RA Capital Healthcare Fund LP 4
4 · ARS Pharmaceuticals, Inc. · Filed Jun 26, 2026
Research Summary
AI-generated summary of this filing
ARS Pharmaceuticals (SPRY) RA Capital Receives 30,000-Share Option
What Happened RA Capital Management, L.P. (reported as a 10% owner) was granted a derivative award on 2026-06-24 covering 30,000 shares of ARS Pharmaceuticals (SPRY). The filing reports a $0.00 acquisition price for the award (reported as a derivative instrument), so no cash value is shown in the Form 4. The award will vest in full on the earlier of June 24, 2027 or the date of the issuer’s 2027 annual meeting (footnote F1). The Form 4 was filed on 2026-06-26 (timely).
Key Details
- Transaction date: 2026-06-24; Form 4 filed: 2026-06-26 (timely).
- Transaction type/code: Award/Grant (derivative), 30,000 shares; price reported $0.00.
- Vesting: Full vesting on earlier of June 24, 2027 or the 2027 annual meeting (F1).
- Shares owned after transaction: not specified/beneficial ownership disclaimed in filing.
- Beneficial ownership notes: Adviser structure disclosed — RA Capital Management, L.P. is adviser to two funds; related parties disclaim beneficial ownership except pecuniary interest (F2). Dr. Peter Kolchinsky holds the option for the benefit of the funds and will turn over any net cash or stock received on exercise to the Adviser to offset advisory fees (F3).
- Additional note: Dr. Peter Kolchinsky, a Managing Partner of the Adviser, serves on ARS’s board of directors (remarks).
Context This was an equity award (derivative grant), not an open-market purchase or sale — the reporting persons do not report immediate ownership of common stock until vesting/exercise. For retail investors, awards to a 10% institutional owner and related parties are different from routine insider buys/sells by executives: they reflect compensation/arrangements rather than a direct open-market vote of confidence. The filing shows standard disclosures about adviser/fund relationships and a vesting schedule; it does not reveal an immediate cash value or exercise activity.
Insider Transaction Report
- Award
Stock Option (Right to Buy)
[F1][F2][F3]2026-06-24+30,000→ 30,000 total(indirect: See Footnotes)Exercise: $10.54Exp: 2036-06-23→ Common Stock (30,000 underlying)
Footnotes (3)
- [F1]The shares subject to the option will vest in full on the earlier of June 24, 2027 or the date of the Issuer's 2027 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.
- [F2]RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund") and RA Capital Nexus Fund II, L.P. (the "Nexus Fund II"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, the Nexus Fund II, Dr. Kolchinsky and Mr. Shah disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein.
- [F3]Under Dr. Kolchinsky 's arrangement with the Adviser, Dr. Kolchinsky holds the option for the benefit of the Fund and the Nexus Fund II. Dr. Kolchinsky is obligated to turn over to the Adviser any net cash or stock received upon exercise of the option, which will offset advisory fees owed by the Fund and the Nexus Fund II to the Adviser. The Reporting Persons therefore disclaim beneficial ownership of the option and underlying common stock.