SPRY ARS Pharmaceuticals, Inc. Insider Trading

CBO Chakma Justin sells entire 166,380-share stake at $8.87 avg; stock down 55.3% from 52-week high, 43.5% in 90 days

Chakma Justin (Chief Business Officer) executed 2 separate sales totaling 166,380 shares for $1,476,147.49 on 2025-11-12, liquidating his entire position at a blended average price of $8.87. The current price of $8.21 reflects a -55.3% decline from the 52-week high of $18.35, and the stock has fallen 43.5% over the past 90 days and 25.2% in the last 30 days. At the same-ticker level, his 5 prior SPRY sales showed 4 of 5 were well-timed at the 90-day mark, establishing a pattern of selling ahead of declines at this ticker; however, this current transaction occurred after the majority of the price deterioration has already occurred, with the stock trading near 52-week lows. The company is unprofitable (net income of -$51,151,000.00 on quarterly revenue of $32,501,000.00) and trades at a P/E of 102.62, raising questions about the catalyst for this complete exit and the current risk profile of the position being liquidated.

CEO Lowenthal sells 50,000 shares at $14.49; stock down 26.4% from 52-week high and -25.0% in 30 days

Richard E Lowenthal, President and CEO of ARS Pharmaceuticals, sold 50,000 shares (50.0K shares) at $14.49 on 2025-08-21, reducing his holdings from 1,246,494 shares to 1,196,494 shares. The transaction occurs amid sharp downward momentum: the stock is currently -26.4% from its 52-week high of $18.35 and has declined -25.0% over the past 30 days and -9.9% over 90 days. Lowenthal's prior five trades at SPRY have all been well-timed at the 90-day mark (5 of 5 prior sells were followed by declines), suggesting a pattern of selling before weakness; his cross-ticker track record shows a 90.00% well-timed rate on 20 prior sells with an average 90d return of -15.0%. The company's financials show a net loss of $44,883,000.00 against revenue of $15,717,000.00 (latest quarter), with a P/E of 168.75, indicating significant unprofitability despite explosive prior-year revenue growth of +297063.3%.

CMO Sarina Tanimoto sold 50,000 shares (50.0K shares) for $703,755.30 across two days at blended average $14.08

Tanimoto executed two separate sales totaling 50,000 shares over two consecutive days (12,344 shares at $14.03 on 2025-08-19 and 37,656 shares at $14.09 on 2025-08-20), reducing her holdings from 1.30M shares to 1.25M shares (-3.9%). At the same ticker, her prior 5 trades show a 5 of 5 well-timed pattern at the 90-day mark, with the most recent sales in December 2024 occurring shortly before a -17.7% 90-day decline. The current sale occurs when SPRY is trading -19.0% from its 52-week high and down -15.5% over 30 days, near the lower end of its $10.18–$18.35 annual range. Against this backdrop of recent weakness and a documented pattern of selling ahead of subsequent declines at this ticker, the sale warrants attention to whether fundamental deterioration or forward-looking concerns are driving the timing. The company's fundamentals show significant loss ($-44.9M net income on $15.7M revenue) alongside an extreme P/E of 185.88, creating material uncertainty about valuation and path to profitability.

10% owner Flynn James E sold 740,149 shares at $18.46 for $13,663,150.54 on 2025-06-27

Flynn James E, a 10% owner, executed 2 separate sales totaling 740,149 (740.1K shares) for $13,663,150.54 at $18.46 on 2025-06-27, reducing his stake by 13.2% to 4.89M shares. At SPRY specifically, all 5 of his prior trades at this ticker were sells executed on 2024-11-11 and 2024-11-12, and all 5 were well-timed at the 90-day mark, with subsequent declines ranging from -26.3% to -33.9%. His cross-ticker track record shows a 66.67% well-timed rate on 15 prior sells with an average 90-day return of -20.0%. The current stock price of $16.09 is -11.6% from its 52-week high of $18.20, though it is +11.5% over the past 30 days and +23.3% over 90 days. Fundamental context shows the company posted revenue of $7,973,000.00 in the latest quarter with a net loss of $-33,940,000.00, a P/E of 201.12, and a market cap of $1,580,256,196.49. The seller's timing pattern at this specific ticker and his demonstrated track record of well-timed exits warrant close observation of post-transaction stock performance.

CLO Fitzpatrick Alexander sold 102,969 shares (53.5% of holdings) at $14.10 on 2025-05-20, reducing stake to 89.6K shares

Fitzpatrick sold over half of his SPRY holdings (102,969 shares, -53.5% of pre-transaction holdings) for $1,451,512.81, leaving him with 89.6K shares post-transaction. The sale occurred at $14.10 while the stock now trades at $14.52 (current price), just -17.0% from its 52-week high of $17.49, and the stock is up 29.2% over the past 90 days. The company's fundamentals show acute losses: net income of $-33,940,000.00 against quarterly revenue of $7,973,000.00, yet the market cap stands at $1,426,060,905.72 with an inflated P/E of 181.50, suggesting a highly speculative valuation. His prior trades at this ticker (two buys in Sept 2023) both showed positive 90-day returns (+48.8%, +55.6%), indicating a pattern of well-timed prior buys in SPRY, but this sale—the first recorded disposition—occurs during a period of significant stock appreciation rather than decline.

CFO Scott Kathleen D. sold 50,000 shares (87.1% of holdings) at $14.10, retaining 7,424 shares in loss-making biotech SPRY.

Scott Kathleen D., Chief Financial Officer of ARS Pharmaceuticals, executed a substantial open-market sale of 50,000 shares at $14.10 on 2025-05-20, reducing her holdings from 57,424 to 7,424 shares—a 87.1% reduction in position size. The transaction occurs at $14.10 while the stock currently trades at $14.52, a 2.9% premium to the sale price. The company reported a net loss of $33,940,000 in its latest quarter against revenue of $7,973,000, and the P/E of 181.50 reflects the challenge of valuing a pre-profitability or loss-making firm. The 90-day price appreciation of 29.2% and annual revenue growth of 297063.3% suggest significant positive momentum, yet the CFO's near-complete position liquidation represents a substantial reduction in her stake despite this upward trend. The transaction warrants monitoring for context around capital allocation decisions, vesting schedules, or personal financial planning by the company's chief financial officer.

Director Brent L Saunders sold all 120,000 shares of SPRY at $14.25 ($1.7M), exiting complete position.

SAUNDERS BRENT L, a Director, executed a complete liquidation of his ARS Pharmaceuticals holding, selling all 120,000 shares at $14.25 on 2025-05-20, reducing post-transaction holdings to 0 shares. The sale occurred at a price -17.0% from the 52-week high of $17.49, and the stock is currently trading at $14.52, only 2.0% above the transaction price. His cross-ticker track record shows a 66.67% win rate on prior purchases with an average 90-day return of -9.9%, though these metrics apply to his entire portfolio history rather than SPRY specifically. The company's fundamentals show revenue of $7,973,000.00 in the latest quarter against net income of $-33,940,000.00, with a P/E of 181.50 and market cap of $1,426,060,905.72; the director's complete exit coincides with a company at an early-stage cash-burn profile despite 297063.3% annual revenue growth.

SPRY CEO Lowenthal sells 100,000 shares for $1,167,100.00 as stock down -35.3% from 52-week high amid -97.7% revenue decline

Richard E. Lowenthal, President and CEO, executed 2 separate sales totaling 100,000 shares (100.0K shares) for $1,167,100.00 on 2024-12-17 at a blended average price of $11.67, reducing his holdings from 1,198,499 to 1,098,499 shares. The transaction occurs as ARS Pharmaceuticals faces severe fundamental deterioration: annual revenue contracted -97.7% year-over-year to $2,068,000.00 in the latest quarter, the company posted a net loss of $-19,128,000.00 for the full fiscal year, and the stock has declined -35.3% from its 52-week high and -17.9% over the prior 30 days. His same-ticker trading history at SPRY shows a pattern of sales preceding stock declines: recent sales on 2024-12-10 and 2024-11-19 have registered 30-day post-transaction returns of -18.8%, and a sale on 2024-11-12 showed a -28.4% post-transaction 30-day return. While the transaction price of $11.67 exceeds the current price of $11.32, the timing of these sales into a collapsing revenue base and sustained downward price momentum warrants investor attention.

CMO Sarina Tanimoto sells 100,000 SPRY shares at $11.67; stock down 17.9% in 30 days, revenue contracted 97.7% YoY.

Tanimoto sold 100,000 shares (100.0K shares) across 2 separate sales totaling $1,167,100.00 on 2024-12-17 at $11.67 per share, reducing her stake by 8.3%. The timing is notable: SPRY has declined 17.9% over the prior 30 days and 23.4% over 90 days, currently trading at $11.32, down 35.3% from its 52-week high of $17.49. Her prior trades at SPRY show consistent underperformance (30-day declines of 18.8% and 28.4% on recent November sales), with none yet measurable at the 90-day mark. Most concerning are the fundamentals: revenue collapsed 97.7% year-over-year to $2,068,000.00 ($2.1M) in the latest quarter, while the company posted a net loss of $-19,128,000.00 ($-19.1M) for the year. The CMO's sustained selling pattern at a company in financial distress—bleeding cash while revenue has virtually evaporated—coupled with sharp recent stock decline, suggests material operational deterioration rather than routine portfolio management.

ARS Pharma CBO Chakma sold 144,605 shares in 2 tranches (12/12–12/13) for $1.8M at avg $12.23; stock now at $11.90 (-32% from 52-week high)

Chakma Justin, Chief Business Officer of ARS Pharmaceuticals, executed 2 separate sales totaling 144,605 shares for $1,768,092.94 on 2024-12-12 and 2024-12-13, reducing his holdings by 51.5% from 280,985 to 136,380 shares. The company faces severe fundamental headwinds: Revenue of $2,068,000.00 in the latest quarter with an annual revenue decline of -97.7%, and a net income of $-19,128,000.00 over the most recent full fiscal year. The timing of this concentrated disposal coincides with a steep price trajectory: the stock is at $11.90 current price, down -32.0% from its 52-week high of $17.49 and down -15.5% over 30 days. His prior 5 trades at SPRY within the past two weeks (12/02–12/06) were also sales, establishing a continuous pattern of share reductions during a period of deteriorating market performance and sustained operational losses.