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

Rhea-AI Filing Summary

ARS Pharmaceuticals (SPRY) chief operating officer reports option exercise and share sale. On 11/13/2025, the officer exercised a stock option for 21,828 shares of common stock at an exercise price of $0.64 per share and then sold 21,828 shares of common stock the same day at a weighted average price of $8.7067 per share. Following these transactions, the officer directly held 10,789 shares of ARS Pharmaceuticals common stock. The reported holdings include shares previously acquired under the company’s 2020 Employee Stock Purchase Plan on December 31, 2024 and June 30, 2025.

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

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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^*

Dorsey Brian

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

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
Common Stock	11/13/2025		M		21,828	A	$0.64	32,617(1)	D
Common Stock	11/13/2025		S		21,828	D	$8.7067(2)	10,789	D

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)	$0.64	11/13/2025		M			21,828	(3)	11/28/2028	Common Stock	21,828	$0	0	D

Explanation of Responses:

1. Includes 1,628 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan ("ESPP") on December 31, 2024 and 3,137 shares acquired under the ESPP on June 30, 2025.

2. The weighted average sale price for the transaction report was $8.7067, and the range of prices was between $8.63 and $8.835. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

3. Immediately exercisable.

	/s/ Kathleen Scott, Attorney-in-Fact	11/14/2025
	** 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 in this Form 4?

The Form 4 reports that the chief operating officer of ARS Pharmaceuticals (SPRY) exercised a stock option for 21,828 shares of common stock at an exercise price of $0.64 per share on 11/13/2025 and sold 21,828 shares of common stock on the same date.

What prices were involved in the SPRY insider’s Form 4 transactions?

The stock option was exercised at an exercise price of $0.64 per share. The sale of 21,828 shares of ARS Pharmaceuticals common stock was executed at a weighted average price of $8.7067 per share, with a price range between $8.63 and $8.835.

How many ARS Pharmaceuticals (SPRY) shares does the insider own after the reported transactions?

After the reported exercise and sale on 11/13/2025, the chief operating officer directly owns 10,789 shares of ARS Pharmaceuticals common stock.

What happened to the stock option reported in the SPRY Form 4?

The Form 4 shows a stock option (right to buy) for 21,828 shares of ARS Pharmaceuticals common stock with a conversion or exercise price of $0.64. On 11/13/2025, 21,828 derivative securities were exercised, and the number of derivative securities beneficially owned after the transaction is reported as 0.

What additional share acquisitions are referenced in the ARS Pharmaceuticals (SPRY) Form 4 footnotes?

The explanation notes that the reported holdings include 1,628 shares acquired under ARS Pharmaceuticals’ 2020 Employee Stock Purchase Plan on December 31, 2024 and 3,137 shares acquired under the same plan on June 30, 2025.

Who is the reporting person in this ARS Pharmaceuticals (SPRY) Form 4 and what is their role?

The reporting person is an officer of ARS Pharmaceuticals, Inc. with the title Chief Operating Officer. The Form 4 is filed as a Form filed by one reporting person.