SPRY insider files Form 144 to sell 150,000 shares worth $2.1M

Rhea-AI Filing Summary

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.

Positive

• Disclosure compliance: The filer submitted a Form 144 and provided acquisition and broker details
• Brokered sale through Charles Schwab: Indicates use of a regulated broker for execution

Negative

• Insider sale announced: Proposed disposition of 150,000 shares with aggregate value of $2.1M may concern some investors
• Limited context: The filing does not state whether the sale is part of a pre-arranged 10b5-1 plan or discretionary selling beyond the provided date

Insights

Securities Analyst

TL;DR: Insider sale disclosed for 150,000 shares (~$2.1M); size is modest relative to outstanding shares.

The Form 144 documents a proposed sale by a person holding founder/Series A shares acquired in 2015. At an aggregate value of $2.1 million, the transaction is transparent and follows Rule 144 procedures. The shares represent roughly 0.15% of outstanding shares, so on a company-wide basis the sale is immaterial. However, insider-origin sales can be relevant to investor perception and should be viewed alongside any additional insider transactions or company news.

Corporate Governance Expert

TL;DR: Filing shows compliance with disclosure rules; no red flags from the document alone.

The filer used a registered broker and included the standard attestation about material information and potential 10b5-1 plan dates. The absence of recent sales in the past three months and the identification of acquisition as founders/Series A shares are consistent with routine lockup expirations or planned sell-downs. The filing alone does not indicate governance or control changes.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

Relationship to Issuer

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	THE CHARLES SCHWAB CORPORATION 3000 Schwab Way Westlake TX 76262	150000	2100000.00	98826337	08/19/2025	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	09/25/2015	FOUNDERS & SERIES A SHS	ISSUER			150000	09/25/2015	NA

* 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

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does ARS Pharmaceuticals' (SPRY) Form 144 report?

The filing reports a proposed sale of 150,000 common shares with an aggregate market value of $2,100,000, to be sold via The Charles Schwab Corporation.

When were the shares being sold originally acquired?

The shares were acquired on 09/25/2015 as Founders & Series A shares from the issuer.

How many ARS shares are outstanding per this filing?

The Form 144 lists 98,826,337 shares outstanding.

What is the approximate sale date listed in the Form 144?

The filing gives an approximate sale date of 08/19/2025 and names NASDAQ as the exchange.

Does the filing indicate other sales in the past three months?

No; the Form 144 states "Nothing to Report" for securities sold during the past three months.