[SCHEDULE 13D/A] ARS Pharmaceuticals, Inc. SEC Filing
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.
Emendamento n. 3 al Schedule 13D rivela che un gruppo di veicoli di investimento affiliati a Deerfield e il loro partner amministratore, James E. Flynn, detengono collettivamente 9.724.508 azioni di ARS Pharmaceuticals, Inc. ("SPRY"), pari al 9,90 % del capitale sociale ordinario in circolazione al 12 maggio 2025 (98.213.561 azioni).
La comunicazione dettaglia la proprietà distribuita tra sei soggetti segnalanti:
- Deerfield Mgmt III, L.P. – 4.862.254 azioni (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 %
Attività recente di trading: Il 27 giugno 2025, Deerfield Private Design Funds III & IV hanno venduto complessivamente 790.149 azioni sul Nasdaq Global Market a un prezzo medio ponderato di 18,45 $ (con un intervallo da 18,20 a 18,89 $). Nessun'altra transazione è stata segnalata negli ultimi 60 giorni.
Il potere di voto e di disposizione è dichiarato come condiviso; nessuna delle entità detiene potere esclusivo. L'emendamento aggiorna principalmente i totali delle azioni e le percentuali dopo le cessioni di fine giugno. Dopo le vendite, la partecipazione aggregata di Deerfield rimane leggermente sotto la soglia del 10 %, che altrimenti comporterebbe ulteriori obblighi di segnalazione o potenziale status di insider ai sensi della Sezione 16.
Enmienda No. 3 al Schedule 13D revela que un grupo de vehículos de inversión afiliados a Deerfield y su socio gerente, James E. Flynn, poseen colectivamente 9.724.508 acciones de ARS Pharmaceuticals, Inc. ("SPRY"), equivalentes al 9,90 % del capital social común en circulación al 12 de mayo de 2025 (98.213.561 acciones).
La presentación detalla la propiedad distribuida entre seis personas reportantes:
- Deerfield Mgmt III, L.P. – 4.862.254 acciones (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 %
Actividad reciente de negociación: El 27 de junio de 2025, Deerfield Private Design Funds III & IV vendieron un total combinado de 790.149 acciones en el Nasdaq Global Market a un precio promedio ponderado de 18,45 $ (rango de 18,20 a 18,89 $). No se reportaron otras transacciones en los últimos 60 días.
El poder de voto y disposición se reporta como compartido; ninguna de las entidades retiene poder exclusivo. La enmienda actualiza principalmente los totales de acciones y porcentajes después de las disposiciones de finales de junio. Tras las ventas, la participación agregada de Deerfield permanece justo por debajo del umbral del 10 % que de otro modo activaría reportes adicionales o posible condición de insider según la Sección 16.
Schedule 13D 수정안 제3호는 Deerfield 관련 투자 차량 그룹과 그 관리 파트너인 James E. Flynn이 ARS Pharmaceuticals, Inc.("SPRY")의 9,724,508주를 공동 보유하고 있음을 공개하며, 이는 2025년 5월 12일 기준 회사의 발행 보통주 98,213,561주의 9.90%에 해당합니다.
신고서는 여섯 명의 보고자별 소유 현황을 다음과 같이 상세히 설명합니다:
- Deerfield Mgmt III, L.P. – 4,862,254주 (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 %
최근 거래 내역: 2025년 6월 27일, Deerfield Private Design Funds III & IV는 나스닥 글로벌 마켓에서 총 790,149주를 매도했으며, 가중 평균 가격은 18.45달러 (18.20~18.89달러 범위)였습니다. 지난 60일 이내 다른 거래는 보고되지 않았습니다.
모든 의결권 및 처분 권한은 공유로 보고되었으며, 어느 단체도 단독 권한을 보유하지 않습니다. 이번 수정안은 6월 말 매각 후 주식 수와 비율을 주로 업데이트합니다. 매각 후 Deerfield의 총 지분은 추가 보고 또는 섹션 16 내부자 지위 가능성을 유발하는 10% 기준선 바로 아래에 머물러 있습니다.
Amendement n° 3 au Schedule 13D révèle qu’un groupe de véhicules d’investissement affiliés à Deerfield et leur partenaire gestionnaire, James E. Flynn, détiennent collectivement 9 724 508 actions d’ARS Pharmaceuticals, Inc. (« SPRY »), soit 9,90 % du capital social ordinaire en circulation au 12 mai 2025 (98 213 561 actions).
Le dépôt détaille la propriété répartie entre six personnes déclarantes :
- Deerfield Mgmt III, L.P. – 4 862 254 actions (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 %
Activité récente de trading : Le 27 juin 2025, Deerfield Private Design Funds III & IV ont vendu conjointement 790 149 actions sur le Nasdaq Global Market à un prix moyen pondéré de 18,45 $ (plage de 18,20 à 18,89 $). Aucune autre transaction n’a été signalée au cours des 60 derniers jours.
Le pouvoir de vote et le pouvoir de disposition sont déclarés comme partagés ; aucune des entités ne détient un pouvoir exclusif. L’amendement met principalement à jour les totaux d’actions et les pourcentages après les cessions de fin juin. Après ces ventes, la participation globale de Deerfield reste juste en dessous du seuil de 10 %, ce qui éviterait des obligations de déclaration supplémentaires ou un éventuel statut d’initié selon la Section 16.
Nachtrag Nr. 3 zum Schedule 13D gibt bekannt, dass eine Gruppe von Deerfield-verbundenen Investmentvehikeln und deren geschäftsführender Partner James E. Flynn gemeinsam 9.724.508 Aktien der ARS Pharmaceuticals, Inc. ("SPRY") besitzen, was 9,90 % des zum 12. Mai 2025 ausstehenden Stammaktienkapitals von 98.213.561 Aktien entspricht.
Die Meldung führt die Eigentumsverhältnisse auf sechs meldende Personen auf:
- Deerfield Mgmt III, L.P. – 4.862.254 Aktien (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 %
Aktuelle Handelsaktivitäten: Am 27. Juni 2025 verkauften Deerfield Private Design Funds III & IV zusammen 790.149 Aktien am Nasdaq Global Market zu einem gewichteten Durchschnittspreis von 18,45 $ (Spanne 18,20–18,89 $). In den letzten 60 Tagen wurden keine weiteren Transaktionen gemeldet.
Alle Stimm- und Verfügungsrechte werden als gemeinsam ausgeübt gemeldet; keine der Einheiten besitzt Alleinrechte. Die Änderung aktualisiert hauptsächlich die Aktienzahlen und Prozentsätze nach den Verkäufen Ende Juni. Nach den Verkäufen liegt die Gesamtbeteiligung von Deerfield knapp unter der 10-%-Schwelle, die sonst zusätzliche Meldepflichten oder einen möglichen Insiderstatus nach Abschnitt 16 auslösen würde.
- None.
- Large shareholder reduced position by 790,149 shares (-0.8 % of outstanding), which can be interpreted as decreased near-term conviction.
- Additional share supply at $18.20–$18.89 could exert minor downward price pressure.
Insights
TL;DR: Deerfield trims SPRY stake by ~0.8 M shares, now holds 9.9 %; still a significant but slightly reduced position.
The disposal of 790,149 shares (~0.8 % of outstanding) indicates a modest position management rather than a wholesale exit. Deerfield remains SPRY’s largest known shareholder with nearly 10 % ownership, preserving influence while slipping below key regulatory and governance thresholds. From a market-signal standpoint, trimming a stake near recent 52-week highs (implied by sale prices around $18-$19) could be read as opportunistic profit-taking. However, continued near-10 % ownership suggests underlying conviction. The impact is largely neutral-to-slightly-negative: supply of additional shares to the market and a psychological cue of reduced insider enthusiasm, yet not enough volume to materially change the ownership structure.
TL;DR: Deerfield’s stake moves below the 10 % line, easing governance burdens but leaving influence intact.
By reporting 9.90 % beneficial ownership, Deerfield sidesteps Section 16 insider obligations and potential short-swing profit restrictions. The shared voting/dispositive structure means all investment decisions flow through the management company and Mr. Flynn, simplifying governance interactions for SPRY. Investors should note that any further sales bringing Deerfield below 5 % would eliminate 13D filing requirements, potentially reducing future transparency. The filing is not materially impactful to corporate control, but it provides clarity on a large holder’s intentions.
Emendamento n. 3 al Schedule 13D rivela che un gruppo di veicoli di investimento affiliati a Deerfield e il loro partner amministratore, James E. Flynn, detengono collettivamente 9.724.508 azioni di ARS Pharmaceuticals, Inc. ("SPRY"), pari al 9,90 % del capitale sociale ordinario in circolazione al 12 maggio 2025 (98.213.561 azioni).
La comunicazione dettaglia la proprietà distribuita tra sei soggetti segnalanti:
- Deerfield Mgmt III, L.P. – 4.862.254 azioni (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 %
Attività recente di trading: Il 27 giugno 2025, Deerfield Private Design Funds III & IV hanno venduto complessivamente 790.149 azioni sul Nasdaq Global Market a un prezzo medio ponderato di 18,45 $ (con un intervallo da 18,20 a 18,89 $). Nessun'altra transazione è stata segnalata negli ultimi 60 giorni.
Il potere di voto e di disposizione è dichiarato come condiviso; nessuna delle entità detiene potere esclusivo. L'emendamento aggiorna principalmente i totali delle azioni e le percentuali dopo le cessioni di fine giugno. Dopo le vendite, la partecipazione aggregata di Deerfield rimane leggermente sotto la soglia del 10 %, che altrimenti comporterebbe ulteriori obblighi di segnalazione o potenziale status di insider ai sensi della Sezione 16.
Enmienda No. 3 al Schedule 13D revela que un grupo de vehículos de inversión afiliados a Deerfield y su socio gerente, James E. Flynn, poseen colectivamente 9.724.508 acciones de ARS Pharmaceuticals, Inc. ("SPRY"), equivalentes al 9,90 % del capital social común en circulación al 12 de mayo de 2025 (98.213.561 acciones).
La presentación detalla la propiedad distribuida entre seis personas reportantes:
- Deerfield Mgmt III, L.P. – 4.862.254 acciones (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 %
Actividad reciente de negociación: El 27 de junio de 2025, Deerfield Private Design Funds III & IV vendieron un total combinado de 790.149 acciones en el Nasdaq Global Market a un precio promedio ponderado de 18,45 $ (rango de 18,20 a 18,89 $). No se reportaron otras transacciones en los últimos 60 días.
El poder de voto y disposición se reporta como compartido; ninguna de las entidades retiene poder exclusivo. La enmienda actualiza principalmente los totales de acciones y porcentajes después de las disposiciones de finales de junio. Tras las ventas, la participación agregada de Deerfield permanece justo por debajo del umbral del 10 % que de otro modo activaría reportes adicionales o posible condición de insider según la Sección 16.
Schedule 13D 수정안 제3호는 Deerfield 관련 투자 차량 그룹과 그 관리 파트너인 James E. Flynn이 ARS Pharmaceuticals, Inc.("SPRY")의 9,724,508주를 공동 보유하고 있음을 공개하며, 이는 2025년 5월 12일 기준 회사의 발행 보통주 98,213,561주의 9.90%에 해당합니다.
신고서는 여섯 명의 보고자별 소유 현황을 다음과 같이 상세히 설명합니다:
- Deerfield Mgmt III, L.P. – 4,862,254주 (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 %
최근 거래 내역: 2025년 6월 27일, Deerfield Private Design Funds III & IV는 나스닥 글로벌 마켓에서 총 790,149주를 매도했으며, 가중 평균 가격은 18.45달러 (18.20~18.89달러 범위)였습니다. 지난 60일 이내 다른 거래는 보고되지 않았습니다.
모든 의결권 및 처분 권한은 공유로 보고되었으며, 어느 단체도 단독 권한을 보유하지 않습니다. 이번 수정안은 6월 말 매각 후 주식 수와 비율을 주로 업데이트합니다. 매각 후 Deerfield의 총 지분은 추가 보고 또는 섹션 16 내부자 지위 가능성을 유발하는 10% 기준선 바로 아래에 머물러 있습니다.
Amendement n° 3 au Schedule 13D révèle qu’un groupe de véhicules d’investissement affiliés à Deerfield et leur partenaire gestionnaire, James E. Flynn, détiennent collectivement 9 724 508 actions d’ARS Pharmaceuticals, Inc. (« SPRY »), soit 9,90 % du capital social ordinaire en circulation au 12 mai 2025 (98 213 561 actions).
Le dépôt détaille la propriété répartie entre six personnes déclarantes :
- Deerfield Mgmt III, L.P. – 4 862 254 actions (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 %
Activité récente de trading : Le 27 juin 2025, Deerfield Private Design Funds III & IV ont vendu conjointement 790 149 actions sur le Nasdaq Global Market à un prix moyen pondéré de 18,45 $ (plage de 18,20 à 18,89 $). Aucune autre transaction n’a été signalée au cours des 60 derniers jours.
Le pouvoir de vote et le pouvoir de disposition sont déclarés comme partagés ; aucune des entités ne détient un pouvoir exclusif. L’amendement met principalement à jour les totaux d’actions et les pourcentages après les cessions de fin juin. Après ces ventes, la participation globale de Deerfield reste juste en dessous du seuil de 10 %, ce qui éviterait des obligations de déclaration supplémentaires ou un éventuel statut d’initié selon la Section 16.
Nachtrag Nr. 3 zum Schedule 13D gibt bekannt, dass eine Gruppe von Deerfield-verbundenen Investmentvehikeln und deren geschäftsführender Partner James E. Flynn gemeinsam 9.724.508 Aktien der ARS Pharmaceuticals, Inc. ("SPRY") besitzen, was 9,90 % des zum 12. Mai 2025 ausstehenden Stammaktienkapitals von 98.213.561 Aktien entspricht.
Die Meldung führt die Eigentumsverhältnisse auf sechs meldende Personen auf:
- Deerfield Mgmt III, L.P. – 4.862.254 Aktien (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 %
Aktuelle Handelsaktivitäten: Am 27. Juni 2025 verkauften Deerfield Private Design Funds III & IV zusammen 790.149 Aktien am Nasdaq Global Market zu einem gewichteten Durchschnittspreis von 18,45 $ (Spanne 18,20–18,89 $). In den letzten 60 Tagen wurden keine weiteren Transaktionen gemeldet.
Alle Stimm- und Verfügungsrechte werden als gemeinsam ausgeübt gemeldet; keine der Einheiten besitzt Alleinrechte. Die Änderung aktualisiert hauptsächlich die Aktienzahlen und Prozentsätze nach den Verkäufen Ende Juni. Nach den Verkäufen liegt die Gesamtbeteiligung von Deerfield knapp unter der 10-%-Schwelle, die sonst zusätzliche Meldepflichten oder einen möglichen Insiderstatus nach Abschnitt 16 auslösen würde.