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

Insider Trade Summary

Exercise and Sale: 15,000 shares ($232K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Karas Eric

Role Chief Commercial Officer

Sold 15,000 shs ($255K)

Approx. gross sale proceeds $255K

Approx. exercise cost $23K

Approx. pre-tax spread $232K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	15,000	$0.00	$0.00
Exercise	Common Stock	15,000	$1.50	$23K
Sale	Common Stock	15,000	$16.9907	$255K

Holdings After Transaction: Stock Option (Right to Buy) — 544,588 contracts (Direct); Common Stock — 10,315 shares (Direct)

Footnotes (4)

1. F1. Includes 2,619 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on June 30, 2025.
2. F2. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 26, 2024.
3. F3. The weighted average sale price for the transaction reported was $16.9907, and the range of prices were between $16.71 and $17.31. 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.
4. F4. Immediately exercisable.

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Accepted by SEC EDGAR 07/03/2025 - 04:21 PM EDT 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).

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 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 Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		M		15,000	A	$1.5	25,315(1)	D
Common Stock	07/01/2025		S(2)		15,000	D	$16.9907(3)	10,315	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	07/01/2025		M			15,000	(4)	05/23/2032	Common Stock	15,000	$0	544,588	D

Explanation of Responses:

1. Includes 2,619 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on June 30, 2025.

2. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 26, 2024.

3. The weighted average sale price for the transaction reported was $16.9907, and the range of prices were between $16.71 and $17.31. 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.

4. Immediately exercisable.

	/s/ Kathleen Scott, Attorney-in-Fact	07/03/2025
	** 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.