Companies ARS Pharmaceuticals, Inc.
ARS Pharmaceuticals (SPRY): executive pay, fiscal 2025
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CEO pay, last three years
- $10,039,096FY2023
- $7,174,995FY2024
- $9,656,400FY2025
CEO total pay was $9,656,400 in fiscal 2025, up from $7,174,995 in fiscal 2024.
FY2025: salary $700,000 · option awards $6,176,110
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Richard Lowenthal | $700,000 | — | — | $6,176,110 | $315,000 | — | $2,465,290 | $9,656,400 |
| President and Chief Executive Officer | ||||||||
| Sarina Tanimoto | 540,000 | — | — | 2,107,247 | 178,200 | — | 2,465,024 | 5,290,471 |
| Chief Medical Officer | ||||||||
| Justin Chakma | 497,000 | — | — | 2,205,409 | 164,000 | — | 21,700 | 2,888,109 |
| Chief Business Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Richard Lowenthal | $9,656,400 | $7,174,995 | $10,039,096 | ↑ +2,481,405 |
| Sarina Tanimoto | 5,290,471 | 4,246,773 | 4,791,493 | ↑ +1,043,698 |
| Justin Chakma | 2,888,109 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company seeks to attract, reward, and retain NEOs with competitive compensation packages that directly align pay with performance, emphasizing a majority of variable, at-risk compensation linked to pre-set, objective company goals and stock price appreciation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Aon |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Justin Chakma | Option | 44,688 | 8.42 | — |
| Sarina Tanimoto | Option | 94,792 | 8.42 | — |
| Sarina Tanimoto | Option | 156,250 | 5.58 | — |
| Justin Chakma | Option | 182,292 | 5.58 | — |
| Sarina Tanimoto | Option | 201,882 | 10.71 | — |
| Justin Chakma | Option | 211,286 | 10.71 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Pratik ShahIndependent | $81,250 | — | $367,959 | — | $240,000 | $689,209 |
| Phillip SchneiderIndependent · Audit (Chair) · Governance | 72,500 | — | 367,959 | — | 0 | 440,459 |
| Brenton L. SaundersIndependent | 67,500 | — | 367,959 | — | 0 | 435,459 |
| Michael KellyIndependent · Audit | 67,500 | — | 367,959 | — | 0 | 435,459 |
| Peter KolchinskyIndependent · Governance (Chair) | 62,500 | — | 367,959 | — | 0 | 430,459 |
| Rajeev DadooIndependent · Audit | 57,500 | — | 367,959 | — | 0 | 425,459 |
| Peter A ThompsonIndependent · Compensation | 55,000 | — | 367,959 | — | 0 | 422,959 |
| Laura ShawverIndependent · Compensation | 49,792 | — | 367,959 | — | 0 | 417,751 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 15,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $513,542 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $240,000 |
| Total cost of the board | $753,542 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names ARS Pharmaceuticals as a peer
Companies that benchmark against SPRY
3 companies name SPRY as a compensation peer
- Aurinia Pharmaceuticals Inc.AUPHFY2025
- LEXICON PHARMACEUTICALS, INC.LXRXFY2025
- LIGAND PHARMACEUTICALS INCLGNDFY2025
Each company listed discloses SPRY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SPRY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Cogent Biosciences, Inc. | 2025 | Andrew Robbins | $724,554 | $12,993,250 | $13,447,680 | $561,600 | $27,762,684 |
| 2 | TG Therapeutics, Inc. | 2025 | Michael Weiss | 875,000 | 23,550,000 | 0 | 1,146,250 | 25,571,250 |
| 3 | Protagonist Therapeutics, Inc. | 2025 | Dinesh Patel | 715,500 | 5,839,204 | 5,618,010 | 686,880 | 12,871,506 |
| 4 | Mirum Pharmaceuticals, Inc. | 2025 | Christopher Peetz | 755,000 | 3,683,904 | 4,931,320 | 1,057,000 | 10,441,224 |
| 5 | Geron Corporation | 2025 | Harout Semerjian | 321,538 | 0 | 9,695,400 | 203,000 | 10,221,755 |
| 6 | Revance Therapeutics, Inc. | 2023 | Mark Foley | 720,000 | 8,810,731 | 0 | 522,720 | 10,068,915 |
| 7 | ARS Pharmaceuticals, Inc. | 2025 | Richard Lowenthal | 700,000 | — | 6,176,110 | 315,000 | 9,656,400 |
| 8 | Liquidia Corporation | 2025 | Roger Jeffs | 824,000 | 5,590,992 | 0 | 1,254,400 | 7,712,736 |
| 9 | Arcutis Biotherapeutics, Inc. | 2025 | Todd Franklin Watanabe | 713,333 | 2,067,190 | 3,848,958 | 579,584 | 7,223,065 |
| 10 | Syndax Pharmaceuticals, Inc. | 2025 | Michael Metzger | 754,300 | 2,021,965 | 3,454,360 | 848,588 | 7,089,213 |
| 11 | Viridian Therapeutics, Inc. | 2025 | Stephen Mahoney | 700,000 | 1,058,098 | 4,381,713 | 630,000 | 6,776,249 |
| 12 | Tarsus Pharmaceuticals, Inc. | 2025 | Bobak Azamian | 726,333 | 2,648,284 | 2,651,487 | 555,700 | 6,617,979 |
| 13 | Day One Biopharmaceuticals, Inc. | 2024 | Jeremy Bender | 680,000 | 2,700,280 | 2,664,697 | 501,800 | 6,560,577 |
| 14 | AnaptysBio, Inc. | 2025 | Daniel Faga | 706,011 | 1,592,001 | 3,345,653 | 465,968 | 6,133,943 |
| 15 | Agios Pharmaceuticals, Inc. | 2025 | Brian Goff | 846,864 | 1,291,680 | 2,627,252 | 592,804 | 5,370,389 |
| 16 | Rigel Pharmaceuticals, Inc. | 2025 | Raul Rodriguez | 787,405 | 951,327 | 2,241,570 | 634,649 | 4,658,805 |
| 17 | Alector, Inc. | 2025 | Arnon Rosenthal | 678,100 | 422,876 | 558,216 | 325,488 | 1,995,018 |
| 18 | Iovance Biotherapeutics, Inc. | 2025 | Frederick Vogt | 800,000 | 759,375 | 0 | 312,000 | 1,888,175 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| ARS Pharmaceuticals, Inc. | not disclosed | Option 100 | not disclosed | Aon |
| Agios Pharmaceuticals, Inc. | 100% | Option 40 · PSU 40 · RSU 20 | No | Aon |
| Alector, Inc. | 80% | not disclosed | not disclosed | Pearl Meyer & Partners, LLC |
| AnaptysBio, Inc. | 110% | not disclosed | No | Alpine Rewards |
| Arcutis Biotherapeutics, Inc. | 125% | not disclosed | No | Pay Governance LLC |
| Cogent Biosciences, Inc. | 135% | not disclosed | No | Compensia |
| Day One Biopharmaceuticals, Inc. | 123%% | Stock Options 50 · RSUs 50 | not disclosed | Compensia Inc. |
| Geron Corporation | 90% | Options 75 · RSU 25 | not disclosed | Aon |
| Iovance Biotherapeutics, Inc. | 60% | not disclosed | No | Haigh & Company |
| Liquidia Corporation | not disclosed | RSU 50 · PSU 50 | not disclosed | FW Cook |
| Mirum Pharmaceuticals, Inc. | 200% | Option 47.2 · PSU 17.6 · RSU 17.6 | No | Alpine Rewards |
| Protagonist Therapeutics, Inc. | 160% | Options 50 · RSU 50 | not disclosed | Aon Human Capital Solutions |
| Revance Therapeutics, Inc. | 96.8% | PSU 100 | No | FW Cook |
| Rigel Pharmaceuticals, Inc. | 124% | Options 75 · RSU 25 | No | Pearl Meyer |
| Syndax Pharmaceuticals, Inc. | 150% | Options 34 · PSU 33 · RSU 33 | Yes — Company's three-year total shareholder return (TSR) as measured against the Nasdaq Biotechnology Index components TSRs | Aon |
| Tarsus Pharmaceuticals, Inc. | 108% | Options 50 · RSU 50 | No | Pay Governance |
| TG Therapeutics, Inc. | 131% | RSU 100 | No | Compensia, Inc. |
| Viridian Therapeutics, Inc. | 150% | Options 75 · RSU 25 | not disclosed | Compensia |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-24 | 57,290,450 | 8,104,466 | 622,869 | 87.61% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-24 | 87.61%a |
a. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (32 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Richard Lowenthal. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · page 53. As printed: 9,656,400. View filing ↗
- Section 01, Sarina Tanimoto. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 5,290,471. View filing ↗
- Section 01, Justin Chakma. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 2,888,109. View filing ↗
- Section 08, Pratik Shah. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 689,209. View filing ↗
- Section 08, Phillip Schneider. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 440,459. View filing ↗
- Section 08, Brenton L. Saunders. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 435,459. View filing ↗
- Section 08, Michael Kelly. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 435,459. View filing ↗
- Section 08, Peter Kolchinsky. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 430,459. View filing ↗
- Section 08, Rajeev Dadoo. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 425,459. View filing ↗
- Section 08, Peter A Thompson. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 422,959. View filing ↗
- Section 08, Laura Shawver. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 417,751. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-25. Item 5.07 · say-on-pay result. As reported: 87.61% (votes for as printed: 57,290,450). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 513,542 + equity 0 + all other 240,000 = 753,542, summed across the director compensation table rows.
- Cogent Biosciences, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Cogent Biosciences, Inc.'s own proxy. As printed: 27,762,684. View filing ↗
- TG Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in TG Therapeutics, Inc.'s own proxy. As printed: 25,571,250. View filing ↗
- Protagonist Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Protagonist Therapeutics, Inc.'s own proxy. As printed: 12,871,506. View filing ↗
- Mirum Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. View filing ↗
- Geron Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Geron Corporation's own proxy. As printed: 10,221,755. View filing ↗
- Revance Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2024-03-21. CEO total compensation as printed in Revance Therapeutics, Inc.'s own proxy. As printed: 10,068,915. View filing ↗
- ARS Pharmaceuticals, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in ARS Pharmaceuticals, Inc.'s own proxy. As printed: 9,656,400. View filing ↗
- Liquidia Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Liquidia Corporation's own proxy. As printed: 7,712,736. View filing ↗
- Arcutis Biotherapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Arcutis Biotherapeutics, Inc.'s own proxy. As printed: 7,223,065. View filing ↗
- Syndax Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Syndax Pharmaceuticals, Inc.'s own proxy. As printed: 7,089,213. View filing ↗
- Viridian Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Viridian Therapeutics, Inc.'s own proxy. As printed: 6,776,249. View filing ↗
- Tarsus Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Tarsus Pharmaceuticals, Inc.'s own proxy. As printed: 6,617,979. View filing ↗
- Day One Biopharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-11. CEO total compensation as printed in Day One Biopharmaceuticals, Inc.'s own proxy. As printed: 6,560,577. View filing ↗
- AnaptysBio, Inc., Section 10b CEO total. DEF 14A, filed 2026-06-29. CEO total compensation as printed in AnaptysBio, Inc.'s own proxy. As printed: 6,133,943. View filing ↗
- Agios Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Agios Pharmaceuticals, Inc.'s own proxy. As printed: 5,370,389. View filing ↗
- Rigel Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Rigel Pharmaceuticals, Inc.'s own proxy. As printed: 4,658,805. View filing ↗
- Alector, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Alector, Inc.'s own proxy. As printed: 1,995,018. View filing ↗
- Iovance Biotherapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Iovance Biotherapeutics, Inc.'s own proxy. As printed: 1,888,175. View filing ↗