ARS Pharmaceuticals Secures Up to $250 Million Loan Facility with RA Capital Management and OMERS Life Sciences to Accelerate U.S. Commercialization of neffy®
ARS Pharmaceuticals (NASDAQ: SPRY) has secured a substantial $250 million senior secured term loan facility from RA Capital Management and OMERS Life Sciences. The company has initially borrowed $100 million to accelerate the commercialization of neffy®, their needle-free epinephrine treatment for allergic reactions.
The loan facility includes favorable terms with an interest rate of SOFR plus 5.5% and interest-only payments until September 2030. The company has access to additional tranches: $25 million available within 6-12 months, another $25 million subject to achieving $100 million in U.S. revenue, and an uncommitted $100 million incremental term loan.
Market response to neffy® has been strong, with 93% of patients surveyed being "very likely to consider" the treatment and the prescriber base nearly doubling in four months. The company expects the funding to support operations through cash-flow breakeven while targeting the $2 billion annual U.S. epinephrine market.
ARS Pharmaceuticals (NASDAQ: SPRY) ha assicurato un sostanziale prestito senior garantito a termine di 250 milioni di dollari da RA Capital Management e OMERS Life Sciences. L'azienda ha inizialmente preso in prestito 100 milioni di dollari per accelerare la commercializzazione di neffy®, il loro trattamento epinefrina senza aghi per le reazioni allergiche.
Il facility di prestito include condizioni favorevoli con tasso di interesse SOFR più 5,5% e pagamenti solo interessi fino a settembre 2030. L'azienda ha accesso a tranche aggiuntive: 25 milioni di dollari disponibili entro 6-12 mesi, un altro 25 milioni soggetti al raggiungimento di 100 milioni di dollari di entrate statunitensi, e un prestito a termine incrementale non impegnato di 100 milioni di dollari.
La risposta del mercato a neffy® è stata forte, con 93% dei pazienti intervistati che si dichiarano "molto propensi a considerare" il trattamento e la base di prescrittori quasi raddoppiata in quattro mesi. L'azienda si aspetta che il finanziamento sostenga operazioni fino al pareggio di cassa, pur mirando al mercato annuale statunitense di epinefrina da 2 miliardi di dollari.
ARS Pharmaceuticals (NASDAQ: SPRY) ha asegurado un sustancial crédito senior garantizado a término de 250 millones de dólares de RA Capital Management y OMERS Life Sciences. La empresa ha tomado inicialmente 100 millones de dólares para acelerar la comercialización de neffy®, su tratamiento de epinefrina sin aguja para reacciones alérgicas.
La facilidad de crédito incluye condiciones favorables con una tasa de interés de SOFR más 5,5% y pagos solo de intereses hasta septiembre de 2030. La empresa tiene acceso a tramos adicionales: 25 millones de dólares disponibles dentro de 6-12 meses, otros 25 millones sujetos a alcanzar 100 millones de ingresos en EE. UU., y un préstamo a término incremental no comprometido de 100 millones de dólares.
La respuesta del mercado a neffy® ha sido fuerte, con 93% de pacientes encuestados que dijeron estar "muy propensos a considerar" el tratamiento y la base de prescriptores casi se duplicó en cuatro meses. La compañía espera que la financiación respalde las operaciones hasta alcanzar el punto de equilibrio de efectivo mientras apunta al mercado anual de epinefrina en EE. UU. de 2 mil millones de dólares.
ARS Pharmaceuticals (NASDAQ: SPRY)가 RA Capital Management 및 OMERS Life Sciences로부터 250백만 달러의 선순위 담보 만기 대출 facility를 확보했습니다. 회사는 초기적으로 1억 달러를 차입하여 알레르기 반응용 바늘 없는 에피네프린 치료제인 neffy®의 상용화를 가속화합니다.
대출 시설은 SOFR 플러스 5.5%의 이자율과 2030년 9월까지 이자만 지급하는 유리한 조건을 포함합니다. 회사는 6-12개월 내 2500만 달러의 추가 트랜치, 미국 매출 1억 달성 시 또 다른 2500만 달러, 그리고 약정되지 않은 1억 달러의 추가 만기 대출에 접근할 수 있습니다.
neffy®에 대한 시장 반응은 강하며, 응답한 환자 93%가 치료를 "강하게 고려할 가능성이 있다"고 답했고, 처방자 수 기반도 4개월 만에 거의 두 배로 늘었습니다. 회사는 현금 흐름의 손익분기점까지 운영을 지원하고 미국 내 연간 에피네프린 시장 20억 달러를 목표로 자금을 활용할 것으로 기대합니다.
ARS Pharmaceuticals (NASDAQ: SPRY) a obtenu un important prêt senior garanti à terme de 250 millions de dollars auprès de RA Capital Management et OMERS Life Sciences. L'entreprise a initialement emprunté 100 millions de dollars pour accélérer la commercialisation de neffy®, leur traitement à base d'épinéphrine sans aiguille pour les réactions allergiques.
La facilité de prêt comprend des conditions favorables avec un taux d'intérêt de SOFR plus 5,5% et des paiements uniquement d'intérêts jusqu'en septembre 2030. L'entreprise a accès à des tranches additionnelles : 25 millions de dollars disponibles dans 6-12 mois, un autre 25 millions sous condition d'atteindre 100 millions de dollars de revenus américains, et un prêt à terme incrémental non engagé de 100 millions de dollars.
La réaction du marché à neffy® a été robuste, 93% des patients interrogés déclarent être « très susceptibles de considérer » le traitement et la base de prescripteurs a presque doublé en quatre mois. L'entreprise prévoit que le financement soutiendra les opérations jusqu'au point médian de cash-flow tout en visant le marché américain annuel de l'épinéphrine de 2 milliards de dollars.
ARS Pharmaceuticals (NASDAQ: SPRY) hat von RA Capital Management und OMERS Life Sciences eine erhebliche Senior Secured Term Loan Facility in Höhe von 250 Millionen US-Dollar erhalten. Das Unternehmen hat zunächst 100 Millionen US-Dollar aufgenommen, um die Kommerzialisierung von neffy®, ihrer nadellosen Epinephrin-Behandlung bei allergischen Reaktionen, zu beschleunigen.
Die Kreditfazilität umfasst vorteilhafte Konditionen mit einem Zinssatz von SOFR plus 5,5% und Zinszahlung nur bis September 2030. Dem Unternehmen stehen zusätzliche Tranchen zur Verfügung: 25 Millionen US-Dollar innerhalb von 6-12 Monaten, weitere 25 Millionen vorbehaltlich eines Umsatzes von 100 Millionen US-Dollar in den USA, und ein ungebundener 100 Millionen US-Dollar zusätzlicher Term Loan.
Die Marktreaktion auf neffy® war stark, 93% der befragten Patienten gaben an, sie würden das Produkt "sehr wahrscheinlich in Erwägung ziehen", und die Prescriber-Basis hat sich in vier Monaten nahezu verdoppelt. Das Unternehmen erwartet, dass die Finanzierung den Betrieb bis zum Cash-Flow-Breakeven unterstützt, während es den US-amerikanischen Epinephrin-Markt von 2 Milliarden US-Dollar jährlich anvisiert.
ARS Pharmaceuticals (NASDAQ: SPRY) قد أمنت تمويلًا كبيرًا قرضًا طويل الأجل مضمونًا بقيمة 250 مليون دولار من RA Capital Management و OMERS Life Sciences. لقد اقترضت الشركة مبدئيًا 100 مليون دولار لتسريع تسويق neffy®، علاجها بالإبينفرين بدون إبر لردود الفعل التحسسية.
تشمل الم_piustة إجراءات القرض شروط ميسرة بفائدة SOFR زائد 5.5% ودفعات فائدة فقط حتى سبتمبر 2030. لدى الشركة إمكانية الوصول إلى شرائح إضافية: 25 مليون دولار متاحة خلال 6-12 شهراً، وشرائح إضافية 25 مليون دولار رهناً بتحقيق 100 مليون دولار من الإيرادات في الولايات المتحدة، وقرضًا إضافيًا بقيمة 100 مليون دولار غير ملتزم.
كان رد السوق على neffy® قويًا، حيث قال 93% من المرضى المستطلعين إنهم "من المحتمل جدًا أن يفكروا في العلاج"، وكذلك قاعدة الموفرين الذين تكاد تتضاعف خلال أربعة أشهر. وتتوقع الشركة أن يدعم التمويل العمليات حتى نقطة التعادل النقدي مع استهداف سوق الإبينفرين الأميركي بقيمة 2 مليار دولار سنويًا.
ARS Pharmaceuticals (纳斯达克股票代码：SPRY) 已从 RA Capital Management 和 OMERS Life Sciences 获得一笔重大 2.5亿美元的高级担保定期贷款。公司最初借入 1亿美元，以加速其无针肾上腺素治疗药物 neffy® 的商业化进程，该药用于过敏反应治疗。
该贷款设施包含有利条款，利率为 SOFR 加 5.5%，直到 2030 年 9 月为止仅支付利息。公司还可获得追加分段：2500万美元 可在 6-12 个月内提取，另一个 2500万美元 需达到美国收入 1 亿美元的条件，以及一个不承诺的 1亿美元 增量定期贷款。
市场对 neffy® 的反应强劲，接受调查的 93% 的患者表示“非常可能考虑”该治疗，且开药医生基数在四个月内几乎翻倍。公司预计这笔资金将支持运营直至实现现金流平衡，同时瞄准 美国年 Epinephrine 市场约 20 亿美元 的目标。
- Secured substantial $250 million loan facility with favorable terms and no dilution to shareholders
- Initial $100 million funding immediately available for commercial acceleration
- Strong market acceptance with 93% patient consideration rate and expanding prescriber base
- Targeting $2 billion annual U.S. epinephrine market opportunity
- Real-world evidence supports neffy's effectiveness compared to traditional injection treatments
- Company expects to reach cash-flow breakeven with current funding
- Significant debt burden with $250 million loan facility
- Additional $25 million tranche requires achieving $100 million in U.S. revenue milestone
- Interest rate tied to SOFR plus 5.5% with 3.0% SOFR floor could become costly
Insights
ARS Pharmaceuticals secured $250M debt financing to accelerate neffy commercialization with favorable terms, strengthening its market position without shareholder dilution.
ARS Pharmaceuticals has secured a substantial
The financing structure reveals several positive elements: (1) The loan carries favorable terms with SOFR plus
Early commercial traction appears promising, with neffy nearly doubling its prescriber base across specialties over four months. Consumer surveys indicate strong receptivity, with
The company is targeting the
This non-dilutive financing from the company's largest shareholder demonstrates conviction in neffy's market potential while providing the capital necessary to scale commercial operations during this critical launch phase. The structured availability of additional capital through delayed draw options creates flexibility as commercial metrics evolve.
Initial
SAN DIEGO, Sept. 29, 2025 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a commercial-stage biopharmaceutical company dedicated to empowering at-risk patients and their caregivers to better protect patients from allergic reactions that could lead to anaphylaxis, today announced it has entered into a senior secured term loan facility of up to
ARS Pharma has borrowed an initial
“We are deeply supportive of ARS Pharma’s mission and the transformative impact of neffy for people who need rapid, reliable, needle-free epinephrine,” said Adam Kaye, Senior Managing Director and Partner, Structured Capital, at RA Capital. “Based on its unique product profile and accelerating commercial traction, we see significant potential for neffy. Structuring this loan facility further aligns us as long-term partners while giving ARS Pharma the flexibility to scale commercial initiatives efficiently.”
In the U.S., neffy is steadily expanding its prescriber base across allergy, primary care, and pediatrics – nearly doubling the breadth of prescribing over the last four months. Early direct-to-consumer campaigns have delivered meaningful lifts in awareness and engagement, which provide line of sight to a potentially attractive return on investment as spend scales. A consumer survey conducted in August 2025 showed more than
“Having seen my child hesitate to tell me she’s having a reaction because she fears the needle in an auto-injector, I consider neffy one of the most transformative innovations of my career,” said Peter Kolchinsky, Ph.D., Founder and Managing Partner at RA Capital and member of the ARS Pharma Board of Directors. “Before neffy, there was no needle-free choice. Now, she has successfully used neffy multiple times, and each time without hesitation. I believe everyone should know neffy exists and I’m proud to help fuel the launch of such an important product.”
“This capital from RA Capital, a top-tier healthcare fund and long-time investor in ARS Pharma, in partnership with OMERS Life Sciences, a leading non-dilutive financing provider for commercial-stage biotech companies, provides the added resources to scale our commercial activities rapidly while preserving shareholder value,” said Richard Lowenthal, Co-Founder, President, and CEO of ARS Pharma. “By choosing a loan facility over other capital vehicles, we can increase commercial investment and strengthen our balance sheet with no dilution, reflecting our confidence in neffy’s durable cash flow profile and long-term market opportunity. Our planned investment positions us to expand the current market by improving adherence and refill rates, re-engaging lapsed patients, and activating untreated patients, and to convert the current ~
Key features of this senior secured term loan facility include an interest rate of SOFR plus
Based on current operating plans, the Company expects pro forma cash resources based on the committed capital to fund operations through expected cash-flow breakeven.
About RA Capital Management
Founded in 2004, RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare, life sciences, and planetary health companies. RA Capital creates and funds innovative companies, from private seed rounds to public follow-on financings, allowing management teams to drive value creation from inception through commercialization and beyond. RA Capital's knowledge engine is guided by its TechAtlas internal research division, and Raven, RA Capital's healthcare incubator, which offers entrepreneurs and innovators a collaborative and comprehensive platform to explore the novel and the re-imagined. RA Capital has more than 150 employees and over
About OMERS Life Sciences and OMERS
OMERS Life Sciences provides royalty financings and other non-dilutive solutions to biopharma companies and academic institutions.
OMERS is a jointly sponsored, defined benefit pension plan, with more than 1,000 participating employers ranging from large cities to local agencies, and 640,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate.
About neffy®
neffy is a nasal spray used for emergency treatment of allergic reactions including anaphylaxis, in adults and children aged 4 years and older who weigh 33 lbs. or greater.
INDICATION AND IMPORTANT SAFETY INFORMATION FOR neffy (epinephrine nasal spray)
INDICATION
neffy is indicated for emergency treatment of type I allergic reactions, including anaphylaxis, in adult and pediatric patients aged 4 years and older who weigh 33 lbs. or greater.
IMPORTANT SAFETY INFORMATION
neffy contains epinephrine, a medicine used to treat allergic emergencies (anaphylaxis). Anaphylaxis can be life-threatening, can happen in minutes, and can be caused by stinging and biting insects, allergy injections, foods, medicines, exercise, or other unknown causes.
Always carry two neffy nasal sprays with you because you may not know when anaphylaxis may happen and because you may need a second dose of neffy if symptoms continue or come back. Each neffy contains a single dose of epinephrine. neffy is for use in the nose only.
Use neffy right away, as soon as you notice symptoms of an allergic reaction. If symptoms continue or get worse after the first dose of neffy, a second dose is needed. If needed, administer a second dose using a new neffy in the same nostril starting 5 minutes after the first dose. Get emergency medical help for further treatment of the allergic emergency (anaphylaxis), if needed after using neffy.
Tell your healthcare provider if you have underlying structural or anatomical nasal conditions, about all the medicines you take, and about all your medical conditions, especially if you have heart problems, kidney problems, low potassium in your blood, Parkinson's disease, thyroid problems, high blood pressure, diabetes, are pregnant or plan to become pregnant, or plan to breastfeed.
Tell your healthcare provider if you take or use other nasal sprays or water pills (diuretics) or if you take medicines to treat depression, abnormal heart beats, Parkinson's disease, heart disease, thyroid disease, medicines used in labor, and medicines to treat allergies. neffy and other medications may affect each other, causing side effects. neffy may affect the way other medicines work, and other medicines may affect how neffy works.
neffy may cause serious side effects. If you have certain medical conditions or take certain medicines, your condition may get worse, or you may have more or longer lasting side effects when you use neffy.
Common side effects of neffy include: nasal discomfort, headache, throat irritation, chest and nasal congestion, feeling overly excited, nervous or anxious, nose bleed, nose pain, sneezing, runny nose, dry nose or throat, tingling sensation, including in the nose, feeling tired, dizziness, nausea, and vomiting.
Tell your healthcare provider if you have any side effects that bother you or that do not go away after using neffy.
These are not all of the possible side effects of neffy. Call your healthcare provider for medical advice about side effects. To report side effects, contact ARS Pharmaceuticals Operations, Inc. at 1-877-MY-NEFFY (877-696-3339) or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
Please see the full Prescribing Information and Patient Information for neffy.
About Type I Allergic Reactions Including Anaphylaxis
Type I allergic reactions are serious and potentially life-threatening events that can occur within minutes of exposure to an allergen and require immediate treatment with epinephrine, the only FDA-approved medication for these reactions. While epinephrine auto-injectors have been shown to be highly effective, there are well published limitations that result in many patients and caregivers delaying or not administering treatment in an emergency situation. These limitations include fear of the needle, lack of portability, needle-related safety concerns, lack of reliability, and complexity of the devices. There are approximately 40 million people in the United States who experience Type I allergic reactions. Of this group, over the last three years, approximately 20 million people have been diagnosed and treated for severe Type I allergic reactions that may lead to anaphylaxis, but (in 2023, for example) only 3.2 million filled their active epinephrine auto-injector prescription, and of those, only half consistently carry their prescribed auto-injector. Even if patients or caregivers carry an auto-injector, more than half either delay or do not administer the device when needed in an emergency.
About ARS Pharmaceuticals, Inc.
ARS Pharma is a biopharmaceutical company dedicated to empowering at-risk patients and their caregivers to better protect patients from allergic reactions that could lead to anaphylaxis. The Company is commercializing neffy® (trade name EURneffy® in the EU) (previously referred to as ARS-1), an epinephrine nasal spray indicated in the U.S. for emergency treatment of Type I allergic reactions, including anaphylaxis, in adult and pediatric patients 4 years of age and older who weigh 15 kg or greater, and in the EU for emergency treatment of allergic reactions (anaphylaxis) due to insect stings or bites, foods, medicinal products, and other allergens as well as idiopathic or exercise induced anaphylaxis in adults and children who weigh 30 kg or greater. For more information, visit www.ars-pharma.com.
Forward-Looking Statements
Statements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the anticipated use of proceeds from the loan facility; the potential expansion opportunities for neffy; the potential advantages of entering into the senior secured loan facility; the availability of future financing under the loan facility; the expectation that the loan facility will enable ARS Pharma to execute on its strategic expansion plans and will fuel continued growth; ARS Pharma’s marketing and commercialization strategies; expectations regarding ARS Pharma’s operating plans; evaluations and judgments regarding past and future performance; guidance regarding ARS Pharma’s future performance and results of operations, including any cash or cash equivalent resource projections; and other statements that are not historical fact. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “expects,” “if,” “intend,” “may,” “potential,” “plans,” “suggest,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon ARS Pharma’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation: risks associated with the loan facility, including ARS Pharma’s ability to remain in compliance with all of its obligations thereunder to avoid an event of default; the risk that ARS Pharma will not be able to achieve certain revenue requirements to access additional financing under the loan facility; the risk that indebtedness resulting from the loan facility could adversely affect ARS Pharma’s financial condition or restrict future operations; potential safety and other complications from neffy; the ability to maintain regulatory approval for neffy in its currently approved indications the scope, progress and expansion of developing and commercializing neffy; the potential for governments and payors to delay, limit or deny coverage for neffy; the size and growth of the market for neffy and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; ARS Pharma’s ability to protect its intellectual property position; and the impact of government laws, regulations and policies. 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” in ARS Pharma’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission on August 13, 2025. These documents can also be accessed on ARS Pharma’s website at www.ars-pharma.com by clicking on the link “Financials & Filings” under the “Investors & Media” tab.
The forward-looking statements included in this press release are made only as of the date hereof. ARS Pharma assumes no obligation and does not intend to update these forward-looking statements, except as required by law. For more information, visit www.ars-pharma.com, and follow us on LinkedIn and X.
ARS Investor Contacts:
Justin Chakma
ARS Pharmaceuticals
justinc@ars-pharma.com
Monique Allaire
THRUST
monique@thrustsc.com
ARS Media Contact:
Christy Curran
Sam Brown Inc.
615.414.8668
christycurran@sambrown.com
FAQ
What is the size and purpose of SPRY's new loan facility?
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