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ARS Pharmaceuticals, Inc.

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Key Metrics

Previous Close: $6.38
52-Week Range: $4.91 – $15.09
Market Cap: $547.46M
P/E (TTM): —
EPS (TTM): -2.18
Dividend Yield: —

Advanced Metrics

Price/Book: 43.69
PEG Ratio: —
Return on Equity: -210.35%
Return on Assets: -48.02%
Gross Margin: 58.35%
Operating Margin: -182.62%
Profit Margin: -184.24%
Current Ratio: 3.48
Debt/Equity: 13.72
Total Debt: $171.60M
Free Cash Flow: $-117.70M
Revenue Growth: 114.20%
Earnings Growth: —
Enterprise Value: $575.22M

SPRY Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.32M	$30.00K	$89.15M	$84.28M
Cost of Revenue	—	$0.00	$977.00K	$20.42M
Gross Profit	—	$30.00K	$88.17M	$63.85M
Research & Development	$18.38M	$20.27M	$19.58M	$13.18M
Selling, General & Admin	$18.46M	$47.28M	$71.67M	$230.12M
Operating Expenses	$36.83M	$67.55M	$91.25M	$243.30M
Operating Income	-$35.52M	-$67.52M	-$3.08M	-$179.45M
EBITDA	-$35.20M	-$67.52M	$8.29M	-$168.78M
Pretax Income	-$34.68M	-$54.37M	$8.29M	-$171.38M
Income Tax	—	$0.00	$288.00K	-$80.00K
Net Income	-$34.68M	-$54.37M	$8.00M	-$171.30M
Diluted EPS	-0.87	-0.57	0.08	-1.74
Diluted Shares	39.96M	95.22M	102.39M	98.57M

SPRY Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$210.52M	$70.97M	$50.82M	$41.32M
Receivables	$1.01M	$686.00K	$8.18M	$25.35M
Inventory	—	$0.00	$5.21M	$8.37M
Current Assets	$277.70M	$231.73M	$334.30M	$284.90M
Total Assets	$281.44M	$233.19M	$351.15M	$327.65M
Current Liabilities	$5.44M	$2.39M	$23.44M	$39.15M
Long-Term Debt	—	—	—	$96.37M
Total Debt	$481.00K	$274.00K	$42.00K	$96.37M
Total Liabilities	$8.55M	$2.43M	$94.36M	$213.39M
Retained Earnings	-$76.94M	-$131.30M	-$123.31M	-$294.60M
Shareholders' Equity	$272.89M	$230.76M	$256.80M	$114.26M
Working Capital	$272.26M	$229.34M	$310.86M	$245.75M
Net Debt	—	—	—	$55.06M

SPRY Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$40.08M	-$59.27M	$13.55M	-$170.87M
Capital Expenditure	-$199.00K	-$175.00K	-$563.00K	-$339.00K
Free Cash Flow	-$40.28M	-$59.44M	$12.98M	-$171.21M
Depreciation & Amortisation	$319.00K	-$6.78M	-$7.17M	-$4.16M
Stock-Based Compensation	$5.84M	$9.23M	$14.53M	$22.09M
Investing Cash Flow	-$199.00K	-$87.18M	-$106.10M	$56.77M
Financing Cash Flow	$190.73M	$6.90M	$72.40M	$104.60M
Net Change in Cash	$150.46M	-$139.55M	-$20.15M	-$9.50M

SPRY Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$7.97M	$15.72M	$32.50M	$28.09M	$22.68M
Cost of Revenue	$1.09M	$4.98M	$8.19M	$6.15M	$6.29M
Gross Profit	$6.88M	$10.73M	$24.31M	$21.93M	$16.39M
Research & Development	$2.95M	$4.04M	$2.75M	$3.44M	$4.34M
Selling, General & Admin	$41.10M	$54.31M	$74.75M	$59.95M	$72.20M
Operating Expenses	$44.06M	$58.35M	$77.50M	$63.40M	$76.54M
Operating Income	-$37.18M	-$47.61M	-$53.19M	-$41.47M	-$60.15M
EBITDA	-$33.94M	-$47.61M	-$53.19M	-$30.80M	-$58.18M
Pretax Income	-$33.94M	-$44.88M	-$51.15M	-$41.40M	-$60.62M
Net Income	-$33.94M	-$44.88M	-$51.15M	-$41.32M	-$60.62M
Diluted EPS	-0.35	-0.46	-0.52	—	-0.61
Diluted Shares	98.06M	98.36M	98.81M	—	99.30M

SPRY Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$39.86M	$51.54M	$59.56M	$41.32M	$24.32M
Receivables	$10.27M	$26.08M	$37.69M	$25.35M	$28.66M
Inventory	$7.27M	$8.74M	$7.78M	$8.37M	$8.82M
Current Assets	$303.86M	$281.44M	$338.86M	$284.90M	$245.24M
Total Assets	$327.32M	$313.47M	$372.80M	$327.65M	$287.57M
Current Liabilities	$27.62M	$45.60M	$50.88M	$39.15M	$49.61M
Long-Term Debt	—	—	$96.23M	$96.37M	$96.52M
Total Debt	$73.00K	$1.66M	$97.76M	$96.37M	$96.52M
Total Liabilities	$98.34M	$121.15M	$225.15M	$213.39M	$226.26M
Retained Earnings	-$157.25M	-$202.13M	-$253.28M	-$294.60M	-$355.22M
Shareholders' Equity	$228.97M	$192.32M	$147.66M	$114.26M	$61.31M
Working Capital	$276.24M	$235.84M	$287.99M	$245.75M	$195.62M
Net Debt	—	—	$36.67M	$55.06M	$72.20M

SPRY Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$40.74M	-$39.59M	-$47.05M	-$43.48M	-$44.95M
Capital Expenditure	-$91.00K	-$51.00K	-$197.00K	—	—
Free Cash Flow	-$40.83M	-$39.64M	-$47.24M	-$43.48M	-$44.95M
Depreciation & Amortisation	-$1.68M	-$1.19M	-$701.00K	-$586.00K	-$593.00K
Stock-Based Compensation	$5.30M	$5.37M	$5.69M	$5.74M	$7.42M
Investing Cash Flow	$29.06M	$48.57M	-$44.98M	$24.11M	$27.79M
Financing Cash Flow	$725.00K	$2.70M	$100.05M	$1.13M	$159.00K
Net Change in Cash	-$10.95M	$11.68M	$8.02M	-$18.24M	-$17.00M

Market Snapshot

About

ARS Pharmaceuticals is a biopharmaceutical company developing treatments for severe allergic reactions. The company is advancing neffy, an investigational needle-free nasal epinephrine spray designed as an alternative to auto-injectors for the emergency treatment of Type I allergic reactions including anaphylaxis.