ARS Pharmaceuticals : Corporate Presentation

THE FIRST NO-NEEDLE,NO-INJECTION SOLUTION

for Type I Allergic Reactions

Q1 2023

1

Forward looking statements

This presentation contains forward-looking statements which include, but are not limited to, statements regarding the design and potential benefits of neffy; the anticipated Prescription Drug User Fee Act (PDUFA) date for neffy; the timing of regulatory approval for and the commercial launch of neffy, if approved; ARS Pharma's commercialization strategy; the potential market opportunity for neffy; the projected growth thereof and neffy's ability to capture and grow that market; ARS Pharma's expected competitive position; ARS Pharma's potential to become the standard in treatment and transform the treatment of allergic reactions; the likelihood of neffy attaining favorable coverage; the expected intellectual property protection for neffy; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. ARS Pharma's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the ability to obtain and maintain regulatory approval for neffy; results from clinical trials may not be indicative of results that may be observed in the future; potential safety and other complications from neffy; the labelling for neffy, if approved; the scope, progress and expansion of developing and commercializing neffy; the size and growth of the market therefor and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; the ARS Pharma's ability to protect its intellectual property position; the impact of health epidemics or pandemics on ARS Pharma's business and the actions ARS Pharma may take in response thereto; and the impact of government laws and regulations. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors - Risks Related to ARS Pharma" heading of the company's definitive proxy statement on DEFM14A filed with the Securities and Exchange Commission on October 6, 2022, available at www.sec.gov. These documents can be accessed on ARS Pharma's web page at www.ir.ars-pharma.comby clicking on the link "Financials & Filings."

The forward-looking statements included in this presentation are made only as of the date hereof. ARS Pharma does not assume any obligation and does not intend to update these forward-looking statements, except as required by law.

2

Potential to Transform the Treatment of Type I Allergic Reactions

• neffy®: first "no needle, no injection" solution for Type I allergic reactions to address an unmet market need
• Registration program demonstrates comparable PK and PD, without risk of needle-related safety concerns, fear and hesitation
• Significant opportunity to disrupt current epinephrine injectables market
• NDA accepted by FDA; mid-2023 PDUFA date anticipated
• Potential multi-billion-dollarmarket driven by HCP and consumer preference and adoption
• NCE-likeIP exclusivity potential until at least 2038
• ~$275 million in cash and securities as of 12/31/2022

3

Proven leadership team with track record developing and commercializing intranasal and consumer-driven medicines

Richard Lowenthal, M.S.

Chief Executive Officer, Co-Founder Led FDA approvals for

multiple nasal spray products 25+ years of experience

Harris Kaplan

EVP, Commercial Strategy

40+ years of commercial strategy across more than 125 product launches

Sarina Tanimoto, M.D.

Chief Medical Officer, Co-Founder Led FDA approvals for

multiple nasal spray products 20+ years of experience

Dan Relovsky

SVP, Marketing

30+ years of marketing, sales and operational experience across specialty and consumer markets

Eric Karas

Chief Commercial Officer

Led Narcan® commercial ops at Emergent/Adapt, and Auxilium specialty 25+ years of experience

Brian Dorsey

Chief Operating Officer

25+ years of R&D experience as including multiple head of R&D roles including Pernix, Apricus and Somaxon

Kathy Scott	Alex Fitzpatrick	Justin Chakma	Robert Bell, Ph.D.
Chief Financial Officer	Chief Legal Officer	Chief Business Officer	Chief Scientific Officer,
30+ years of finance	30+ years of legal	10+ years of M&A,	Co-Founder
experience with multiple	experience with multiple	licensing, financing and	30+ years of senior R&D
CFO roles including	GC roles including	strategy experience	leadership experience
Neurana, Recros and	Evofem, Kyriba,	including Celgene,	including Barr and
Oncternal	Verenium, Blackbaud	Receptos and Auspex	Somerset

4

Top-tier board of directors

Pratik Shah, Ph.D.

Chairman of Board of Directors

Executive Chairman at Design,

Former Chairman of Synthorx

(acq. $2.5B), Former CEO at

Auspex (acq. $3.5B)

Richard Lowenthal, M.S.

Chief Executive Officer, Co-Founder

Led FDA approvals for

multiple nasal spray products 25+ years of experience

Laura Shawver, Ph.D.

CEO at Capstan, former CEO at

Silverback, Synthorx (acq. $2.5B)

5

Peter Kolchinsky, Ph.D.

Managing Partner and Founder

at RA Capital

Brent Saunders

Chairman at The Beauty Health Co., Former CEO of Allergan (acq. $63B), Actavis, Forest Labs, and Bausch + Lomb (acq. $8.7B)

Jonathan Leff

Partner at Deerfield Management Chairman of Deerfield Institute

Peter Thompson, M.D.

Private Equity Partner at Orbimed

Rajeev Dadoo, Ph.D.

Managing Partner at SR One

Michael Kelly

Former President, US Operations at Adapt (acq. $735M), CEO at Covis (acq. $1.2B), founder at Azur

Philip Schneider

Former CFO at IDEC, former Board member at Arena (acq. $6.7B), Auspex (acq. $3.5B), GenProbe (acq. $3.7B)

Saqib Islam, J.D.

CEO of Springworks, former CBO at Moderna and EVP at Alexion