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[SCHEDULE 13D/A] ARS Pharmaceuticals, Inc. SEC Filing

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(Low)
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Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary

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.

Positive
  • None.
Negative
  • 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.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
Comprised of 4,862,254 shares of common stock held by Deerfield Private Design Fund III, L.P.


SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
Comprised of 4,862,254 shares of common stock held by Deerfield Private Design Fund IV, L.P.


SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
Comprised of an aggregate of 9,724,508 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.


SCHEDULE 13D




Comment for Type of Reporting Person:
Comprised of an aggregate of 9,724,508 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.


SCHEDULE 13D


Deerfield Mgmt III, L.P.
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025
Deerfield Private Design Fund III, L.P.
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025
Deerfield Mgmt IV, L.P.
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025
Deerfield Private Design Fund IV, L.P.
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025
Deerfield Management Company, L.P.
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025
James E. Flynn
Signature:/s/ Jonathan Isler
Name/Title:Jonathan Isler, Attorney-in-Fact
Date:07/02/2025

FAQ

How many ARS Pharmaceuticals (SPRY) shares does Deerfield currently own?

Deerfield entities and James E. Flynn together own 9,724,508 shares, equal to 9.90 % of outstanding stock.

Why did Deerfield file an Amendment No. 3 to Schedule 13D?

The amendment updates Deerfield’s beneficial ownership after recent share sales and confirms its stake is now 9.90 %.

What recent transactions did Deerfield report?

On 27 Jun 2025, Deerfield Funds III & IV sold a combined 790,149 shares at a weighted-average price of $18.45.

Does Deerfield still have significant influence over SPRY?

Yes. Although it trimmed its stake, Deerfield remains SPRY’s largest disclosed holder with shared voting and dispositive power over 9.90 % of shares.

Will Deerfield need to file future insider reports?

At 9.90 %, Deerfield remains above the 5 % threshold that requires Schedule 13D filings but is below 10 %, so Section 16 insider rules do not apply.
ARS Pharms

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