ARS Pharmaceuticals, Inc.
SPRY Nasdaq· Pharmaceutical Preparations
Last close · Oct 26, 2026
$3.92
KIRA · Stoqly’s AI analyst, in plain words
- ARS Pharmaceuticals, Inc. had $84.3M of revenue in fiscal 2025, down 5.5% on the year before.
- Its operating margin was −212.9%, down 209.5 pts: of every 100 in sales, about −213 is left after running the business.
- ARS Pharmaceuticals, Inc. lost $171M in fiscal 2025.
- Free cash flow was −$171M in fiscal 2025, −203.1% of revenue.
- ARS Pharmaceuticals, Inc. has $149M more cash than debt.
Market cap
$389M
P/E
—
Revenue
$84.3M
Net income
−$171M
Free cash flow
−$171M
Operating margin
−212.9%
ARS Pharmaceuticals, Inc. in 30 seconds · fiscal 2025
Are sales growing?
−5.5%
No. Sales fell 5.5% last year.
Does it make a profit?
−203.3%
No. It lost money last year.
Does profit turn into cash?
−203.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What ARS Pharmaceuticals, Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 9, 2026
- Legal name
- ARS Pharmaceuticals, Inc.
- CIK
- 0001671858
ARS Pharmaceuticals, Inc. · SPRY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.5M | $1.3M | $0.0M | $89.1M | $84.3M |
| Revenue growth | — | −76.1% | −97.7% | 297,063.3% | −5.5% |
| Net interest income | $0.1M | — | — | — | — |
| Gross margin | — | — | 100.0% | — | — |
| Operating margin | −353.3% | −2,698.8% | −225,066.7% | −3.5% | −212.9% |
| Net income | −$20.2M | −$34.7M | −$54.4M | $8.0M | −$171M |
| Net margin | −367.7% | −2,635.4% | −181,216.7% | 9.0% | −203.3% |
| Diluted EPS | −$0.70 | −$0.87 | −$0.57 | $0.08 | −$1.74 |
| Cash | |||||
| Cash from operations | −$17.6M | −$40.1M | −$59.3M | $13.5M | −$171M |
| Capital expenditure | $0.1M | $0.2M | $0.2M | $0.6M | $0.3M |
| Free cash flow | −$17.6M | −$40.3M | −$59.4M | $13.0M | −$171M |
| FCF margin | −319.9% | −3,060.6% | −198,136.7% | 14.6% | −203.1% |
| Share count change | 893.0% | 38.4% | 138.3% | 7.5% | −3.7% |
| Debt and strength | |||||
| Cash and short-term investments | $60.1M | $274M | $228M | $314M | $245M |
| Debt incl. finance leases | — | — | — | $0.0M | $96.4M |
| Shareholders' equity | −$31.3M | $273M | $231M | $257M | $114M |
| Current ratio | 7.4x | 51.0x | 96.9x | 14.3x | 7.3x |
| Returns and quality | |||||
| Return on equity | — | −28.7% | −21.6% | 3.3% | −92.3% |
| Return on tangible equity | — | −12.7% | −23.6% | 3.2% | −171.6% |
| Piotroski F-score | 2 | 2 | 1 | 5 | 3 |
| Altman Z'' | −0.7 | 38.1 | 102.5 | 7.5 | −1.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$1.9M
4 insiders
Of sales under plans
15%
$0.3M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
ARS Pharmaceuticals, Inc. · SPRY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $3.92 a share, the company is worth $389M.
Source: SEC EDGAR XBRL filings (CIK 0001671858). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.