Saturday 17 October 2026 Export SPRY’s income statement to Excel — free account

ARS Pharmaceuticals, Inc.

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.

4.02 0.05 −1.23%

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Market cap: $404.8M
P/E: 0.0×
Fwd P/E: −4.8×
Dividend yield: —
F-score: 1/9
Altman Z: 1.32
Beneish M: −0.44
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.95

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	2	—	—	—	—	—	—	2	—	—	—	—

Insider Ownership 34.30%

Capital & Financial Ratios $m

Market Cap 404.75

Revenue 116.93

Net Income (215.43)

Free Cash Flow (196.40)

Net Debt 27.76

Current Ratio 3.48

Debt/Equity 13.72

P/E ratio 0.00

Fwd P/E (4.76)

P/S ratio 3.37

P/B ratio 31.51

Past 5Y EPS Growth —

This Y EPS Growth (2.59%)

Next Y EPS Growth 54.34%

Next Y revenue growth 103.45%

Next 5Y EPS Growth 88.35%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 0.21%

10-year low 10-year high

P/B against its own 10 years 94.62%

10-year low 10-year high

EV/Sales against its own 10 years 0.43%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	228	314	245	144
Receivables	—	8	25	47
Inventory	—	5	8	12
Other	—	—	—	—
	232	334	285	212

	2023	2024	2025	Q'26
Payables	2	23	38	60
ST’ Debt	—	—	—	—
Other	—	1	1	1
	2	23	39	61

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	300.09%
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	(21.48%)	(25.19%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	23	34	—	—	—
’25	8	16	33	28	84
’24	—	1	2	87	89
’23	0	0	—	—	0
’22	1	0	0	0	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(45)	(61)	—	—	—
’25	(41)	(40)	(47)	(43)	(171)
’24	(7)	(7)	(14)	42	14
’23	(12)	(17)	(13)	(17)	(59)
’22	(7)	(7)	(6)	(20)	(40)
’21	(12)	(14)	(19)	28	(18)
’20	(8)	(5)	(7)	(11)	(31)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(45)	(61)	—	—	—
’25	(41)	(40)	(53)	(45)	(179)
’24	(7)	(7)	(17)	37	5
’23	(13)	(17)	(13)	(17)	(59)
’22	(7)	(7)	(6)	(21)	(40)
’21	(12)	(15)	(19)	29	(18)
’20	(8)	(5)	(8)	(11)	(32)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.61)	(0.63)	—	—	—
’25	(0.35)	(0.46)	(0.52)	(0.42)	(1.74)
’24	(0.11)	(0.13)	(0.20)	0.52	0.08
’23	(0.16)	(0.18)	(0.16)	(0.07)	(0.57)
’22	(0.24)	(0.21)	(0.21)	(0.21)	(0.87)
’21	(0.54)	(0.70)	(0.65)	1.19	(0.70)
’20	(7.89)	(9.65)	(11.97)	(1.37)	(11.33)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	24.22	5.87	2.80	2.55	5.19	6.66	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	49.86	63.41	9.17	9.65	18.51	18.90
People
People	Employees	—	—	—	—	54	90	20	26	160	163
	Revenue/emp, $m	—	—	—	—	0.00	0.06	0.07	0.00	0.56	0.52
Income, $m
Income, $m	Revenue	—	—	—	—	—	6	1	0	89	84
	Gross margin, %	—	—	0.00	0.00	0.00	100.00	100.00	100.00	98.90	75.77
	EBT	—	—	(18)	(24)	(33)	(20)	(35)	(54)	8	(171)
	EBT margin, %	—	—	0.00	0.00	0.00	(367.65)	(2,635.41)	(181,216.67)	9.29	(203.35)
	Net income	—	0	(18)	(24)	(33)	(20)	(35)	(54)	8	(171)
	Depreciation	—	—	1	1	1	0	0	(7)	(7)	(4)
Per share, $
Per share, $	Revenue	—	—	0.00	0.00	0.00	0.19	0.03	0.00	0.92	0.86
	Earnings	—	—	(0.53)	(36.26)	(11.33)	(0.70)	(0.87)	(0.57)	0.08	(1.74)
	Cash flow	—	—	(0.51)	(28.59)	(10.73)	(0.61)	(1.00)	(0.62)	0.14	(1.73)
	Capex	—	—	0.00	(0.15)	(0.32)	0.00	0.00	0.00	(0.08)	(0.08)
	Free cash flow	—	—	(0.51)	(28.74)	(11.04)	(0.61)	(1.01)	(0.62)	0.06	(1.82)
	Book value	—	—	0.55	(8.48)	131.69	1.55	6.83	2.42	2.65	1.16
	Shares, m	—	—	33	1	3	29	40	95	97	99
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	0.00	0.00	0.00	131.88	0.00
	P/S	—	—	—	—	—	0.00	223.54	1,302.21	11.47	13.63
	P/B	—	—	—	—	—	0.00	1.23	2.30	3.98	10.05
	EV/Sales	—	—	—	—	—	0.00	44.26	743.94	8.73	12.72
	EV/FCF	—	—	—	—	—	(7.81)	(1.65)	(5.11)	59.96	(5.75)
Cash, $m
Cash, $m	Operating cash flow	—	—	(17)	(19)	(31)	(18)	(40)	(59)	14	(171)
	Capex	—	—	0	0	(1)	0	0	0	(8)	(8)
	Free cash flow	—	—	(17)	(19)	(32)	(18)	(40)	(59)	5	(179)
Balance, $m
Balance, $m	Working capital	—	—	16	(7)	381	53	272	229	311	246
	Total debt	—	—	8	5	3	5	0	—	69	169
	Net debt	—	—	(12)	(5)	(383)	(55)	(274)	(228)	(245)	(76)
	Shareholders’ equity	—	—	18	(6)	383	45	273	231	257	114
Returns, %
Returns, %	ROA	—	—	(127.63)	(110.97)	(16.05)	(8.87)	(20.23)	(21.13)	2.80	(50.50)
	ROIC	—	—	0.00	0.00	0.00	0.00	0.00	(1,758.33)	(15.85)	(296.82)
	ROE	—	—	37.50	51.13	(20.33)	(11.51)	(28.71)	(21.59)	3.35	(92.38)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PRTA Prothena Corporation plc	$436.4M	— (loss-making)	188×	−77.15% (below 0%: shrinking)	n/m	+44.64% (above 0%: growing)	100.00%	(2,089.21%)	Compare
DMAC DiaMedica Therapeutics, Inc.	$433.6M	— (loss-making)	— (loss-making)	—	n/m	−6.75% (below 0%: shrinking)	0.00%	0.00%	Compare
PRTCY PureTech Health PLC Sponsored ADR	$424.0M	— (loss-making)	— (loss-making)	−44.60% (below 0%: shrinking)	+66.43% (above 0%: growing)	+19.27% (above 0%: growing)	2.83%	0.00%	Compare
CAPR Capricor Therapeutics, Inc.	$422.7M	— (loss-making)	— (loss-making)	−7.92% (below 0%: shrinking)	n/m	−72.88% (below 0%: shrinking)	100.00%	0.00%	Compare
ASMB Assembly Biosciences, Inc.	$418.8M	19.7×	— (loss-making)	+38.94% (above 0%: growing)	n/m	+7.58% (above 0%: growing)	100.00%	(47.44%)	Compare
TECX Tectonic Therapeutic, Inc.	$416.4M	— (loss-making)	—	—	n/m	−46.69% (below 0%: shrinking)	0.00%	0.00%	Compare
ZURA Zura Bio Limited	$410.2M	— (loss-making)	—	—	n/m	−30.41% (below 0%: shrinking)	—	0.00%	Compare
SPRY ARS Pharmaceuticals, Inc.	$404.8M	— (loss-making)	— (loss-making)	+114.15% (above 0%: growing)	n/m	−53.69% (below 0%: shrinking)	61.83%	(182.62%)
RZLT Rezolute, Inc.	$377.2M	— (loss-making)	—	—	n/m	+40.23% (above 0%: growing)	0.00%	0.00%	Compare
Median of peers	$420.7M	—	—	−26.26%	—	+0.42%	2.83%	0.00%

All 614 Biotechnology stocks →

ARS Pharmaceuticals, Inc. (SPRY) key facts

Concern: ARS Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $84.3 million, down 5.46% from fiscal 2024.
ARS Pharmaceuticals, Inc. (SPRY) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, SPRY traded at $4.02, a market capitalization of $404.8 million.
Return on equity was −92.4% and debt-to-equity 13.72.
Its Piotroski F-score is 1 out of 9 and its Altman Z-score is 1.32 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.