ARS Pharmaceuticals enters $250M credit facility, draws $100M upfront

ARS Pharmaceuticals, Inc.

$100M Term A Loan drawn Sep 29 2025; up to $250M total available in four tranches.
Interest: SOFR + 3% floor + 5.50% margin; can decrease 50 bps based on revenue milestones.
Proceeds fund R&D, product development, and commercialization of neffy.
Term loans mature 5 years from closing; PIK interest option available for first 2 years.
Lenders include affiliates of OMERS and RA Capital; RA Capital is largest stockholder.

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