ACELRX PHARMACEUTICALS INC

CUSIP: 00444T100 Class: COM

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014
Shares 100,000 Value ($000) $673 Avg Close — Range —
Q3 2014
Shares 289,849 Value ($000) $1,591 Avg Close — Range —