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

Role: Chief Business Officer
Signature: /s/ Kathleen Scott, Attorney-in-Fact
Stock symbol: SPRY
Transactions as of: Nov 8, 2022
Transactions value $: $0
Form type: 4
Date filed: 11/10/2022, 05:00 PM
Next filing: Jan 5, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPRY	Common Stock	Award		+236K			236K	Nov 8, 2022	Direct	F1

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		+236K			236K	Nov 8, 2022	Common Stock	236K	$0.84	Direct	F2, F3, F4
transaction	SPRY	Stock option (right to buy)	Award		+236K			236K	Nov 8, 2022	Common Stock	236K	$0.84	Direct	F3, F4
transaction	SPRY	Stock option (right to buy)	Award		+48.3K			48.3K	Nov 8, 2022	Common Stock	48.3K	$0.84	Direct	F2, F4, F5
transaction	SPRY	Stock option (right to buy)	Award		+82.7K			82.7K	Nov 8, 2022	Common Stock	82.7K	$1.44	Direct	F2, F4, F6

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

Explanation of Responses:

Id	Content
F1	Received in exchange for 200,000 shares of common stock of ARS Pharmaceuticals, Inc. ("ARS") 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"). 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 share of ARS common stock was converted into the right to receive 1.1819 shares of the Issuer common stock. Subsequent to the Merger, the name of the Issuer was changed from Silverback Therapeutics, Inc. to ARS Pharmaceuticals, Inc.
F2	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.
F3	Received in exchange for a stock option to acquire 200,000 shares of common stock of ARS under the Merger Agreement.
F4	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.
F5	Received in exchange for a stock option to acquire 40,833 shares of common stock of ARS with the exercise price of $0.99 per share pursuant to the Merger Agreement.
F6	Received in exchange for a stock option to acquire 70,000 shares of common stock of ARS with the exercise price of $1.70 per share pursuant to the Merger Agreement.