ARS Pharma CBO exercises 30K options, sells 166K SPRY shares

ARS Pharmaceuticals, Inc. (SPRY) reported an insider transaction by its Chief Business Officer on a Form 4.

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) reported an insider transaction by its Chief Business Officer on a Form 4. On 11/12/2025, the officer exercised a stock option for 30,000 shares of common stock at an exercise price of $0.84 per share and then sold 30,000 shares at a weighted average price of $8.9119. The officer also sold an additional 136,380 shares of common stock at a weighted average price of $8.8634. Following these transactions, the officer reported 0 shares of common stock directly owned and 89,047 stock options beneficially owned.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Chakma Justin

Role Chief Business Officer

Sold 166,380 shs ($1.48M)

Approx. gross sale proceeds $1.48M

Approx. exercise cost $25K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	30,000	$0.00	$0.00
Exercise	Common Stock	30,000	$0.84	$25K
Sale	Common Stock	30,000	$8.9119	$267K
Sale	Common Stock	136,380	$8.8634	$1.21M

Holdings After Transaction: Stock Option (Right to Buy) — 89,047 contracts (Direct); Common Stock — 0 shares (Direct)

Footnotes (3)

1. F1. The weighted average sale price for the transaction reported was $8.9119, and the range of prices was between $8.87 and $8.97. 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 price will be provided.
2. F2. The weighted average sale price for the transaction reported was $8.8634, and the range of prices was between $8.62 and $9.04. 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 price will be provided.
3. F3. Immediately exercisable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ARS Pharmaceuticals (SPRY) report?

ARS Pharmaceuticals reported that its Chief Business Officer exercised stock options and sold common shares in transactions dated 11/12/2025, as disclosed on a Form 4.

How many ARS Pharmaceuticals (SPRY) options were exercised in this Form 4?

The reporting officer exercised a stock option for 30,000 shares of common stock at an exercise price of $0.84 per share.

How many ARS Pharmaceuticals (SPRY) shares were sold by the insider?

The insider sold 30,000 shares of common stock at a weighted average price of $8.9119 and an additional 136,380 shares at a weighted average price of $8.8634.

What was the insider’s ARS Pharmaceuticals (SPRY) share ownership after the transactions?

After the reported transactions, the officer directly owned 0 shares of common stock and beneficially owned 89,047 stock options.

What do the weighted average sale prices mean in the ARS Pharmaceuticals (SPRY) Form 4?

The weighted average prices of $8.9119 and $8.8634 represent the average prices across multiple trades within price ranges specified in the filing, with detailed breakdowns available upon request.

Who is the reporting person in this ARS Pharmaceuticals (SPRY) Form 4?

The reporting person is an officer of ARS Pharmaceuticals serving as Chief Business Officer, filing individually as indicated in the Form 4.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/14/2025 - 06:42 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

Chakma Justin

(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 Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

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	11/12/2025		M		30,000	A	$0.84	166,380	D
Common Stock	11/12/2025		S		30,000	D	$8.9119(1)	136,380	D
Common Stock	11/12/2025		S		136,380	D	$8.8634(2)	0	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)	$0.84	11/12/2025		M			30,000	(3)	07/04/2029	Common Stock	30,000	$0	89,047	D

Explanation of Responses:

1. The weighted average sale price for the transaction reported was $8.9119, and the range of prices was between $8.87 and $8.97. 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 price will be provided.

2. The weighted average sale price for the transaction reported was $8.8634, and the range of prices was between $8.62 and $9.04. 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 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.