---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-223228"
form_type: "8-K"
ticker: "SPRY"
cik: "0001671858"
company_name: "ARS Pharmaceuticals, Inc."
filed_at: "2025-09-29T23:59:59+00:00"
generated_at: "2026-05-17T05:24:50.453509+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-25-223228
- form_type: 8-K
- ticker: SPRY
- cik: 0001671858
- company_name: ARS Pharmaceuticals, Inc.
- filed_at: 2025-09-29T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1671858/000119312525223228/0001193125-25-223228-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1671858/000119312525223228/d27880d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-223228
- JSON: https://secwatch.observer/filing/0001193125-25-223228.json
- Plain text: https://secwatch.observer/filing/0001193125-25-223228.txt

## Key facts
- Debt Financings
  ARS Pharmaceuticals, Inc. incurred term loan of first tranche (the “Term A Loan”) was advanced in the principal amount of $100.0 million with RA Capital Agency Services, LLC as Administrative Agent and Collateral Agent; affiliates of OMERS Administration Corporation and RA Capital Management, L.P. as lenders maturing five-year anniversary of the Closing Date.
  - Instrument: term loan
  - Principal: first tranche (the “Term A Loan”) was advanced in the principal amount of $100.0 million
  - Counterparty: RA Capital Agency Services, LLC as Administrative Agent and Collateral Agent; affiliates of OMERS Administration Corporation and RA Capital Management, L.P. as lenders
  - Maturity: five-year anniversary of the Closing Date
  - Event: incurrence
  source text: The first tranche (the “Term A Loan”) was advanced in the principal amount of $100.0 million on September 29, 2025 (“Closing Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1671858/000119312525223228/0001193125-25-223228-index.htm
- Debt Financings
  ARS Pharmaceuticals, Inc. incurred term loan of up to $250.0 million of term loans with RA Capital Agency Services, LLC as Administrative Agent and Collateral Agent; affiliates of OMERS Administration Corporation and RA Capital Management, L.P. as lenders at 5.50% plus the greater of (i) three-month forward-looking term SOFR or (ii) 3.00 maturing five-year anniversary of the Closing Date.
  - Instrument: term loan
  - Principal: up to $250.0 million of term loans
  - Counterparty: RA Capital Agency Services, LLC as Administrative Agent and Collateral Agent; affiliates of OMERS Administration Corporation and RA Capital Management, L.P. as lenders
  - Rate: 5.50% plus the greater of (i) three-month forward-looking term SOFR or (ii) 3.00
  - Maturity: five-year anniversary of the Closing Date
  - Event: incurrence
  source text: On September 29, 2025, ARS Pharmaceuticals, Inc. (the “Company”) and certain direct and indirect subsidiaries of the Company who may become a party thereto from time to time, as guarantors (the “Guarantors”), and ARS Pharmaceuticals Operations, Inc., a wholly owned subsidiary of the Company, as the borrower (the “Borrower” and, collectively with the Guarantors, the “Credit Parties”), entered into a credit agreement (the “Credit Agreement”) with RA Capital Agency Services, LLC (as the “Administrative Agent” and as the “Collateral Agent”), and affiliates of OMERS Administration Corporation and RA Capital Management, L.P., as lenders, and such other lenders from time to time party thereto (the “Lenders”), providing for up to $250.0 million of term loans from the Lenders to the Borrower (the “Term Loans”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1671858/000119312525223228/0001193125-25-223228-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.