ARS Pharma Director Receives 30k Stock Options – Form 4 Insight

Rhea-AI Filing Summary

Form 4 filing overview – ARS Pharmaceuticals, Inc. (SPRY)

On 25 June 2025, director Saqib Islam received a new grant of derivative securities in the form of stock options. The filing reports one transaction and shows no changes to any non-derivative share holdings.

• Security granted: Stock option (right to buy)
• Amount: 30,000 options
• Exercise price: $17.26 per share
• Date exercisable: Grant vests in full on the earlier of 25 June 2026 or the company’s 2026 annual meeting.
• Expiration: 24 June 2035 (10-year term)
• Ownership after transaction: 30,000 derivative securities held directly by the reporting person.

The transaction is coded "A" (acquired), indicating an option grant rather than an open-market purchase or sale. No price was paid for the option itself; the $17.26 will be payable only upon future exercise. The filing shows Mr. Islam continues to serve as a director of ARS Pharmaceuticals and submitted the form individually. No other insiders or joint filers are listed.

Investors should note that the grant aligns the director’s potential future ownership with shareholder value creation, but it does not immediately affect the company’s outstanding share count or cash position.

Positive

• 30,000 stock options granted to director Saqib Islam, reinforcing long-term alignment with shareholder value through equity-based compensation.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director option grant; neutral impact, signals continued board engagement, no immediate dilution or cash movement.

The Form 4 discloses a standard equity-based incentive: 30,000 stock options issued to director Saqib Islam at a strike of $17.26. Vesting is one-year cliff tied to the 2026 AGM, with a 10-year life. Such grants are common board compensation tools, aligning governance interests with shareholders over a long horizon. Because the options are unexercised, there is no present change to issued shares or insider share ownership tables. Dilution is only potential and, at 30,000 shares, immaterial relative to most biotech floats. The filing contains no financial metrics, operational updates, or sales of shares, so the market impact should be minimal. Overall, a neutral governance event rather than a catalyst.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Islam Saqib

(Last) (First) (Middle)

C/O ARS PHARMACEUTICALS, INC.

11682 EL CAMINO REAL, SUITE 120

(Street)

SAN DIEGO CA 92130

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARS Pharmaceuticals, Inc. [ SPRY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$17.26	06/25/2025		A		30,000		(1)	06/24/2035	Common Stock	30,000	$0	30,000	D

Explanation of Responses:

1. The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

	/s/ Kathleen Scott, Attorney-in-Fact	06/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did ARS Pharmaceuticals (SPRY) report on 25 June 2025?

Director Saqib Islam received 30,000 stock options in a Form 4 filing.

At what price can Saqib Islam exercise his new SPRY options?

The exercise price is $17.26 per share.

When will the 30,000 SPRY options vest?

They vest in full on 25 June 2026 or on the date of the 2026 annual meeting, whichever comes first.

What is the expiration date of the options granted to Saqib Islam?

The options expire on 24 June 2035.

How many derivative securities does Saqib Islam hold after the reported transaction?

He holds 30,000 stock options directly.