ARS Pharmaceuticals (NASDAQ: SPRY) holder lines up new 50K-share sale

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) received a Rule 144 notice from Richard Lowenthal covering a proposed sale of up to 50,000 shares of common stock through Morgan Stanley Smith Barney LLC, with an indicated aggregate market value of $322,345.00 as of 08/19/2026 on NASDAQ. The shares are to be sold for cash in connection with a stock option exercise with the issuer. The filing also notes that Lowenthal sold 50,000 shares of common stock on 08/18/2026 for aggregate proceeds of $315,885.00 during the preceding three months.

Key Figures

Proposed shares to be sold: 50,000 shares Aggregate market value of proposed sale: $322,345.00 Shares sold in past 3 months: 50,000 shares +2 more

5 metrics

Proposed shares to be sold 50,000 shares Common stock under Rule 144 notice, execution date 08/19/2026

Aggregate market value of proposed sale $322,345.00 Estimated value of 50,000 common shares as of 08/19/2026

Shares sold in past 3 months 50,000 shares Common stock sale by Richard Lowenthal on 08/18/2026

Aggregate proceeds from recent sale $315,885.00 Value of 50,000 common shares sold on 08/18/2026

Proposed sale date 08/19/2026 Date associated with proposed Rule 144 sale and valuation

Key Terms

Rule 144, Stock Option Exercise, aggregate market value, Executive Financial Services

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 | 08/19/2026 | 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.

aggregate market value financial

"Common | Morgan Stanley Smith Barney LLC... | 50000 | 322345.00"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Executive Financial Services financial

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

FAQ

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

The Form 144 discloses that Richard Lowenthal has filed a notice to sell up to 50,000 SPRY common shares under Rule 144. The proposed sale is linked to a stock option exercise and would be executed for cash through Morgan Stanley Smith Barney LLC.

How many ARS Pharmaceuticals (SPRY) shares does Richard Lowenthal plan to sell?

Richard Lowenthal plans to sell up to 50,000 shares of ARS Pharmaceuticals common stock under Rule 144. The filing lists an aggregate market value of approximately $322,345.00 for these shares as of 08/19/2026, with sales expected to occur on NASDAQ.

What recent ARS Pharmaceuticals (SPRY) share sales by Richard Lowenthal are disclosed?

The notice reports that Richard Lowenthal sold 50,000 SPRY common shares on 08/18/2026 for aggregate proceeds of $315,885.00. This transaction is disclosed as part of securities sold during the past three months, which must be aggregated under Rule 144 requirements.

How will the ARS Pharmaceuticals (SPRY) Rule 144 sale be executed?

The proposed sale of 50,000 SPRY shares will be executed for cash through Morgan Stanley Smith Barney LLC Executive Financial Services. The shares relate to a stock option exercise with the issuer, with trading expected on NASDAQ around 08/19/2026.

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

The selling security holder is Richard Lowenthal, identified in the filing as the person for whose account the securities are to be sold. The notice covers both his proposed 50,000-share sale and his prior 50,000-share sale within the last three months.

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

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Available on EDGAR 08/19/2026 - 04:10 PM Accepted by SEC EDGAR 08/19/2026 - 04:10 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	50000	322345.00	99447343	08/19/2026	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	08/19/2026	Stock Option Exercise	Issuer			50000	08/19/2026	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	08/18/2026	50000	315885.00

144: Remarks and Signature

Remarks
Date of Notice	08/19/2026
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)