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. In the quarter to June 2026, revenue grew 114.2%, EPS fell 37.0%, free cash flow fell 53.7% and total debt rose 138.5%, each against the same quarter a year earlier.
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ARS Pharmaceuticals, Inc. (SPRY) Altman Z-score
ARS Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 1.32, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.32 | (5.98) |
| FY2024 | 7.30 | (121.08) |
| FY2023 | 128.38 | 104.09 |
| FY2022 | 24.29 | 18.26 |
| FY2021 | 6.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.75 | — | 0.90 | |
| Retained earnings / total assets | (0.90) | — | −1.26 | |
| EBIT / total assets | (0.55) | — | −1.81 | |
| Market value of equity / total liabilities | 5.38 | — | 3.23 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Distress zone | 1.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CAPR Capricor Therapeutics, Inc. compare | 10.3× |
| DMAC DiaMedica Therapeutics, Inc. compare | 6.7× |
| SPRY ARS Pharmaceuticals, Inc. | 1.3× |
| ASMB Assembly Biosciences, Inc. compare | 1.1× |
| PRTCY PureTech Health PLC Sponsored ADR compare | 0.8× |
| PRTA Prothena Corporation plc compare | −0.2× |
| TECX Tectonic Therapeutic, Inc. compare | — |
| RZLT Rezolute, Inc. compare | — |
| ZURA Zura Bio Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets