ARS PHARMACEUTICALS INC SPRY
COM · Common Stock · CUSIP 82835W108
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersSan Diego, CA
- Founded2016
- Websitesilverbacktx.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($56.1k this quarter). Holder counts are more reliable. Shares outstanding: 99.4m as of 2026-08-11, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $8.01. Options: 6 managers hold calls ($2.5m notional), 4 hold puts ($632.8k).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 61 |
| Q4 2022 | 74 |
| Q1 2023 | 91 |
| Q2 2023 | 94 |
| Q3 2023 | 98 |
| Q4 2023 | 101 |
| Q1 2024 | 114 |
| Q2 2024 | 116 |
| Q3 2024 | 152 |
| Q4 2024 | 167 |
| Q1 2025 | 185 |
| Q2 2025 | 189 |
| Q3 2025 | 188 |
| Q4 2025 | 192 |
| Q1 2026 | 204 |
| Q2 2026 | 206 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 105 | 35 |
| Q4 2024 | 86 | 61 |
| Q1 2025 | 97 | 73 |
| Q2 2025 | 107 | 68 |
| Q3 2025 | 110 | 86 |
| Q4 2025 | 89 | 88 |
| Q1 2026 | 94 | 82 |
| Q2 2026 | 110 | 88 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $14.3m | $7.5m | 0.52 |
| Q4 2025 | $4.6m | $3.9m | 0.85 |
| Q1 2026 | $2.1m | $532.4k | 0.25 |
| Q2 2026 | $2.5m | $632.8k | 0.25 |
Biggest buyers
| Capital World Investors | New | +2.8m |
| Tyro Capital Management LLC | Added | +1.5m |
| BOOTHBAY FUND MANAGEMENT, LLC | Added | +1.4m |
| PEREGRINE CAPITAL MANAGEMENT LLC | New | +672.1k |
| Rubric Capital Management LP | Added | +540.9k |
| GENERAL AMERICAN INVESTORS CO INC | Added | +405.9k |
| Tejara Capital Ltd | Added | +396.6k |
| BlackRock, Inc. | Added | +299.1k |
| Trexquant Investment LP | New | +286.7k |
| Jump Financial, LLC | New | +255.2k |
Biggest sellers
| MILLENNIUM MANAGEMENT LLC | Reduced | -3.6m |
| FRANKLIN RESOURCES INC | Sold out | -3.3m |
| BAMCO INC /NY/ | Sold out | -1.3m |
| CITADEL ADVISORS LLC | Reduced | -1.2m |
| ADAR1 Capital Management, LLC | Reduced | -760.5k |
| Nextech Invest Ltd. | Sold out | -610.7k |
| FIRST TRUST ADVISORS LP | Sold out | -422.0k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -417.1k |
| GOLDMAN SACHS GROUP INC | Reduced | -343.4k |
| UBS Group AG | Reduced | -320.7k |
Biggest calls
| MILLENNIUM MANAGEMENT LLC | New | $961.2k120.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $922.8k115.2k shares |
| K2 PRINCIPAL FUND, L.P. | Added | $384.5k48.0k shares |
| CITADEL ADVISORS LLC | Reduced | $165.0k20.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $67.3k8.4k shares |
| GROUP ONE TRADING LLC | Added | $28.0k3.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $474.2k59.2k shares |
| CITADEL ADVISORS LLC | Added | $119.3k14.9k shares |
| SIMPLEX TRADING, LLC | Added | $37.6k4.7k shares |
| GROUP ONE TRADING LLC | New | $1.6k200 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
RA CAPITAL MANAGEMENT, L.P.
13D · may seek influence
filed 2025-10-01
Stated purposeItem 4 is hereby amended and supplemented as follows: On September 29, 2025, the Issuer and certain direct and indirect subsidiaries of the Issuer who may become a party thereto from time to time, as guarantors (the "Guarantors"), and ARS Pharmaceuticals Operations, Inc., a wholly owned subsidiary of the Issuer, as the borrower (the "Borrower" and, collectively with the Guarantors, the "Credit Parties"), entered into a credit agreement (the "Credit Agreement") with RA Capital Agency Services, LLC (as the "Administrative Agent" and as the "Collateral Agent"), and affiliates of OMERS Administration Corporation and RA Capital, as lenders, and such other lenders from time to time party thereto (the "Lenders"), providing for up to $250.0 million of term loans from the Lenders to the Borrower (… Full filing |
11.1% |
| Rubric Capital Management LP 13G · institution +1.8 pts · filed 2026-05-15 | 8.1% |
| Flynn James E 13D · may seek influence -1.0 pts · filed 2025-08-01 | 7.8% |
| BlackRock, Inc. 13G · institution +0.3 pts · filed 2026-07-27 | 5.3% |
Fell to 5% or below in the last year: MILLENNIUM MANAGEMENT LLC (2.5%, 2026-07-14)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 7 | $19.0m | $12.0m |
| Q1 2025 | 0 | — | 2 | $1.9m | $1.9m |
| Q2 2025 | 0 | — | 5 | $4.7m | $855.0k |
| Q3 2025 | 0 | — | 4 | $1.9m | $1.9m |
| Q4 2025 | 0 | — | 2 | $1.7m | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 0 | — | 2 | $283.6k | $283.6k |
| Q3 2026 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-06-12 | Karas Eric Chief Commercial Officer | Sold plan | $250.0k25.0k shares |
| 2026-06-12 | Fitzpatrick Alexander A Chief Legal Officer | Sold plan | $33.5k3.4k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. 0.76% of their portfolio | 10.9m $87.0m | Unchanged |
| Rubric Capital Management LP 0.63% of their portfolio | 8.5m $68.4m | Added +540.9k |
| ORBIMED ADVISORS LLC 1.26% of their portfolio | 8.3m $66.4m | Unchanged |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.63% of their portfolio | 7.5m $60.1m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 5.3m $42.5m | Added +299.1k |
| Tyro Capital Management LLC 8.01% of their portfolio | 4.5m $35.7m | Added +1.5m |
| Aberdeen Group plc 0.05% of their portfolio | 4.2m $33.4m | Added +57.0k |
| SR One Capital Management, LP 3.09% of their portfolio | 4.0m $32.1m | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 3.7m $29.9m | Added +85.7k |
| Capital World Investors 0.00% of their portfolio | 2.8m $22.1m | New |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 2.6m $20.5m | Added +11.0k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 2.4m $19.2m | Reduced -3.6m |
| Janney Montgomery Scott LLC 0.03% of their portfolio | 2.1m $16.5m | Added +48.0k |
| UBS Group AG 0.00% of their portfolio | 1.9m $15.5m | Reduced -320.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.7m $13.6m | Added +172.2k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.24% of their portfolio | 1.6m $12.8m | Added +1.4m |
| GENERAL AMERICAN INVESTORS CO INC 0.55% of their portfolio | 1.1m $9.1m | Added +405.9k |
| Third Point LLC 0.17% of their portfolio | 1.0m $8.0m | Unchanged |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.17% of their portfolio | 672.1k $5.4m | New |
| Tejara Capital Ltd 2.00% of their portfolio | 607.0k $4.9m | Added +396.6k |
| ADAR1 Capital Management, LLC 0.23% of their portfolio | 601.0k $4.8m | Reduced -760.5k |
| Pavaki Capital Management LLC 2.65% of their portfolio | 579.6k $4.6m | Added +3.4k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 566.8k $4.5m | Added +56.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 551.4k $4.4m | Added +18.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 549.1k $4.4m | Added +19.8k |
| LEVIN CAPITAL STRATEGIES, L.P. 0.30% of their portfolio | 549.0k $4.4m | Reduced -3.6k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 531.1k $4.3m | Reduced -1.2m |
| Empire Life Investments Inc. 0.21% of their portfolio | 471.9k $3.8m | Reduced -27.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 463.3k $3.7m | Added +177.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 461.4k $3.7m | Reduced -3.3k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 461.0k $3.7m | Added +14.7k |
| FIL Ltd 0.00% of their portfolio | 455.6k $3.6m | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 380.8k $3.0m | Reduced -343.4k |
| Eversept Partners, LP 0.16% of their portfolio | 377.0k $3.0m | Added +240.8k |
| K2 PRINCIPAL FUND, L.P. 0.28% of their portfolio | 375.1k $3.0m | Reduced -184.6k |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 0.76% of their portfolio | 373.5k $3.0m | Added +14.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 363.3k $3.1m | Reduced -19.5k |
| FMR LLC 0.00% of their portfolio | 349.2k $2.8m | Added +7.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 318.6k $2.6m | Reduced -206.6k |
| Trexquant Investment LP 0.01% of their portfolio | 286.7k $2.3m | New |
| Jump Financial, LLC 0.02% of their portfolio | 255.2k $2.0m | New |
| MORGAN STANLEY 0.00% of their portfolio | 229.1k $1.8m | Reduced -87.6k |
| FAS Wealth Partners, Inc. 0.09% of their portfolio | 214.5k $1.7m | Added +9.1k |
| Hennion & Walsh Asset Management, Inc. 0.04% of their portfolio | 175.6k $1.4m | New |
| Quinn Opportunity Partners LLC 0.07% of their portfolio | 175.0k $1.4m | Added +20.0k |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 174.3k $1.4m | Added +87.2k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 168.1k $1.3m | Added +4.1k |
| DAFNA Capital Management LLC 0.25% of their portfolio | 164.3k $1.3m | Added +25.0k |
| Nuveen, LLC 0.00% of their portfolio | 161.3k $1.3m | Added +10.6k |
| Ishara Investments LP 0.84% of their portfolio | 143.5k $1.1m | New |
| Engineers Gate Manager LP 0.01% of their portfolio | 139.4k $1.1m | Added +92.2k |
| Steward Partners Investment Advisory, LLC 0.01% of their portfolio | 128.6k $1.0m | Reduced -17.9k |
| BARCLAYS PLC 0.00% of their portfolio | 126.3k $1.0m | Added +42.1k |
| AMERICAN ASSETS INC 0.30% of their portfolio | 125.0k $1.0m | Added +118.0k |
| Quantinno Capital Management LP 0.00% of their portfolio | 124.4k $996.7k | Added +23.0k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 123.7k $990.9k | Added +18.7k |
| CenterBook Partners LP 0.05% of their portfolio | 123.6k $990.2k | Reduced -167.6k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 115.5k $925.3k | Reduced -56.8k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 104.6k $838.2k | Added +91.7k |
| Parkman Healthcare Partners LLC 0.08% of their portfolio | 102.7k $822.6k | New |
| Swiss National Bank 0.00% of their portfolio | 94.6k $757.7k | Reduced -12.6k |
| SIT INVESTMENT ASSOCIATES INC 0.01% of their portfolio | 92.9k $744.0k | Unchanged |
| Corient Private Wealth LP 0.00% of their portfolio | 91.0k $729.2k | Added +10.1k |
| CITIGROUP INC 0.00% of their portfolio | 89.2k $714.5k | Added +70.6k |
| VALLEY FORGE INVESTMENT CONSULTANTS INC ADV 0.17% of their portfolio | 83.2k $666.6k | Unchanged |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 76.0k $608.7k | Added +3.7k |
| Headlands Technologies LLC 0.06% of their portfolio | 75.3k $603.0k | Added +27.1k |
| AssuredPartners Investment Advisors, LLC 0.06% of their portfolio | 73.3k $586.8k | Reduced -3.0k |
| XTX Topco Ltd 0.01% of their portfolio | 73.2k $586.2k | Reduced -202.9k |
| Norman Fields, Gottscho Capital Management, LLC 0.17% of their portfolio | 71.1k $569.4k | Added +31.2k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 65.9k $527.6k | Added +11.4k |
| Matisse Capital 0.21% of their portfolio | 65.7k $526.3k | Reduced -1.5k |
| DIKER MANAGEMENT LLC 0.40% of their portfolio | 65.5k $525.0k | Added +32.0k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 64.7k $517.9k | Added +2.9k |
| Rafferty Asset Management, LLC 0.00% of their portfolio | 63.6k $509.2k | Reduced -54.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 63.0k $504.6k | Added +32.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 60.1k $481.5k | Added +1.7k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 59.5k $477.7k | Added +17.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 58.4k $467.9k | Reduced -2.1k |
| Coastal Bridge Advisors, LLC 0.03% of their portfolio | 55.8k $447.3k | Added +108 |
| ROYCE & ASSOCIATES LP 0.00% of their portfolio | 54.0k $432.7k | Unchanged |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 52.4k $419.7k | New |
| SCHULHOFF & CO INC 0.16% of their portfolio | 51.1k $409.7k | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 50.6k $406.0k | Added +9.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 46.1k $369.4k | Reduced -7.5k |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 45.9k $367.6k | New |
| Permanent Capital Management, LP 0.05% of their portfolio | 43.4k $347.5k | Added +8.3k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 40.4k $323.5k | Unchanged |
| LETKO, BROSSEAU & ASSOCIATES INC 0.00% of their portfolio | 40.0k $320.8k | Added +15.3k |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.00% of their portfolio | 39.6k $317.0k | Added +8.0k |
| Legal & General Group Plc 0.00% of their portfolio | 39.0k $312.5k | Reduced -8.9k |
| Invesco Ltd. 0.00% of their portfolio | 38.9k $311.5k | Added +705 |
| MetLife Investment Management, LLC 0.00% of their portfolio | 36.6k $293.5k | Added +2.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 35.8k $290.5k | Reduced -113 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 35.7k $285.8k | Added +9.8k |
| Everstar Asset Management, LLC 0.13% of their portfolio | 33.7k $270.2k | Added +13.7k |
| VARCOV Co. 0.10% of their portfolio | 32.9k $263.9k | Added +552 |
| WINTON GROUP Ltd 0.01% of their portfolio | 32.9k $263.5k | New |
| PROFUND ADVISORS LLC 0.01% of their portfolio | 32.2k $257.9k | Reduced -20.1k |
| Verition Fund Management LLC 0.00% of their portfolio | 30.8k $246.3k | New |