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 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.
ARS Pharmaceuticals, Inc. (SPRY) filed a Form 144 notifying of a proposed sale of 150,000 shares of common stock through The Charles Schwab Corporation, with an aggregate market value of $2,123,000.00. The form lists approximately 98,826,337 shares outstanding and an approximate sale date of 08/21/2025 on NASDAQ. The shares were acquired on 09/25/2015 as founders and Series A shares from the issuer. The filing also discloses recent sales by Sarina Tanimoto & Richard E Lowenthal of 12,344 shares on 08/19/2025 for $173,129.00 and 37,656 shares on 08/20/2025 for $530,625.00. The notice includes the standard representation regarding absence of undisclosed material adverse information.
ARS Pharmaceuticals (SPRY) filed a Form 144 notifying the proposed sale of 150,000 shares of common stock through The Charles Schwab Corporation at an aggregate market value of $2,100,000. The shares were originally acquired on 09/25/2015 as Founders & Series A shares from the issuer and the filer indicates no securities sold in the past three months. The filing lists approximately 98,826,337 shares outstanding for the company and an approximate planned sale date of 08/19/2025 on NASDAQ. The notice includes the standard representation that the seller does not possess undisclosed material adverse information and references reliance on Rule 10b5-1 procedures where applicable.
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.
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