ARS Pharmaceuticals Inc. (SPRY)
NASDAQ: SPRY
· Real-Time Price · USD
13.79
-0.24 (-1.71%)
At close: Aug 19, 2025, 3:59 PM
SPRY Delta Exposure By Expiry
The total Delta Exposure (DEX) for SPRY across all expirations shows 27,161.87 net shares that market makers must hedge, with 68,872.09 from calls and 41,710.22 from puts. The put-call delta ratio of 0.61 suggests neutral market maker positioning. The largest delta concentration at Dec 19, 25 with 23,531.44 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
SPRY DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 19, 25 | 30,794.08 | -28,765.72 | 2,028.36 | 0.93 |
| Oct 17, 25 | 95.17 | 0 | 95.17 | 0.00 |
| Dec 19, 25 | 31,689.97 | -8,158.53 | 23,531.44 | 0.26 |
| Jan 16, 26 | 5,123.15 | -4,634.65 | 488.5 | 0.90 |
| Feb 20, 26 | 57.88 | 0 | 57.88 | 0.00 |
| Mar 20, 26 | 217.38 | -46.57 | 170.81 | 0.21 |
| Apr 17, 26 | 894.46 | -104.75 | 789.71 | 0.12 |