TALPHERA, INC. — Director's Dealing 2014

May 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2014-05-19

Reporting Person: Hamel Lawrence G (Chief Development Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-19	Common Stock	A	3658	$1.20	Acquired	59037	Direct
2014-05-19	Common Stock	D	1000	$8.84	Disposed	58037	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-19	Stock Option (Right to Buy)	$1.20	D	2346	Disposed	2017-04-03	Common Stock (2346)	Direct
2014-05-19	Stock Option (Right to Buy)	$1.20	D	1312	Disposed	2017-12-05	Common Stock (1312)	Direct

Footnotes

F1: The sale is pursuant to the reporting person's 10b-5 Plan.

F2: The shares subject to the option vest as follows: 1/4 of the shares subject to the option vest on December 31, 2007 with the remaining shares subject to the option vesting on an equal montly basis over 36 months.

F3: The shares subject to the option vest as follows: 1/4 of the shares subject to the option vest on December 4, 2008 with the remaining shares subject to the option vesting on an equal montly basis over 36 months.