[Form 4] ARS Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Overview: On 06/25/2025, ARS Pharmaceuticals, Inc. (ticker: SPRY) filed a Form 4 detailing an insider transaction by Director Brent L. Saunders.

Key Details:

• Security Granted: Stock Option (right to buy common stock)
• Quantity: 30,000 options
• Exercise Price: $17.26 per share
• Grant Date: 06/25/2025
• Expiration: 06/24/2035
• Vesting: 100% on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting (exact meeting date not yet set).
• Ownership Form: Direct (D)

No common shares were bought or sold in Table I; the filing solely reports an acquisition of derivative securities in Table II. Following the grant, Saunders beneficially owns 30,000 derivative securities (options) with no indirect holdings disclosed.

Implications for Investors: The option award is a routine director compensation action that aligns leadership incentives with shareholder value. It does not involve an open-market purchase or sale of equity and therefore has limited immediate impact on the company’s share float or insider sentiment.

Insights

Financial Analyst

TL;DR: Routine director option grant; limited immediate market impact.

The filing shows a standard equity incentive—30,000 stock options at $17.26—issued to Director Brent Saunders. Vesting occurs within one year, creating near-term alignment yet no dilution until exercised. Because no common shares were traded, the transaction neither signals insider buying pressure nor raises liquidity concerns. With an expiration in 2035, the option term provides long-run upside motivation. Overall, the event is neutral for valuation models and does not materially shift insider ownership percentages.

Corporate Governance Expert

TL;DR: Governance-aligned incentive, but standard in scope.

Granting equity to non-employee directors is best practice for aligning board incentives. The single-tranche vesting tied to the 2026 annual meeting encourages continued board service through the next proxy cycle. The filing follows Section 16 disclosure rules and includes no irregular terms—exercise price equals fair-market value on grant date, and the 10-year term is customary. Therefore, the governance impact is positive in principle but not materially exceptional.

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^*

SAUNDERS BRENT L

(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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did ARS Pharmaceuticals (SPRY) report on 06/25/2025?

Director Brent Saunders received 30,000 stock options at an exercise price of $17.26.

When will the 30,000 options granted to Brent Saunders vest?

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

What is the expiration date of the new SPRY stock options?

The options expire on 06/24/2035.

Did the Form 4 disclose any stock sales or purchases of SPRY common shares?

No. The filing only reports an acquisition of derivative securities; no common shares were bought or sold.

How many SPRY derivative securities does Brent Saunders own after the reported transaction?

He beneficially owns 30,000 stock options directly.