Welcome to our dedicated page for ARS Pharms SEC filings (Ticker: SPRY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Clinical-stage biotech disclosures can feel like a maze—especially when ARS Pharmaceuticals packs FDA meeting notes, trial endpoints, and patent data into every document. If you have ever scrolled through a 300-page 10-K hunting for neffy trial timelines or scanned Form 4s to gauge insider confidence, you know the challenge.
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ARS Pharmaceuticals is a biopharmaceutical company commercializing neffy, the first FDA- and European Commission-approved needle-free intranasal epinephrine product, which launched commercially in September 2024. For the quarter ended June 30, 2025 the company reported product revenue of $12.8 million and total revenue of $15.7 million, up from $0.5 million in the year-ago quarter due to initial commercial sales and collaboration revenue.
The company reported a net loss of $44.9 million for the quarter and $78.8 million for the six months, driven by operating expenses of $63.3 million in Q2, including $54.3 million of selling, general and administrative costs. As of June 30, 2025 ARS held $51.5 million in cash and $188.6 million in short-term investments (totaling about $240.1 million), which management states is sufficient to meet anticipated cash requirements for at least the next 12 months. Significant collaboration activity includes a $145.0 million upfront from ALK and a $5.0 million milestone earned on first commercial sale in the ALK territory.
ARS Pharmaceuticals, Inc. announced its financial results for the quarter ended June 30, 2025 via a press release attached to this Form 8-K as Exhibit 99.1. The company states that the press release is furnished and expressly not "filed" for purposes of the Exchange Act, and therefore is not incorporated by reference into other filings. The filing also confirms that ARS is an emerging growth company and that its common stock trades on The Nasdaq Stock Market under the symbol SPRY.
The company also updated its corporate investor presentation, which is available on the company website and is attached as Exhibit 99.2. The 8-K repeats that the presentation is furnished and not deemed filed, and lists the exhibits including the Interactive Data File Cover Page as Exhibit 104.
Amendment No. 3 to Schedule 13D discloses that a group of Deerfield-affiliated investment vehicles and their managing partner, James E. Flynn, collectively own 9,724,508 shares of ARS Pharmaceuticals, Inc. ("SPRY"), equal to 9.90 % of the company’s outstanding common stock as of 12 May 2025 (98,213,561 shares).
The filing details ownership across six reporting persons:
- Deerfield Mgmt III, L.P. – 4,862,254 shares (4.95 %)
- Deerfield Private Design Fund III, L.P. – 4.95 %
- Deerfield Mgmt IV, L.P. – 4.95 %
- Deerfield Private Design Fund IV, L.P. – 4.95 %
- Deerfield Management Company, L.P. – 9.90 %
- James E. Flynn – 9.90 %
Recent trading activity: On 27 Jun 2025, Deerfield Private Design Funds III & IV sold a combined 790,149 shares on the Nasdaq Global Market at a weighted-average price of $18.45 (range $18.20–$18.89). No other transactions were reported within the past 60 days.
All voting and dispositive power is reported as shared; none of the entities retains sole power. The amendment principally updates share totals and percentages after the late-June dispositions. Following the sales, Deerfield’s aggregate stake remains just under the 10 % threshold that would otherwise trigger additional reporting or potential Section 16 insider status.
ARS Pharmaceuticals, Inc. (SPRY) – Form 4 insider transaction
Director Rajeev Dadoo reported the receipt of 30,000 non-qualified stock options on 25 June 2025. The options carry an exercise price of $17.26 per share and expire on 24 June 2035, giving a 10-year contractual life. According to the filing, the award vests 100 % on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting (exact meeting date not yet set).
Following the grant, Mr. Dadoo beneficially owns 30,000 derivative securities (options) in a direct capacity; no open-market purchases or sales of common stock were disclosed. The filing indicates a routine annual director equity award rather than a discretionary transaction, and no Rule 10b5-1 trading plan box was checked.
Because the transaction is an option grant—not a purchase or sale—it does not immediately affect float or insider ownership percentages, but it does align the director’s incentives with shareholder value creation over the next decade. Investors typically view such grants as neutral-to-modestly positive signals, reinforcing board commitment without implying near-term trading intentions.
Form 4 highlights: On 06/25/2025 ARS Pharmaceuticals, Inc. (SPRY) granted Director Pratik Shah a stock option for 30,000 common shares at an exercise price of $17.26 per share. The option vests in full on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting, and expires on 24 June 2035. Following this grant, Mr. Shah beneficially owns 30,000 derivative securities; all are held directly. No non-derivative share transactions were reported.
The filing reflects a routine equity incentive award to a non-employee director and does not indicate any open-market buying or selling. As such, it provides limited insight into current insider sentiment but does add a small potential dilutive element (≈30 k shares) to SPRY’s future share count if and when the option is exercised.
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