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ARS Pharmaceuticals, Inc.

SPRY Nasdaq Pharmaceutical Preparations Financials FY2020โ€“FY2025

Last close ยท Oct 23, 2026

$4.03

6.7%
Compare
Revenue Total sales reported in the income statement.
$84.3M
5.5% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’212.9%
209.5ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$171M
2,241.8%
Free cash flow Cash from operations minus capital spending.
โˆ’$171M
1,418.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$400M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$2.17 EPS (TTM)

What ARS Pharmaceuticals, Inc. does

No business description yet.

Legal name
ARS Pharmaceuticals, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 9, 2026
Accession ยท CIK
0001193125-26-097478
0001671858

Revenue and margins

ARS Pharmaceuticals, Inc. had $84.3M of revenue in fiscal 2025, down 5.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$171M in fiscal 2025, โˆ’203.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ARS Pharmaceuticals, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count fell 3.7%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably ARS Pharmaceuticals, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $60.1M$274M$228M$314M$245M
Debt incl. finance leases โ€”โ€”โ€”$0.0M$96.4M
Debt / equity โ€”โ€”โ€”0.0x0.8x
Current ratio 7.4x51.0x96.9x14.3x7.3x
Quick ratio 7.4x51.0x96.9x13.8x6.5x
Total assets $61.4M$281M$233M$351M$328M
Total liabilities $16.7M$8.5M$2.4M$94.4M$213M
Shareholders' equity โˆ’$31.3M$273M$231M$257M$114M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โˆ’$314Mโˆ’$149M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ“ โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ“ โœ•
Return on assets rose โ€” โœ• โœ“ โœ• โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ• โœ• โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โœ•
Current ratio rose โ€” โœ• โœ“ โœ“ โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ“
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ• โœ• โœ“ โœ“
F-score โ€” / 32 / 72 / 71 / 75 / 73 / 8
Accruals ratio โˆ’0.4%โˆ’1.2%3.1%1.9%โˆ’1.9%โˆ’0.1%
Altman Z'' 3.74โˆ’0.7338.12102.467.46โˆ’1.13

6 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue โˆ’$0.0M $5.5M $1.3M $0.0M $89.1M $84.3M
Net interest income โˆ’$0.0M $0.1M โ€” โ€” โ€” โ€”
Gross profit โ€” โ€” โ€” $0.0M โ€” โ€”
Research and development $24.6M $20.3M $18.4M $20.3M $19.6M $13.2M
Operating income โˆ’$32.9M โˆ’$19.5M โˆ’$35.5M โˆ’$67.5M โˆ’$3.1M โˆ’$179M
Pretax income โ€” โ€” โ€” โˆ’$54.4M $8.3M โˆ’$171M
Income tax $0.0M $0.0M $0.0M $0.0M $0.3M โˆ’$0.1M
Net income โˆ’$32.9M โˆ’$20.2M โˆ’$34.7M โˆ’$54.4M $8.0M โˆ’$171M
Diluted EPS โˆ’$11.33 โˆ’$0.70 โˆ’$0.87 โˆ’$0.57 $0.08 โˆ’$1.74
Diluted shares 0.00B 0.03B 0.04B 0.10B 0.10B 0.10B
Cash flow
Cash from operations โˆ’$31.2M โˆ’$17.6M โˆ’$40.1M โˆ’$59.3M $13.5M โˆ’$171M
Capital expenditure $0.9M $0.1M $0.2M $0.2M $0.6M $0.3M
Free cash flow โˆ’$32.1M โˆ’$17.6M โˆ’$40.3M โˆ’$59.4M $13.0M โˆ’$171M
Depreciation and amortization $0.6M $0.2M $0.1M $0.1M $0.1M $1.4M
Stock-based compensation $2.6M $2.8M $5.8M $9.2M $14.5M $22.1M
Balance sheet
Cash and short-term investments $387M $60.1M $274M $228M $314M $245M
Total debt โ€” โ€” โ€” โ€” $0.0M $96.4M
Current assets $391M $60.7M $278M $232M $334M $285M
Current liabilities $9.6M $8.2M $5.4M $2.4M $23.4M $39.1M
Inventory โ€” โ€” โ€” $0.0M $10.5M $31.4M
Property and equipment, net $1.6M $0.1M $0.3M $0.6M $1.1M $2.5M
Intangible assets โ€” โ€” โ€” $0.0M $7.4M $14.5M
Total assets $395M $61.4M $281M $233M $351M $328M
Total liabilities $11.9M $16.7M $8.5M $2.4M $94.4M $213M
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity โˆ’$14.1M โˆ’$31.3M $273M $231M $257M $114M
Margins
Gross margin โ€” โ€” โ€” 100.0% โ€” โ€”
Operating margin 113,510.3% โˆ’353.3% โˆ’2,698.8% โˆ’225,066.7% โˆ’3.5% โˆ’212.9%
EBITDA margin 111,313.8% โˆ’349.5% โˆ’2,691.2% โˆ’224,733.3% โˆ’3.4% โˆ’211.3%
Net margin 113,610.3% โˆ’367.7% โˆ’2,635.4% โˆ’181,216.7% 9.0% โˆ’203.3%
FCF margin 110,734.5% โˆ’319.9% โˆ’3,060.6% โˆ’198,136.7% 14.6% โˆ’203.1%
Net interest share of revenue 100.0% 1.9% โ€” โ€” โ€” โ€”
Returns
Return on capital employed โˆ’8.5% โˆ’36.5% โˆ’12.9% โˆ’29.3% โˆ’0.9% โˆ’62.2%
Return on equity โ€” โ€” โˆ’28.7% โˆ’21.6% 3.3% โˆ’92.3%
Return on assets โˆ’8.3% โˆ’8.9% โˆ’20.2% โˆ’21.1% 2.7% โˆ’50.5%
Return on tangible equity โ€” โ€” โˆ’12.7% โˆ’23.6% 3.2% โˆ’171.6%
Growth
Revenue growth โ€” โ€” โˆ’76.1% โˆ’97.7% 297,063.3% โˆ’5.5%
Net income growth โ€” โ€” โ€” โ€” โ€” โˆ’2,241.8%
EPS growth โ€” โ€” โ€” โ€” โ€” โˆ’2,275.0%
FCF growth โ€” โ€” โ€” โ€” โ€” โˆ’1,418.5%
Share count change โ€” 893.0% 38.4% 138.3% 7.5% โˆ’3.7%
Financial health
Debt / equity โ€” โ€” โ€” โ€” 0.0x 0.8x
Current ratio 40.7x 7.4x 51.0x 96.9x 14.3x 7.3x
Quick ratio 40.7x 7.4x 51.0x 96.9x 13.8x 6.5x
Capital allocation
Capex / revenue โˆ’3,162.1% 1.0% 15.1% 583.3% 0.6% 0.4%
Stock comp / revenue โˆ’9,103.4% 51.4% 444.0% 30,783.3% 16.3% 26.2%
Quality scores
Piotroski F-score โ€” 2.0 2.0 1.0 5.0 3.0
Altman Z'' 3.7 โˆ’0.7 38.1 102.5 7.5 โˆ’1.1
Accruals ratio โˆ’0.4% โˆ’1.2% 3.1% 1.9% โˆ’1.9% โˆ’0.1%

Source: SEC EDGAR XBRL filings (CIK 0001671858). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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