Revenue volatility remains a primary concern, with quarterly figures fluctuating between $8.0 million and $86.6 million, while SG&A expenses have surged to $72.2 million as of 2026Q1.
| Sales/Revenue | 98.99M | 84.28M | 89.15M | 30K | 1.32M | 5.51M | 17.84M | 0 | 0 |
| Revenue Growth % | 1.92% | -5.46% | 297063.33% | -97.72% | -76.1% | -69.13% | - | - | - |
| Cost of Goods Sold | 22.66M | 20.42M | 20.56M | 0 | 17.12M | 213K | 14.07M | 1.55M | 1.42M |
| COGS % of Revenue | - | 24.23% | 23.06% | - | 1300.91% | 3.87% | 78.89% | - | - |
| Gross Profit | 76.32M | 63.85M | 68.59M | 30K | -15.8M | 5.29M | 3.77M | -1.55M | -1.42M |
| Gross Margin % | 77.1% | 75.77% | 76.94% | 100% | -1200.91% | 96.13% | 21.11% | - | - |
| Gross Profit Growth % | - | -6.91% | 228540% | 100.19% | -398.58% | 40.58% | 343.53% | -8.87% | - |
| Operating Expenses | 278.74M | 243.3M | 71.67M | 67.55M | 19.71M | 24.75M | 4.23M | 22.52M | 16.9M |
| OpEx % of Revenue | - | 288.69% | 80.4% | 225166.67% | 1497.87% | 449.46% | 23.74% | - | - |
| Selling, General & Admin | 261.22M | 230.12M | 0 | 47.28M | 18.66M | 4.69M | 4.23M | 1.02M | 2.1M |
| SG&A % of Revenue | - | 273.05% | - | 157613.33% | 1417.63% | 85.13% | 23.74% | - | - |
| Research & Development | 14.56M | 13.18M | 19.58M | 20.27M | 18.38M | 20.27M | 14.07M | 21.5M | 14.8M |
| R&D % of Revenue | - | 15.64% | 21.96% | 67553.33% | 1396.35% | 368.2% | 78.89% | - | - |
| Other Operating Expenses | 1000K | 0 | 52.09M | 0 | -17.32M | -213K | -14.07M | 0 | 0 |
| Operating Income | -202.42M | -179.45M | -3.08M | -67.52M | -35.52M | -19.45M | -469K | -24.07M | -18.32M |
| Operating Margin % | -204.49% | -212.92% | -3.46% | -225066.67% | -2698.78% | -353.32% | -2.63% | - | - |
| Operating Income Growth % | - | -5720.56% | 95.43% | -90.11% | -82.56% | -4047.97% | 98.05% | -31.37% | - |
| EBITDA | -198.97M | -178.08M | -3M | -67.45M | -35.2M | -19.24M | -463K | -22.52M | -16.9M |
| EBITDA Margin % | -201.01% | -211.3% | -3.37% | -224823.33% | -2674.54% | -349.46% | -2.6% | - | - |
| EBITDA Growth % | -644.65% | -5828.13% | 95.55% | -91.63% | -82.93% | -4055.72% | 97.94% | -33.26% | - |
| D&A (Non-Cash Add-back) | 3.44M | 1.37M | 79K | 73K | 319K | 213K | 6K | 1.55M | 1.42M |
| EBIT | -197.64M | -179.45M | -3.08M | -67.52M | -35.52M | -19.45M | -469K | -23.97M | -17.58M |
| Net Interest Income | -473K | 8.07M | 0 | 0 | 0 | 694K | 371K | 100K | 0 |
| Interest Income | 1.97M | 10.67M | 0 | 0 | 0 | 800K | 400K | 100K | 43K |
| Interest Expense | 2.44M | 2.6M | 0 | 0 | 0 | 106K | 29K | - | 0 |
| Other Income/Expense | 4.36M | 8.07M | 11.37M | 13.15M | 834K | -789K | -596K | 100K | 741K |
| Pretax Income | -198.06M | -171.38M | 8.29M | -54.37M | -34.68M | -20.24M | -1.06M | -23.97M | -17.58M |
| Pretax Margin % | -200.08% | -203.35% | 9.29% | -181216.67% | -2635.41% | -367.65% | -5.97% | - | - |
| Income Tax | -80K | -80K | 288K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.04% | 0.05% | 3.48% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -197.98M | -171.3M | 8M | -54.37M | -34.68M | -20.24M | -1.06M | -23.97M | -17.58M |
| Net Margin % | -200% | -203.25% | 8.97% | -181216.67% | -2635.41% | -367.65% | -5.97% | - | - |
| Net Income Growth % | -1165.02% | -2241.76% | 114.71% | -56.75% | -71.33% | -1800.75% | 95.56% | -36.34% | - |
| Net Income (Continuing) | -197.98M | -171.3M | 8M | -54.37M | -34.68M | -20.24M | -1.06M | -23.97M | -17.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.99 | -1.74 | 0.08 | -0.57 | -0.87 | -0.70 | -0.03 | -0.72 | -0.53 |
| EPS Growth % | -1082.35% | -2327.91% | 113.7% | 34.48% | -24.29% | -2180.13% | 95.74% | -35.85% | - |
| EPS (Basic) | - | -1.74 | 0.08 | -0.57 | -0.87 | -0.70 | -0.03 | -0.72 | -0.53 |
| Diluted Shares Outstanding | 99.3M | 98.57M | 102.39M | 95.22M | 39.96M | 28.87M | 34.7M | 33.07M | 33.07M |
| Basic Shares Outstanding | 99.3M | 98.57M | 96.94M | 95.22M | 39.96M | 28.87M | 34.7M | 33.07M | 33.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in financial statements, ARS Pharmaceuticals' revenue trajectory remains highly volatile, with quarterly figures fluctuating between $8.0 million and $86.6 million, suggesting that current top-line performance is driven more by non-recurring milestone payments and initial stocking orders than by consistent, organic prescription-based demand.
The lack of a stable sequential growth pattern complicates the assessment of Neffy's market penetration. Investors should monitor whether future quarters demonstrate a transition toward predictable, prescription-led revenue as the company moves past its initial launch phase.
Based on the provided income statement data, the company maintains a robust gross margin profile, peaking at 95.5% in 2024Q4, which indicates that the underlying manufacturing costs for the intranasal delivery device are relatively low compared to the premium pricing of the therapeutic.
While these margins appear structurally attractive, they remain sensitive to the product mix and potential gross-to-net adjustments as the company negotiates with pharmacy benefit managers. The ability to sustain these levels will depend on the company's pricing power in a competitive epinephrine market.
According to recent quarterly filings, the company's operating expenses, particularly SG&A, have surged to $72.2 million in 2026Q1, resulting in a significant operating loss that suggests the current commercial infrastructure is not yet optimized for the company's existing revenue scale.
The disconnect between rising SG&A and inconsistent revenue growth implies that the company is currently in a high-burn phase to secure market share. This operating leverage profile warrants further investigation into the efficiency of the sales force and the timeline for achieving break-even operations.
As indicated by the latest financial data, the company's operating losses of over $60 million per quarter against a limited cash balance suggest that the current business model may be unsustainable without immediate external financing or a rapid, unforeseen acceleration in commercial prescription volume.
Short-term liquidity constraints appear to be the most pressing risk, as the current burn rate threatens to exhaust available capital. Investors should be wary of the potential for significant shareholder dilution, which may be required to bridge the gap until the product reaches a self-sustaining commercial inflection point.
Quick answers to the most common questions about buying SPRY stock.
For fiscal year 2025, ARS Pharmaceuticals, Inc. (SPRY) reported total revenue of $84.3M.
ARS Pharmaceuticals, Inc. (SPRY) reported a net loss of $171.3M for the fiscal year ending 2025.
ARS Pharmaceuticals, Inc. (SPRY) reported an operating income of $-179.4M, resulting in an operating profit margin of -212.9%. This margin reflects the operational efficiency of the business before interest and taxes.
ARS Pharmaceuticals, Inc. (SPRY) generated $63.9M in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.