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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.

4.02 0.05 −1.23%
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 (at or above 1.5: strong)
Debt/Equity 13.72 (above 2: weak)
P/E ratio 0.00
Fwd P/E (4.76) (negative: loss-making)
P/S ratio 3.37
P/B ratio 31.51 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (2.59%) (below 0%: weak)
Next Y EPS Growth 54.34% (at or above 15%: strong)
Next Y revenue growth 103.45% (at or above 10%: strong)
Next 5Y EPS Growth 88.35% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 13.9×; over the ten years it ranged from 2.8× in 2023 to 1,827× in 2024.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

ARS Pharmaceuticals, Inc. (SPRY) Latest News

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stockrow.com/SPRY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com