ARS Pharma insider plans sale of 75,000 shares

Director-level insider Richard Lowenthal has filed to sell additional ARS Pharmaceuticals (SPRY) shares under Rule 144 following several recent sales.

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) received a notice that Richard Lowenthal plans to sell up to 75,000 shares of common stock under Rule 144, with Morgan Stanley Smith Barney LLC Executive Financial Services as broker. The shares are tied to a stock option exercise dated September 4, 2026, for cash settlement.

Lowenthal also reports multiple common-stock sales in the prior three months, including 50,000 shares on August 18, 2026 and another 50,000 shares on August 19, 2026, as well as smaller transactions on August 20, September 2, and September 3, 2026.

Key Figures

Planned shares to be sold: 75,000 shares Proceeds August 18, 2026 sale: $315,885.00 Proceeds August 19, 2026 sale: $322,345.00 +3 more

6 metrics

Planned shares to be sold 75,000 shares Maximum common shares in proposed Rule 144 sale tied to stock option exercise dated September 4, 2026

Proceeds August 18, 2026 sale $315,885.00 Sale of 50,000 common shares on August 18, 2026

Proceeds August 19, 2026 sale $322,345.00 Sale of 50,000 common shares on August 19, 2026

Proceeds August 20, 2026 sale $148,160.00 Sale of 25,000 common shares on August 20, 2026

Proceeds September 2, 2026 sale $4,999.76 Sale of 840 common shares on September 2, 2026

Proceeds September 3, 2026 sale $115,564.16 Sale of 19,805 common shares on September 3, 2026

Key Terms

Rule 144, Stock Option Exercise, Securities To Be Sold, Securities Sold During The Past 3 Months

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Stock Option Exercise financial

"Common | 09/04/2026 | Stock Option Exercise | Issuer"

A stock option exercise is the act of using a previously granted right to buy shares of a company's stock at a specific, predetermined price by paying that price and receiving the shares. It matters to investors because exercising changes who owns the shares (which can dilute existing ownership), can trigger taxable events and shift potential gains or losses, and affects voting power and the company’s outstanding share count—like turning a voucher into an actual product that becomes part of circulating supply.

Securities To Be Sold financial

"144: Securities To Be Sold"

Securities Sold During The Past 3 Months financial

"144: Securities Sold During The Past 3 Months"

FAQ

What does the Form 144 filing reveal about ARS Pharmaceuticals (SPRY) insider Richard Lowenthal?

The filing shows that Richard Lowenthal intends to sell up to 75,000 shares of ARS Pharmaceuticals common stock under Rule 144, in connection with a stock option exercise dated September 4, 2026, using Morgan Stanley Smith Barney LLC Executive Financial Services as broker.

How many ARS Pharmaceuticals (SPRY) shares is Richard Lowenthal planning to sell in this Form 144?

Richard Lowenthal plans to sell up to 75,000 shares of common stock. The notice identifies the planned sale as related to a stock option exercise and lists the transaction date as September 4, 2026, with cash as the form of payment.

What prior ARS Pharmaceuticals (SPRY) share sales has Richard Lowenthal reported in the last three months?

The notice lists several past 3‑month sales: 50,000 shares on August 18, 2026; 50,000 shares on August 19, 2026; 25,000 shares on August 20, 2026; 840 shares on September 2, 2026; and 19,805 shares on September 3, 2026.

What dollar amounts were received in Richard Lowenthal’s recent ARS Pharmaceuticals (SPRY) sales?

Reported sale proceeds include $315,885.00 for 50,000 shares on August 18, 2026; $322,345.00 for 50,000 shares on August 19, 2026; $148,160.00 for 25,000 shares on August 20, 2026; $4,999.76 for 840 shares on September 2, 2026; and $115,564.16 for 19,805 shares on September 3, 2026.

Which broker is handling the planned ARS Pharmaceuticals (SPRY) share sale under this Form 144?

The planned sale of 75,000 ARS Pharmaceuticals common shares is listed through Morgan Stanley Smith Barney LLC Executive Financial Services, with an address at 1 New York Plaza, 8th Floor, New York, NY 10004.

On which market are the ARS Pharmaceuticals (SPRY) shares in this Form 144 listed?

The common shares referenced in the notice are listed on the NASDAQ market, as specified in the securities information section of the filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/04/2026 - 04:10 PM Accepted by SEC EDGAR 09/04/2026 - 04:09 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001378550
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	ARS PHARMACEUTICALS, INC.
SEC File Number	001-39756
Address of Issuer	11682 El Camino Real Suite 300 San Diego CALIFORNIA 92130
Phone	(858) 771-9307
Name of Person for Whose Account the Securities are To Be Sold	RICHARD LOWENTHAL
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer
Relationship to Issuer	Director
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	75000	421057.50	99447343	09/04/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/04/2026	Stock Option Exercise	Issuer			75000	09/04/2026	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
RICHARD LOWENTHAL 11682 El Camino Real Suite 300 San Diego CA 92130	Common	09/03/2026	19805	115564.16
RICHARD LOWENTHAL 11682 El Camino Real Suite 300 San Diego CA 92130	Common	09/02/2026	840	4999.76
RICHARD LOWENTHAL 11682 El Camino Real Suite 300 San Diego CA 92130	Common	08/20/2026	25000	148160.00
RICHARD LOWENTHAL 11682 El Camino Real Suite 300 San Diego CA 92130	Common	08/19/2026	50000	322345.00
RICHARD LOWENTHAL 11682 El Camino Real Suite 300 San Diego CA 92130	Common	08/18/2026	50000	315885.00

144: Remarks and Signature

Remarks
Date of Notice	09/04/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Richard E Lowenthal
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)