeline to the patient.

We're just beginning the process right now of conveying that strategy to our team, making sure they understand who the right targets are, what the right messages are, what the sequence of that message should be that can drive lasting prescriber change and drive the output we want. That's where we are right now. It's a good start. It's a great foundation to start with as far as the brand and the market that we're in. But that's how we're going to win, and the team's really excited and motivated to be on this next phase of the journey of the launch.