ARS Pharmaceuticals, Inc. — Director's Dealing 2022

Nov 11, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARS Pharmaceuticals, Inc. (SPRY)
CIK: 0001671858
Period of Report: 2022-11-08

Reporting Person: Shah Pratik (Director, 10% Owner)
Reporting Person: Pratik Shah Living Trust dated June 15, 2011 (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-11-08	Common Stock	A	10156204	—	Acquired	10156204	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-11-08	Employee Stock Option (right to buy)	$1.44	A	354570	Acquired	2031-11-30	Common Stock (354570)	Direct

Footnotes

F1: Received in exchange for 8,593,116 shares of common stock of ARS Pharmaceuticals, Inc. ("ARS") pursuant to an Agreement and Plan of Merger and Reorganization by and among ARS, the Issuer and Sabre Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub"), as amended (the "Merger Agreement"). Under the terms of the Merger Agreement, on November 8, 2022, Merger Sub merged with and into ARS (the "Merger"), with ARS surviving the Merger as a wholly-owned subsidiary of the Issuer. Upon the closing of the Merger, each share of ARS common stock was converted into the right to receive 1.1819 shares of the Issuer common stock. Subsequent to the Merger, the name of the Issuer was changed from Silverback Therapeutics, Inc. to ARS Pharmaceuticals, Inc.

F2: These shares are held in a trust for the benefit of the Reporting Person. The Reporting Person is trustee of the trust.

F3: The shares subject to the option vest in a series of thirty-six (36) equal monthly installments measured from the vesting commencement date.

F4: Received in exchange for a stock option to acquire 300,000 shares of common stock of ARS with the exercise price of $1.70 per share pursuant to the Merger Agreement.

F5: Upon the closing of the Merger, each outstanding option to purchase shares of ARS common stock was assumed by the Issuer and converted into an option to purchase the Issuer's common stock.