ARS Pharmaceuticals Insider Receives 30k Option Award, No Shares Sold

Rhea-AI Filing Summary

ARS Pharmaceuticals, Inc. (SPRY) – Form 4 insider transaction

Director Rajeev Dadoo reported the receipt of 30,000 non-qualified stock options on 25 June 2025. The options carry an exercise price of $17.26 per share and expire on 24 June 2035, giving a 10-year contractual life. According to the filing, the award vests 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).

Following the grant, Mr. Dadoo beneficially owns 30,000 derivative securities (options) in a direct capacity; no open-market purchases or sales of common stock were disclosed. The filing indicates a routine annual director equity award rather than a discretionary transaction, and no Rule 10b5-1 trading plan box was checked.

Because the transaction is an option grant—not a purchase or sale—it does not immediately affect float or insider ownership percentages, but it does align the director’s incentives with shareholder value creation over the next decade. Investors typically view such grants as neutral-to-modestly positive signals, reinforcing board commitment without implying near-term trading intentions.

Positive

• Incentive alignment: 30,000 option grant links director compensation to future share appreciation.
• No insider selling: Filing shows only an award; no disposals that might signal negative sentiment.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine 30k option grant; aligns incentives, minimal immediate impact.

The filing shows a standard, single-line director option award—30,000 options at $17.26, 10-year term, one-year cliff vest. No sales, no open-market buys, no multi-person filing. With only derivative securities reported, float and insider ownership remain unchanged today. Strike is roughly the same as recent trading range, signalling neither distress nor deep discount. For valuation models, potential dilution is immaterial (<0.1 % of basic shares), so EPS impact is negligible. Overall, a governance-driven, compensation-related disclosure investors should note but not over-weight in a thesis.

Corporate Governance Expert

TL;DR: Standard board compensation award, positive for alignment, neutral for risk.

Annual director equity grants are common among emerging biopharma firms. The one-year full-vesting schedule ties value directly to next year’s performance and shareholder meeting, fostering accountability. Absence of a 10b5-1 plan checkbox suggests no pre-arranged disposition strategy, decreasing perceived short-term sell pressure. Governance risk remains low: single insider, timely filing, power-of-attorney signature. Investors can regard this as normal course compensation rather than a signal of impending corporate actions.

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^*

Dadoo Rajeev

(Last) (First) (Middle)

985 OLD EAGLE SCHOOL ROAD

SUITE 511

(Street)

WAYNE PA 19087

(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/ Sasha Keough, attorney-in-fact for Rajeev Dadoo	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 did SPRY director Rajeev Dadoo report in the 25 June 2025 Form 4?

He received 30,000 stock options at a $17.26 strike price, expiring 24 June 2035.

Does the Form 4 show any sale of ARS Pharmaceuticals common shares?

No. The filing discloses an option grant only; there were no shares sold or purchased.

When do the granted SPRY options vest?

They vest in full on the earlier of 25 June 2026 or the date of the 2026 annual shareholder meeting.

How many derivative securities does Rajeev Dadoo own after the transaction?

He beneficially owns 30,000 options following the reported grant.

Is the transaction linked to a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the transaction was made under a Rule 10b5-1 plan.