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 ($45.4k this quarter). Holder counts are more reliable. Shares outstanding: 99.3m as of 2026-03-04, 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 ≈ $8.05. Options: 6 managers hold calls ($2.1m notional), 3 hold puts ($532.4k).
Trends to Q1 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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 66 | 46 |
| 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 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $11.1m | $4.1m | 0.36 |
| Q3 2025 | $14.3m | $7.5m | 0.52 |
| Q4 2025 | $4.6m | $3.9m | 0.85 |
| Q1 2026 | $2.1m | $532.4k | 0.25 |
Biggest buyers
| MILLENNIUM MANAGEMENT LLC | Added | +2.8m |
| Rubric Capital Management LP | Added | +1.8m |
| ADAR1 Capital Management, LLC | Added | +992.0k |
| Tyro Capital Management LLC | Added | +973.7k |
| FRANKLIN RESOURCES INC | Added | +735.5k |
| Janney Montgomery Scott LLC | Added | +728.6k |
| Aberdeen Group plc | Added | +557.6k |
| K2 PRINCIPAL FUND, L.P. | Added | +549.5k |
| Third Point LLC | Added | +443.8k |
| FIRST TRUST ADVISORS LP | New | +422.0k |
Biggest sellers
| Casdin Capital, LLC | Sold out | -1.6m |
| Southpoint Capital Advisors LP | Sold out | -1.5m |
| BANK OF MONTREAL /CAN/ | Sold out | -643.4k |
| Pavaki Capital Management LLC | Reduced | -595.8k |
| Alyeska Investment Group, L.P. | Sold out | -418.9k |
| Lisanti Capital Growth, LLC | Sold out | -396.5k |
| FIL Ltd | Reduced | -354.5k |
| Creek Drive Management Group LLC | Sold out | -295.9k |
| CenterBook Partners LP | Reduced | -277.2k |
| MORGAN STANLEY | Reduced | -235.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.2m144.3k shares |
| CITADEL ADVISORS LLC | Added | $417.6k52.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $261.8k32.6k shares |
| JANE STREET GROUP, LLC | Added | $134.1k16.7k shares |
| K2 PRINCIPAL FUND, L.P. | Reduced | $104.4k13.0k shares |
| GROUP ONE TRADING LLC | Reduced | $20.9k2.6k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $408.7k50.9k shares |
| CITADEL ADVISORS LLC | Reduced | $118.0k14.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $5.6k700 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 in Q1 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 |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 2 | $4.6m | $4.6m |
| Q3 2024 | 0 | — | 7 | $21.5m | $8.9m |
| 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 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. 0.92% of their portfolio | 10.9m $87.2m | Unchanged |
| ORBIMED ADVISORS LLC 1.45% of their portfolio | 8.3m $66.6m | Unchanged |
| Rubric Capital Management LP 0.79% of their portfolio | 8.0m $64.2m | Added +1.8m |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.71% of their portfolio | 7.5m $60.3m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 6.0m $48.0m | Added +2.8m |
| BlackRock, Inc. 0.00% of their portfolio | 5.0m $40.2m | Reduced -73.1k |
| Aberdeen Group plc 0.05% of their portfolio | 4.1m $33.0m | Added +557.6k |
| SR One Capital Management, LP 3.52% of their portfolio | 4.0m $32.2m | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 3.6m $29.3m | Added +421.4k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 3.3m $26.3m | Added +735.5k |
| Tyro Capital Management LLC 6.03% of their portfolio | 3.0m $23.8m | Added +973.7k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 2.5m $20.4m | First filing |
| UBS Group AG 0.00% of their portfolio | 2.3m $18.2m | Added +49.5k |
| Janney Montgomery Scott LLC 0.04% of their portfolio | 2.0m $16.2m | Added +728.6k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 1.8m $14.2m | Reduced -181.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.5m $12.3m | Reduced -26.0k |
| ADAR1 Capital Management, LLC 0.66% of their portfolio | 1.4m $10.9m | Added +992.0k |
| BAMCO INC /NY/ 0.03% of their portfolio | 1.3m $10.2m | Added +4.8k |
| Third Point LLC 0.39% of their portfolio | 1.0m $8.0m | Added +443.8k |
| GENERAL AMERICAN INVESTORS CO INC 0.39% of their portfolio | 727.2k $5.8m | Added +167.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 724.2k $5.8m | Reduced -87.8k |
| Nextech Invest Ltd. 0.35% of their portfolio | 610.7k $4.9m | Reduced -50.0k |
| Pavaki Capital Management LLC 3.25% of their portfolio | 576.2k $4.6m | Reduced -595.8k |
| K2 PRINCIPAL FUND, L.P. 0.47% of their portfolio | 559.7k $4.5m | Added +549.5k |
| LEVIN CAPITAL STRATEGIES, L.P. 0.34% of their portfolio | 552.6k $4.4m | Reduced -194.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 533.4k $4.3m | Reduced -17.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 529.3k $4.3m | Added +8.3k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 525.2k $4.2m | Reduced -40.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 510.6k $4.1m | First filing |
| Empire Life Investments Inc. 0.25% of their portfolio | 499.1k $4.0m | Added +146.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 464.7k $3.7m | Added +160.2k |
| FIL Ltd 0.00% of their portfolio | 455.6k $3.7m | Reduced -354.5k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 446.3k $3.6m | First filing |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 428.6k $3.4m | Reduced -27.2k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 422.0k $3.4m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 382.8k $3.0m | Reduced -34.3k |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 0.78% of their portfolio | 359.1k $2.9m | Added +47.6k |
| FMR LLC 0.00% of their portfolio | 342.0k $2.7m | Reduced -56.9k |
| MORGAN STANLEY 0.00% of their portfolio | 316.7k $2.5m | Reduced -235.7k |
| CenterBook Partners LP 0.13% of their portfolio | 291.2k $2.3m | Reduced -277.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 285.7k $2.3m | Reduced -196.4k |
| XTX Topco Ltd 0.04% of their portfolio | 276.1k $2.2m | Added +238.9k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.05% of their portfolio | 250.6k $2.0m | Added +49.1k |
| Tejara Capital Ltd 0.56% of their portfolio | 210.4k $1.7m | New |
| FAS Wealth Partners, Inc. 0.10% of their portfolio | 205.4k $1.6m | Added +3.0k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 172.3k $1.4m | Reduced -3.8k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.09% of their portfolio | 168.8k $1.4m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 164.1k $1.3m | Added +1.1k |
| Quinn Opportunity Partners LLC 0.07% of their portfolio | 155.0k $1.2m | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 150.7k $1.2m | Added +1.1k |
| Steward Partners Investment Advisory, LLC 0.01% of their portfolio | 146.5k $1.2m | Reduced -69.8k |
| DAFNA Capital Management LLC 0.25% of their portfolio | 139.3k $1.1m | Reduced -50.8k |
| Eversept Partners, LP 0.07% of their portfolio | 136.2k $1.1m | Reduced -115.4k |
| WEXFORD CAPITAL LP 0.17% of their portfolio | 130.3k $1.0m | Reduced -35.0k |
| Knights of Columbus Asset Advisors LLC 0.06% of their portfolio | 130.0k $1.0m | Reduced -697 |
| Rafferty Asset Management, LLC 0.00% of their portfolio | 117.6k $944.6k | Added +2.1k |
| Squarepoint Ops LLC 0.00% of their portfolio | 114.3k $917.6k | New |
| Swiss National Bank 0.00% of their portfolio | 107.2k $860.8k | Unchanged |
| MARSHALL WACE, LLP 0.00% of their portfolio | 105.0k $843.2k | Added +25.8k |
| Quantinno Capital Management LP 0.00% of their portfolio | 101.4k $814.3k | Added +48.3k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 96.1k $771.6k | New |
| SIT INVESTMENT ASSOCIATES INC 0.02% of their portfolio | 92.9k $746.0k | Unchanged |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 87.2k $700.0k | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 84.2k $675.9k | Reduced -112.2k |
| VALLEY FORGE INVESTMENT CONSULTANTS INC ADV 0.20% of their portfolio | 83.2k $668.3k | Unchanged |
| Corient Private Wealth LP 0.00% of their portfolio | 80.9k $650.0k | New |
| ALPS ADVISORS INC 0.00% of their portfolio | 80.8k $649.1k | Reduced -338 |
| SECTORAL ASSET MANAGEMENT INC 0.56% of their portfolio | 79.2k $676.7k | Added +49.3k |
| AssuredPartners Investment Advisors, LLC 0.07% of their portfolio | 76.2k $639.4k | Added +431 |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 72.3k $580.2k | Reduced -1.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 71.6k $575.2k | New |
| Matisse Capital 0.23% of their portfolio | 67.2k $539.8k | Added +11.7k |
| AXQ CAPITAL, LP 0.07% of their portfolio | 64.3k $516.4k | New |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 61.8k $495.9k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 60.5k $486.1k | New |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 58.4k $468.7k | Added +24.2k |
| Coastal Bridge Advisors, LLC 0.03% of their portfolio | 55.7k $447.5k | Added +1.9k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 54.5k $437.6k | Added +5.8k |
| ROYCE & ASSOCIATES LP 0.00% of their portfolio | 54.0k $433.8k | Reduced -153.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 53.7k $430.9k | Reduced -440 |
| PROFUND ADVISORS LLC 0.02% of their portfolio | 52.3k $420.2k | Added +9.5k |
| SCHULHOFF & CO INC 0.17% of their portfolio | 51.1k $410.7k | Unchanged |
| Headlands Technologies LLC 0.04% of their portfolio | 48.2k $387.1k | New |
| Legal & General Group Plc 0.00% of their portfolio | 47.9k $384.5k | Reduced -10.5k |
| Engineers Gate Manager LP 0.00% of their portfolio | 47.3k $379.5k | New |
| Brevan Howard Capital Management LP 0.00% of their portfolio | 46.6k $373.9k | New |
| DRW Securities, LLC 0.02% of their portfolio | 43.7k $350.6k | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 42.0k $489.1k | Reduced -18.1k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 40.9k $328.6k | Added +37.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 40.8k $328.0k | Added +7.0k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 40.4k $324.3k | First filing |
| Norman Fields, Gottscho Capital Management, LLC 0.11% of their portfolio | 39.9k $320.0k | New |
| Belpointe Asset Management LLC 0.01% of their portfolio | 38.4k $308.7k | Added +13.0k |
| Invesco Ltd. 0.00% of their portfolio | 38.2k $306.6k | Added +956 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 35.9k $286.3k | Added +1.8k |
| Permanent Capital Management, LP 0.05% of their portfolio | 35.1k $290.1k | Reduced -17.2k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 34.3k $275.7k | Unchanged |
| DIKER MANAGEMENT LLC 0.24% of their portfolio | 33.5k $269.1k | Unchanged |
| Schonfeld Strategic Advisors LLC 0.00% of their portfolio | 33.0k $265.2k | New |
| VARCOV Co. 0.10% of their portfolio | 32.4k $260.1k | Added +10.1k |