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) Piotroski F-score
ARS Pharmaceuticals, Inc.'s Piotroski F-score for fiscal 2025 is 1 out of 9: 1 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 1 | (4.00) |
| FY2024 | 5 | 3.00 |
| FY2023 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (50.50%) | 2.80% | Fail | 0 |
| Positive operating cash flow | (170.87m) | 13.55m | Fail | 0 |
| Rising return on assets | (50.50%) | 2.80% | Fail | 0 |
| Cash flow above net income | 527.00k | 5.38m | Pass | 1 |
| Falling long-term leverage | 0.50 | 0.24 | Fail | 0 |
| Rising current ratio | 7.28 | 14.26 | Fail | 0 |
| No new shares issued | 98,566,500 | 96,936,700 | Fail | 0 |
| Rising gross margin | 75.77% | 98.90% | Fail | 0 |
| Rising asset turnover | 0.25 | 0.31 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 1 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CAPR Capricor Therapeutics, Inc. compare | 4 |
| ASMB Assembly Biosciences, Inc. compare | 4 |
| PRTCY PureTech Health PLC Sponsored ADR compare | 4 |
| PRTA Prothena Corporation plc compare | 2 |
| SPRY ARS Pharmaceuticals, Inc. | 1 |
| TECX Tectonic Therapeutic, Inc. compare | — |
| RZLT Rezolute, Inc. compare | — |
| DMAC DiaMedica Therapeutics, Inc. compare | — |
| ZURA Zura Bio Limited compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover