ARS Pharma holder plans $177K stock sale from Sept. 11

Form 144 reports that an insider plans to sell 35,000 shares of ARS Pharmaceuticals common stock after exercising options for cash.

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) is named as the issuer in a Form 144 filed for planned sales of its common stock by Richard Lowenthal. The notice covers an intended sale of 35,000 shares of common stock on or after September 11, 2026, following a stock option exercise for cash.

The filing also lists prior sales of ARS Pharmaceuticals common stock by Richard Lowenthal over the preceding three months, including multiple transactions in August and early September 2026 with individual trade sizes ranging from 840 to 75,000 shares.

Key Figures

Planned shares to be sold: 35,000 shares Aggregate market value of planned sale: $176,995.00 Largest recent single sale: 75,000 shares +3 more

6 metrics

Planned shares to be sold 35,000 shares Proposed sale of ARS Pharmaceuticals common stock on or after September 11, 2026

Aggregate market value of planned sale $176,995.00 Value associated with 35,000 shares of common stock in the planned Form 144 sale

Largest recent single sale 75,000 shares Sale of ARS Pharmaceuticals common stock on September 4, 2026

Proceeds from largest recent sale $421,057.50 Proceeds from 75,000-share sale on September 4, 2026

Recent sale August 19, 2026 50,000 shares Sale of ARS Pharmaceuticals common stock on August 19, 2026 for $322,345.00

Recent sale August 18, 2026 50,000 shares Sale of ARS Pharmaceuticals common stock on August 18, 2026 for $315,885.00

Key Terms

Form 144, Rule 144, Stock Option Exercise, Executive Financial Services

4 terms

Form 144 regulatory

"Filer Information | | | 144: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

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 | 09/11/2026 | 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.

Executive Financial Services financial

"Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 filing indicate for ARS Pharmaceuticals (SPRY)?

The Form 144 indicates that Richard Lowenthal has notified of his intent to sell 35,000 shares of ARS Pharmaceuticals common stock, in connection with a stock option exercise for cash, with a proposed sale date of September 11, 2026.

How many ARS Pharmaceuticals (SPRY) shares are planned to be sold under this Form 144?

The notice covers a proposed sale of 35,000 shares of ARS Pharmaceuticals common stock. The table shows an aggregate market value for these planned sales of $176,995.00 as of the filing information provided.

What is the nature of the planned ARS Pharmaceuticals (SPRY) transaction?

The planned transaction involves a stock option exercise paid in cash, followed by the potential sale of 35,000 ARS Pharmaceuticals common shares through Morgan Stanley Smith Barney LLC Executive Financial Services, with NASDAQ listed as the trading market.

What prior sales of ARS Pharmaceuticals (SPRY) stock are disclosed for the past 3 months?

The filing lists prior sales by Richard Lowenthal of ARS Pharmaceuticals common stock, including 75,000 shares on September 4, 2026, 19,805 shares on September 3, 2026, and several August 2026 trades, such as 50,000 shares on August 19 and 50,000 shares on August 18.

What total proceeds are shown for the largest recent ARS Pharmaceuticals (SPRY) sale?

For the largest recent single sale, dated September 4, 2026, the filing shows 75,000 shares of ARS Pharmaceuticals common stock sold for proceeds of $421,057.50.

Who is the selling security holder in this ARS Pharmaceuticals (SPRY) Form 144?

The selling security holder is Richard Lowenthal. The Form 144 states that the securities to be sold are ARS Pharmaceuticals common stock and are held for his account, with prior sales and proposed sales disclosed under Rule 144.

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

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Available on EDGAR 09/11/2026 - 04:19 PM Accepted by SEC EDGAR 09/11/2026 - 04:18 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	35000	176995.00	99447343	09/11/2026	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	09/11/2026	Stock Option Exercise	Issuer			35000	09/11/2026	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	09/04/2026	75000	421057.50
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	09/11/2026
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)