The company's financial stability appears increasingly fragile as total debt climbed to $97.1 million in 2026Q1, driving the debt-to-equity ratio to 1.58 from negligible levels in 2025Q3.
| Total Current Assets | 245.24M | 284.9M | 334.3M | 231.56M | 277.7M | 60.73M | 26.38M | 10.53M | 20.78M |
| Cash & Short-Term Investments | 200.97M | 244.99M | 314.02M | 228.36M | 274.38M | 60.06M | 24.52M | 9.98M | 20.16M |
| Cash Only | 24.32M | 41.32M | 50.82M | 70.97M | 210.52M | 60.06M | 24.52M | 9.98M | 20.16M |
| Short-Term Investments | 176.65M | 203.67M | 263.2M | 157.39M | 63.86M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 28.66M | 25.35M | 9.16M | 795K | 0 | 1K | 384K | 0 | 0 |
| Days Sales Outstanding | 107.43 | 109.78 | 37.51 | 9.67K | - | 0.07 | 7.86 | - | - |
| Inventory | 8.82M | 8.37M | 5.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 135.71 | 149.57 | 92.54 | - | - | - | - | - | - |
| Other Current Assets | 6.79M | 6.19M | 1.23M | 0 | 1.01M | 0 | 0 | 552K | 618K |
| Total Non-Current Assets | 42.34M | 42.76M | 16.86M | 1.63M | 3.73M | 716K | 25K | 5.12M | 6.77M |
| Property, Plant & Equipment | 2.29M | 2.46M | 1.07M | 824K | 774K | 693K | 23K | 4.57M | 6.02M |
| Fixed Asset Turnover | 39.45x | 34.19x | 83.63x | 0.04x | 1.70x | 7.95x | 775.43x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 14.18M | 14.45M | 7.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 550K | 750K |
| Other Non-Current Assets | 25.87M | 25.84M | 8.11M | 801K | 2.96M | 23K | 2K | 0 | 0 |
| Total Assets | 287.57M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M | 26.41M | 15.65M | 27.55M |
| Asset Turnover | 0.30x | 0.26x | 0.25x | 0.00x | 0.00x | 0.09x | 0.68x | - | - |
| Asset Growth % | 93.71% | -6.69% | 50.59% | -17.14% | 358.02% | 132.69% | 68.77% | -43.2% | - |
| Total Current Liabilities | 49.61M | 39.15M | 23.44M | 2.39M | 5.44M | 8.19M | 8.21M | 17.93M | 5.14M |
| Accounts Payable | 4.71M | 5.72M | 9.87M | 759K | 1.66M | 1.79M | 1.22M | 3.52M | 775K |
| Days Payables Outstanding | 138.39 | 102.32 | 175.25 | - | 35.37 | 3.06K | 31.62 | 830.58 | 199.21 |
| Short-Term Debt | 592K | 588K | 0 | 237K | 0 | 3.48M | 2.56M | 12.3M | 3.53M |
| Deferred Revenue (Current) | 746K | 0 | 557K | 0 | 0 | 1.46M | 3.52M | 0 | 0 |
| Other Current Liabilities | 44.31M | 32.83M | 2.29M | 1.08M | 1.46M | 660K | 0 | 2.11M | 841K |
| Current Ratio | 4.94x | 7.28x | 14.26x | 96.85x | 51.01x | 7.42x | 3.21x | 0.59x | 4.04x |
| Quick Ratio | 4.77x | 7.06x | 14.04x | 96.85x | 51.01x | 7.42x | 3.21x | 0.59x | 4.04x |
| Cash Conversion Cycle | 104.76 | 157.03 | -45.19 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 176.65M | 174.25M | 70.92M | 37K | 3.1M | 84.53M | 32.25M | 3.32M | 4.21M |
| Long-Term Debt | 96.52M | 96.37M | 0 | 0 | 0 | 4.93M | 7.46M | 0 | 0 |
| Capital Lease Obligations | 1.07M | 0 | 0 | 37K | 251K | 480K | 0 | 3.32M | 4.21M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 79.15M | 76.75M | 69.38M | 0 | 2.85M | 76.12M | 21.35M | 0 | 0 |
| Total Liabilities | 226.26M | 213.39M | 94.36M | 2.43M | 8.55M | 92.72M | 40.46M | 21.25M | 9.35M |
| Total Debt | 97.11M | 96.96M | 42K | 274K | 481K | 9.03M | 10.02M | 15.62M | 7.73M |
| Net Debt | 72.79M | 55.65M | -50.77M | -70.7M | -210.04M | -51.03M | -14.5M | 5.64M | -12.43M |
| Debt / Equity | 1.58x | 0.85x | 0.00x | 0.00x | 0.00x | - | - | - | 0.43x |
| Debt / EBITDA | -0.49x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.37x | - | - | - | - | - | - | - | - |
| Interest Coverage | -80.97x | -69.05x | - | - | - | -183.53x | -16.17x | - | - |
| Total Equity | 61.31M | 114.26M | 256.8M | 230.76M | 272.89M | -31.27M | -14.05M | -5.6M | 18.2M |
| Equity Growth % | -165.91% | -55.51% | 11.28% | -15.44% | 972.7% | -122.52% | -150.79% | -130.79% | - |
| Book Value per Share | 0.62 | 1.16 | 2.51 | 2.42 | 6.83 | -1.08 | -0.40 | -0.17 | 0.55 |
| Total Shareholders' Equity | 61.31M | 114.26M | 256.8M | 230.76M | 272.89M | -31.27M | -14.05M | -5.6M | 18.2M |
| Common Stock | 10K | 10K | 10K | 10K | 9K | 3K | 223K | 0 | 0 |
| Retained Earnings | -355.22M | -294.6M | -123.31M | -131.3M | -76.94M | -42.26M | -22.01M | -63.79M | -39.82M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -96K | 125K | 220K | 49K | 407K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, ARS Pharmaceuticals has seen its equity base contract from a peak of $230.8 million in 2023Q4 to $61.3 million by 2026Q1, reflecting a rapid depletion of capital as the company attempts to fund its commercial launch phase.
The consistent decline in retained earnings, now at -$355.2 million, underscores the heavy reliance on external capital to sustain operations. This trajectory suggests that the company's current business model is consuming equity at a rate that may necessitate further dilutive financing to maintain its operational runway.
Based on the company's reported figures, total debt has surged from negligible levels in 2025Q3 to $97.1 million in 2026Q1, pushing the debt-to-equity ratio to 1.58 and indicating a transition toward debt-based financing to bridge the widening gap in operating cash flow.
The sudden accumulation of debt suggests that management is increasingly reliant on credit facilities to support the commercialization of Neffy. Investors should monitor whether this leverage is sustainable given the company's lack of consistent profitability and the potential for restrictive covenants to limit future strategic flexibility.
According to the latest quarterly balance sheet data, cash and equivalents have dwindled to $24.3 million in 2026Q1, a significant decline from the $71.0 million reported in 2023Q4, which highlights the narrowing margin of safety for the company's ongoing commercialization efforts.
While the current ratio of 4.94 appears superficially healthy, the rapid burn rate relative to the remaining cash balance suggests that the company's liquidity position is deteriorating. This trend warrants close investigation, as the current cash runway may be insufficient to support the high fixed-cost structure required for market penetration.
As indicated by the company's balance sheet, goodwill has risen to $14.2 million in 2026Q1 from zero in 2023Q4, which may introduce potential impairment risks if the commercial performance of the Neffy product line fails to meet the initial valuation assumptions used during acquisition or integration.
The emergence of these intangible assets on the balance sheet suggests that the company is capitalizing costs that may not yield tangible economic benefits if market adoption lags. Analysts should consider the possibility that these assets could be subject to future write-downs, further pressuring the company's already strained equity position.
Quick answers to the most common questions about buying SPRY stock.
As of 2025, ARS Pharmaceuticals, Inc. (SPRY) had total assets of $327.7M including $284.9M in current assets.
ARS Pharmaceuticals, Inc. (SPRY) carries total debt of $97.0M, offset by $245.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ARS Pharmaceuticals, Inc. (SPRY) has total shareholders' equity (book value) of $114.3M ($1.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ARS Pharmaceuticals, Inc. (SPRY) reported a current ratio of 7.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.