<SEC-DOCUMENT>0001193805-25-000363.txt : 20250324
<SEC-HEADER>0001193805-25-000363.hdr.sgml : 20250324
<ACCEPTANCE-DATETIME>20250324195755
ACCESSION NUMBER:		0001193805-25-000363
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250324
DATE AS OF CHANGE:		20250324

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:		25765460

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <dateOfEvent>03/20/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001671858</issuerCIK>
        <issuerCUSIP>82835W108</issuerCUSIP>
        <issuerName>ARS Pharmaceuticals, Inc.</issuerName>
        <address>
          <com:street1>11682 EL CAMINO REAL, SUITE 120</com:street1>
          <com:city>SAN DIEGO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92130</com:zipCode>
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        <notificationInfo>
          <personName>David Clark</personName>
          <personPhoneNum>212-551-1600</personPhoneNum>
          <personAddress>
            <com:street1>Deerfield Management Company, L.P.</com:street1>
            <com:street2>345 Park Avenue South, 12th</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10010</com:zipCode>
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        <notificationInfo>
          <personName>Elliot Press</personName>
          <personPhoneNum>212-551-1600</personPhoneNum>
          <personAddress>
            <com:street1>Deerfield Management Company, L.P.</com:street1>
            <com:street2>345 Park Avenue South, 12th</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10010</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Jonathan D. Weiner, Esq.</personName>
          <personPhoneNum>212-940-8800</personPhoneNum>
          <personAddress>
            <com:street1>Katten Muchin Rosenman LLP</com:street1>
            <com:street2>50 Rockefeller Plaza</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10020</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Mark D. Wood, Esq.</personName>
          <personPhoneNum>212-940-8800</personPhoneNum>
          <personAddress>
            <com:street1>Katten Muchin Rosenman LLP</com:street1>
            <com:street2>50 Rockefeller Plaza</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10020</com:zipCode>
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    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001610540</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
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        <memberOfGroup>b</memberOfGroup>
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        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5257329.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5257329.00</sharedDispositivePower>
        <aggregateAmountOwned>5257329.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.36</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>Comprised of 5,257,329 shares of common stock held by Deerfield Private Design Fund III, L.P.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001603333</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Deerfield Private Design Fund III, L.P.</reportingPersonName>
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        <percentOfClass>5.36</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001713467</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Deerfield Mgmt IV, L.P.</reportingPersonName>
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        <legalProceedings>N</legalProceedings>
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        <sharedVotingPower>5257328.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5257328.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.36</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>Comprised of 5,257,328 shares of common stock held by Deerfield Private Design Fund IV, L.P.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001680307</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Deerfield Private Design Fund IV, L.P.</reportingPersonName>
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        <legalProceedings>N</legalProceedings>
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        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5257328.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.36</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001009258</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Deerfield Management Company, L.P.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>Y</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <soleDispositivePower>0.00</soleDispositivePower>
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        <aggregateAmountOwned>10514657.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>10.72</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>Comprised of an aggregate of 10,514,657 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001352546</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>James E. Flynn</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>AF</fundType>
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        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>10514657.00</sharedDispositivePower>
        <aggregateAmountOwned>10514657.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>10.72</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Comprised of an aggregate of 10,514,657 shares of common stock held by Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.0001 per share</securityTitle>
        <issuerName>ARS Pharmaceuticals, Inc.</issuerName>
        <commentText>This Amendment No. 2 (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 No. 1 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.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>(1) Deerfield Mgmt III
Number of shares: 5,257,329 (comprised of shares held by Deerfield Private Design Fund III)
Percentage of shares: 5.36%

(2) Deerfield Private Design Fund III
Number of shares: 5,257,329
Percentage of shares: 5.36%

(3) Deerfield Mgmt IV
Number of shares: 5,257,328 (comprised of shares held by Deerfield Private Design Fund IV)
Percentage of shares: 5.36%

(4) Deerfield Private Design Fund IV
Number of shares: 5,257,328
Percentage of shares: 5.36%

(5) Deerfield Management
Number of shares: 10,514,657 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV)
Percentage of shares: 10.72%

(6) Flynn
Number of shares: 10,514,657 (comprised of shares held by Deerfield Private Design Fund III and Deerfield Private Design Fund IV)
Percentage of shares: 10.72%</percentageOfClassSecurities>
        <numberOfShares>(1) Deerfield Mgmt III

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 5,257,329
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 5,257,329

(2) Deerfield Private Design Fund III

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 5,257,329
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 5,257,329

(3) Deerfield Mgmt IV

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 5,257,328
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 5,257,328

(4) Deerfield Private Design Fund IV

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 5,257,328
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 5,257,328

(5) Deerfield Management

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 10,514,657
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 10,514,657

(6) Flynn

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 10,514,657
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 10,514,657

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 98,119,804 shares of Common Stock outstanding as of March 17, 2025, as reported by the Company in its Annual Report on Form 10-K for the year ended December 31, 2024.</numberOfShares>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Deerfield Mgmt III, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Deerfield Private Design Fund III, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Deerfield Mgmt IV, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Deerfield Private Design Fund IV, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Deerfield Management Company, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>James E. Flynn</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Isler</signature>
          <title>Jonathan Isler, Attorney-in-Fact</title>
          <date>03/24/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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</SEC-DOCUMENT>
