ARS Pharms SEC Filings

Amendment No. 3 to Schedule 13D discloses that a group of Deerfield-affiliated investment vehicles and their managing partner, James E. Flynn, collectively own 9,724,508 shares of ARS Pharmaceuticals, Inc. ("SPRY"), equal to 9.90 % of the company’s outstanding common stock as of 12 May 2025 (98,213,561 shares).

The filing details ownership across six reporting persons:

• Deerfield Mgmt III, L.P. – 4,862,254 shares (4.95 %)
• Deerfield Private Design Fund III, L.P. – 4.95 %
• Deerfield Mgmt IV, L.P. – 4.95 %
• Deerfield Private Design Fund IV, L.P. – 4.95 %
• Deerfield Management Company, L.P. – 9.90 %
• James E. Flynn – 9.90 %

Recent trading activity: On 27 Jun 2025, Deerfield Private Design Funds III & IV sold a combined 790,149 shares on the Nasdaq Global Market at a weighted-average price of $18.45 (range $18.20–$18.89). No other transactions were reported within the past 60 days.

All voting and dispositive power is reported as shared; none of the entities retains sole power. The amendment principally updates share totals and percentages after the late-June dispositions. Following the sales, Deerfield’s aggregate stake remains just under the 10 % threshold that would otherwise trigger additional reporting or potential Section 16 insider status.

ARS Pharmaceuticals, Inc. (SPRY) – Form 4 insider transaction

Director Rajeev Dadoo reported the receipt of 30,000 non-qualified stock options on 25 June 2025. The options carry an exercise price of $17.26 per share and expire on 24 June 2035, giving a 10-year contractual life. According to the filing, the award vests 100 % on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting (exact meeting date not yet set).

Following the grant, Mr. Dadoo beneficially owns 30,000 derivative securities (options) in a direct capacity; no open-market purchases or sales of common stock were disclosed. The filing indicates a routine annual director equity award rather than a discretionary transaction, and no Rule 10b5-1 trading plan box was checked.

Because the transaction is an option grant—not a purchase or sale—it does not immediately affect float or insider ownership percentages, but it does align the director’s incentives with shareholder value creation over the next decade. Investors typically view such grants as neutral-to-modestly positive signals, reinforcing board commitment without implying near-term trading intentions.

Form 4 highlights: On 06/25/2025 ARS Pharmaceuticals, Inc. (SPRY) granted Director Pratik Shah a stock option for 30,000 common shares at an exercise price of $17.26 per share. The option vests in full on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting, and expires on 24 June 2035. Following this grant, Mr. Shah beneficially owns 30,000 derivative securities; all are held directly. No non-derivative share transactions were reported.

The filing reflects a routine equity incentive award to a non-employee director and does not indicate any open-market buying or selling. As such, it provides limited insight into current insider sentiment but does add a small potential dilutive element (≈30 k shares) to SPRY’s future share count if and when the option is exercised.

ARS Pharmaceuticals, Inc. (SPRY) – Form 4 insider filing dated 06/27/2025

Director Michael Kelly was granted a non-qualified stock option for 30,000 common shares on 06/25/2025 at an exercise price of $17.26 per share. The option vests in full on the earlier of June 25, 2026 or the date of the company’s 2026 annual meeting of stockholders, and carries a ten-year term expiring on 06/24/2035.

The filing reports no open-market purchases or sales of common stock; all activity relates to derivative securities. Following the grant, Mr. Kelly’s beneficial ownership comprises 30,000 derivative securities held directly. No indirect holdings or other related-party transactions were disclosed.

This one-year vesting schedule is consistent with typical board compensation practices and is intended to align the director’s incentives with shareholder interests. Because the award represents routine director compensation and does not involve cash expenditures or immediate dilution, it is unlikely to have a material impact on near-term financial performance or share count.

Form 4 filing overview – ARS Pharmaceuticals, Inc. (SPRY)

On 25 June 2025, director Saqib Islam received a new grant of derivative securities in the form of stock options. The filing reports one transaction and shows no changes to any non-derivative share holdings.

• Security granted: Stock option (right to buy)
• Amount: 30,000 options
• Exercise price: $17.26 per share
• Date exercisable: Grant vests in full on the earlier of 25 June 2026 or the company’s 2026 annual meeting.
• Expiration: 24 June 2035 (10-year term)
• Ownership after transaction: 30,000 derivative securities held directly by the reporting person.

The transaction is coded "A" (acquired), indicating an option grant rather than an open-market purchase or sale. No price was paid for the option itself; the $17.26 will be payable only upon future exercise. The filing shows Mr. Islam continues to serve as a director of ARS Pharmaceuticals and submitted the form individually. No other insiders or joint filers are listed.

Investors should note that the grant aligns the director’s potential future ownership with shareholder value creation, but it does not immediately affect the company’s outstanding share count or cash position.