Sec Form 4 Filing - ASADORIAN RAFFI @ ACELRX PHARMACEUTICALS INC - 2022-02-11

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ASADORIAN RAFFI 2. Issuer Name and Ticker or Trading Symbol ACELRX PHARMACEUTICALS INC [ ACRX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) C/O ACELRX PHARMACEUTICALS, INC., 25821 INDUSTRIAL BLVD., SUITE 400 3. Date of Earliest Transaction (MM/DD/YY) 02/11/2022 (Street) HAYWARD, CA94545 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/11/2022 A 117,500( 1 ) A $ 0 376,015( 2 ) D Common Stock 02/11/2022 F 7,927( 3 ) D $ 0.4014 368,080 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Buy) $ 0.4014 02/11/2022 A 235,000 ( 4 ) 02/11/2032 Common Stock 235,000 $ 0 235,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ASADORIAN RAFFI C/O ACELRX PHARMACEUTICALS, INC. 25821 INDUSTRIAL BLVD., SUITE 400 HAYWARD, CA94545 Chief Financial Officer Signatures /s/ Martha Adler, Attorney-In-Fact 02/14/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The restricted stock units shall vest in three equal consecutive annual installments on February 11, 2023, February 11, 2024 and February 11, 2025. ( 2 )Includes previously reported shares of common stock underlying RSUs granted to the Reporting Person, which are subject to certain vesting conditions. ( 3 )Represents shares surrendered to the Issuer by the Reporting Person to pay required tax withholdings due to the vesting of RSUs. ( 4 )On February 11, 2022, the reporting person was granted an option to purchase 235,000 shares of common stock. One fourth (1/4th) of the option shares shall vest on the one year anniversary of the grant date, and the remaining balance of the option shares shall vest in 36 equal consecutive monthly installments thereafter until fully vested so long as the reporting person remains in continuous service through such applicable vesting periods.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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