ARS Pharmaceuticals, Inc. — Director's Dealing 2020

Dec 9, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Silverback Therapeutics, Inc. (SBTX)
CIK: 0001671858
Period of Report: 2020-12-08

Reporting Person: Thompson Peter A. (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-08	Common Stock	P	238100	$21.00	Acquired	507423	Indirect
2020-12-08	Common Stock	C	3462737	—	Acquired	3970160	Indirect
2020-12-08	Common Stock	C	2493741	—	Acquired	6463901	Indirect
2020-12-08	Common Stock	C	1055287	—	Acquired	7519188	Indirect
2020-12-08	Common Stock	P	952377	$21.00	Acquired	952377	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-08	Series A Preferred Stock	$	C	12857142	Disposed		Common Stock (3462737)	Indirect
2020-12-08	Series B Preferred Stock	$	C	9259259	Disposed		Common Stock (2493741)	Indirect
2020-12-08	Series C Preferred Stock	$	C	3918279	Disposed		Common Stock (1055287)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	269323	Indirect

Footnotes

F1: The shares were purchased in the Issuer's initial public offering.

F2: These securities are held of record by OrbiMed Private Investments VI, LP ("OPI VI"). OrbiMed Capital GP VI LLC ("GP VI") is the general partner to OPI VI and OrbiMed Advisors LLC ("OrbiMed Advisors") is the managing member of GP VI. By virtue of such relationships, GP VI and OrbiMed Advisors may be deemed to have voting and investment power with respect to the shares held by OPI VI. Both GP VI and OrbiMed Advisors may be deemed to directly or indirectly, including by reason of their mutual affiliation, to be beneficial owners of the shares held by OPI VI. OrbiMed Advisors exercise investment and voting power through a management committee comprised of Carl L. Gordon, Jonathan T. Silverstein and Sven H. Borho, each of whom disclaims beneficial ownership of the shares of OPI VI.

F3: The Reporting Person is the designated representative of OrbiMed Advisors on the Issuer's Board of Directors. The
reportable securities are owned indirectly by OPI VI. GP VI is the general
partner of OPI VI and OrbiMed Advisors is the managing member of GP VI. The Reporting Person disclaims beneficial ownership of the
securities reported herein for the purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
except to the extent of his pecuniary interest therein, if any.

F4: All outstanding shares of Preferred Stock automatically converted into shares of Common Stock immediately upon the closing of the Issuer's initial public offering, for no additional consideration at a rate of one share of Common Stock for each 3.713 shares of Preferred Stock, based on the conversion price currently in effect. The Preferred Stock has no expiration date.

F5: These securities are held of record by OrbiMed Partners Master Fund Limited ("OPM"). OrbiMed Capital LLC ("OrbiMed Capital") is the investment advisor to OPM. OrbiMed Capital is a relying advisor of OrbiMed Advisors. OrbiMed Advisors and OrbiMed Capital exercise voting and investment power through a management committee comprised of Carl L. Gordon, Jonathan T. Silverstein and Sven H. Borho, each of whom disclaims beneficial ownership of the shares held by OPM.

F6: These securities are held of record by OPI VI - IP HoldCo LLC ("HoldCo"). OPI VI - IP TopCo LLC ("TopCo") is the sole member of HoldCo. OrbiMed Private Investments VI - IP, LP ("OPI VI IP") is the sole member of TopCo. GP VI is the general partner of OPI VI IP. OrbiMed Advisors is the managing member of GP VI. By virtue of such relationships, OrbiMed Advisors and GP VI may be deemed to have voting and investment power over the securities held by HoldCo and as a result, may be deemed to have beneficial ownership over such securities. Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Jonathan T. Silverstein and Sven H. Borho, each of whom disclaims beneficial ownership of the shares held by HoldCo.