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SPRY: Held by 9 Biotech Hedge Funds (2026) | BiotechEdge

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Home›Companies›ARS Pharmaceuticals, Inc. (SPRY)

ARS Pharmaceuticals, Inc.

SPRY

Held by 9 specialist biotech funds

High ConvergenceHigh short interest · No specialist buying

9 funds opened new positions. Next phase2 readout: Jun 2026. Short interest: 30.7% of float.

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Data sourced from SEC EDGAR and ClinicalTrials.gov. Not investment advice.

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BiotechnologyCEO: Donn CasaleIPO: 2020Website ↗

ARS Pharmaceuticals, Inc. specializes in creating ARS-1, an innovative intranasal epinephrine spray utilizing advanced absorption technology. This product serves as a crucial intervention for individuals and their households who are susceptible to life-threatening allergic reactions caused by food, pharmaceuticals, or insect stings. Among its offerings is Neffy, a low-dose version of its intranasal epinephrine nasal spray. Established in 2015, the firm operates out of San Diego, California.

Score Holdings Short Interest Catalysts Insiders Research

Signal Score

5.5/10

9 funds opened new positions●●

No recent insider activity●●

No upcoming catalysts●●

Held by 9 specialist funds●●

See how each signal contributes — fund overlap, insider activity, catalyst timing, short interest (free trial)

Fund Holdings

9 fund convergence

Perceptive Advisors

Cormorant Asset Management

Tang Capital Management

RA Capital ManagementHeld 7Q

Baker Bros. Advisors

OrbiMed AdvisorsHeld 7Q

Deerfield ManagementHeld 7Q ↓

Driehaus Capital

Position history (shares)

2Q Cormorant Asset Management

3Q RA Capital Management

7Q OrbiMed Advisors

7Q Deerfield Management

AI Signal

Casdin Capital fully exited its position in ARS Pharmaceuticals (SPRY), stepping away ahead of a Phase 2 placebo-controlled readout in chronic urticaria expected by June 2026. The exit is notable given that 9 specialist life sciences funds — including Baker Bros., OrbiMed, RA Capital, and Perceptive — remain holders, suggesting Casdin's departure reflects firm-specific portfolio considerations rather than broad sector skepticism.

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7 quarters

Position Trend

Feb 17, 2026

$329.1M

4 funds

May 15, 2026

$214.0M

3 funds

May 29, 2026

$0

0 funds

Aug 14, 2026

$213.5M

3 funds

+30% total institutional value over 20 quarters

Short Interest

High short interestSI declining 2 periods (-8.7%)

Short Shares

21.19M

Change

-8.7%

Days to Cover

14.7

% of Float

30.7%

Settlement

Sep 30, 2026

Short interest over 12 periods

Catalysts

Phase 2Q2 2026Urticaria ChronicNCT06927999

Primary: Determine the effect of ARS-2 (0.5 mg or 1 mg) versus placebo on itch (12 months)Enrollment:Target 42Sites: 3RANDOMIZED, DOUBLE, TREATMENT

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Activist Filings

SC 13D/ARA Capital Management11.1%Oct 1, 2025

SC 13D/AOrbiMed Advisors8.3%Nov 30, 2022

SC 13G/ARA Capital Management5.0%Feb 14, 2022

SC 13G/ABoxer Capital0.0%Feb 14, 2022

SC 13G/AEcoR1 Capital3.0%Feb 14, 2022

SC 13GRA Capital Management5.0%Feb 16, 2021

SC 13GEcoR1 Capital7.3%Jan 4, 2021

SC 13G/ABoxer Capital4.8%Dec 18, 2020

SC 13GBoxer Capital4.8%Dec 17, 2020

SC 13DOrbiMed Advisors22.4%Dec 11, 2020

Recent News & Research

PubMed

A phase 2 randomized controlled trial of luvadaxistat in treatment of adults with cognitive impairment associated with schizophrenia: results from the ERUDITE study.

# Investment Summary: ARS Pharmaceuticals ERUDITE Trial **Clinical Result:** This Phase 2 trial demonstrates luvadaxistat's efficacy in treating cognitive impairment in schizophrenia patients, addressing a significant unmet medical need where current antipsychotics provide limited benefit. **Commercial Implication:** Cognitive dysfunction represents a major disease burden and treatment gap in schizophrenia—if validated in Phase 3, luvadaxistat could differentiate SPRY's pipeline and capture a distinct market segment beyond standard antipsychotic competitors. **Investor Relevance:** Success here strengthens the clinical rationale for advancing luvadaxistat into late-stage development, potentially expanding SPRY's addressable market and improving probability of regulatory approval in a therapeutic area with high commercial value.

Apr 24, 2026

Position Details

Casdin CapitalEXITEDAug 14, 2026

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Also Held by These Funds

ATXS4 funds ACLX3 funds RCKT3 funds BEIGF3 funds ELVN3 funds AXSM3 funds BHVN3 funds RNA3 funds

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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