ARS Pharmaceuticals, Inc. (SPRY) shareholders
SPRYNasdaqPharmaceutical PreparationsFiscal year ends December 31
$3.89+0.08 (+2.10%)
Close on Nov 13, 2026Market cap $386.85MP/E –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 · 2 sales
Net sold $283.55K
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 |
|---|---|---|---|---|
| Rajeev Shah Joint filing with RA Capital Management, L.P. (11.10%), Peter Kolchinsky (11.10%) and 1 more | 10,940,977 | 11.10% | 13D (active) amendment | Sep 29, 2025 |
| Deerfield Management Company, L.P. Joint filing with James E. Flynn (10.72%), Deerfield Mgmt III, L.P. (5.36%) and 3 more | 10,514,657 | 10.72% | 13D (active) amendment | Mar 20, 2025 |
| Rubric Capital Management LP Joint filing with David Rosen (8.06%) | 8,000,000 | 8.06% | 13G (passive) amendment | Mar 31, 2026 |
| James E. Flynn Joint filing with Deerfield Management Company, L.P. (7.75%) | 7,610,217 | 7.75% | 13D (active) amendment | Jul 30, 2025 |
| Israel A. Englander Joint filing with Millennium Management LLC (6.00%), Millennium Group Management LLC (6.00%) and 1 more | 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 |
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% | $16.54M | +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)
137 funds held SPRY in Q2 2026, 59% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| 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 |
|---|---|---|---|---|
| Donn Casale | President and CEO, Director | – | – | Oct 5, 2026 |
| Richard E. Lowenthal | PRESIDENT AND CEO, Director, 10% owner | 15,630,330 | 15.72% | Jan 5, 2026 |
| John L. Slebir | Chief Legal Officer | – | – | Nov 4, 2026 |
| Margaret Ekins Smith | Chief Commercial Officer | – | – | Sep 2, 2026 |
| Eric Karas | Chief Commercial Officer | 12,176 | 0.01% | Jun 12, 2026 |
| Alexander A. Fitzpatrick | Chief Legal Officer | 90,910 | 0.09% | Jun 12, 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 |
| Justin Chakma | Chief Business Officer | 166,380 | 0.17% | Jan 5, 2026 |
| Brian Dorsey | Chief Operating Officer | 10,789 | 0.01% | Jan 5, 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 |
| Pratik Shah | Director | 4,574,554 | 4.60% | 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 Management Company, L.P. | 10% owner | – | – | Jul 1, 2025 |
| James E. Flynn | 10% owner | 20,852,436 | 20.97% | Jul 1, 2025 |
| Deerfield Private Design Fund IV, L.P. | 10% owner | – | – | Jul 1, 2025 |
| Deerfield Mgmt III, L.P. | 10% owner | – | – | Jul 1, 2025 |
| Deerfield Mgmt IV, L.P. | 10% owner | – | – | 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.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
35.85%
19M shares short
Days to cover
11.1
At 2M shares a day
Change since last report
-4.2%
From 20M shares
Short volume, 20 days
49.4%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of ARS Pharmaceuticals's stock actually held short. Settlement fails (shares not delivered on time) peaked at 99,740 shares on Sep 4, 2026 over the last 90 days.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Eric Karas Officer | Nov 9, 2026 | 139,588 | $402.36K | Nov 9, 2026 | Stock Option Exercise |
| Eric Karas Officer | Oct 30, 2026 | 80,000 | $270.27K | Oct 30, 2026 | Stock Option Exercise |
| Eric Karas Officer | Oct 19, 2026 | 100,000 | $410.24K | Oct 19, 2026 | Stock Option Exercise |
| Eric Karas Officer | Oct 1, 2026 | 100,000 | $426.10K | Oct 1, 2026 | Stock Option Exercise |
| Eric Karas Officer | Sep 30, 2026 | 100,000 | $431.56K | Sep 30, 2026 | Stock Option Exercise |
| Richard E. Lowenthal Officer, Director, 10% Stockholder | Sep 11, 2026 | 35,000 | $177.00K | Sep 11, 2026 | Stock Option Exercise |
| Eric Karas Officer | Sep 11, 2026 | 14,064 | $69.76K | Sep 11, 2026 | Employee Stock Purchase Plan |
| Richard E. Lowenthal Officer, Director, 10% Stockholder | Sep 4, 2026 | 75,000 | $421.06K | Sep 4, 2026 | Stock Option Exercise |
| Richard E. Lowenthal Officer, Director, 10% Stockholder | Sep 3, 2026 | 19,805 | $115.56K | Sep 3, 2026 | Stock Option Exercise |
| Richard E. Lowenthal Officer, Director, 10% Stockholder | Sep 2, 2026 | 840 | $5.00K | Sep 2, 2026 | Stock Option Exercise |
| Sarina Tanimoto Officer, 10% Stockholder | Sep 1, 2026 | 45,388 | $272.85K | Sep 1, 2026 | Stock Option Exercise |
| Sarina Tanimoto Officer, 10% Stockholder | Aug 31, 2026 | 63,289 | $368.10K | Aug 31, 2026 | Stock Option Exercise |
| Sarina Tanimoto Officer, 10% Stockholder | Aug 20, 2026 | 25,000 | $147.97K | Aug 20, 2026 | Stock Option Exercise |
| Richard E. Lowenthal Officer, Director, 10% Stockholder | Aug 20, 2026 | 25,000 | $148.16K | Aug 20, 2026 | Stock Option Exercise |
| Sarina Tanimoto Officer, 10% Stockholder | Aug 19, 2026 | 25,000 | $161.17K | Aug 19, 2026 | Stock Option Exercise |
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