ARS Pharma holder plans $116K stock sale Sept. 3

ARS Pharmaceuticals, Inc. (SPRY) has a notice from security holder Richard Lowenthal indicating an intention to sell 19,805 shares of common stock under Rule 144.

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) has a notice from security holder Richard Lowenthal indicating an intention to sell 19,805 shares of common stock under Rule 144. The shares are to be sold on September 3, 2026, following a stock option exercise, through Morgan Stanley Smith Barney LLC.

The notice also lists prior Rule 144 sales of ARS Pharmaceuticals common stock by the same holder during the preceding three months, including transactions on August 18, 19, 20, and September 2, 2026, each with specified share amounts and dollar proceeds.

Key Figures

Shares to be sold under Rule 144: 19,805 shares Aggregate market value of planned sale: $115,564.16 Shares outstanding: 99,447,343 shares +4 more

7 metrics

Shares to be sold under Rule 144 19,805 shares Planned Rule 144 sale dated September 3, 2026

Aggregate market value of planned sale $115,564.16 For 19,805 ARS Pharmaceuticals common shares

Shares outstanding 99,447,343 shares ARS Pharmaceuticals common stock outstanding as referenced in the notice

Shares sold on September 2, 2026 840 shares Past 3-month Rule 144 sales for $4,999.76

Shares sold on August 20, 2026 25,000 shares Past 3-month Rule 144 sales for $148,160.00

Shares sold on August 19, 2026 50,000 shares Past 3-month Rule 144 sales for $322,345.00

Shares sold on August 18, 2026 50,000 shares Past 3-month Rule 144 sales for $315,885.00

Key Terms

Rule 144, stock option exercise, aggregate market value

3 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 | 09/03/2026 | 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 ... | 19805 | 115564.16"

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.

FAQ

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

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

It discloses that Richard Lowenthal plans to sell 19,805 shares of ARS Pharmaceuticals common stock under Rule 144 on September 3, 2026, following a stock option exercise and through Morgan Stanley Smith Barney LLC.

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

The filing states an intention to sell 19,805 shares of common stock of ARS Pharmaceuticals in a planned Rule 144 transaction dated September 3, 2026.

What is the aggregate market value of the SPRY shares covered by this Form 144?

The Form 144 lists an aggregate market value of $115,564.16 for the 19,805 shares of ARS Pharmaceuticals common stock proposed to be sold.

What prior ARS Pharmaceuticals (SPRY) sales by this holder are listed in the last 3 months?

The notice lists sales of 840 shares for $4,999.76 on September 2, 2026; 25,000 shares for $148,160.00 on August 20, 2026; 50,000 shares for $322,345.00 on August 19, 2026; and 50,000 shares for $315,885.00 on August 18, 2026.

How many ARS Pharmaceuticals (SPRY) shares are reported as outstanding in this notice?

The Form 144 reports that 99,447,343 shares of ARS Pharmaceuticals common stock were outstanding, providing context for the planned Rule 144 sale; this is a baseline figure, not the amount being sold.

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

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Available on EDGAR 09/03/2026 - 04:41 PM EDT Accepted by SEC EDGAR 09/03/2026 - 04:31 PM EDT 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	19805	115564.16	99447343	09/03/2026	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	09/03/2026	Stock Option Exercise	Issuer			19805	09/03/2026	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	09/02/2026	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	09/03/2026
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)