Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-29

ARS Pharmaceuticals (SPRY)

CEO Richard Lowenthal was paid $9,656,400 in fiscal year 2025, ↑ up 34.6% from fiscal year 2024, the 65th percentile of its disclosed peer group (SEC filing 0001193125-26-191433 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,656,400 ↑
Richard Lowenthal total, FY2025
65th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
87.61%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Richard Lowenthal (President and Chief Executive Officer), FY2025 total compensation $9,656,400 (base salary $700,000) [exec_comp, SEC accession 0001193125-26-191433, filed 2026-04-29]

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SPRY's next annual pay disclosure, estimated April 29, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Richard Lowenthal$700,000——$6,176,110$315,000—$2,465,290$9,656,400
President and Chief Executive Officer
Sarina Tanimoto540,000——2,107,247178,200—2,465,0245,290,471
Chief Medical Officer
Justin Chakma497,000——2,205,409164,000—21,7002,888,109
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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Richard Lowenthal$9,656,400$7,174,995—↑ +2,481,405
Sarina Tanimoto5,290,4714,246,773—↑ +1,043,698
Justin Chakma2,888,109———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against SPRY
3 companies name SPRY as a compensation peer

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.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Richard LowenthalCEO$9,656,400
Justin ChakmaChief Business Officer$2,888,109
Sarina TanimotoChief Medical Officer$5,290,471
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Brenton L. SaundersIndependent Director$435,459
Laura ShawverIndependent Director$417,751
Michael KellyIndependent Director$435,459
Peter A ThompsonIndependent Director$422,959
Peter KolchinskyIndependent Director$430,459
Phillip SchneiderIndependent Director$440,459
Pratik ShahIndependent Director$689,209
Rajeev DadooIndependent Director$425,459
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sarina TanimotoOption94,7928.42—
Sarina TanimotoOption156,2505.58—
Sarina TanimotoOption201,88210.71—
Justin ChakmaOption44,6888.42—
Justin ChakmaOption182,2925.58—
Justin ChakmaOption211,28610.71—
05

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 consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-2457,290,4508,104,466622,86987.61%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 yearMeeting dateApproval — company's computation
20262026-06-2487.61%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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Pratik ShahIndependent$81,250—$367,959—$240,000$689,209
Phillip SchneiderIndependent · Audit (Chair) · Governance72,500—367,959—0440,459
Brenton L. SaundersIndependent67,500—367,959—0435,459
Michael KellyIndependent · Audit67,500—367,959—0435,459
Peter KolchinskyIndependent · Governance (Chair)62,500—367,959—0430,459
Rajeev DadooIndependent · Audit57,500—367,959—0425,459
Peter A ThompsonIndependent · Compensation55,000—367,959—0422,959
Laura ShawverIndependent · Compensation49,792—367,959—0417,751
09

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—
09b

Total cost of the board

ComponentFY2025
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.

10

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.

10a

Peer reciprocity

Of the companies ARS Pharmaceuticals names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ARS Pharmaceuticals.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cogent Biosciences, Inc.2025Andrew Robbins$724,554$12,993,250$13,447,680$561,600$27,762,684
2TG Therapeutics, Inc.2025Michael Weiss875,00023,550,00001,146,25025,571,250
3Protagonist Therapeutics, Inc.2025Dinesh Patel715,5005,839,2045,618,010686,88012,871,506
4Mirum Pharmaceuticals, Inc.2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
5Geron Corporation2025Harout Semerjian321,53809,695,400203,00010,221,755
6Revance Therapeutics, Inc.2023Mark Foley720,0008,810,7310522,72010,068,915
7ARS Pharmaceuticals2025Richard Lowenthal700,000—6,176,110315,0009,656,400
8Liquidia Corporation2025Roger Jeffs824,0005,590,99201,254,4007,712,736
9Arcutis Biotherapeutics, Inc.2025Todd Franklin Watanabe713,3332,067,1903,848,958579,5847,223,065
10Syndax Pharmaceuticals, Inc.2025Michael Metzger754,3002,021,9653,454,360848,5887,089,213
11Viridian Therapeutics, Inc.2025Stephen Mahoney700,0001,058,0984,381,713630,0006,776,249
12Tarsus Pharmaceuticals, Inc.2025Bobak Azamian726,3332,648,2842,651,487555,7006,617,979
13Day One Biopharmaceuticals, Inc.2024Jeremy Bender680,0002,700,2802,664,697501,8006,560,577
14AnaptysBio, Inc.2025Daniel Faga706,0111,592,0013,345,653465,9686,133,943
15Agios Pharmaceuticals, Inc.2025Brian Goff846,8641,291,6802,627,252592,8045,370,389
16Rigel Pharmaceuticals, Inc.2025Raul Rodriguez787,405951,3272,241,570634,6494,658,805
17Alector, Inc.2025Arnon Rosenthal678,100422,876558,216325,4881,995,018
18Iovance Biotherapeutics, Inc.2025Frederick Vogt800,000759,3750312,0001,888,175

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ARS Pharmaceuticalsnot disclosedOption 100not disclosedAon
Agios Pharmaceuticals, Inc.100%Option 40 · PSU 40 · RSU 20NoAon
Alector, Inc.80%not disclosednot disclosedPearl Meyer & Partners, LLC
AnaptysBio, Inc.110%not disclosedNoAlpine Rewards
Arcutis Biotherapeutics, Inc.125%not disclosedNoPay Governance LLC
Cogent Biosciences, Inc.135%not disclosedNoCompensia
Day One Biopharmaceuticals, Inc.123%%Stock Options 50 · RSUs 50not disclosedCompensia Inc.
Geron Corporation90%Options 75 · RSU 25not disclosedAon
Iovance Biotherapeutics, Inc.60%not disclosedNoHaigh & Company
Liquidia Corporationnot disclosedRSU 50 · PSU 50not disclosedFW Cook
Mirum Pharmaceuticals, Inc.200%Option 47.2 · PSU 17.6 · RSU 17.6NoAlpine Rewards
Protagonist Therapeutics, Inc.160%Options 50 · RSU 50not disclosedAon Human Capital Solutions
Revance Therapeutics, Inc.96.8%PSU 100NoFW Cook
Rigel Pharmaceuticals, Inc.124%Options 75 · RSU 25NoPearl Meyer
Syndax Pharmaceuticals, Inc.150%Options 34 · PSU 33 · RSU 33Yes — Company's three-year total shareholder return (TSR) as measured against the Nasdaq Biotechnology Index components TSRsAon
Tarsus Pharmaceuticals, Inc.108%Options 50 · RSU 50NoPay Governance
TG Therapeutics, Inc.131%RSU 100NoCompensia, Inc.
Viridian Therapeutics, Inc.150%Options 75 · RSU 25not disclosedCompensia

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.

10d

Frequently asked questions

Who was the highest-paid executive at ARS Pharmaceuticals in fiscal 2025?
As disclosed, Richard Lowenthal (President and Chief Executive Officer) was the highest-paid executive at ARS Pharmaceuticals in fiscal 2025, with total compensation of $9,656,400.
How does ARS Pharmaceuticals's chief executive pay compare to its disclosed peer group?
As disclosed, Richard Lowenthal's total compensation ranked at the 65th percentile of ARS Pharmaceuticals's disclosed peer group.
How did shareholders vote on ARS Pharmaceuticals's executive compensation?
As disclosed, 87.61% of shareholders supported ARS Pharmaceuticals's executive compensation in the latest say-on-pay vote.
How much does ARS Pharmaceuticals spend in total on board compensation for fiscal 2025?
As disclosed, ARS Pharmaceuticals reported total board compensation of $753,542 for fiscal 2025.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Richard LowenthalDEF 14A2026-04-290001193125-26-191433Section “Executive Compensation”. As printed: 9,656,400. Filing ↗
2Section 01, Sarina TanimotoDEF 14A2026-04-290001193125-26-191433Section “Executive Compensation”. As printed: 5,290,471. Filing ↗
3Section 01, Justin ChakmaDEF 14A2026-04-290001193125-26-191433Section “Executive Compensation”. As printed: 2,888,109. Filing ↗
4Section 08, Pratik ShahDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 689,209. Filing ↗machine: span 1194651–1194876
5Section 08, Phillip SchneiderDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 440,459. Filing ↗machine: span 1192549–1192775
6Section 08, Brenton L. SaundersDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 435,459. Filing ↗machine: span 1186093–1186319
7Section 08, Michael KellyDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 435,459. Filing ↗machine: span 1173173–1173399
8Section 08, Peter KolchinskyDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 430,459. Filing ↗machine: span 1179635–1179861
9Section 08, Rajeev DadooDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 425,459. Filing ↗machine: span 1160265–1160491
10Section 08, Peter A ThompsonDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 422,959. Filing ↗machine: span 1211993–1212219
11Section 08, Laura ShawverDEF 14A2026-04-290001193125-26-191433Section “Director Compensation”. As printed: 417,751. Filing ↗machine: span 1205531–1205757
12Section 06, 2026 voteForm 8-K2026-06-250001193125-26-282994Item 5.07 · say-on-pay result. As reported: 87.61% (votes for as printed: 57,290,450). Filing ↗
13Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
14Section 09b board cost (computed)Computed——Cash 513,542 + equity 0 + all other 240,000 = 753,542, summed across the director compensation table rows.machine: formula: Σ = 753,542
15Cogent Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173834CEO total compensation as printed in Cogent Biosciences, Inc.'s own proxy. As printed: 27,762,684. Filing ↗machine: r2 · c39 · span 369353–369363
16TG Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014233CEO total compensation as printed in TG Therapeutics, Inc.'s own proxy. As printed: 25,571,250. Filing ↗machine: r4 · c24 · span 404551–404561
17Protagonist Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050429CEO total compensation as printed in Protagonist Therapeutics, Inc.'s own proxy. As printed: 12,871,506. Filing ↗machine: r1 · c47 · span 613195–613205
18Mirum Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
19Geron Corporation, Section 10b CEO totalDEF 14A2026-04-070000886744-26-000024CEO total compensation as printed in Geron Corporation's own proxy. As printed: 10,221,755. Filing ↗machine: t118 · r6 · c23 · span 1062574–1062584
20Revance Therapeutics, Inc., Section 10b CEO totalDEF 14A2024-03-210001479290-24-000071CEO total compensation as printed in Revance Therapeutics, Inc.'s own proxy. As printed: 10,068,915. Filing ↗machine: span 884809–884819
21ARS Pharmaceuticals (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191433CEO total compensation as printed in ARS Pharmaceuticals's own proxy. As printed: 9,656,400. Filing ↗
22Liquidia Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048597CEO total compensation as printed in Liquidia Corporation's own proxy. As printed: 7,712,736. Filing ↗machine: r1 · c47 · span 548456–548465
23Arcutis Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-210001787306-26-000028CEO total compensation as printed in Arcutis Biotherapeutics, Inc.'s own proxy. As printed: 7,223,065. Filing ↗machine: r2 · c42 · span 646815–646824
24Syndax Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197859CEO total compensation as printed in Syndax Pharmaceuticals, Inc.'s own proxy. As printed: 7,089,213. Filing ↗machine: span 936322–936331
25Viridian Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-160344CEO total compensation as printed in Viridian Therapeutics, Inc.'s own proxy. As printed: 6,776,249. Filing ↗machine: r2 · c35 · span 371769–371778
26Tarsus Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001819790-26-000028CEO total compensation as printed in Tarsus Pharmaceuticals, Inc.'s own proxy. As printed: 6,617,979. Filing ↗machine: span 448592–448601
27Day One Biopharmaceuticals, Inc., Section 10b CEO totalDEF 14A2025-04-110001140361-25-013462CEO total compensation as printed in Day One Biopharmaceuticals, Inc.'s own proxy. As printed: 6,560,577. Filing ↗machine: r2 · c21 · span 526324–526333
28AnaptysBio, Inc., Section 10b CEO totalDEF 14A2026-06-290001193125-26-288408CEO total compensation as printed in AnaptysBio, Inc.'s own proxy. As printed: 6,133,943. Filing ↗machine: r2 · c16 · span 694406–694415
29Agios Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177086CEO total compensation as printed in Agios Pharmaceuticals, Inc.'s own proxy. As printed: 5,370,389. Filing ↗machine: r2 · c31 · span 613185–613194
30Rigel Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-030001034842-26-000023CEO total compensation as printed in Rigel Pharmaceuticals, Inc.'s own proxy. As printed: 4,658,805. Filing ↗machine: t120 · r3 · c22 · span 886059–886068
31Alector, Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-186928CEO total compensation as printed in Alector, Inc.'s own proxy. As printed: 1,995,018. Filing ↗machine: span 1038665–1038674
32Iovance Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050458CEO total compensation as printed in Iovance Biotherapeutics, Inc.'s own proxy. As printed: 1,888,175. Filing ↗machine: r6 · c16 · span 797910–797919
33Section 10a, Arcutis Biotherapeutics, Inc. reciprocityDEF 14A—0001787306-26-000028Arcutis Biotherapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
34Section 10a, TG Therapeutics, Inc. reciprocityDEF 14A—0001437749-26-014233TG Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
35Section 10a, Liquidia Corporation reciprocityDEF 14A—0001104659-26-048597Liquidia Corporation's most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
36Section 10a, AnaptysBio, Inc. reciprocityDEF 14A—0001193125-26-288408AnaptysBio, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
37Section 10a, Agios Pharmaceuticals, Inc. reciprocityDEF 14A—0001193125-26-177086Agios Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
38Section 10a, Day One Biopharmaceuticals, Inc. reciprocityDEF 14A—0001140361-25-013462Day One Biopharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
39Section 10a, Revance Therapeutics, Inc. reciprocityDEF 14A—0001479290-24-000071Revance Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
40Section 10a, Protagonist Therapeutics, Inc. reciprocityDEF 14A—0001104659-26-050429Protagonist Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
41Section 10a, Syndax Pharmaceuticals, Inc. reciprocityDEF 14A—0001193125-26-197859Syndax Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
42Section 10a, Rigel Pharmaceuticals, Inc. reciprocityDEF 14A—0001034842-26-000023Rigel Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
43Section 10a, Cogent Biosciences, Inc. reciprocityDEF 14A—0001193125-26-173834Cogent Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
44Section 10a, Iovance Biotherapeutics, Inc. reciprocityDEF 14A—0001104659-26-050458Iovance Biotherapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
45Section 10a, Tarsus Pharmaceuticals, Inc. reciprocityDEF 14A—0001819790-26-000028Tarsus Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
46Section 10a, Mirum Pharmaceuticals, Inc. reciprocityDEF 14A—0001759425-26-000027Mirum Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
47Section 10a, Viridian Therapeutics, Inc. reciprocityDEF 14A—0001193125-26-160344Viridian Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
48Section 10a, Geron Corporation reciprocityDEF 14A—0000886744-26-000024Geron Corporation's most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗
49Section 10a, Alector, Inc. reciprocityDEF 14A—0001193125-26-186928Alector, Inc.'s most recent proxy was read; its disclosed peer group does not include ARS Pharmaceuticals. Filing ↗