Form 4: ARS Pharma COO Sells Shares After Option Exercise

ARS Pharmaceuticals' Chief Operating Officer, Brian Dorsey, exercised stock options and subsequently sold 21,828 shares of common stock.

Summary

• Brian Dorsey, Chief Operating Officer of ARS Pharmaceuticals, Inc. (SPRY), reported transactions on November 13, 2025.
• Dorsey exercised stock options to acquire 21,828 shares of common stock at an exercise price of $0.64 per share.
• Immediately following the exercise, he sold all 21,828 shares of common stock at a weighted average price of $8.7067 per share.
• The sale price for the transaction ranged from $8.63 to $8.835 per share.
• These transactions were made pursuant to a Rule 10b5-1 trading plan, indicating a pre-arranged sale.
• Following these transactions, Dorsey beneficially owns 10,789 shares of common stock directly.
• His beneficial ownership prior to these specific transactions was 32,617 shares, which included 1,628 shares acquired under the Employee Stock Purchase Plan (ESPP) on December 31, 2024, and 3,137 shares acquired under the ESPP on June 30, 2025.

Sentiment

Score: 5

Explanation: Neutral. This is a routine insider transaction (option exercise and sale) often associated with executive compensation and liquidity, and it was conducted under a Rule 10b5-1 plan, which suggests it was pre-scheduled and not based on new, non-public information.

Positives

• The Chief Operating Officer realized a significant financial gain by exercising options at $0.64 and selling shares at an average of $8.7067.
• The transaction was conducted under a Rule 10b5-1 plan, which suggests the sale was pre-arranged and not based on new, non-public information.

Negatives

• The sale of shares by a key executive, while common for compensation and liquidity, could be perceived negatively by some investors.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor impact. A routine insider sale, especially when conducted under a Rule 10b5-1 plan, is generally not considered a strong signal of future company performance or a cause for significant concern.

Key Dates

Keywords

ARS Pharmaceuticals, SPRY, Brian Dorsey, Chief Operating Officer, Form 4, insider trading, stock option exercise, share sale, Rule 10b5-1 plan, equity compensation