8-K Announcements
6Mar 9, 2026·SEC
Nov 10, 2025·SEC
Sep 29, 2025·SEC
ARS Pharmaceuticals, Inc. (SPRY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ARS Pharmaceuticals, Inc. (SPRY) stock price & volume — 10-year historical chart
ARS Pharmaceuticals, Inc. (SPRY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
ARS Pharmaceuticals, Inc. (SPRY) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 9, 2026 | $0.42vs $0.42+0.0% | $28Mvs $26M+9.7% |
| Q4 2025 | Nov 10, 2025 | $0.52vs $0.45-15.6% | $33Mvs $26M+27.0% |
| Q3 2025 | Aug 13, 2025 | $0.46vs $0.41-12.2% | $16Mvs $28M-43.2% |
| Q2 2025 | May 14, 2025 | $0.35vs $0.35+0.0% | $8Mvs $15M-45.8% |
ARS Pharmaceuticals, Inc. (SPRY) competitors in Drug Delivery Technology Platforms — business model, growth, and fundamentals comparison
ARS Pharmaceuticals, Inc. (SPRY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ARS Pharmaceuticals, Inc. (SPRY) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 0 | 17.84M | 5.51M | 1.32M | 30K | 89.15M | 84.28M |
| Revenue Growth % | - | - | - | -69.13% | -76.1% | -97.72% | 297063.33% | -5.46% |
| Cost of Goods Sold | 1.42M | 1.55M | 14.07M | 213K | 0 | 0 | 20.56M | 0 |
| COGS % of Revenue | - | - | 78.89% | 3.87% | - | - | 23.06% | - |
| Gross Profit | -1.42M▲ 0% | -1.55M▼ 8.9% | 3.77M▲ 343.5% | 5.29M▲ 40.6% | 1.32M▼ 75.1% | 30K▼ 97.7% | 68.59M▲ 228540.0% | 0▼ 100.0% |
| Gross Margin % | - | - | 21.11% | 96.13% | 100% | 100% | 76.94% | - |
| Gross Profit Growth % | - | -8.87% | 343.53% | 40.58% | -75.14% | -97.72% | 228540% | -100% |
| Operating Expenses | 16.9M | 22.52M | 4.23M | 24.75M | 36.83M | 67.55M | 71.67M | 263.73M |
| OpEx % of Revenue | - | - | 23.74% | 449.46% | 2798.78% | 225166.67% | 80.4% | 312.92% |
| Selling, General & Admin | 2.1M | 1.02M | 4.23M | 4.69M | 18.46M | 47.28M | 0 | 230.12M |
| SG&A % of Revenue | - | - | 23.74% | 85.13% | 1402.43% | 157613.33% | - | 273.05% |
| Research & Development | 14.8M | 21.5M | 14.07M | 20.27M | 18.38M | 20.27M | 19.58M | 13.18M |
| R&D % of Revenue | - | - | 78.89% | 368.2% | 1396.35% | 67553.33% | 21.96% | 15.64% |
| Other Operating Expenses | 0 | 0 | -14.07M | -213K | 0 | 0 | 52.09M | 20.42M |
| Operating Income | -18.32M▲ 0% | -24.07M▼ 31.4% | -469K▲ 98.1% | -19.45M▼ 4048.0% | -35.52M▼ 82.6% | -67.52M▼ 90.1% | -3.08M▲ 95.4% | -179.45M▼ 5720.6% |
| Operating Margin % | - | - | -2.63% | -353.32% | -2698.78% | -225066.67% | -3.46% | -212.92% |
| Operating Income Growth % | - | -31.37% | 98.05% | -4047.97% | -82.56% | -90.11% | 95.43% | -5720.56% |
| EBITDA | -16.9M | -22.52M | -463K | -19.24M | -35.2M | -67.45M | -3M | -179.45M |
| EBITDA Margin % | - | - | -2.6% | -349.46% | -2674.54% | -224823.33% | -3.37% | -212.92% |
| EBITDA Growth % | - | -33.26% | 97.94% | -4055.72% | -82.93% | -91.63% | 95.55% | -5873.64% |
| D&A (Non-Cash Add-back) | 1.42M | 1.55M | 6K | 213K | 319K | 73K | 79K | 0 |
| EBIT | -17.58M | -23.97M | -469K | -19.45M | -35.52M | -67.52M | -3.08M | 0 |
| Net Interest Income | 0 | 100K | 371K | 694K | 0 | 0 | 0 | 0 |
| Interest Income | 43K | 100K | 400K | 800K | 0 | 0 | 0 | 10.67M |
| Interest Expense | 0 | - | 29K | 106K | 0 | 0 | 0 | -2.6M |
| Other Income/Expense | 741K | 100K | -596K | -789K | 834K | 13.15M | 11.37M | 8.07M |
| Pretax Income | -17.58M▲ 0% | -23.97M▼ 36.3% | -1.06M▲ 95.6% | -20.24M▼ 1800.8% | -34.68M▼ 71.3% | -54.37M▼ 56.8% | 8.29M▲ 115.2% | -171.38M▼ 2168.3% |
| Pretax Margin % | - | - | -5.97% | -367.65% | -2635.41% | -181216.67% | 9.29% | -203.35% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 288K | -80K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 3.48% | 0.05% |
| Net Income | -17.58M▲ 0% | -23.97M▼ 36.3% | -1.06M▲ 95.6% | -20.24M▼ 1800.8% | -34.68M▼ 71.3% | -54.37M▼ 56.8% | 8M▲ 114.7% | -171.3M▼ 2241.8% |
| Net Margin % | - | - | -5.97% | -367.65% | -2635.41% | -181216.67% | 8.97% | -203.25% |
| Net Income Growth % | - | -36.34% | 95.56% | -1800.75% | -71.33% | -56.75% | 114.71% | -2241.76% |
| Net Income (Continuing) | -17.58M | -23.97M | -1.06M | -20.24M | -34.68M | -54.37M | 8M | -171.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53▲ 0% | -0.72▼ 35.8% | -0.03▲ 95.7% | -0.70▼ 2180.1% | -0.87▼ 24.3% | -0.57▲ 34.5% | 0.08▲ 113.7% | -1.74▼ 2327.9% |
| EPS Growth % | - | -35.85% | 95.74% | -2180.13% | -24.29% | 34.48% | 113.7% | -2327.91% |
| EPS (Basic) | -0.53 | -0.72 | -0.03 | -0.70 | -0.87 | -0.57 | 0.08 | -1.74 |
| Diluted Shares Outstanding | 33.07M | 33.07M | 34.7M | 28.87M | 39.96M | 95.22M | 102.39M | 98.57M |
| Basic Shares Outstanding | 33.07M | 33.07M | 34.7M | 28.87M | 39.96M | 95.22M | 96.94M | 98.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
ARS Pharmaceuticals, Inc. (SPRY) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 20.78M | 10.53M | 26.38M | 60.73M | 277.7M | 231.56M | 334.3M | 284.9M |
| Cash & Short-Term Investments | 20.16M | 9.98M | 24.52M | 60.06M | 274.38M | 228.36M | 314.02M | 244.99M |
| Cash Only | 20.16M | 9.98M | 24.52M | 60.06M | 210.52M | 70.97M | 50.82M | 41.32M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 63.86M | 157.39M | 263.2M | 203.67M |
| Accounts Receivable | 0 | 0 | 384K | 1K | 0 | 795K | 9.16M | 25.35M |
| Days Sales Outstanding | - | - | 7.86 | 0.07 | - | 9.67K | 37.51 | 109.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 5.21M | 8.37M |
| Days Inventory Outstanding | - | - | - | - | - | - | 92.54 | - |
| Other Current Assets | 618K | 552K | 0 | 0 | 1.01M | 0 | 1.23M | 6.19M |
| Total Non-Current Assets | 6.77M | 5.12M | 25K | 716K | 3.73M | 1.63M | 16.86M | 42.76M |
| Property, Plant & Equipment | 6.02M | 4.57M | 23K | 693K | 774K | 824K | 1.07M | 2.46M |
| Fixed Asset Turnover | - | - | 775.43x | 7.95x | 1.70x | 0.04x | 83.63x | 34.19x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 7.68M | 14.45M |
| Long-Term Investments | 750K | 550K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 2K | 23K | 2.96M | 801K | 8.11M | 25.84M |
| Total Assets | 27.55M▲ 0% | 15.65M▼ 43.2% | 26.41M▲ 68.8% | 61.45M▲ 132.7% | 281.44M▲ 358.0% | 233.19M▼ 17.1% | 351.15M▲ 50.6% | 327.65M▼ 6.7% |
| Asset Turnover | - | - | 0.68x | 0.09x | 0.00x | 0.00x | 0.25x | 0.26x |
| Asset Growth % | - | -43.2% | 68.77% | 132.69% | 358.02% | -17.14% | 50.59% | -6.69% |
| Total Current Liabilities | 5.14M | 17.93M | 8.21M | 8.19M | 5.44M | 2.39M | 23.44M | 39.15M |
| Accounts Payable | 775K | 3.52M | 1.22M | 1.79M | 1.66M | 759K | 9.87M | 0 |
| Days Payables Outstanding | 199.21 | 830.58 | 31.62 | 3.06K | - | - | 175.25 | - |
| Short-Term Debt | 3.53M | 12.3M | 2.56M | 3.48M | 0 | 237K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 3.52M | 1.46M | 0 | 0 | 557K | 0 |
| Other Current Liabilities | 841K | 2.11M | 0 | 660K | 1.46M | 1.08M | 2.29M | 39.15M |
| Current Ratio | 4.04x | 0.59x | 3.21x | 7.42x | 51.01x | 96.85x | 14.26x | 7.28x |
| Quick Ratio | 4.04x | 0.59x | 3.21x | 7.42x | 51.01x | 96.85x | 14.04x | 7.06x |
| Cash Conversion Cycle | - | - | - | - | - | - | -45.19 | - |
| Total Non-Current Liabilities | 4.21M | 3.32M | 32.25M | 84.53M | 3.1M | 37K | 70.92M | 174.25M |
| Long-Term Debt | 0 | 0 | 7.46M | 4.93M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.21M | 3.32M | 0 | 480K | 251K | 37K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 21.35M | 76.12M | 2.85M | 0 | 69.38M | 174.25M |
| Total Liabilities | 9.35M | 21.25M | 40.46M | 92.72M | 8.55M | 2.43M | 94.36M | 213.39M |
| Total Debt | 7.73M | 15.62M | 10.02M | 9.03M | 481K | 274K | 42K | 0 |
| Net Debt | -12.43M | 5.64M | -14.5M | -51.03M | -210.04M | -70.7M | -50.77M | -41.32M |
| Debt / Equity | 0.43x | - | - | - | 0.00x | 0.00x | 0.00x | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -16.17x | -183.53x | - | - | - | - |
| Total Equity | 18.2M▲ 0% | -5.6M▼ 130.8% | -14.05M▼ 150.8% | -31.27M▼ 122.5% | 272.89M▲ 972.7% | 230.76M▼ 15.4% | 256.8M▲ 11.3% | 114.26M▼ 55.5% |
| Equity Growth % | - | -130.79% | -150.79% | -122.52% | 972.7% | -15.44% | 11.28% | -55.51% |
| Book Value per Share | 0.55 | -0.17 | -0.40 | -1.08 | 6.83 | 2.42 | 2.51 | 1.16 |
| Total Shareholders' Equity | 18.2M | -5.6M | -14.05M | -31.27M | 272.89M | 230.76M | 256.8M | 114.26M |
| Common Stock | 0 | 0 | 223K | 3K | 9K | 10K | 10K | 10K |
| Retained Earnings | -39.82M | -63.79M | -22.01M | -42.26M | -76.94M | -131.3M | -123.31M | -294.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 407K | 49K | 220K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
ARS Pharmaceuticals, Inc. (SPRY) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -16.88M | -18.9M | 9.07M | -17.56M | -40.08M | -59.27M | 13.55M | -170.87M |
| Operating CF Margin % | - | - | 50.86% | -318.94% | -3045.44% | -197553.33% | 15.2% | -202.74% |
| Operating CF Growth % | - | -11.99% | 148% | -293.6% | -128.22% | -47.88% | 122.86% | -1361.19% |
| Net Income | -17.58M | -23.97M | -1.06M | -20.24M | -34.68M | -54.37M | 8M | -171.3M |
| Depreciation & Amortization | 1.42M | 1.55M | 6K | 213K | 319K | 73K | -7.17M | 1.37M |
| Stock-Based Compensation | 0 | 0 | 3.54M | 2.83M | 5.84M | 9.23M | 14.53M | 22.09M |
| Deferred Taxes | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.04M | 223K | 121K | -4K | 1.2M | -6.88M | 0 | -23.03M |
| Working Capital Changes | -433K | 3.3M | 6.46M | -356K | -12.75M | -7.33M | -1.81M | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -8.18M | -17.2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -5.95M | -21.99M |
| Change in Payables | 513K | 4.01M | 1.79M | 0 | -10.29M | -2.78M | 16.43M | 18.88M |
| Cash from Investing | -449K | -96K | -917K | -55K | -199K | -87.18M | -106.1M | 56.77M |
| Capital Expenditures | -449K | -96K | -917K | -55K | -199K | -175K | -563K | -339K |
| CapEx % of Revenue | - | - | 5.14% | 1% | 15.12% | 583.33% | 0.63% | 0.4% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -7.5M | -7.86M |
| Cash from Financing | 19.4M | 8.61M | 5.1M | 53.16M | 190.73M | 6.9M | 72.4M | 104.6M |
| Debt Issued (Net) | -852K | 8.59M | 5M | -1.82M | -8.68M | 0 | 69.38M | 0 |
| Equity Issued (Net) | 1000K | 19K | 1000K | 1000K | 570K | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -409.11M | 169K | 198.84M | 0 | 0 | 104.6M |
| Net Change in Cash | 2.08M▲ 0% | -10.18M▼ 590.8% | 14.17M▲ 239.1% | 35.54M▲ 150.8% | 150.46M▲ 323.3% | -139.55M▼ 192.7% | -20.15M▲ 85.6% | -9.5M▲ 52.9% |
| Free Cash Flow | -17.32M▲ 0% | -18.99M▼ 9.6% | 8.15M▲ 142.9% | -17.62M▼ 316.0% | -40.28M▼ 128.6% | -59.44M▼ 47.6% | 12.98M▲ 121.8% | -171.21M▼ 1418.5% |
| FCF Margin % | - | - | 45.72% | -319.94% | -3060.56% | -198136.67% | 14.57% | -203.14% |
| FCF Growth % | - | -9.64% | 142.93% | -316.04% | -128.64% | -47.58% | 121.85% | -1418.48% |
| FCF per Share | -0.52 | -0.57 | 0.23 | -0.61 | -1.01 | -0.62 | 0.13 | -1.74 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.79x | -8.52x | 0.87x | 1.16x | 1.09x | 1.69x | 1.00x |
| Interest Paid | 0 | 0 | 325K | 576K | 366K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
ARS Pharmaceuticals, Inc. (SPRY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -96.6% | -380.61% | - | - | -28.71% | -21.59% | 3.28% | -92.33% |
| Return on Invested Capital (ROIC) | - | -621.14% | - | - | - | -45.43% | -1.26% | -96.49% |
| Gross Margin | - | - | 21.11% | 96.13% | 100% | 100% | 76.94% | - |
| Net Margin | - | - | -5.97% | -367.65% | -2635.41% | -181216.67% | 8.97% | -203.25% |
| Debt / Equity | 0.43x | - | - | - | 0.00x | 0.00x | 0.00x | - |
| Interest Coverage | - | - | -16.17x | -183.53x | - | - | - | - |
| FCF Conversion | 0.96x | 0.79x | -8.52x | 0.87x | 1.16x | 1.09x | 1.69x | 1.00x |
| Revenue Growth | - | - | - | -69.13% | -76.1% | -97.72% | 297063.33% | -5.46% |
ARS Pharmaceuticals, Inc. (SPRY) SEC filings — annual & quarterly reports (10-K, 10-Q)
Mar 9, 2026·SEC
Nov 10, 2025·SEC
Sep 29, 2025·SEC
ARS Pharmaceuticals, Inc. (SPRY) stock FAQ — growth, dividends, profitability & financials explained
ARS Pharmaceuticals, Inc. (SPRY) reported $84.3M in revenue for fiscal year 2025.
ARS Pharmaceuticals, Inc. (SPRY) saw revenue decline by 5.5% over the past year.
ARS Pharmaceuticals, Inc. (SPRY) reported a net loss of $171.3M for fiscal year 2025.
ARS Pharmaceuticals, Inc. (SPRY) has a return on equity (ROE) of -92.3%. Negative ROE indicates the company is unprofitable.
ARS Pharmaceuticals, Inc. (SPRY) had negative free cash flow of $171.2M in fiscal year 2025, likely due to heavy capital investments.
ARS Pharmaceuticals, Inc. (SPRY) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates