ARS Pharmaceuticals Inc (NASDAQ:SPRY) experienced a 5.4% decline in after-hours trading Tuesday following the company's announcement that co-founder and chief executive officer Richard Lowenthal is stepping down from his roles. The departure took effect when Lowenthal ceased serving as an employee and officer on July 6, 2026, and the board moved to appoint President Donn Casale as CEO and Director effective July 7, 2026.
The board's decision installs Casale, a commercial executive with more than 25 years in the biopharmaceutical sector, as the company's new leader. Casale joins ARS with a track record that includes serving as Chief Commercial Officer at Dynavax Technologies. In that capacity he led the build-out of the U.S. commercial organization and helped scale the hepatitis B vaccine HEPLISAV-B from launch to more than $300 million in annualized revenue and a U.S. market share exceeding 50%.
The announcement notes that Dynavax was later acquired by Sanofi for $2.2 billion. Prior to his tenure at Dynavax, Casale held leadership roles at Depomed and spent 14 years at Merck where he advanced through positions in sales, marketing, and corporate strategy. During his time at Merck he contributed to the commercial launches of ZOSTAVAX, GARDASIL, ROTATEQ, and PROQUAD.
Pratik Shah, chairman of the board, highlighted Lowenthal's role in shepherding the company from the development stage to commercialization. Shah said Lowenthal was integral to advancing neffy as a treatment for adults and pediatric patients with Type I allergic reactions, including anaphylaxis.
ARS Pharmaceuticals describes itself as a biopharmaceutical company focused on commercializing neffy, an epinephrine nasal spray indicated in the United States for the emergency treatment of Type I allergic reactions, including anaphylaxis. The product's approved use covers adult patients and pediatric patients who weigh 33 pounds or greater.
The leadership change and the company's public statement on the transition coincided with the decline in SPRY shares in after-hours trading. The company has identified Casale as its incoming chief executive and director effective July 7, 2026, while Lowenthal ceased employment and officer duties on July 6, 2026.