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

Rhea-AI Filing Summary

ARS Pharmaceuticals Chief Commercial Officer Eric Karas exercised stock options and sold shares in a planned transaction. He exercised options to acquire 25,000 shares of common stock at $1.50 per share, then sold 25,000 shares at $10.00 per share in an open-market sale.

The sale was made under a Rule 10b5-1 trading plan adopted on December 11, 2025, indicating it was pre-arranged. After these transactions, Karas directly holds 12,176 common shares, which include 1,861 shares acquired through the company’s 2020 Employee Stock Purchase Plan.

Insider Trade Summary 10b5-1

Net Seller: 25,000 shares ($250,000)

Net Sell 3 txns

Insider Karas Eric

Role Chief Commercial Officer

Sold 25,000 shs ($250K)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	25,000	$0.00	--
Exercise	Common Stock	25,000	$1.50	$38K
Sale	Common Stock	25,000	$10.00	$250K

Holdings After Transaction: Stock Option (Right to Buy) — 519,588 shares (Direct, null); Common Stock — 37,176 shares (Direct, null)

Footnotes (1)

1. Includes 1,861 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on December 31, 2025. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2025. Immediately exercisable.

Key Figures

Shares sold: 25,000 shares Sale price: $10.00 per share Options exercised: 25,000 shares +5 more

8 metrics

Shares sold 25,000 shares Open-market sale of common stock at $10.00 per share on June 12, 2026

Sale price $10.00 per share Price for 25,000 ARS Pharmaceuticals common shares sold

Options exercised 25,000 shares Stock option exercise to acquire common shares at $1.50 per share

Option exercise price $1.50 per share Exercise price of Stock Option (Right to Buy) underlying 25,000 shares

Shares held after 12,176 shares Direct common stock holdings following the reported transactions

ESPP shares included 1,861 shares Shares acquired under 2020 Employee Stock Purchase Plan on December 31, 2025

Rule 10b5-1 plan adoption date December 11, 2025 Date Eric Karas adopted the trading plan used for the sale

Option expiration May 23, 2032 Original expiration date of the exercised stock option grant

Key Terms

Rule 10b5-1 trading plan, 2020 Employee Stock Purchase Plan, Stock Option (Right to Buy), Form 4

4 terms

Rule 10b5-1 trading plan regulatory

"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

2020 Employee Stock Purchase Plan financial

"Includes 1,861 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on December 31, 2025."

Stock Option (Right to Buy) financial

"Stock Option (Right to Buy) with 25,000 underlying common shares at a $1.50 exercise price."

Form 4 regulatory

"INSIDER FILING DATA (Form 4): transaction details for Eric Karas."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

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).

X

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^*

Karas Eric

(Last) (First) (Middle)

C/O ARS PHARMACEUTICALS, INC.

11682 EL CAMINO REAL, SUITE 300

(Street)

SAN DIEGO CALIFORNIA 92130

(City) (State) (Zip)

UNITED STATES

(Country)

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 Commercial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/12/2026

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

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

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

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	06/12/2026		M		25,000	A	$1.5	37,176(1)	D
Common Stock	06/12/2026		S(2)		25,000	D	$10	12,176	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)	$1.5	06/12/2026		M			25,000	(3)	05/23/2032	Common Stock	25,000	$0	519,588	D

Explanation of Responses:

1. Includes 1,861 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on December 31, 2025.

2. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2025.

3. Immediately exercisable.

	/s/ Kathleen Scott, Attorney-in-Fact	06/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did ARS Pharmaceuticals (SPRY) report for Eric Karas?

ARS Pharmaceuticals reported that Chief Commercial Officer Eric Karas exercised options for 25,000 shares at $1.50 and sold 25,000 common shares at $10.00 in an open-market transaction, leaving him with 12,176 shares held directly afterward.

How many ARS Pharmaceuticals (SPRY) shares did Eric Karas sell and at what price?

Eric Karas sold 25,000 shares of ARS Pharmaceuticals common stock at $10.00 per share. The transaction was reported as an open-market sale and occurred on June 12, 2026, according to the Form 4 insider filing data.

Did Eric Karas exercise stock options in this ARS Pharmaceuticals (SPRY) Form 4?

Yes. Eric Karas exercised stock options covering 25,000 shares of ARS Pharmaceuticals common stock at an exercise price of $1.50 per share. These exercised shares were then matched by a 25,000-share open-market sale on the same reported date.

How many ARS Pharmaceuticals (SPRY) shares does Eric Karas own after the transactions?

After the reported transactions, Eric Karas directly owns 12,176 shares of ARS Pharmaceuticals common stock. This figure includes 1,861 shares previously acquired under the company’s 2020 Employee Stock Purchase Plan as disclosed in the footnotes.

Was the ARS Pharmaceuticals (SPRY) insider sale by Eric Karas under a Rule 10b5-1 plan?

Yes. The Form 4 footnotes state that Eric Karas’s sale of 25,000 shares was executed under a Rule 10b5-1 trading plan adopted on December 11, 2025, indicating the sale was pre-scheduled rather than a discretionary, ad hoc transaction.

What derivative security was involved in Eric Karas’s ARS Pharmaceuticals (SPRY) transaction?

The transaction involved a stock option described as a “Stock Option (Right to Buy)” for 25,000 underlying common shares. The option carried a $1.50 exercise price and was immediately exercisable, with an original expiration date of May 23, 2032.