ARS Pharms SEC Filings

ARS Pharmaceuticals, Inc. (SPRY)30,000 shares of common stock at an exercise price of $0.84 per share and then sold 30,000 shares at a weighted average price of $8.9119. The officer also sold an additional 136,380 shares of common stock at a weighted average price of $8.8634. Following these transactions, the officer reported 0 shares of common stock directly owned and 89,047 stock options beneficially owned.

ARS Pharmaceuticals (SPRY) reported Q3 2025 results with neffy momentum driving higher sales but widening losses. Product revenue, net was $31,300 (in thousands) versus $568 (in thousands) a year ago, lifting total revenue to $32,501 (in thousands) from $2,068 (in thousands).

Spending scaled with launch activity: cost of goods sold was $8,191 (in thousands), R&D $2,751 (in thousands), and SG&A $74,751 (in thousands). The quarter’s net loss was $(51,151) (in thousands), or $(0.52) per share. Cash, cash equivalents, and short‑term investments totaled $288.2 million as of September 30, 2025, supported by new term debt; term loans, net were $96,229 (in thousands) and a financing liability was $72,044 (in thousands).

The company transitioned in August 2025 from a title model to direct sales, recognizing revenue upon delivery and title transfer to wholesalers and pharmacies. Shares outstanding were 98,848,611 as of November 6, 2025.

ARS Pharmaceuticals (SPRY) furnished an 8-K announcing financial results for the quarter ended September 30, 2025. The company issued a press release attached as Exhibit 99.1 and updated its investor presentation attached as Exhibit 99.2.

Both exhibits are furnished, not filed, under Items 2.02 and 7.01, meaning they are not subject to Section 18 liability and are not incorporated into other filings except by specific reference. SPRY’s common stock trades on The Nasdaq Stock Market LLC.

ARS Pharmaceuticals entered a credit agreement dated September 29, 2025, establishing multiple tranche term loans and customary security arrangements. The agreement allows a Term C Loan of $25.0 million that the borrower may draw before the two‑year anniversary if it achieves trailing 12‑month net revenues of at least $100.0 million. A Term D Loan of up to $100.0 million is available on an uncommitted, lender‑consent basis. The Term Loans mature five years after closing and are secured by the credit parties under a security and pledge agreement. The borrower will pay customary fees including upfront, administration, repayment premium and an exit fee, and interest on any paid‑in‑kind portion will carry a 1.00% per annum premium.

ARS Pharmaceuticals received a notice that Lupin submitted an Abbreviated New Drug Application (ANDA) seeking approval to commercially manufacture, use, or sell a generic version of neffy 2 mg (epinephrine nasal spray). The notice alleges that multiple U.S. patents listed in the FDA Orange Book for neffy (including U.S. Patent Nos. 10,576,156 and 10,682,414, among others) are invalid, unenforceable, or not infringed by the proposed generic. The filing notes ARS previously successfully defended U.S. Patent No. 10,682,414 in an Inter Partes Review. ARS states it is not aware of other ANDA filers as of this filing date.

ARS Pharmaceuticals insider transaction: Richard E. Lowenthal, President & CEO and director, reported the sale of 50,000 shares of ARS Pharmaceuticals (SPRY) on 08/21/2025 under a Rule 10b5-1 plan. The weighted average sale price was $14.4869, with individual trade prices ranging from $14.31 to $14.61.

The filing discloses that Lowenthal retains significant indirect holdings through trusts: 1,196,494 shares indirectly by a charitable remainder unitrust for which he is trustee, 1,247,447 shares indirectly by a unitrust for which his spouse is trustee, and 8,859,200 shares indirectly via the Lowenthal-Tanimoto Family Trust, for a combined substantial ownership position.

ARS Pharmaceuticals insider transactions by CFO Kathleen Scott: On 08/21/2025 the reporting person exercised stock options to acquire 12,500 shares at an exercise price of $1.50 and simultaneously sold 12,500 shares at $15.00 under a Rule 10b5-1 trading plan established 05/22/2025. After these transactions she beneficially owned 22,542 shares directly and held options representing 739,830 underlying shares exercisable through 02/29/2032. The Form 4 discloses that 2,618 of the acquired shares came from the companys 2020 Employee Stock Purchase Plan.

ARS Pharmaceuticals insider reported coordinated sales under a 10b5-1 plan. The reporting person, ARS Chief Medical Officer Sarina Tanimoto, sold a total of 50,000 shares in two transactions on 08/19/2025 and 08/20/2025 at weighted average prices of $14.0254 and $14.0914, respectively. Following the sales the filing shows the reporting person has 1,247,447 shares held indirectly via a charitable remainder unitrust and related trusts, and large additional indirect trust holdings are disclosed.

ARS Pharmaceuticals, Inc. (SPRY) filed a Form 144 reporting a proposed sale of 12,500 shares of common stock through Morgan Stanley Smith Barney LLC, with an aggregate market value of $187,500.00. The filing lists 98,826,337 shares outstanding and indicates the approximate date of sale as 08/21/2025 on the NASDAQ.

The securities were acquired on 08/21/2025 by stock option exercise from the issuer, and payment was made in cash on the same date. No other securities sales in the past three months were reported and no additional narrative or signatory details are provided in the filing.