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Saturday 7 November 2026
Export SPRY’s income statement to Excel — free account
ARS Pharmaceuticals, Inc.
SPRY Healthcare Biotechnology
ARS Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $84.3 million, down 5.46% from fiscal 2024.
- Revenue
- +16.0%
- EPS
- +30.8%
- Free cash flow
- +36.5%
- Total debt
- +138.5%
Quarter to September 2026, against a year earlier
2.81
0.16
+6.04%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 6 | 1 | 0 | 89 | 84 | 122 | +97.8% | 121 | 173 | 247 | +43.2% | |
| Gross margin, % | — | — | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | 98.90 | 75.77 | 0.00 | +75.8 pt | ||||||
| EBT | — | — | (18) | (24) | (33) | (20) | (35) | (54) | 8 | (171) | (200) | +38.4% | ||||||
| EBT margin, % | — | — | 0.00 | 0.00 | 0.00 | (367.65) | (2,635.41) | (181,216.67) | 9.29 | (203.35) | (163.71) | (203.4) pt | ||||||
| Net income | — | 0 | (18) | (24) | (33) | (20) | (35) | (54) | 8 | (171) | (200) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 0.00 | 0.00 | 0.19 | 0.03 | 0.00 | 0.92 | 0.86 | 1.23 | n/m | |||||
| Earnings | — | — | (0.53) | (36.26) | (11.33) | (0.70) | (0.87) | (0.57) | 0.08 | (1.74) | (2.02) | +18.5% | ||||||
| Cash flow | — | — | (0.51) | (28.59) | (10.73) | (0.61) | (1.00) | (0.62) | 0.14 | (1.73) | (1.84) | +19.1% | ||||||
| Capex | — | — | 0.00 | (0.15) | (0.32) | 0.00 | 0.00 | 0.00 | (0.08) | (0.08) | 0.00 | n/m | ||||||
| Free cash flow | — | — | (0.51) | (28.74) | (11.04) | (0.61) | (1.01) | (0.62) | 0.06 | (1.82) | (1.84) | +19.9% | ||||||
| Book value | — | — | 0.55 | (8.48) | 131.69 | 1.55 | 6.83 | 2.42 | 2.65 | 1.16 | (0.12) | +11.2% | ||||||
| Shares, m | — | — | 33 | 1 | 3 | 29 | 40 | 95 | 97 | 99 | 99 | +16.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 131.88 | 0.00 | 0.00 | 26.4 | |||||
| P/S | — | — | — | — | — | 0.00 | 223.54 | 1,302.21 | 11.47 | 13.63 | 2.29 | 310.2 | ||||||
| P/B | — | — | — | — | — | 0.00 | 1.23 | 2.30 | 3.98 | 10.05 | 0.00 | 3.5 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | 44.26 | 743.94 | 8.73 | 12.72 | 2.57 | 161.9 | ||||||
| EV/FCF | — | — | — | — | — | (7.81) | (1.65) | (5.11) | 59.96 | (5.75) | (1.58) | 7.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (17) | (19) | (31) | (18) | (40) | (59) | 14 | (171) | (183) | +39.2% | |||||
| Capex | — | — | 0 | 0 | (1) | 0 | 0 | 0 | (8) | (8) | (16) | +51.4% | ||||||
| Free cash flow | — | — | (17) | (19) | (32) | (18) | (40) | (59) | 5 | (179) | (183) | +40.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 16 | (7) | 381 | 53 | 272 | 229 | 311 | 246 | 146 | +48.2% | |||||
| Net debt | — | — | (12) | (5) | (383) | (55) | (274) | (228) | (245) | (76) | (138) | +29.6% | ||||||
| Shareholders’ equity | — | — | 18 | (6) | 383 | 45 | 273 | 231 | 257 | 114 | (12) | +30.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (127.63) | (110.97) | (16.05) | (8.87) | (20.23) | (21.13) | 2.80 | (50.50) | 0.00 | +77.1 pt | |||||
| ROIC | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (1,758.33) | (15.85) | (296.82) | 0.00 | (296.8) pt | ||||||
| ROE | — | — | 37.50 | 51.13 | (20.33) | (11.51) | (28.71) | (21.59) | 3.35 | (92.38) | 0.00 | (129.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 54 | 90 | 20 | 26 | 160 | 163 | — | +24.7% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.06 | 0.07 | 0.00 | 0.56 | 0.52 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
ARS Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NAUT Nautilus Biotechnology, Inc. | $273.9M | — (loss-making) | — | — | n/m | −28.59% (below 0%: shrinking) | 89.74% | (7,152.56%) | Compare |
| IPSC Century Therapeutics, Inc. | $273.4M | — (loss-making) | — (loss-making) | +12,667.72% (above 0%: growing) | n/m | +26.66% (above 0%: growing) | 100.00% | 0.00% | Compare |
| TTRX Turn Therapeutics Inc. | $273.0M | — (loss-making) | — | — | n/m | −74.76% (below 0%: shrinking) | — | 0.00% | Compare |
| VOGX Vogenx Inc | $270.8M | — | — | — | n/m | — | — | 0.00% | Compare |
| SABS SAB Biotherapeutics, Inc. | $267.5M | — (loss-making) | 19.9× | −90.95% (below 0%: shrinking) | n/m | −59.75% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| RCKT Rocket Pharmaceuticals, Inc. | $267.3M | — (loss-making) | — | — | n/m | +19.16% (above 0%: growing) | 0.00% | 0.00% | Compare |
| ARCT Arcturus Therapeutics Holdings Inc. | $266.0M | — (loss-making) | — (loss-making) | +6.68% (above 0%: growing) | n/m | +59.86% (above 0%: growing) | 100.00% | (50.20%) | Compare |
| SPRY ARS Pharmaceuticals, Inc. | $263.5M | — (loss-making) | — (loss-making) | +16.03% (above 0%: growing) | n/m | +36.52% (above 0%: growing) | 0.00% | (90.62%) | |
| QTTB Q32 Bio Inc. | $263.5M | 3.1× | — (loss-making) | −1,928.18% (below 0%: shrinking) | n/m | +71.13% (above 0%: growing) | 100.00% | 0.00% | Compare |
| Median of peers | $269.2M | — | — | −42.13% | — | +19.16% | 100.00% | 0.00% |
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.66m | 10.25m | 213.00 |
| 2024 | 7.17m | 14.59m | 193.00 |
Ownership
Directors and executive officers, together
33.80%
Richard Lowenthal, M.S., MSEL
11.90%
Peter Kolchinsky, Ph.D.
11.00%
Entities affiliated with RA Capital
10.90%
Entities affiliated with OrbiMed
8.30%
Entities affiliated with Deerfield Management Company, L.P.
7.70%
Entities affiliated with Rubric Capital Management LP
6.20%
Entities affiliated with Millennium Management LLC
6.00%
Entities affiliated with BlackRock, Inc.
5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement