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

Rhea-AI Filing Summary

Form 4 highlights: On 06/25/2025 ARS Pharmaceuticals, Inc. (SPRY) granted Director Pratik Shah a stock option for 30,000 common shares at an exercise price of $17.26 per share. The option vests in full on the earlier of 25 June 2026 or the date of the company’s 2026 annual shareholder meeting, and expires on 24 June 2035. Following this grant, Mr. Shah beneficially owns 30,000 derivative securities; all are held directly. No non-derivative share transactions were reported.

The filing reflects a routine equity incentive award to a non-employee director and does not indicate any open-market buying or selling. As such, it provides limited insight into current insider sentiment but does add a small potential dilutive element (≈30 k shares) to SPRY’s future share count if and when the option is exercised.

Insights

Corporate Governance Analyst

TL;DR: Routine director option grant; neutral signal, minimal dilution, limited investor impact.

The Form 4 documents a single equity award rather than an open-market trade. Grants of 30,000 options to outside directors are typical for development-stage biopharma boards and align incentives without major dilution (well under 0.1 % of SPRY’s 57 m outstanding shares as of the last 10-Q). Vesting over one year matches peer practice and poses no immediate cash expense. Because the exercise price ($17.26) is set near market on the grant date, the option is currently at-the-money, offering upside leverage if management executes. From a governance standpoint, the filing simply confirms standard equity compensation and provides transparency required under Section 16(a). It neither strengthens nor weakens the investment thesis materially.

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
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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^*

Shah Pratik

(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)

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/ Kathleen Scott, Attorney-in-Fact	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.
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FAQ

How many SPRY shares are covered by Pratik Shah’s new option grant?

The Form 4 reports an option covering 30,000 shares of common stock.

What is the exercise price of the ARS Pharmaceuticals stock option granted on 06/25/2025?

The option’s exercise price is $17.26 per share.

When will the newly granted SPRY options vest?

They vest in full on the earlier of June 25, 2026 or the date of SPRY’s 2026 annual meeting.

Did the Form 4 show any open-market purchases or sales by the director?

No, the filing only discloses an equity award; there were no purchases or sales of existing shares.

What is the expiration date of the 30,000-share stock option?

The option expires on June 24, 2035 if not exercised earlier.