{"url_path":"/sec/spry/10-q/2026/item-3","section_key":"item-3","section_title":"Item 3 Quantitative and Qualitative Disclosures About Market Risk","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1671858/0001193125-26-225142-index.html","accession_number":"0001193125-26-225142","cik":"0001671858","ticker":"SPRY","issuer_name":"ARS Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1671858/0001193125-26-225142-index.html","primary_entity_key":"0001671858","primary_entity_name":"ARS Pharmaceuticals, Inc."},"word_count":266,"has_tables":true,"body_markdown":"Item 3. Quantitative and Qualitative Disclosures About Market Risk\n\nInterest Rate Risk\n\nWe maintain a low-risk, short-term investment portfolio consisting solely of U.S. Treasury securities and hold highly liquid cash equivalents in money market mutual funds, which are subject to interest rate risk. Due to the short-term nature of our holdings, changes in market interest rates are not expected to have a material impact on their fair value, although they may affect the amount of interest income earned. A hypothetical 100 basis point change in interest rates would not have a material impact on our condensed consolidated statement of operations.\n\nOur Term Loans bear interest based on an applicable margin and the greater of (i) the three-month forward-looking term SOFR or (ii) 3.00%. Because the SOFR is variable, interest expense may fluctuate with changes in market rates. A hypothetical 100 basis point change in SOFR would not have a material impact on our condensed consolidated statement of operations. We do not currently use derivative instruments to manage exposure to interest rate fluctuations.\n\nForeign Exchange Rate Risk\n\nOur operations are primarily denominated in U.S. dollars, including revenue earned under our collaboration and supply agreements. We transact with a limited number of vendors in foreign currencies that may result in foreign currency transaction gains or losses. As of March 31, 2026, we have not incurred material foreign currency transaction gains or losses, and we do not currently use derivative instruments to manage exposure to foreign exchange risk. A hypothetical 10.0% change in foreign exchange rates would not have a material impact on our condensed consolidated statement of operations."}