Form 4: ARS Pharmaceuticals Director Peter Thompson Granted Stock Options with OrbiMed Beneficial Ownership

ARS Pharmaceuticals, Inc. Director Peter A. Thompson was granted 30,000 stock options with an exercise price of $17.26, with the beneficial economic interest designated for OrbiMed Private Investments VI, LP.

Summary

• Peter A. Thompson, a Director of ARS Pharmaceuticals, Inc. (SPRY), was granted 30,000 stock options on June 25, 2025.
• The stock options have an exercise price of $17.26 per share.
• These options are set to vest in full on the earlier of June 25, 2026, or the date of the Issuer's 2026 annual meeting of stockholders.
• The options have an expiration date of June 24, 2035.
• While directly held by Mr. Thompson, he is obligated to transfer any securities issued under these options, or their economic benefit, to OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, which will then ensure such benefits are provided to OrbiMed Private Investments VI, LP.

Sentiment

Score: 7

Explanation: The grant of stock options to a director is generally a positive sign of alignment between management and shareholder interests, although the specific beneficial ownership arrangement with OrbiMed entities indicates it's not a direct personal stake for the individual director.

Positives

• The grant of 30,000 stock options to a director aligns their interests with the long-term performance and shareholder value of ARS Pharmaceuticals, Inc.
• The options have a long expiration date of June 24, 2035, providing a substantial window for potential value realization.

Negatives

• The reporting person is obligated to transfer the securities or their economic benefit to OrbiMed entities, indicating these options are not for the director's personal beneficial ownership but rather for the benefit of an investment fund.

Risks

• The value of the stock options is inherently tied to the future market performance of ARS Pharmaceuticals, Inc.'s common stock, and there is no guarantee of profitability upon exercise.

Future Outlook

The granted stock options are scheduled to vest in full by June 25, 2026, or on the date of ARS Pharmaceuticals, Inc.'s 2026 annual meeting of stockholders, whichever comes first.

Industry Context

This filing is a standard disclosure of an insider equity transaction, which is a common form of compensation for directors and executives in the biotechnology and pharmaceutical industry, aiming to align their interests with long-term company performance.

Comparison to Industry Standards

• NA

Related Party Transactions

• The reporting person is obligated, pursuant to an agreement with OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, to transfer any securities issued under the stock options or their economic benefit to these entities, which will then provide them to OrbiMed Private Investments VI, LP. This indicates a pre-existing arrangement for the beneficial ownership of the options.

Stakeholder Impact

• Shareholders: The grant of options is intended to align director interests with shareholder value, although the ultimate beneficial owner is an investment fund rather than the individual director.
• Management: This represents a standard form of equity compensation for a director, reflecting their ongoing involvement and commitment to the company.

Next Steps

• Vesting of the 30,000 stock options by June 25, 2026, or the date of the Issuer's 2026 annual meeting of stockholders.

Key Dates

Keywords

ARS Pharmaceuticals, SPRY, Stock Option, Director Compensation, Insider Transaction, Form 4, Equity Grant, OrbiMed