Karas Eric 4

What Happened

• Eric Karas, Chief Commercial Officer of ARS Pharmaceuticals (SPRY), exercised stock options and sold shares on June 12, 2026. He exercised 25,000 options at $1.50 each (cost $37,500) and sold 25,000 shares in the open market at $10.00 each for $250,000. The filing also reports a related derivative conversion/disposition of 25,000 shares at $0 (reported as a derivative transaction).

Key Details

• Transaction date: 2026-06-12
• Exercise: 25,000 shares acquired at $1.50 per share — total exercise cost $37,500
• Sale: 25,000 shares sold at $10.00 per share — total proceeds $250,000
• Additional derivative line: 25,000 shares reported disposed at $0 (reported as a derivative conversion)
• Shares owned after transaction: Not specified in the provided filing details
• Footnotes: Sale executed pursuant to a Rule 10b5-1 trading plan adopted Dec 11, 2025 (F2). Options were immediately exercisable (F3). Footnote F1 notes 1,861 shares acquired under the Issuer’s 2020 ESPP on Dec 31, 2025 (likely relevant to overall holdings reporting).
• Filing timeliness: Reported and filed on 2026-06-12 (timely)

Context

• This appears to be a same-day exercise-and-sale of options (exercise followed by immediate open-market sale), which is a common way for insiders to realize value from vested options. The Rule 10b5-1 plan indicates the sale was pre-planned. The derivative line at $0 reflects a conversion/settlement reporting entry; the filing does not provide further detail about that line. No inference should be made about company outlook from routine option exercises and planned sales.