SPRYNasdaqPharmaceutical PreparationsFiscal year ends December 31
ARS Pharmaceuticals, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$4.23+0.21 (+5.22%)
Close on Oct 19, 2026
- Market cap
- $420.09M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
91.2%
91M of 99M shares
Institutional holders
206
38 new, 31 sold out
Net institutional buying
-3M
In Q2 2026
Insider trades, 12 months
0 buys · 5 sales
Net sold $1.95M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Rubric Capital Management LP | 8,000,000 | 8.06% | 13G (passive) amendment | Mar 31, 2026 |
| James E. Flynn | 7,610,217 | 7.75% | 13D (active) amendment | Jul 30, 2025 |
| Israel A. Englander | 5,916,030 | 6.00% | 13G (passive) amendment | Mar 27, 2026 |
| The Pratik Shah Living Trust dated June 15, 2011(1) | 5,219,124 | 5.40% | 13D (active) amendment | Jun 13, 2024 |
| BlackRock, Inc. | 5,218,264 | 5.30% | 13G (passive) | Jun 30, 2026 |
| Rajeev Shah | 10,940,977 | 11.10% | 13D (active) amendment | Sep 29, 2025 |
| Deerfield Management Company, L.P. | 10,514,657 | 10.72% | 13D (active) amendment | Mar 20, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of SPRY | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Ra Capital Management, L.P. | 10,860,977 | 10.92% | $87.00M | – | 0.76% |
| Rubric Capital Management LP | 8,540,861 | 8.59% | $68.41M | +540,861 | 0.63% |
| Orbimed Advisors LLC | 8,288,510 | 8.33% | $66.39M | – | 1.23% |
| Deerfield Management Company, L.P. (Series C) | 7,503,812 | 7.55% | $60.11M | – | 0.63% |
| BlackRock, Inc. | 5,311,319 | 5.34% | $42.54M | +299,065 | 0.00% |
| Tyro Capital Management LLC | 4,459,337 | 4.48% | $35.72M | +1,490,738 | 8.01% |
| abrdn plc | 4,170,629 | 4.19% | $33.41M | +57,012 | 0.05% |
| Sr One Capital Management, LP | 4,012,903 | 4.04% | $32.14M | – | 3.09% |
| State Street Corp | 3,730,623 | 3.75% | $29.88M | +85,657 | 0.00% |
| Capital World Investors | 2,754,931 | 2.77% | $22.07M | New | 0.00% |
| Vanguard Capital Management LLC | 2,553,528 | 2.57% | $20.45M | +11,024 | 0.00% |
| Millennium Management LLC | 2,400,937 | 2.41% | $19.23M | −3,581,982 | 0.01% |
| Janney Montgomery Scott LLC | 2,064,498 | 2.08% | $16.54K | +48,034 | 0.03% |
| UBS Group AG | 1,939,654 | 1.95% | $15.54M | −320,671 | 0.00% |
| Geode Capital Management, LLC | 1,699,017 | 1.71% | $13.61M | +172,193 | 0.00% |
| Boothbay Fund Management, LLC | 1,601,504 | 1.61% | $12.83M | +1,350,907 | 0.17% |
| General American Investors Co Inc | 1,133,046 | 1.14% | $9.08M | +405,892 | 0.54% |
| Third Point LLC | 1,000,000 | 1.01% | $8.01M | – | 0.17% |
| Peregrine Capital Management LLC | 672,139 | 0.68% | $5.38M | New | 0.17% |
| Tejara Capital Ltd | 607,039 | 0.61% | $4.86M | +396,639 | 2.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 206 | 91M | 91.2% | 38 / 74 | 56 / 31 | 11M | 15M |
| Q1 2026 | 203 | 94M | 94.6% | 40 / 61 | 57 / 25 | 17M | 9M |
| Q4 2025 | 191 | 90M | 90.7% | 38 / 58 | 55 / 33 | 17M | 11M |
| Q3 2025 | 188 | 84M | 84.1% | 43 / 69 | 44 / 42 | 18M | 19M |
| Q2 2025 | 187 | 85M | 85.1% | 28 / 81 | 47 / 22 | 14M | 6M |
| Q1 2025 | 183 | 76M | 76.7% | 41 / 59 | 53 / 21 | 11M | 5M |
| Q4 2024 | 165 | 71M | 71.7% | 37 / 61 | 42 / 19 | 13M | 5M |
| Q3 2024 | 151 | 64M | 64.4% | 50 / 57 | 23 / 12 | 13M | 7M |
| Q2 2024 | 115 | 63M | 63.0% | 24 / 45 | 25 / 21 | 4M | 1M |
| Q1 2024 | 113 | 60M | 60.5% | 27 / 37 | 26 / 14 | 7M | 14M |
| Q4 2023 | 100 | 67M | 67.5% | 19 / 30 | 29 / 16 | 4M | 4M |
| Q3 2023 | 97 | 67M | 66.9% | 23 / 38 | 22 / 18 | 20M | 9M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of SPRY | Value | % of fund | As of |
|---|---|---|---|---|---|
| SMALLCAP World Fund Inc | 2,682,188 | 2.70% | $21.48M | 0.02% | Jun 30, 2026 |
| State Street(R) SPDR(R) S&P(R) Biotech ETF | 2,287,041 | 2.30% | $18.32M | 0.17% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 1,749,763 | 1.76% | $14.02M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 1,608,667 | 1.62% | $12.89M | 0.02% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 746,063 | 0.75% | $5.98M | 0.01% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 670,463 | 0.67% | $3.44M | 0.01% | Jul 31, 2026 |
| iShares Russell 2000 Growth ETF | 578,426 | 0.58% | $4.63M | 0.03% | Jun 30, 2026 |
| iShares Biotechnology ETF | 442,115 | 0.44% | $3.54M | 0.04% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 339,030 | 0.34% | $3.08M | 0.01% | May 31, 2026 |
| Select Biotechnology Portfolio | 335,156 | 0.34% | $3.04M | 0.06% | May 31, 2026 |
| Schwab U.S. Small-Cap ETF | 310,998 | 0.31% | $2.82M | 0.01% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 303,540 | 0.31% | $2.75M | 0.02% | May 31, 2026 |
| Optimum Small-Mid Cap Growth Fund | 219,696 | 0.22% | $1.76M | 0.19% | Jun 30, 2026 |
| Vanguard Health Care Index Fund | 162,048 | 0.16% | $1.47M | 0.01% | May 31, 2026 |
| Schwab Small-Cap Index Fund | 149,813 | 0.15% | $768.54K | 0.01% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Richard E. Lowenthal | PRESIDENT AND CEO, Director, 10% owner | 15,630,330 | 15.72% | Jan 5, 2026 |
| Margaret Ekins Smith | Chief Commercial Officer | – | – | Sep 2, 2026 |
| Donn Casale | President | – | – | Jul 2, 2026 |
| Alexander A. Fitzpatrick | Chief Legal Officer | 90,910 | 0.09% | Jun 12, 2026 |
| Eric Karas | Chief Commercial Officer | 12,176 | 0.01% | Jun 12, 2026 |
| Brian Dorsey | Chief Operating Officer | 10,789 | 0.01% | Jan 5, 2026 |
| Justin Chakma | Chief Business Officer | 166,380 | 0.17% | Jan 5, 2026 |
| Kathleen D. Scott | Chief Financial Officer | 18,292 | 0.02% | Jan 5, 2026 |
| Sarina Tanimoto | CHIEF MEDICAL OFFICER, 10% owner | 14,786,653 | 14.87% | Jan 5, 2026 |
| Pratik Shah | Director | 4,574,554 | 4.60% | Jun 26, 2026 |
| Capital Healthcare Fund LP RA | Director, 10% owner | 8,365,465 | 8.41% | Jun 26, 2026 |
| Rajeev M. Shah | Director, 10% owner | 902,904 | 0.91% | Jun 26, 2026 |
| Peter Kolchinsky | Director, 10% owner | – | – | Jun 26, 2026 |
| Ra Capital Management, L.P. | Director, 10% owner | 9,958,073 | 10.01% | Jun 26, 2026 |
| RA Capital Nexus Fund II, L.P. | Director | – | – | Jun 26, 2026 |
| Peter A. Thompson | Director | 0 | – | Jun 26, 2026 |
| Brent L. Saunders | Director | 0 | – | Jun 26, 2026 |
| Saqib Islam | Director | 15,239 | 0.02% | Jun 26, 2026 |
| Laura Shawver | Director | 210,346 | 0.21% | Jun 26, 2026 |
| Rajeev Dadoo | Director | 3,009,677 | 3.03% | Jun 26, 2026 |
| Michael Kelly | Director | 83,225 | 0.08% | Jun 26, 2026 |
| Phillip M. Schneider | Director | – | – | Jun 26, 2026 |
| Deerfield Private Design Fund III, L.P. | 10% owner | 10,524,210 | 10.58% | Jul 1, 2025 |
| Deerfield Mgmt III, L.P. | 10% owner | – | – | Jul 1, 2025 |
| Deerfield Management Company, L.P. | 10% owner | – | – | Jul 1, 2025 |
| Deerfield Private Design Fund IV, L.P. | 10% owner | – | – | Jul 1, 2025 |
| Deerfield Mgmt IV, L.P. | 10% owner | – | – | Jul 1, 2025 |
| James E. Flynn | 10% owner | 20,852,436 | 20.97% | Jul 1, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Alexander A. Fitzpatrick Chief Legal Officer | Jun 12, 2026 | Sale(10b5-1 plan) | −3,355 | $10.00 | $33.55K | 90,910 |
| Eric Karas Chief Commercial Officer | Jun 12, 2026 | Sale(10b5-1 plan) | −25,000 | $10.00 | $250.00K | 12,176 |
| Eric Karas Chief Commercial Officer | Jun 12, 2026 | Option exercise | +25,000 | $1.50 | $37.50K | 37,176 |
| Brian Dorsey Chief Operating Officer | Nov 13, 2025 | Sale | −21,828 | $8.71 | $190.12K | 10,789 |
| Brian Dorsey Chief Operating Officer | Nov 13, 2025 | Option exercise | +21,828 | $0.64 | $13.97K | 32,617 |
| Justin Chakma Chief Business Officer | Nov 12, 2025 | Option exercise | +30,000 | $0.84 | $25.20K | 166,380 |
| Justin Chakma Chief Business Officer | Nov 12, 2025 | Sale | −30,000 | $8.91 | $267.30K | 136,380 |
| Justin Chakma Chief Business Officer | Nov 12, 2025 | Sale | −136,380 | $8.86 | $1.21M | 0 |
| Pratik Shah Director | Nov 12, 2025 | Gift | −250,000 | – | – | 4,574,554 |
| Pratik Shah Director | Nov 12, 2025 | Gift | −100,000 | – | – | 4,474,554 |
| Richard E. Lowenthal PRESIDENT AND CEO, Director, 10% owner | Aug 21, 2025 | Sale(10b5-1 plan) | −50,000 | $14.49 | $724.50K | 1,196,494 |
| Kathleen D. Scott Chief Financial Officer | Aug 21, 2025 | Sale(10b5-1 plan) | −12,500 | $15.00 | $187.50K | 10,042 |
| Kathleen D. Scott Chief Financial Officer | Aug 21, 2025 | Option exercise | +12,500 | $1.50 | $18.75K | 22,542 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Aug 20, 2025 | Sale(10b5-1 plan) | −37,656 | $14.09 | $530.57K | 1,247,447 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Aug 19, 2025 | Sale(10b5-1 plan) | −12,344 | $14.03 | $173.19K | 1,285,103 |
| Eric Karas Chief Commercial Officer | Jul 1, 2025 | Sale(10b5-1 plan) | −15,000 | $16.99 | $254.85K | 10,315 |
| Eric Karas Chief Commercial Officer | Jul 1, 2025 | Option exercise | +15,000 | $1.50 | $22.50K | 25,315 |
| James E. Flynn 10% owner | Jun 27, 2025 | Sale | −370,075 | $18.46 | $6.83M | 4,887,254 |
| James E. Flynn 10% owner | Jun 27, 2025 | Sale | −370,074 | $18.46 | $6.83M | 4,887,254 |
| Eric Karas Chief Commercial Officer | Jun 18, 2025 | Option exercise | +15,000 | $1.50 | $22.50K | 22,696 |
| Eric Karas Chief Commercial Officer | Jun 18, 2025 | Sale(10b5-1 plan) | −15,000 | $16.00 | $240.00K | 7,696 |
| Kathleen D. Scott Chief Financial Officer | May 20, 2025 | Sale | −50,000 | $14.10 | $705.00K | 7,424 |
| Kathleen D. Scott Chief Financial Officer | May 20, 2025 | Option exercise | +50,000 | $1.50 | $75.00K | 57,424 |
| Brent L. Saunders Director | May 20, 2025 | Sale | −120,000 | $14.25 | $1.71M | 0 |
| Brent L. Saunders Director | May 20, 2025 | Option exercise | +120,000 | $1.01 | $121.20K | 120,000 |
| Alexander A. Fitzpatrick Chief Legal Officer | May 20, 2025 | Sale | −102,969 | $14.10 | $1.45M | 89,613 |
| Alexander A. Fitzpatrick Chief Legal Officer | May 20, 2025 | Option exercise | +100,000 | $5.58 | $558.00K | 192,582 |
| Laura Shawver Director | Apr 7, 2025 | Sale(10b5-1 plan) | −50,002 | $12.30 | $615.02K | 210,346 |
| Laura Shawver Director | Apr 7, 2025 | Option exercise | +27,493 | $4.85 | $133.34K | 260,348 |
| Laura Shawver Director | Apr 7, 2025 | Option exercise | +22,509 | $4.85 | $109.17K | 232,855 |
| Eric Karas Chief Commercial Officer | Mar 20, 2025 | Sale(10b5-1 plan) | −10,000 | $14.00 | $140.00K | 7,696 |
| Eric Karas Chief Commercial Officer | Mar 20, 2025 | Option exercise | +10,000 | $1.50 | $15.00K | 17,696 |
| Laura Shawver Director | Mar 6, 2025 | Option exercise | +49,600 | $4.85 | $240.56K | 259,946 |
| Laura Shawver Director | Mar 6, 2025 | Sale(10b5-1 plan) | −49,600 | $11.21 | $556.02K | 210,346 |
| Laura Shawver Director | Mar 5, 2025 | Sale(10b5-1 plan) | −400 | $11.00 | $4.40K | 210,346 |
| Laura Shawver Director | Mar 5, 2025 | Option exercise | +400 | $4.85 | $1.94K | 210,746 |
| Laura Shawver Director | Feb 3, 2025 | Option exercise | +9,064 | $3.15 | $28.55K | 219,410 |
| Laura Shawver Director | Feb 3, 2025 | Sale(10b5-1 plan) | −50,000 | $12.31 | $615.50K | 210,346 |
| Laura Shawver Director | Feb 3, 2025 | Option exercise | +40,936 | $4.85 | $198.54K | 260,346 |
| Laura Shawver Director | Jan 6, 2025 | Sale(10b5-1 plan) | −50,000 | $11.10 | $555.00K | 210,346 |
| Laura Shawver Director | Jan 6, 2025 | Option exercise | +50,000 | $3.15 | $157.50K | 260,346 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Dec 17, 2024 | Sale(10b5-1 plan) | −50,000 | $11.67 | $583.50K | 1,098,499 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Dec 17, 2024 | Sale(10b5-1 plan) | −50,000 | $11.67 | $583.50K | 1,297,447 |
| Richard E. Lowenthal PRESIDENT AND CEO, Director, 10% owner | Dec 17, 2024 | Sale(10b5-1 plan) | −50,000 | $11.67 | $583.50K | 1,297,447 |
| Richard E. Lowenthal PRESIDENT AND CEO, Director, 10% owner | Dec 17, 2024 | Sale(10b5-1 plan) | −50,000 | $11.67 | $583.50K | 1,098,499 |
| Justin Chakma Chief Business Officer | Dec 13, 2024 | Option exercise | +27,272 | $1.44 | $39.27K | 163,652 |
| Justin Chakma Chief Business Officer | Dec 13, 2024 | Sale | −27,272 | $12.06 | $328.90K | 136,380 |
| Brian Dorsey Chief Operating Officer | Dec 12, 2024 | Sale(10b5-1 plan) | −25,000 | $12.30 | $307.50K | 6,024 |
| Brian Dorsey Chief Operating Officer | Dec 12, 2024 | Option exercise | +25,000 | $0.64 | $16.00K | 31,024 |
| Justin Chakma Chief Business Officer | Dec 12, 2024 | Sale | −117,333 | $12.27 | $1.44M | 136,380 |
| Justin Chakma Chief Business Officer | Dec 12, 2024 | Option exercise | +117,333 | $0.84 | $98.56K | 253,713 |
| Brian Dorsey Chief Operating Officer | Dec 11, 2024 | Sale(10b5-1 plan) | −15,000 | $12.43 | $186.45K | 6,024 |
| Brian Dorsey Chief Operating Officer | Dec 11, 2024 | Option exercise | +15,000 | $0.64 | $9.60K | 21,024 |
| Justin Chakma Chief Business Officer | Dec 10, 2024 | Sale | −50,000 | $13.15 | $657.50K | 136,380 |
| Justin Chakma Chief Business Officer | Dec 10, 2024 | Option exercise | +50,000 | $0.84 | $42.00K | 186,380 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Dec 10, 2024 | Sale(10b5-1 plan) | −50,000 | $13.16 | $658.00K | 1,148,499 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Dec 10, 2024 | Sale(10b5-1 plan) | −50,000 | $13.17 | $658.50K | 1,246,494 |
| Richard E. Lowenthal PRESIDENT AND CEO, Director, 10% owner | Dec 10, 2024 | Sale(10b5-1 plan) | −50,000 | $13.17 | $658.50K | 1,246,494 |
| Richard E. Lowenthal PRESIDENT AND CEO, Director, 10% owner | Dec 10, 2024 | Sale(10b5-1 plan) | −50,000 | $13.16 | $658.00K | 1,148,499 |
| Sarina Tanimoto CHIEF MEDICAL OFFICER, 10% owner | Dec 6, 2024 | Option exercise | +11,876 | $8.42 | $100.00K | 3,433,512 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Karas Eric Officer | Oct 1, 2026 | 100,000 | $426.10K | Oct 1, 2026 | Stock Option Exercise |
| Karas Eric Officer | Sep 30, 2026 | 100,000 | $431.56K | Sep 30, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Sep 11, 2026 | 35,000 | $177.00K | Sep 11, 2026 | Stock Option Exercise |
| Karas Eric Officer | Sep 11, 2026 | 14,064 | $69.76K | Sep 11, 2026 | Employee Stock Purchase Plan |
| Lowenthal Richard Officer, Director, 10% Stockholder | Sep 4, 2026 | 75,000 | $421.06K | Sep 4, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Sep 3, 2026 | 19,805 | $115.56K | Sep 3, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Sep 2, 2026 | 840 | $5.00K | Sep 2, 2026 | Stock Option Exercise |
| Tanimoto Sarina Officer, 10% Stockholder | Sep 1, 2026 | 45,388 | $272.85K | Sep 1, 2026 | Stock Option Exercise |
| Tanimoto Sarina Officer, 10% Stockholder | Aug 31, 2026 | 63,289 | $368.10K | Aug 31, 2026 | Stock Option Exercise |
| Tanimoto Sarina Officer, 10% Stockholder | Aug 20, 2026 | 25,000 | $147.97K | Aug 20, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Aug 20, 2026 | 25,000 | $148.16K | Aug 20, 2026 | Stock Option Exercise |
| Tanimoto Sarina Officer, 10% Stockholder | Aug 19, 2026 | 25,000 | $161.17K | Aug 19, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Aug 19, 2026 | 50,000 | $322.35K | Aug 19, 2026 | Stock Option Exercise |
| Tanimoto Sarina Officer, 10% Stockholder | Aug 18, 2026 | 49,401 | $311.19K | Aug 18, 2026 | Stock Option Exercise |
| Lowenthal Richard Officer, Director, 10% Stockholder | Aug 18, 2026 | 50,000 | $315.89K | Aug 18, 2026 | Stock Option Exercise |