# EDGAR Filing Document

**Accession Number:** 0001352546
**File Stem:** 0001193805-25-000963
**Filing Date:** 2025-7
**Character Count:** 21625
**Document Hash:** 2773e99df8943ed318a580e38ef584cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-25-000963.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193805-25-000963

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARS Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001671858
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 811489190
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91894
- **FILM NUMBER:** 251098392

**BUSINESS ADDRESS:**
- **STREET 1:** 11682 EL CAMINO REAL, SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
- **BUSINESS PHONE:** 858-771-9307

**MAIL ADDRESS:**
- **STREET 1:** 11682 EL CAMINO REAL, SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silverback Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20160412
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flynn James E
- **CENTRAL INDEX KEY:** 0001352546

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**ARS Pharmaceuticals, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**82835W108**

*(CUSIP Number)*

**David Clark**<br>Deerfield Management Company, L.P.<br>345 Park Avenue South, 12th<br>New York NY 10010<br>212-551-1600

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/02/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deerfield Mgmt III, L.P.** | Name of reporting person<br>**Deerfield Mgmt III, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4862254.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4862254.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.95%** | Percent of class represented by amount in Row (11)<br>**4.95%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Comprised of 4,862,254 shares of common stock held by Deerfield Private Design Fund III, L.P.

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deerfield Private Design Fund III, L.P.** | Name of reporting person<br>**Deerfield Private Design Fund III, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4862254.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4862254.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.95%** | Percent of class represented by amount in Row (11)<br>**4.95%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deerfield Mgmt IV, L.P.** | Name of reporting person<br>**Deerfield Mgmt IV, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4862254.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4862254.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.95%** | Percent of class represented by amount in Row (11)<br>**4.95%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Comprised of 4,862,254 shares of common stock held by Deerfield Private Design Fund IV, L.P.

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deerfield Private Design Fund IV, L.P.** | Name of reporting person<br>**Deerfield Private Design Fund IV, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4862254.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4862254.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | Aggregate amount beneficially owned by each reporting person<br>**4862254.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.95%** | Percent of class represented by amount in Row (11)<br>**4.95%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deerfield Management Company, L.P.** | Name of reporting person<br>**Deerfield Management Company, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9724508.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9724508.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9724508.00** | Aggregate amount beneficially owned by each reporting person<br>**9724508.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.90%** | Percent of class represented by amount in Row (11)<br>**9.90%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Comprised of an aggregate of 9,724,508 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.

| **CUSIP No.** | **82835W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**James E. Flynn** | Name of reporting person<br>**James E. Flynn** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9724508.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9724508.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9724508.00** | Aggregate amount beneficially owned by each reporting person<br>**9724508.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.90%** | Percent of class represented by amount in Row (11)<br>**9.90%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Comprised of an aggregate of 9,724,508 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
ARS Pharmaceuticals, Inc.

This Amendment No. 3 (this "Amendment") to Schedule 13D amends the Schedule 13D filed by (i) Deerfield Mgmt III, L.P. ("Deerfield Mgmt III"), (ii) Deerfield Private Design Fund III, L.P. ("Deerfield Private Design Fund III"), (iii) Deerfield Mgmt IV, L.P. ("Deerfield Mgmt IV"), (iv) Deerfield Private Design Fund IV, L.P. ("Deerfield Private Design Fund IV"), (v) Deerfield Management Company, L.P. ("Deerfield Management") and (vi) James E. Flynn, a natural person ("Flynn" and collectively with Deerfield Mgmt III, Deerfield Private Design Fund III, Deerfield Mgmt IV, Deerfield Private Design Fund IV and Deerfield Management, the "Reporting Persons"), as amended by Amendment Nos. 1 and 2 thereto (as amended, the "Schedule 13D"), with respect to the common stock of ARS Pharmaceuticals, Inc. Deerfield Private Design Fund III and Deerfield Private Design Fund IV are collectively referred to herein as the "Deerfield Funds"). Capitalized terms used but not otherwise defined in this Amendment have the meanings ascribed to them in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
(1) Deerfield Mgmt III

Number of shares: 4,862,254 (comprised of shares held by Deerfield Private Design Fund III)
Percentage of shares: 4.95%

(2) Deerfield Private Design Fund III

Number of shares: 4,862,254
Percentage of shares: 4.95%

(3) Deerfield Mgmt IV

Number of shares: 4,862,254 (comprised of shares held by Deerfield Private Design Fund IV)
Percentage of shares: 4.95%

(4) Deerfield Private Design Fund IV

Number of shares: 4,862,254
Percentage of shares: 4.95%

(5) Deerfield Management

Number of shares: 9,724,508 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV)
Percentage of shares: 9.90%

(6) Flynn

Number of shares: 9,724,508 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV)
Percentage of shares: 9.90%

**(b)**
(1) Deerfield Mgmt III

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 4,862,254
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 4,862,254

(2) Deerfield Private Design Fund III

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 4,862,254
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 4,862,254

(3) Deerfield Mgmt IV

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 4,862,254
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 4,862,254

(4) Deerfield Private Design Fund IV

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 4,862,254
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 4,862,254

(3) Deerfield Management

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 9,724,508
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 9,724,508

(6) Flynn

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 9,724,508
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 9,724,508

Flynn is the managing member of the general partner of each of Deerfield Mgmt IV, Deerfield Mgmt III and Deerfield Management. Deerfield Mgmt III is the general partner of Deerfield Private Design Fund III and Deerfield Mgmt IV is the general partner of Deerfield Private Design Fund IV. Deerfield Management is the investment manager of the Deerfield Funds.

*Percentage beneficial ownership reported herein reflects 98,213,561 shares of Common Stock outstanding as of May 12, 2025, as reported by the Company in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

**(c)**
Transactions in the common stock effected by the Reporting Persons in the last sixty (60) days are set forth below. All such transactions were effected in open market transactions on the Nasdaq Global Market in the ordinary course of the applicable Reporting Person's business. Reporting Person - Deerfield Private Design Fund III, L.P.

Date - 6/27/2025
Number of Shares Sold - 395,075
Price per Share ($)* - $18.45
Price Range ($)** - $18.20 - $18.89

Reporting Person - Deerfield Private Design Fund IV, L.P.

Date - 6/27/2025
Number of Shares Sold - 395,074
Price per Share ($)* - $18.45
Price Range ($)** - $18.20 - $18.89

* Price per share reported is a weighted average price.  The Reporting Persons undertake to provide to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth above.

** The shares were sold in multiple transactions at prices within the price range indicated (unless otherwise indicated).

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deerfield Mgmt III, L.P.

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deerfield Private Design Fund III, L.P.

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deerfield Mgmt IV, L.P.

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deerfield Private Design Fund IV, L.P.

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deerfield Management Company, L.P.

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** James E. Flynn

**Signature:** /s/ Jonathan Isler

**Name/Title:** Jonathan Isler, Attorney-in-Fact

**Date:** 07/02/2025