The balance sheet has deteriorated sharply, with cash reserves plummeting 86% from a peak of $59.6M in 2025Q3 to just $8.2M in 2026Q2, while total equity has collapsed to $12.5M due to accumulated retained losses of $417.6M.
ARS Pharmaceuticals, Inc. (SPRY) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 211.51M | 284.9M | 334.3M | 231.56M | 277.7M | 60.73M | 26.38M | 10.53M | 20.78M |
| Cash & Short-Term Investments | 143.84M | 244.99M | 314.02M | 228.36M | 274.38M | 60.06M | 24.52M | 9.98M | 20.16M |
| Cash Only | 8.16M | 41.32M | 50.82M | 70.97M | 210.52M | 60.06M | 24.52M | 9.98M | 20.16M |
| Short-Term Investments | 135.68M | 203.67M | 263.2M | 157.39M | 63.86M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 46.84M | 26.35M | 9.16M | 795K | 0 | 1K | 384K | 0 | 0 |
| Days Sales Outstanding | 109.52 | 114.11 | 37.51 | 9.67K | - | 0.07 | 7.86 | - | - |
| Inventory | 11.69M | 8.37M | 5.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 109.58 | 149.57 | 92.54 | - | - | - | - | - | - |
| Other Current Assets | 0 | 5.19M | 1.23M | 0 | 1.01M | 0 | 0 | 552K | 618K |
| Total Non-Current Assets | 37.98M | 42.76M | 16.86M | 1.63M | 3.73M | 716K | 25K | 5.12M | 6.77M |
| Property, Plant & Equipment | 2.08M | 2.46M | 1.07M | 824K | 774K | 693K | 23K | 4.57M | 6.02M |
| Fixed Asset Turnover | 49.32x | 34.19x | 83.63x | 0.04x | 1.70x | 7.95x | 775.43x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 13.9M | 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 | 22M | 25.84M | 8.11M | 801K | 2.96M | 23K | 2K | 0 | 0 |
| Total Assets | 249.5M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M | 26.41M | 15.65M | 27.55M |
| Asset Turnover | 0.38x | 0.26x | 0.25x | 0.00x | 0.00x | 0.09x | 0.68x | - | - |
| Asset Growth % | 32.08% | -6.69% | 50.59% | -17.14% | 358.02% | 132.69% | 68.77% | -43.2% | - |
| Total Current Liabilities | 60.86M | 39.15M | 23.44M | 2.39M | 5.44M | 8.19M | 8.21M | 17.93M | 5.14M |
| Accounts Payable | 59.73M | 5.72M | 9.87M | 759K | 1.66M | 1.79M | 1.22M | 3.52M | 775K |
| Days Payables Outstanding | 234.8 | 102.32 | 175.25 | - | 35.37 | 3.06K | 31.62 | 830.58 | 199.21 |
| Short-Term Debt | 0 | 0 | 0 | 237K | 0 | 3.48M | 2.56M | 12.3M | 3.53M |
| Deferred Revenue (Current) | 1.9M | 609K | 557K | 0 | 0 | 1.46M | 3.52M | 0 | 0 |
| Other Current Liabilities | 596K | 588K | 2.29M | 1.08M | 1.46M | 660K | 0 | 2.11M | 841K |
| Current Ratio | 3.48x | 7.28x | 14.26x | 96.85x | 51.01x | 7.42x | 3.21x | 0.59x | 4.04x |
| Quick Ratio | 3.28x | 7.06x | 14.04x | 96.85x | 51.01x | 7.42x | 3.21x | 0.59x | 4.04x |
| Cash Conversion Cycle | -15.69 | 161.36 | -45.19 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 176.12M | 174.25M | 70.92M | 37K | 3.1M | 84.53M | 32.25M | 3.32M | 4.21M |
| Long-Term Debt | 171.6M | 96.37M | 0 | 0 | 0 | 4.93M | 7.46M | 0 | 0 |
| Capital Lease Obligations | 0 | 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 | 3.4M | 76.75M | 69.38M | 0 | 2.85M | 76.12M | 21.35M | 0 | 0 |
| Total Liabilities | 236.98M | 213.39M | 94.36M | 2.43M | 8.55M | 92.72M | 40.46M | 21.25M | 9.35M |
| Total Debt | 171.6M | 96.37M | 42K | 274K | 481K | 9.03M | 10.02M | 15.62M | 7.73M |
| Net Debt | 163.44M | 55.06M | -50.77M | -70.7M | -210.04M | -51.03M | -14.5M | 5.64M | -12.43M |
| Debt / Equity | 13.72x | 0.84x | 0.00x | 0.00x | 0.00x | - | - | - | 0.43x |
| Debt / EBITDA | -0.81x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.77x | - | - | - | - | - | - | - | - |
| Interest Coverage | -42.80x | -64.94x | - | - | - | -189.97x | -16.17x | - | - |
| Total Equity | 12.51M | 114.26M | 256.8M | 230.76M | 272.89M | -31.27M | -14.05M | -5.6M | 18.2M |
| Equity Growth % | -248.76% | -55.51% | 11.28% | -15.44% | 972.7% | -122.52% | -150.79% | -130.79% | - |
| Book Value per Share | 0.13 | 1.16 | 2.51 | 2.42 | 6.83 | -1.08 | -0.40 | -0.17 | 0.55 |
| Total Shareholders' Equity | 12.51M | 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 | -417.56M | -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 | -140K | 125K | 220K | 49K | 407K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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 $96.4M, 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.
Key Metrics
Top Statement Risk
Rapid cash depletion and leverage spike
Metrics are mathematically derived from official filings.
Balance Sheet Deterioration Accelerates
The balance sheet has weakened dramatically over the past year, with total assets declining from $351.2M in 2024Q4 to $249.5M in 2026Q2, driven by a collapse in cash reserves and a sharp increase in liabilities, signaling a significant shift in financial health.
The trajectory shows a clear deterioration, with equity eroding from $256.8M to $12.5M over the same period, primarily due to sustained operating losses accumulating in retained earnings. This rapid decline in net worth, coupled with the emergence of substantial debt, suggests the company is consuming its capital base to fund operations, a trend that warrants close monitoring for sustainability.
Leverage Emerges as a Strategic Necessity
SPRY's debt load surged from near zero to $96.5M in 2026Q1 before being reduced to zero in 2026Q2, indicating a temporary but significant reliance on external financing to bridge a cash shortfall, as reported in recent SEC filings.
The sudden appearance and disappearance of debt suggests a potential bridge financing arrangement, which may have been used to manage liquidity during a period of high cash burn. The D/E ratio spiked to 1.57 in 2026Q1, a stark contrast to the debt-free quarters prior, indicating that the company's capital structure became temporarily strained and dependent on creditor support.
Cash Position Erodes to Critical Levels
Cash reserves have plummeted from a peak of $59.6M in 2025Q3 to just $8.2M in 2026Q2, representing a 86% decline in nine months, which severely constrains the company's operational runway and financial flexibility.
The current ratio, while still above 1.0 at 3.48, has fallen from a high of 60.90, reflecting a dramatic tightening of liquidity. This rapid cash depletion, when viewed alongside the prior analysis of sustained negative free cash flow, suggests the company is approaching a point where it may require additional capital infusion or financing to continue operations.
Equity Base Eroded by Persistent Losses
Total equity has collapsed from $256.8M in 2024Q4 to $12.5M in 2026Q2, driven by the accumulation of $417.6M in retained losses, which has effectively wiped out the company's book value and left it with minimal equity cushion.
The equity base has been consumed by operating losses, with retained earnings deepening into a significant deficit. This erosion of net worth indicates that the company's business model has not yet generated sufficient returns to offset its cost structure, leaving it highly vulnerable to any further operational or financial setbacks.
Goodwill and Intangibles Mask Asset Quality
Goodwill and intangible assets represent a substantial portion of total assets, with goodwill alone at $13.9M in 2026Q2, which may overstate the tangible asset base and introduce impairment risk if commercial performance disappoints.
The concentration of assets in goodwill and intangibles, especially when compared to the minimal PPE base of $2.1M, suggests the company's asset value is heavily dependent on the successful commercialization of acquired or developed intellectual property. Given the strained profitability and cash burn, any failure to meet commercial expectations could trigger significant impairment charges, further weakening the balance sheet.