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SCHEDULE 13D/A 0001352546 XXXXXXXX LIVE 2 Common Stock, par value $0.0001 per share 03/20/2025 false 0001671858 82835W108 ARS Pharmaceuticals, Inc. 11682 EL CAMINO REAL, SUITE 120 SAN DIEGO CA 92130 David Clark 212-551-1600 Deerfield Management Company, L.P. 345 Park Avenue South, 12th New York NY 10010 Elliot Press 212-551-1600 Deerfield Management Company, L.P. 345 Park Avenue South, 12th New York NY 10010 Jonathan D. Weiner, Esq. 212-940-8800 Katten Muchin Rosenman LLP 50 Rockefeller Plaza New York NY 10020 Mark D. Wood, Esq. 212-940-8800 Katten Muchin Rosenman LLP 50 Rockefeller Plaza New York NY 10020 0001610540 N Deerfield Mgmt III, L.P. b AF N DE 0.00 5257329.00 0.00 5257329.00 5257329.00 N 5.36 PN Comprised of 5,257,329 shares of common stock held by Deerfield Private Design Fund III, L.P. 0001603333 N Deerfield Private Design Fund III, L.P. b WC N DE 0.00 5257329.00 0.00 5257329.00 5257329.00 N 5.36 PN 0001713467 N Deerfield Mgmt IV, L.P. b AF N DE 0.00 5257328.00 0.00 5257328.00 5257328.00 N 5.36 PN Comprised of 5,257,328 shares of common stock held by Deerfield Private Design Fund IV, L.P. 0001680307 N Deerfield Private Design Fund IV, L.P. b WC N DE 0.00 5257328.00 0.00 5257328.00 5257328.00 N 5.36 PN 0001009258 N Deerfield Management Company, L.P. b AF Y DE 0.00 10514657.00 0.00 10514657.00 10514657.00 N 10.72 PN Comprised of an aggregate of 10,514,657 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P. 0001352546 N James E. Flynn b AF N X1 0.00 10514657.00 0.00 10514657.00 10514657.00 N 10.72 IN Comprised of an aggregate of 10,514,657 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P. Common Stock, par value $0.0001 per share ARS Pharmaceuticals, Inc. This Amendment No. 2 (this "Amendment") to Schedule 13D amends the Schedule 13D filed by (i) Deerfield Mgmt III, L.P. ("Deerfield Mgmt III"), (ii) Deerfield Private Design Fund III, L.P. ("Deerfield Private Design Fund III"), (iii) Deerfield Mgmt IV, L.P. ("Deerfield Mgmt IV"), (iv) Deerfield Private Design Fund IV, L.P. ("Deerfield Private Design Fund IV"), (v) Deerfield Management Company, L.P. ("Deerfield Management") and (vi) James E. Flynn, a natural person ("Flynn" and collectively with Deerfield Mgmt III, Deerfield Private Design Fund III, Deerfield Mgmt IV, Deerfield Private Design Fund IV and Deerfield Management, the "Reporting Persons"), as amended by Amendment No. 1 thereto (as amended, the "Schedule 13D"), with respect to the common stock of ARS Pharmaceuticals, Inc. Deerfield Private Design Fund III and Deerfield Private Design Fund IV are collectively referred to herein as the "Deerfield Funds"). Capitalized terms used but not otherwise defined in this Amendment have the meanings ascribed to them in the Schedule 13D. (1) Deerfield Mgmt III Number of shares: 5,257,329 (comprised of shares held by Deerfield Private Design Fund III) Percentage of shares: 5.36% (2) Deerfield Private Design Fund III Number of shares: 5,257,329 Percentage of shares: 5.36% (3) Deerfield Mgmt IV Number of shares: 5,257,328 (comprised of shares held by Deerfield Private Design Fund IV) Percentage of shares: 5.36% (4) Deerfield Private Design Fund IV Number of shares: 5,257,328 Percentage of shares: 5.36% (5) Deerfield Management Number of shares: 10,514,657 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV) Percentage of shares: 10.72% (6) Flynn Number of shares: 10,514,657 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV) Percentage of shares: 10.72% (1) Deerfield Mgmt III Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 5,257,329 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 5,257,329 (2) Deerfield Private Design Fund III Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 5,257,329 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 5,257,329 (3) Deerfield Mgmt IV Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 5,257,328 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 5,257,328 (4) Deerfield Private Design Fund IV Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 5,257,328 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 5,257,328 (5) Deerfield Management Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 10,514,657 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 10,514,657 (6) Flynn Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 10,514,657 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 10,514,657 Flynn is the managing member of the general partner of each of Deerfield Mgmt IV, Deerfield Mgmt III and Deerfield Management. Deerfield Mgmt III is the general partner of Deerfield Private Design Fund III and Deerfield Mgmt IV is the general partner of Deerfield Private Design Fund IV. Deerfield Management is the investment manager of the Deerfield Funds. *Percentage beneficial ownership reported herein reflects 98,119,804 shares of Common Stock outstanding as of March 17, 2025, as reported by the Company in its Annual Report on Form 10-K for the year ended December 31, 2024. Deerfield Mgmt III, L.P. /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025 Deerfield Private Design Fund III, L.P. /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025 Deerfield Mgmt IV, L.P. /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025 Deerfield Private Design Fund IV, L.P. /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025 Deerfield Management Company, L.P. /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025 James E. Flynn /s/ Jonathan Isler Jonathan Isler, Attorney-in-Fact 03/24/2025