L. Saunders - Nov 8, 2022 Form 4 Insider Report for ARS Pharmaceuticals, Inc. (SPRY)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SPRY	Stock option (right to buy)	Award		+591K			591K	Nov 8, 2022	Common Stock	591K	$1.01	Direct	F1, F2, F3
transaction	SPRY	Stock option (right to buy)	Award		+154K			154K	Nov 8, 2022	Common Stock	154K	$1.01	Direct	F1, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	25% of the shares subject to the option vest on the one year anniversary of the vesting commencement date and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary of the vesting commencement date.
F2	Received in exchange for a stock option to acquire 500,000 shares of common stock of ARS Pharmaceuticals, Inc. ("ARS") with the exercise price of $1.19 per share pursuant to an Agreement and Plan of Merger and Reorganization by and among ARS, the Issuer and Sabre Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub"), as amended (the "Merger Agreement").
F3	Under the terms of the Merger Agreement, on November 8, 2022, Merger Sub merged with and into ARS (the "Merger"), with ARS surviving the Merger as a wholly-owned subsidiary of the Issuer. Upon the closing of the Merger, each outstanding option to purchase shares of ARS common stock was assumed by the Issuer and converted into an option to purchase the Issuer's common stock. Subsequent to the Merger, the name of the Issuer was changed from Silverback Therapeutics, Inc. to ARS Pharmaceuticals, Inc.
F4	Received in exchange for a stock option to acquire 130,000 shares of common stock of ARS with the exercise price of $1.19 per share pursuant to the Merger Agreement.