SPRY · ARS Pharmaceuticals, Inc.

25% of the shares subject to the option vest on June 1, 2027, and the remaining shares will vest monthly thereafter over three years.

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.

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.

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.

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.

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.

Pursuant to an agreement with OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, the Reporting Person is obligated to transfer any securities issued under any such stock options or other awards, or the economic benefit thereof, to OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, which will in turn ensure that such securities or economic benefits are provided to OrbiMed Private Investments VI, LP.

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.

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.

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.

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.

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.

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.

The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2025.

Includes 1,861 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on December 31, 2025.

The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 5, 2025.

Includes 2,907 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan (the "ESPP") on June 30, 2025 and 1,745 shares acquired under the ESPP on December 31, 2025.

Immediately exercisable.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

The shares subject to the option shall vest in a series of 48 equal monthly installments measured from January 1, 2026.

Immediately exercisable.

Includes 1,628 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan ("ESPP") on December 31, 2024 and 3,137 shares acquired under the ESPP on June 30, 2025.

The weighted average sale price for the transaction report was $8.7067, and the range of prices was between $8.63 and $8.835. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

The transaction involved the gift of shares to a trust in which the Reporting Person is not the trustee and the Reporting Person has no pecuniary interest over shares held in the trust.

The Reporting Person is the trustee of The Pratik Shah Living Trust dated June 15, 2011.

The transaction involved the transfer of shares to a charitable fund.

The Reporting Person is the trustee of The Pratik Shah Living Trust dated June 15, 2011.

The weighted average sale price for the transaction reported was $8.8634, and the range of prices was between $8.62 and $9.04. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each price will be provided.

The weighted average sale price for the transaction reported was $8.9119, and the range of prices was between $8.87 and $8.97. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each price will be provided.

Immediately exercisable.

Immediately exercisable.

The shares were sold pursuant to a Rule 10b5-1 trading plan entered into on May 22, 2025.

The shares were sold pursuant to a Rule 10b5-1 trading plan entered into on May 15, 2025.

The weighted average sale price for the transaction reported was $14.4869 and the range of prices were between $14.31 and $14.61. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

The Reporting Person is trustee of the trust.

Includes 2,618 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on June 30, 2025.

The shares were sold pursuant to a Rule 10b5-1 trading plan entered into on May 15, 2025.

The weighted average sale price for the transaction reported was $14.0914 and the range of prices were between $14.00 and $14.205. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

The Reporting Person is trustee of the trust.

The shares were sold pursuant to a Rule 10b5-1 trading plan entered into on May 15, 2025.

The weighted average sale price for the transaction reported was $14.0254 and the range of prices were between $14.00 and $14.08. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

The Reporting Person is trustee of the trust.

The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 26, 2024.

The weighted average sale price for the transaction reported was $16.9907, and the range of prices were between $16.71 and $17.31. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

Immediately exercisable.

Includes 2,619 shares acquired under the Issuer's 2020 Employee Stock Purchase Plan on June 30, 2025.

The price reported in Column 4 represents a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.20 to $18.89, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

This Form 4 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement attached as an exhibit hereto (the "Reporting Persons"). Deerfield Mgmt III, L.P. is the general partner of Deerfield Private Design Fund III, L.P. ("Fund III"). Deerfield Mgmt IV, L.P. is the general partner of Deerfield Private Design Fund IV, L.P. (collectively with Fund III, the "Funds"). Deerfield Management Company, L.P. is the investment manager of the Funds. James E. Flynn is the sole member of the general partner of each of Deerfield Mgmt III, L.P., Deerfield Mgmt IV, L.P. and Deerfield Management Company, L.P.

In accordance with Instruction 4 (b)(iv) to Form 4, the entire amount of the Issuer's securities held by the Funds is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

The price reported in Column 4 represents a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.20 to $18.89, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

This Form 4 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement attached as an exhibit hereto (the "Reporting Persons"). Deerfield Mgmt III, L.P. is the general partner of Deerfield Private Design Fund III, L.P. ("Fund III"). Deerfield Mgmt IV, L.P. is the general partner of Deerfield Private Design Fund IV, L.P. (collectively with Fund III, the "Funds"). Deerfield Management Company, L.P. is the investment manager of the Funds. James E. Flynn is the sole member of the general partner of each of Deerfield Mgmt III, L.P., Deerfield Mgmt IV, L.P. and Deerfield Management Company, L.P.

In accordance with Instruction 4 (b)(iv) to Form 4, the entire amount of the Issuer's securities held by the Funds is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

Pursuant to an agreement with OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, the Reporting Person is obligated to transfer any securities issued under any such stock options or other awards, or the economic benefit thereof, to OrbiMed Advisors LLC and OrbiMed Capital GP VI LLC, which will in turn ensure that such securities or economic benefits are provided to OrbiMed Private Investments VI, LP.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's Board of Directors.

The shares subject to the option will vest in full on the earlier of June 25, 2026 or the date of the Issuer's 2026 annual meeting of stockholders, which date has not been set by the Issuer's board of directors, subject to Dr. Peter Kolchinsky's continuous service to the Issuer through the applicable vesting date.

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.

Dr. Kolchinsky is a Managing Partner of the Adviser who serves on the Issuer's board of directors. 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.