Amendment No. 3 to Schedule 13D/A for ARS Pharmaceuticals, Inc.

This Amendment No. 3 to Schedule 13D/A, filed by RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P., reports a Credit Agreement entered into by ARS Pharmaceuticals, Inc. and its subsidiaries. The Credit Agreement provides for up to $250.0 million in term loans to fund research, development, and other corporate activities. The first tranche of $100.0 million was advanced on September 29, 2025, with additional tranches available subject to certain conditions. The term loans will mature on the five-year anniversary of the closing date. The obligations are guaranteed by ARS Pharmaceuticals and its subsidiaries and are secured by substantially all of their assets. The filing also updates the ownership details of the reporting persons, who collectively own approximately 11.1% of the common stock of ARS Pharmaceuticals.