ARS Pharmaceuticals, Inc. — Director's Dealing 2025

Jul 1, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARS Pharmaceuticals, Inc. (SPRY)
CIK: 0001671858
Period of Report: 2025-06-27

Reporting Person: Flynn James E (10% Owner)
Reporting Person: DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) (10% Owner)
Reporting Person: Deerfield Mgmt III, L.P. (10% Owner)
Reporting Person: Deerfield Private Design Fund III, L.P. (10% Owner)
Reporting Person: Deerfield Mgmt IV, L.P. (10% Owner)
Reporting Person: Deerfield Private Design Fund IV, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-06-27	Class A Common Stock	S	370075	$18.46	Disposed	4887254	Indirect
2025-06-27	Class A Common Stock	S	370074	$18.46	Disposed	4887254	Indirect

Footnotes

F1: The price reported in Column 4 represents a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.20 to $18.89, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

F2: This Form 4 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement attached as an exhibit hereto (the "Reporting Persons"). Deerfield Mgmt III, L.P. is the general partner of Deerfield Private Design Fund III, L.P. ("Fund III"). Deerfield Mgmt IV, L.P. is the general partner of Deerfield Private Design Fund IV, L.P. (collectively with Fund III, the "Funds"). Deerfield Management Company, L.P. is the investment manager of the Funds. James E. Flynn is the sole member of the general partner of each of Deerfield Mgmt III, L.P., Deerfield Mgmt IV, L.P. and Deerfield Management Company, L.P.

F3: In accordance with Instruction 4 (b)(iv) to Form 4, the entire amount of the Issuer's securities held by the Funds is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.