Form 4: ARS Pharma Director Gifts 350,000 Shares in Planned Dispositions

ARS Pharmaceuticals Director Pratik Shah reported gifting 350,000 shares of common stock through two separate, pre-planned transactions.

Summary

• Pratik Shah, a Director of ARS Pharmaceuticals, Inc. (SPRY), reported two gift transactions of common stock on November 12, 2025.
• Shah gifted 250,000 shares to a trust where he is not the trustee and has no pecuniary interest.
• An additional 100,000 shares were transferred to a charitable fund.
• These transactions resulted in a total disposition of 350,000 shares of common stock.
• Following these transactions, Shah indirectly beneficially owns 4,474,554 shares of common stock through The Pratik Shah Living Trust dated June 15, 2011, for which he is the trustee.
• The transactions were made pursuant to a Rule 10b5-1(c) plan, indicating they were pre-scheduled.

Sentiment

Score: 5

Explanation: The filing reports a routine, pre-planned gift of shares by a director, which is generally considered neutral in terms of market sentiment as it is not a sale for cash and often part of personal estate planning or charitable giving.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This is a routine insider transaction filing (Form 4) and does not provide information directly related to broader industry trends or competitive landscape. It reflects a personal financial decision by a director.

Related Party Transactions

• Gift of 250,000 shares to a trust where the Reporting Person is not the trustee and has no pecuniary interest.
• Transfer of 100,000 shares to a charitable fund.
• The remaining 4,474,554 shares are indirectly beneficially owned by The Pratik Shah Living Trust dated June 15, 2011, for which the Reporting Person is the trustee.

Stakeholder Impact

• Shareholders: Minimal impact as these are existing shares being transferred, not new shares being issued or a significant cash sale.
• Pratik Shah: Reduces his indirect beneficial ownership by 350,000 shares.

Key Dates

Keywords

ARS Pharmaceuticals, SPRY, Form 4, Insider Transaction, Stock Gift, Pratik Shah, Director, Rule 10b5-1