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ARS Pharmaceuticals, Inc. reported leadership changes effective July 15, 2026. Richard Lowenthal resigned from the Board of Directors, a step required under his employment agreement and the company’s Change in Control and Severance Benefit Plan to qualify for severance compensation.
On the same date, Chief Medical Officer Sarina Tanimoto, M.D. ceased employment under conditions constituting a termination without cause. In addition to severance described in an earlier proxy statement, the company agreed to pay one-time prorated 2026 target bonus amounts of $217,350 to Lowenthal and $111,780 to Tanimoto, contingent on the effectiveness of their releases of claims.
Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander filed Amendment No. 2 to a Schedule 13G reporting their beneficial ownership of ARS Pharmaceuticals, Inc. common stock.
Integrated Core Strategies (US) LLC reports shared voting and dispositive power over 1,336,609 shares, representing 1.3% of the common stock. Millennium Management LLC, Millennium Group Management LLC and Mr. Englander each report shared voting and dispositive power over 2,520,937 shares, representing 2.5% of the class. The filing states that the reporting persons have ownership of 5 percent or less of the class and includes customary disclaimers regarding beneficial ownership of securities held by managed entities.
ARS Pharmaceuticals announced a leadership change, with current President Donn Casale appointed as Chief Executive Officer, effective immediately. He also joins the Board of Directors as a Class III director and will serve until the company’s 2029 annual meeting of stockholders.
Casale replaces Richard Lowenthal, whose employment was terminated without cause, effective immediately after notification on July 6, 2026. The filing incorporates by reference Casale’s existing biographical information previously filed with the SEC.
ARS Pharmaceuticals President Donn Casale received a large stock option grant tied to future service. The award covers 898,456 options to buy Common Stock at an exercise price of $7.96 per share, expiring on June 30, 2036. Following this grant, Casale holds 898,456 options directly. Vesting is long-term: 25% of the shares vest on June 1, 2027, with the remaining options vesting monthly over the next three years, encouraging retention and alignment with shareholders.
ARS Pharmaceuticals reported that an entity associated with RA Capital received a grant of stock options linked to its common stock. The award covers 30,000 options with an exercise price of $10.54 per share and expires on June 23, 2036.
These options vest in full on the earlier of June 24, 2027 or the company’s 2027 annual meeting of stockholders. According to the disclosure, Dr. Peter Kolchinsky holds the option for the benefit of RA Capital Healthcare Fund LP and RA Capital Nexus Fund II, L.P., and any net proceeds reduce advisory fees owed to RA Capital Management, L.P. The reporting persons disclaim beneficial ownership except for any pecuniary interest.
ARS Pharmaceuticals director Rajeev Dadoo received a new stock option grant. He was awarded options covering 30,000 shares of common stock at an exercise price of $10.54 per share, expiring on June 23, 2036. These options vest in full on the earlier of June 24, 2027 or the company’s 2027 annual stockholder meeting.
ARS Pharmaceuticals director Pratik Shah received a stock option grant covering 30,000 shares of common stock. The option has an exercise price of $10.54 per share and expires on June 23, 2036. According to the terms, all 30,000 options will vest on the earlier of June 24, 2027 or the company’s 2027 annual stockholder meeting.
This is a compensation-related award reported as an acquisition, with no open‑market buying or selling of ARS Pharmaceuticals shares disclosed in this filing.
ARS Pharmaceuticals director Kelly Michael received a stock option grant for 30,000 shares of common stock at an exercise price of $10.54 per share. The option expires on June 23, 2036 and will vest in full on the earlier of June 24, 2027 or the company’s 2027 annual stockholder meeting.
ARS Pharmaceuticals director Saqib Islam received a stock option grant covering 30,000 shares of Common Stock. The option has an exercise price of $10.54 per share and expires on June 23, 2036. These options vest in full on the earlier of June 24, 2027 or the company’s 2027 annual meeting of stockholders. Following this grant, Islam holds 30,000 stock options directly.
ARS Pharmaceuticals director Peter A. Thompson reported a grant of stock options covering 30,000 shares of common stock. The options have an exercise price of $10.54 per share and expire on June 23, 2036. They vest in full on the earlier of June 24, 2027 or the company’s 2027 annual meeting of stockholders. Under an agreement, the economic benefit from any securities issued under these options must be transferred to OrbiMed-related entities.