Common Stock, par value $0.0001 per share

ARS Pharmaceuticals, Inc.

(1) Deerfield Mgmt III Number of shares: 3,805,108 (comprised of shares held by Deerfield Private Design Fund III) Percentage of shares: 3.87% (2) Deerfield Private Design Fund III Number of shares: 3,805,108 Percentage of shares: 3.87% (3) Deerfield Mgmt IV Number of shares: 3,805,109 (comprised of shares held by Deerfield Private Design Fund IV) Percentage of shares: 3.87% (4) Deerfield Private Design Fund IV Number of shares: 3,805,109 Percentage of shares: 3.87% (5) Deerfield Management Number of shares: 7,610,217 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV) Percentage of shares: 7.75% (6) Flynn Number of shares: 7,610,217 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV) Percentage of shares: 7.75%

(1) Deerfield Mgmt III Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 3,805,108 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 3,805,108 (2) Deerfield Private Design Fund III Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 3,805,108 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 3,805,108 (3) Deerfield Mgmt IV Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 3,805,109 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 3,805,109 (4) Deerfield Private Design Fund IV Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 3,805,109 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 3,805,109 (5) Deerfield Management Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 7,610,217 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 7,610,217 (6) Flynn Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 7,610,217 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 7,610,217 Flynn is the sole manager 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 98,213,561 shares of Common Stock outstanding as of May 12, 2025, as reported by the Company in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

Transactions in the Common Stock effected by the Reporting Persons since the filing of Amendment No. 4 to the Schedule 13D are set forth on Exhibit 99.5 to this Amendment. All transactions reflected in Schedule A to this Amendment were effected in open market transactions on the Nasdaq Global Market in the ordinary course of the applicable Reporting Person's business.