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August 2025 neffy – the transformative needle-free solution for severe allergic reactions Exhibit 99.2 NASDAQ: SPRY

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Forward-looking statements Statements in this presentation that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this presentation include, without limitation, statements regarding: the potential market, demand and expansion opportunities for neffy; the expectation for neffy sales and prescriptions in the second half of 2025 and beyond; the expected intellectual property protection for neffy; guidance regarding ARS Pharma’s future performance and results of operations, including any cash or cash equivalent resource projections; the design and potential benefits of neffy, including the likelihood allergy patients and caregivers will choose to carry and dose neffy compared to needle-bearing options; the anticipated benefits of ARS Pharma’s ex-U.S. partnerships and co-promotion agreement; the anticipated sales of neffy and gross-to-net percentage range; the timeline for regulatory decisions and commercialization of neffy outside of the United States; ARS Pharma’s marketing and commercialization strategies; the likelihood of neffy attaining favorable coverage and the expected timing of coverage decisions; the timing and expected percentage of commercial coverage with unrestricted access; the anticipated timing for topline data from the urticaria trial and the potential for ARS Pharma’s intranasal epinephrine technology to expand into the urticaria indication, and the estimated patient population for this indication; ARS Pharma’s expected competitive position; the expected composition and reach of ARS Pharma’s commercial force; the potential for the neffy Experience Program; 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. 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 “anticipate,” “demonstrate,” “expect,” “indicate,” “plan,” “potential,” “target,” “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: the ability to obtain and maintain regulatory approval for neffy; results from clinical trials and non-clinical studies may not be indicative of results that may be observed in the future; potential safety and other complications from neffy; the labeling for neffy in any future indication or patient population; the scope, progress and expansion of developing and commercializing neffy; ARS Pharma’s reliance on its licensing and co-promotion partners; the potential for payors and governments to delay, limit or deny coverage or reimbursements for neffy; the size and growth of the market therefor and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; net product sales may not be indicative of profitability or profitability at expected levels; reliance on survey results with small sample sizes; ARS Pharma’s ability to protect its intellectual property position; 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” in ARS Pharma’s Annual Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 13, 2025. This and other documents ARS Pharma files with the SEC can also be accessed on ARS Pharma’s website at ars-pharma.com by clicking on the link “Financial Filings” under the “Investors & Media” tab. The forward-looking statements included in this presentation 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. ARS Pharmaceuticals, Inc. Investor Presentation – August 2025

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Transforming the Emergency Treatment of Type I Allergic Reactions neffy®: first and only FDA approved “no needle, no injection” solution for the emergency treatment of Type I allergic reactions for those 4 years and older who weigh 33 lbs or more (2 mg and 1 mg now available) Strong execution ($12.8M net US sales) in Q2 2025 (the third full quarter of neffy sales since US launch) sets foundation for significant neffy US sales starting in Q3 2025 Prescribing breadth: 9,700 HCPs have prescribed neffy (+73% q/q) Secured 93% commercial payer coverage; 50%+ overall GTN retention Since DTC launch in late May, consumer awareness has increased 145% ~180% increase in weekly neffy two-pack volume from end of Q1 to end of Q2 Potential multi-billion US market opportunity ($3B Rx’ed, and up to $7B expansion segments) driven by HCP and patient preference and adoption1 NCE-like IP exclusivity potential with issued composition of matter and method of treatment patents until at least 2039 Launch supported by team members that launched NARCAN nasal spray and $240.1 million in cash, cash equivalents and short-term investments2 ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 References: 1. Company estimates 2. As of 6/30/2025

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Anaphylaxis is Accompanied by Many Frequent Symptoms References: 1. Shaker MS, et al. J Allergy Clin Immunol. 2020. 2. Pistiner M, et al. J Allergy Clin Immunol Pract. 2021. 3. Jalil M, et al. Abstract at AAAAI 2020 Virtual Meeting. 4. Gonzelez-Estrada A, et al. Ann Allergy Asthma Immunol. 2018. 5. Lee S, et al. J Allergy Clin Immunol. 2017. 6. Lee S, et al. J Allergy Clin Immunol Pract. 2014. 7. Manivannan V, et al. Am J Emerg Med. 2014. 8. Wood RA, et al. J Allergy Clin Immunol 2014. 9. Walsh KE, et al. Pharmacoepidemiol Drug Saf 2013. 10. Decker WW, et al. J Allergy Clin Immunol. 2008. 11. Ross MP, et al. J Allergy Clin Immunol. 2008. 12. Webb LM & Lieberman P. Ann Allergy Asthma Immunol. 2006. 13. Ditto AM, et al. Ann Allergy Asthma Immunol. 1996. 14. Rudders SA, et al. Pediatrics. 2010. Note that some publications do not specify angioedema symptom subtype. Angioedema subtype frequency aggregated when reported. Symptoms (>2%) reported during US anaphylaxis events 2-14 Mucosal Respiratory Cardiac GI urticaria (hives, erythema) or angioedema (swelling of the face, lips, tongue or larynx) >85% >55% gastrointestinal (eg, vomiting, nausea) Common Anaphylaxis Symptoms Include: difficult breathing >40% ARS Pharmaceuticals, Inc. Investor Presentation – August 2025

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Type I Allergy Patients Face Significant Limitations with Other Treatment Options that neffy may help to address References: 1. Warren CM, et al. Ann Allergy Asthma Immunol. 2018. 2. Rooney E, et al. Poster Presentation at ACAAI 2022 (Louisville, KY). 3. Brooks C, et al. Ann Allergy Asthma Immunol. 2017. 4. El Turki A, et al. Emerg Med J. 2017. 5. Asthma and Allergy Foundation of American Patient Survey Report 2019. 6. Mehta GD, et al. Expert Rev Clin Immunol. 2023. 7. ARS company estimates based on IQVIA data and references 1 through 6. Rapid administration without a needle No risk of needle-related injuries; lacerations2 or cardiotoxic blood vessel injections Less hesitation to dose NO NEEDLE NO INJECTION Fits in your pocket; easy to carry the recommended 2 devices ~10% of cases require repeat doses of epinephrine1 EASIER AND MORE CONSISTENT DOSING Simple place and press administration (no hold time) 100% of adults and children dosed neffy successfully in human factors studies by reading the commercial instructions for use (IFU) RELIABLE 99.999% delivery of effective dose in reliability testing; not obstructed by any anaphylaxis symptoms; no inhalation required 30-month shelf-life at room temperature, with neffy stored at up to 3 months at high temperatures (122oF) Only 50% carry one1 (<20% carry two) ~25% - 60% do not administer, 1,3 5, 6 NO TREATMENT READILY AVAILABLE REFUSAL OF TREATMENT ~40% - 60% of patients delay2 DELAY IN TREATMENT 23% - 35% fail to dose correctly4 USER ERROR IN TREATMENT SOLUTION: neffy PROBLEM: ONLY 10% - 20% of patients with active Rx use as indicated7 SMALL ARS Pharmaceuticals, Inc. Investor Presentation – August 2025

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Addressing the Significant Unmet Needs in US Severe Allergic Reaction Patient Population References: 1. Based on IQVIA prescription data available through 2023 (~5.2 million two-packs sold in 2023). 2. Gupta RS, et al. Pediatrics. 2011. 3. Gupta RS, et al. Pediatrics 2018. 4. McGowan EC, et al. J Clin Allergy Immunol. 2013. 5. Jackson KD, et al. NCHS Data Brief. 2013. 6. Black LI, et al. CDC National Center for Health Statistics Data Brief. 2019. 7. Gupta RS, et al. JAMA Netw Open. 2019. 8. Verrill L, et al. Allergy Asthma Pro. 2015. 9. Bilo BM, et al. Current Opin Allergy Clin Immunol. 2008. 10. IQVIA Claims Data, 2023. 11. Based on calculations from Warren CM, et al. Ann Allergy Asthma Immunol. 2018., Rooney E, et al. Poster Presentation at ACAAI 2022 (Louisville, KY). Brooks C, et al. Ann Allergy Asthma Immunol. 2017., El Turki A, et al. Emerg Med J. 2017., Asthma and Allergy Foundation of American Patient Survey Report 2019, and Mehta GD, et al. Expert Rev Clin Immunol. 2023. 12. Estimated based on 13.5M diagnosed, but not prescribed epinephrine Rx Promotional Responsiveness ~20M diagnosed and under physician care between 2021 - 202410 Epidemiology prevalence data estimates ~40M patients with type 1 allergic reactions2-9 ~50% increase over market growth trend with consumer promotion (2010 to 20151) Consistent Market Growth (Units) +6.5% CAGR since 2010, +12.7% YoY in 20231 ~3.2M fill ~5M 2-pack units of injectables annually, but ~80-90% do not use as indicated11 ~13.5M Type I diagnosed but not prescribed Rx (past 3 years)10 ~3.3M don’t fill regularly, haven’t refilled or haven’t filled – an additional ~5M 2-pack unit opportunity10 6.5M prescribed epinephrine10 Primarily managed by allergists & pediatricians Primarily managed by non-allergists and non-pediatricians $710 WAC/Rx ~50% GTN Yield ~10M two-packs ~$3B+ peak net sales potential in initial addressable segments alone = X X ~$7B+ potential in expansion segment12 + ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 Not including increased units/patient as market research indicates

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Ex-US partners enable ARS to focus exclusively on the United States References: 1. 2023 IQVIA data based on estimated gross-to-net for generic and branded autoinjector products in the United States, 2. ALK Press Release (Nov 9, 2024) ALK licenses rights to neffy®, the first approved adrenaline nasal spray for emergency treatment of allergic reactions (anaphylaxis) | ALK ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 US: 80%+ of WW sales1 ARS has received FDA/EC/MHRA approval, and filed in Canada, China, and AUS/NZ within 6 months of FDA approval; these regions represent 98% of global epinephrine autoinjector sales1 Strong ex-US licensing partnering strategy with $570M in upfront & milestones in addition to attractive royalty streams on net sales Projected ~$425M USD neffy annual peak sales in ALK region for anaphylaxis only (excluding US, China, Japan, AUS/NZ)2

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Commercialization Progress ARS Pharmaceuticals, Inc. Investor Presentation – August 2025

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ACTIVATE PATIENTS DTC campaign launched in two phases – first connected TV and streaming platforms (mid-May) then broadcast and linear TV (early July) to increase awareness and motivate patients and caregivers to seek neffy REACH MORE PRESCRIBERS Pediatrics co-promote with ALK increased US sales force direct reach to ~55% of epinephrine Rx in late June FACILITATE ACCESS 93% commercial coverage to date with +50% overall GTN retention EDUCATE PRESCRIBERS Drive adoption within specialty and high prescribers that have a long history of using injection neffy Strategic Objectives for Commercialization ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 Launch of 2 mg neffy (Sept 23, 2024) Ongoing 2025 Mid to late 2025 Launch of 1 mg neffy (May 7, 2025)

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EDUCATE Enable real-world experience with neffy Target allergist offices that conduct in-office food challenge testing HCPs will have the ability to gain first-hand knowledge of neffy’s effectiveness Patients undergoing allergy challenge will also be exposed to neffy >2,800 HCPs have enrolled in the neffy Experience Program (rescue therapy at allergy challenge clinics) Strong demand to learn about neffy among HCPs targeted to date by ARS efforts ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 >9,700 HCPs have prescribed neffy to date, with 70% of prescriptions submitted by the priority highest decile allergists ARS sales organization of 118 sales reps, virtual reps, area sales managers and national sales directors More than ~15,000 HCPs have been engaged by the ARS sales force to date Partnership with ALK US sales targeting 9,000 pediatricians rolled out by end of June 2025 with neffy in primary position (41% awareness among pediatricians in March 2025) Combined ARS + ALK direct sales force (n = ~70) reach of ~20,000 HCPs representing ~55% of epinephrine Rx from all HCPs

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Healthcare Providers Indicate Significant Uptake in 2025 References: 1. HCP Market Research Study, December 2024 ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 HCPs would proactively offer neffy to their patients today ~2 of 3 Top 3 neffy barriers to becoming the treatment of choice for healthcare providers (HCPs) (December 2024 HCP research, n = 150) Cost & Coverage (~37%) 93% commercial coverage today Competitive co-pay versus generic EAIs ($25 vs. $40) Clinical Experience (~33%) Expected to be addressed by time in market and accelerated by neffy Experience, conferences, speaker programs, CME and publications neffy experience in line with injection None (~13%) Results of March 2025 HCP research, n = 250 51% Anticipated neffy share one year from now (2026) among patients with an active epinephrine Rx (HCPs with clinical exposure, e.g. neffy experience) HCPs prescribe neffy when asked by a patient ~9 of 10

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On track to ensuring broad neffy access for patients FACILITATE ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 Commercial coverage on track for peak summer epinephrine prescribing season 93% commercial coverage of neffy today 57% without prior authorization (PA) Remaining with PA, with an overall approval rate of ~60%, and 80+% for portion of Zinc payers requiring PA >50% overall GTN retention List price for two doses of neffy is $710 Co-pay buydown to $25 for commercial patients References: 1. IQVIA Epinephrine Formulary Coverage Tracker as of July 2025 Payers recognize the value of neffy Dispensing by major PBM for neffy is consistent with the total epinephrine market, due to neffy Rx approval rates being similar to generic EAIs despite PAs (May-June 2025)1 neffy dispenses total epinephrine dispenses

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Consumer awareness is the key to neffy uptake and creates the opportunity for significant growth over the summer ACTIVATE ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 Only 20% of patients with an active epinephrine Rx reported aided awareness of neffy as of Q1 2025 81% of caregivers are likely to ask their HCP about neffy after learning about it ~9 out of 10 of HCPs prescribe neffy when asked by a patient Results of the March/April 2025 Consumer Market Research Study (n = 400 patients) Before Direct-to-Consumer Campaign Launch (May 15, 2025)

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‘Hello neffy, Goodbye Needles’ DTC campaign and jingle launched in May​ 2025 prior to peak back to school season ACTIVATE ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 ‘Hello, neffy! Hello, neffy! No needles Goodbye!’ CTV/OLV & Linear TV Social Display Print POC Multi-Channel Activation: Expansive consumer marketing campaign: ~$50 million in 2025 DTC spend

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Robust increase in consumer awareness in only the first two months of the DTC campaign ACTIVATE ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 ~5M Views in YouTube via Google Ads ~1 billion Impressions of neffy across integrated multimedia channels ~17M unique people reached on Social Media LTD Website Traffic LTD of ~1M References: 1. Metrics as of end of July 2025, 2. IQVIA and Klick Health Analysis 20% Mid-May 2025 Historic time to effect on prescriptions from start of a DTC campaign is about 12-16 weeks2 - Connected TV (targeted DTC) started mid-May - Linear TV (broad DTC) started early July Impact on aided consumer awareness of neffy (%) 145% increase 49% Late-July 2025

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Multiple tailwinds going into “back to school” peak season (Q3 2025) set up neffy for an important sales inflection point “Back to school” seasonality trends 3. 93% commercial coverage achieved to date 2. Broad direct to consumer campaign launched in May 2025 (~$50M in spend in FY2025) 1. Availability of 1 mg dose in May 2025 covers children down to 4 years of age who weigh ≥15 kg 4. Expanded US sales force via partner ALK to directly target an additional 9,000 pediatricians started in June 2025 neffy “Back to school” tailwinds Jun-Sept represents ~45% of all EAI 2-packs sold each year Driven primarily by pediatric patients who represent ~43% of EAI 2-pack units sold each year # of dispensed EAI 2-packs References: 1. 2024 IQVIA Community Use Epinephrine Monthly Dispensed 2-Packs by Strength/Weight Range, 2. 2024 IQVIA Formulary Analyzer ARS Pharmaceuticals, Inc. Investor Presentation – August 2025

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Treatment of acute flares in chronic spontaneous urticaria patients on antihistamines represents blockbuster opportunity ~2M diagnosed chronic urticaria patients based on 12 month US prevalence of 0.78%1 ~1M US chronic urticaria patients reported to be treated with Rx medication1 ~8-9 HCP visits per year1 plus ~4-5 ER visits per year1,2 neffy may provide episodic relief of acute flares in CSU patients who are stable on chronic antihistamines (Phase 2b clinical study to read out in H1 2026) Potential to improve quality of life without escalating to chronic use of costly systemic biologics with potentially more side effects or having to visit ER/hospital References: 1. Patil D, et al. Prevalence and clinical profile of patients with chronic spontaneous urticaria in the USA. American Academy of Dermatology Associate Annual Meeting (May 2022), 2. Barniol C, et al. Annals of Emergency Medicine (2018). 3. Bernstein J, et al. Frequency of angioedema in chronic spontaneous urticaria: Report from the Urticaria Voices study. American Academy of Asthma and Immunology Annual Meeting (February 2024) , 4. Assuming one episode per month that requires treatment with neffy $710 WAC/Rx ~50% GTN Yield $2-3B+ peak net sales potential4 X X = ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 neffy Shows Robust and Rapid Clinical Responses in Treatment-Resistant Chronic Spontaneous Urticaria (CSU)

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A Path to Blockbuster Potential for neffy Q4 2024 2025 2026 Multi-blockbuster peak sales potential driven by initial $3B segment, ~$7B expansion segment and ~$2-3B+ CSU indication 93% commercial coverage to date as of August 2025 Accelerated activation of consumer awareness with targeted DTC launched in late May, followed by broad DTC (linear TV) in July Expand breadth and depth of Rx’ing, and targeting HCPs, incl. up to an additional 9,000 pediatricians via ALK co-promote Continued investment into consumer demand and seamless patient acquisition experience Steady-state total GTN in the ~50% range Potential initiation of pivotal trial for treatment of acute flares in CSU patients on antihistamines Sales force targeting higher decile priority HCPs neffy experience and patient success stories creating positive feedback loop Payers recognizing value of neffy (e.g. Express Scripts) A Strong Foundation Accelerated Impact Intensifying Growth ARS Pharmaceuticals, Inc. Investor Presentation – August 2025 2 mg launch (30 kg+) 1 mg launch in May 2025 (15 to <30 kg)