ARS Pharmaceuticals Inc. (SPRY)

The total Delta Exposure (DEX) for SPRY across all expirations shows 45,158.88 net shares that market makers must hedge, with 83,159.59 from calls and 38,000.71 from puts. The put-call delta ratio of 0.46 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 27,485.95 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.