TALPHERA, INC. — Director's Dealing 2018

Nov 5, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2018-11-02

Reporting Person: ASADORIAN RAFFI (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-02	Stock Option (Right to Buy)	$2.225	A	40562	Acquired	2028-11-02	Common Stock (40562)	Direct

Footnotes

F1: On April 7, 2018, the reporting person was granted an option to purchase 81,125 shares of common stock. The option vests in two equal annual
installments based on Company's achievement of commercial approval by the U.S. Food and Drug Administration ("FDA") of its new drug
application for "DSUVIA" on or before February 15, 2019; and the remaining 50% of the award shall vest on the one-year anniversary of the date
of such FDA approval, in all cases subject to continuous service to the Company. The performance criteria for commercial approval by the FDA
for DSUVIA was met on November 2, 2018, resulting in vesting of the option as to 40,562 shares.