RA CAPITAL MANAGEMENT, L.P. → ARS Pharmaceuticals, Inc. SPRY

Item 4 is hereby amended and supplemented as follows: On September 29, 2025, the Issuer and certain direct and indirect subsidiaries of the Issuer 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 Issuer, 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, 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"). The proceeds of the Term Loans will be used to (i) fund research, development and other product development and commercialization activities of the Company's products and (ii) for other general corporate purposes.