RA Capital Healthcare Fund LP 4

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.