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SPRYARS Pharmaceuticals, Inc.
$9.98$992M
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SPRY logoARS Pharmaceuticals, Inc.(SPRY)Earnings, Financials & Key Ratios

SPRY•NASDAQ
Price updated Jun 19, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryDrug Delivery Technology Platforms
AboutARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.Show more
  • Revenue$84M-5.5%
  • EBITDA-$178M-5828.1%
  • Net Income-$171M-2241.8%
  • EPS (Diluted)-1.74-2327.9%
  • Gross Margin75.77%-1.5%
  • EBITDA Margin-211.3%-6170.8%
  • Operating Margin-212.92%-6056.9%
  • Net Margin-203.25%-2365.5%
  • ROE-92.33%-2914.3%

SPRY Key Insights

ARS Pharmaceuticals, Inc. (SPRY) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 36.4%
  • ✓Share count reduced 3.7% through buybacks

✗Weaknesses

  • ✗Profits declining 176.2% over 5 years
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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SPRY Price & Volume

ARS Pharmaceuticals, Inc. (SPRY) stock price & volume — 10-year historical chart

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SPRY Growth Metrics

ARS Pharmaceuticals, Inc. (SPRY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years36.42%
3 Years300.09%
TTM1.92%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-1165.02%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-1082.35%

Return on Capital

10 Years-61.11%
5 Years-32.4%
3 Years-28.66%
Last Year-58.24%

SPRY Recent Earnings

ARS Pharmaceuticals, Inc. (SPRY) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 4/12 qtrs (50%)
Q2 2026Latest
May 15, 2026
Metric
Actual
Est
EPS
$0.61-15.1%
$0.53
Rev
$23M+2.2%
$22M
Q2 2026
Mar 9, 2026
Metric
Actual
Est
EPS
$0.42+0.0%
$0.42
Rev
$28M+9.7%
$26M
Q4 2025
Nov 10, 2025
Metric
Actual
Est
EPS
$0.52-15.6%
$0.45
Rev
$33M+27.0%
$26M
Q3 2025
Aug 13, 2025
Metric
Actual
Est
EPS
$0.46-12.2%
$0.41
Rev
$16M-43.2%
$28M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 15, 2026
$0.61vs $0.53-15.1%
$23Mvs $22M+2.2%
Q2 2026Mar 9, 2026
$0.42vs $0.42+0.0%
$28Mvs $26M+9.7%
Q4 2025Nov 10, 2025
$0.52vs $0.45-15.6%
$33Mvs $26M+27.0%
Q3 2025Aug 13, 2025
$0.46vs $0.41-12.2%
$16Mvs $28M-43.2%
Based on last 12 quarters of dataView full earnings history →

SPRY Peer Comparison

ARS Pharmaceuticals, Inc. (SPRY) competitors in Drug Delivery Technology Platforms — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ADMA logoADMAADMA Biologics, Inc.Direct Competitor1.93B8.3113.8519.63%32.43%38.97%0.17
PRAX logoPRAXPraxis Precision Medicines, Inc.Direct Competitor8.15B282.31-20.94-100%-43.02%0.00
NTRA logoNTRANatera, Inc.Direct Competitor33.14B231.41-152.2435.9%-9.05%-15.13%0.13
TLRY logoTLRYTilray Brands, Inc.Direct Competitor551.15M4.73-0.144.84%-252.55%-136.55%0.22
HALO logoHALOHalozyme Therapeutics, Inc.Direct Competitor8.13B68.5526.7837.55%23.13%126.27%43.89
AVDL logoAVDLAvadel Pharmaceuticals plcProduct Competitor2.1B21.64-42.435.05%-0.11%-0.33%0.02
ABBV logoABBVAbbVie Inc.Supply Chain383.17B216.6391.418.57%6.91%62.15%
ALK logoALKAlaska Air Group, Inc.Supply Chain5.65B49.2656.6221.34%0.7%2.43%1.67

Compare SPRY vs Peers

ARS Pharmaceuticals, Inc. (SPRY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADMA

Most directly comparable listed peer for SPRY.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare SPRY against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADMA, PRAX, NTRA, TLRY

SPRY Income Statement

ARS Pharmaceuticals, Inc. (SPRY) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
0017.84M5.51M1.32M30K89.15M84.28M98.99M
Revenue Growth %
----69.13%-76.1%-97.72%297063.33%-5.46%1.92%
Cost of Goods Sold
1.42M1.55M14.07M213K17.12M020.56M20.42M22.66M
COGS % of Revenue
--78.89%3.87%1300.91%-23.06%24.23%-
Gross Profit
-1.42M▲ 0%
-1.55M▼ 8.9%
3.77M▲ 343.5%
5.29M▲ 40.6%
-15.8M▼ 398.6%
30K▲ 100.2%
68.59M▲ 228540.0%
63.85M▼ 6.9%
76.32M▲ 0%
Gross Margin %
--21.11%96.13%-1200.91%100%76.94%75.77%77.1%
Gross Profit Growth %
--8.87%343.53%40.58%-398.58%100.19%228540%-6.91%-
Operating Expenses
16.9M22.52M4.23M24.75M19.71M67.55M71.67M243.3M278.74M
OpEx % of Revenue
--23.74%449.46%1497.87%225166.67%80.4%288.69%-
Selling, General & Admin
2.1M1.02M4.23M4.69M18.66M47.28M0230.12M261.22M
SG&A % of Revenue
--23.74%85.13%1417.63%157613.33%-273.05%-
Research & Development
14.8M21.5M14.07M20.27M18.38M20.27M19.58M13.18M14.56M
R&D % of Revenue
--78.89%368.2%1396.35%67553.33%21.96%15.64%-
Other Operating Expenses
00-14.07M-213K-17.32M052.09M01000K
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%
-202.42M▲ 0%
Operating Margin %
---2.63%-353.32%-2698.78%-225066.67%-3.46%-212.92%-204.49%
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-178.08M-198.97M
EBITDA Margin %
---2.6%-349.46%-2674.54%-224823.33%-3.37%-211.3%-201.01%
EBITDA Growth %
--33.26%97.94%-4055.72%-82.93%-91.63%95.55%-5828.13%-644.65%
D&A (Non-Cash Add-back)
1.42M1.55M6K213K319K73K79K1.37M3.44M
EBIT
-17.58M-23.97M-469K-19.45M-35.52M-67.52M-3.08M-179.45M-197.64M
Net Interest Income
0100K371K694K0008.07M-473K
Interest Income
43K100K400K800K00010.67M1.97M
Interest Expense
0-29K106K0002.6M2.44M
Other Income/Expense
741K100K-596K-789K834K13.15M11.37M8.07M4.36M
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%
-198.06M▲ 0%
Pretax Margin %
---5.97%-367.65%-2635.41%-181216.67%9.29%-203.35%-200.08%
Income Tax
000000288K-80K-80K
Effective Tax Rate %
0%0%0%0%0%0%3.48%0.05%0.04%
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%
-197.98M▲ 0%
Net Margin %
---5.97%-367.65%-2635.41%-181216.67%8.97%-203.25%-200%
Net Income Growth %
--36.34%95.56%-1800.75%-71.33%-56.75%114.71%-2241.76%-1165.02%
Net Income (Continuing)
-17.58M-23.97M-1.06M-20.24M-34.68M-54.37M8M-171.3M-197.98M
Discontinued Operations
000000000
Minority Interest
000000000
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%
-1.99▲ 0%
EPS Growth %
--35.85%95.74%-2180.13%-24.29%34.48%113.7%-2327.91%-1082.35%
EPS (Basic)
-0.53-0.72-0.03-0.70-0.87-0.570.08-1.74-
Diluted Shares Outstanding
33.07M33.07M34.7M28.87M39.96M95.22M102.39M98.57M99.3M
Basic Shares Outstanding
33.07M33.07M34.7M28.87M39.96M95.22M96.94M98.57M99.3M
Dividend Payout Ratio
---------

SPRY Balance Sheet

ARS Pharmaceuticals, Inc. (SPRY) balance sheet — assets, liabilities & shareholders' equity

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
20.78M10.53M26.38M60.73M277.7M231.56M334.3M284.9M245.24M
Cash & Short-Term Investments
20.16M9.98M24.52M60.06M274.38M228.36M314.02M244.99M200.97M
Cash Only
20.16M9.98M24.52M60.06M210.52M70.97M50.82M41.32M24.32M
Short-Term Investments
000063.86M157.39M263.2M203.67M176.65M
Accounts Receivable
00384K1K0795K9.16M25.35M28.66M
Days Sales Outstanding
--7.860.07-9.67K37.51109.78107.43
Inventory
0000005.21M8.37M8.82M
Days Inventory Outstanding
------92.54149.57135.71
Other Current Assets
618K552K001.01M01.23M6.19M6.79M
Total Non-Current Assets
6.77M5.12M25K716K3.73M1.63M16.86M42.76M42.34M
Property, Plant & Equipment
6.02M4.57M23K693K774K824K1.07M2.46M2.29M
Fixed Asset Turnover
--775.43x7.95x1.70x0.04x83.63x34.19x39.45x
Goodwill
000000000
Intangible Assets
0000007.68M14.45M14.18M
Long-Term Investments
750K550K0000000
Other Non-Current Assets
002K23K2.96M801K8.11M25.84M25.87M
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%
287.57M▲ 0%
Asset Turnover
--0.68x0.09x0.00x0.00x0.25x0.26x0.30x
Asset Growth %
--43.2%68.77%132.69%358.02%-17.14%50.59%-6.69%93.71%
Total Current Liabilities
5.14M17.93M8.21M8.19M5.44M2.39M23.44M39.15M49.61M
Accounts Payable
775K3.52M1.22M1.79M1.66M759K9.87M5.72M4.71M
Days Payables Outstanding
199.21830.5831.623.06K35.37-175.25102.32138.39
Short-Term Debt
3.53M12.3M2.56M3.48M0237K0588K592K
Deferred Revenue (Current)
003.52M1.46M00557K0746K
Other Current Liabilities
841K2.11M0660K1.46M1.08M2.29M32.83M44.31M
Current Ratio
4.04x0.59x3.21x7.42x51.01x96.85x14.26x7.28x4.94x
Quick Ratio
4.04x0.59x3.21x7.42x51.01x96.85x14.04x7.06x4.77x
Cash Conversion Cycle
-------45.19157.03104.76
Total Non-Current Liabilities
4.21M3.32M32.25M84.53M3.1M37K70.92M174.25M176.65M
Long-Term Debt
007.46M4.93M00096.37M96.52M
Capital Lease Obligations
4.21M3.32M0480K251K37K001.07M
Deferred Tax Liabilities
000000000
Other Non-Current Liabilities
0021.35M76.12M2.85M069.38M76.75M79.15M
Total Liabilities
9.35M21.25M40.46M92.72M8.55M2.43M94.36M213.39M226.26M
Total Debt
7.73M15.62M10.02M9.03M481K274K42K96.96M97.11M
Net Debt
-12.43M5.64M-14.5M-51.03M-210.04M-70.7M-50.77M55.65M72.79M
Debt / Equity
0.43x---0.00x0.00x0.00x0.85x1.58x
Debt / EBITDA
---------0.49x
Net Debt / EBITDA
---------0.37x
Interest Coverage
---16.17x-183.53x----69.05x-80.97x
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%
61.31M▲ 0%
Equity Growth %
--130.79%-150.79%-122.52%972.7%-15.44%11.28%-55.51%-165.91%
Book Value per Share
0.55-0.17-0.40-1.086.832.422.511.160.62
Total Shareholders' Equity
18.2M-5.6M-14.05M-31.27M272.89M230.76M256.8M114.26M61.31M
Common Stock
00223K3K9K10K10K10K10K
Retained Earnings
-39.82M-63.79M-22.01M-42.26M-76.94M-131.3M-123.31M-294.6M-355.22M
Treasury Stock
000000000
Accumulated OCI
0000407K49K220K125K-96K
Minority Interest
000000000

SPRY Cash Flow Statement

ARS Pharmaceuticals, Inc. (SPRY) cash flow — operating, investing & free cash flow history

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-16.88M-18.9M9.07M-17.56M-40.08M-59.27M13.55M-170.87M-175.07M
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%-882.97%
Net Income
-17.58M-23.97M-1.06M-20.24M-34.68M-54.37M8M-171.3M-197.98M
Depreciation & Amortization
1.42M1.55M6K213K319K73K-7.17M1.37M1.48M
Stock-Based Compensation
003.54M2.83M5.84M9.23M14.53M22.09M24.22M
Deferred Taxes
001K000000
Other Non-Cash Items
2.04M223K121K-4K1.2M-6.88M0-3.03M-1.81M
Working Capital Changes
-433K3.3M6.46M-356K-12.75M-7.33M-1.81M-20M-988K
Change in Receivables
000000-8.18M-17.2M-16.92M
Change in Inventory
000000-5.95M-21.99M-13.83M
Change in Payables
513K4.01M1.79M0-10.29M-2.78M16.43M18.88M25.03M
Cash from Investing
-449K-96K-917K-55K-199K-87.18M-106.1M56.77M55.49M
Capital Expenditures
-449K-96K-917K-55K-199K-175K-563K-339K-248K
CapEx % of Revenue
--5.14%1%15.12%583.33%0.63%0.4%0.25%
Acquisitions
000000000
Investments
---------
Other Investing
000000-7.5M-7.86M-7.86M
Cash from Financing
19.4M8.61M5.1M53.16M190.73M6.9M72.4M104.6M104.03M
Debt Issued (Net)
-852K8.59M5M-1.82M-8.68M069.38M96.26M96.26M
Equity Issued (Net)
20.25M19K409.21M54.81M570K6.9M3.02M5.68M5.02M
Dividends Paid
000000000
Share Repurchases
000000000
Other Financing
00-409.11M169K198.84M002.66M2.76M
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%
-15.54M▲ 0%
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%
-175.32M▲ 0%
FCF Margin %
--45.72%-319.94%-3060.56%-198136.67%14.57%-203.14%-177.11%
FCF Growth %
--9.64%142.93%-316.04%-128.64%-47.58%121.85%-1418.48%-732.67%
FCF per Share
-0.52-0.570.23-0.61-1.01-0.620.13-1.74-1.77
FCF Conversion (FCF/Net Income)
0.96x0.79x-8.52x0.87x1.16x1.09x1.69x1.00x0.89x
Interest Paid
00325K576K366K0000
Taxes Paid
000000000

SPRY Key Ratios

ARS Pharmaceuticals, Inc. (SPRY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2019202020212022202320242025TTM
Return on Equity (ROE)
-380.61%---28.71%-21.59%3.28%-92.33%-153.61%
Return on Invested Capital (ROIC)
-621.14%----45.43%-1.26%-71.6%-113.28%
Gross Margin
-21.11%96.13%-1200.91%100%76.94%75.77%77.1%
Net Margin
--5.97%-367.65%-2635.41%-181216.67%8.97%-203.25%-200%
Debt / Equity
---0.00x0.00x0.00x0.85x1.58x
Interest Coverage
--16.17x-183.53x----69.05x-80.97x
FCF Conversion
0.79x-8.52x0.87x1.16x1.09x1.69x1.00x0.89x
Revenue Growth
---69.13%-76.1%-97.72%297063.33%-5.46%1.92%
Related:SPRY Dividend History·SPRY Revenue History·SPRY Price History·SPRY P/E History·SPRY Financial Ratios·SPRY Institutional Holders

SPRY SEC Filings & Documents

ARS Pharmaceuticals, Inc. (SPRY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 15, 2026·SEC

Material company update

May 13, 2026·SEC

Material company update

Mar 9, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 9, 2026·SEC

FY 2025

Mar 20, 2025·SEC

FY 2024

Mar 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 15, 2026·SEC

FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 13, 2025·SEC

SPRY Frequently Asked Questions

ARS Pharmaceuticals, Inc. (SPRY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

ARS Pharmaceuticals, Inc. (SPRY) reported $99.0M 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 $198.0M for fiscal year 2025.

Dividend & Returns

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 $175.3M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in SPRY back in 2018?

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