ARS Pharmaceuticals, Inc. (SPRY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SPRY SEC filings page.
ARS Pharmaceuticals, Inc. (SPRY) reported $116.9M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business shifted from modest cash generation to heavy cash consumption as overhead surged and balance-sheet leverage increased.
Earnings quality changed sharply: FY2024’s net income of$8.0M accompanied operating cash flow of$13.5M , while FY2025’s net loss of$171.3M nearly matched operating cash flow of-$170.9M . That close alignment indicates the latest loss was largely reflected in cash use rather than being mainly a noncash accounting effect.
Revenue eased from
Financing dependence increased as total liabilities rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of ARS Pharmaceuticals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
ARS Pharmaceuticals, Inc. held $245.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $170.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and ARS Pharmaceuticals, Inc. scores 41/100 among other emerging companies.
ARS Pharmaceuticals, Inc. had 99M shares outstanding at the end of fiscal year 2025, against 98M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and ARS Pharmaceuticals, Inc. scores 67/100 among other emerging companies.
ARS Pharmaceuticals, Inc. spent $13.2M on research and development in fiscal year 2025, which was 5.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and ARS Pharmaceuticals, Inc. scores 24/100 among other emerging companies.
ARS Pharmaceuticals, Inc. reported revenue of $84.3M in fiscal year 2025, against $89.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and ARS Pharmaceuticals, Inc. scores 100/100 among other emerging companies.
ARS Pharmaceuticals, Inc.'s operations used $170.9M of cash in fiscal year 2025, against $13.5M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and ARS Pharmaceuticals, Inc. scores 12/100 among other emerging companies.
ARS Pharmaceuticals, Inc.'s cash, cash equivalents and investments came to $245.0M at the end of fiscal year 2025, against $213.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and ARS Pharmaceuticals, Inc. scores 62/100 among other emerging companies.
ARS Pharmaceuticals, Inc. scores -0.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($399.8M) relative to total liabilities ($213.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
ARS Pharmaceuticals, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
ARS Pharmaceuticals, Inc. reported a net loss of $171.3M while operations used $170.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
ARS Pharmaceuticals, Inc. generated $33.7M in revenue in Q2 2026. This represents an increase of 114.2% from the same quarter a year earlier. Against the prior quarter it is up 48.4%.
ARS Pharmaceuticals, Inc.'s EBITDA was -$61.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.0% from the same quarter a year earlier. Against the prior quarter it is down 2.2%.
ARS Pharmaceuticals, Inc. reported -$62.3M in net income in Q2 2026. This represents a decrease of 38.9% from the same quarter a year earlier. Against the prior quarter it is down 2.8%.
ARS Pharmaceuticals, Inc. earned -$0.63 per diluted share (EPS) in Q2 2026. This represents a decrease of 37.0% from the same quarter a year earlier. Against the prior quarter it is down 3.3%.
Cash & Balance Sheet
ARS Pharmaceuticals, Inc. recorded an outflow of $60.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 53.7% from the same quarter a year earlier. Against the prior quarter it is down 35.6%.
ARS Pharmaceuticals, Inc. held $8.2M in cash against $96.7M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
ARS Pharmaceuticals, Inc.'s ROE was -498.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 474.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 399.4 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
ARS Pharmaceuticals, Inc. invested $4.7M in research and development in Q2 2026. This represents an increase of 16.4% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.
ARS Pharmaceuticals, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Not reported for Q2 2026.
SPRY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.7M+114.2% | $22.7M+184.5% | $28.1M | $32.5M+1471.6% | $15.7M+3043.4% | $8.0M | N/A | $2.1M |
| R&D Expenses | $4.7M+16.4% | $4.3M+46.9% | $3.4M | $2.8M-37.8% | $4.0M-41.5% | $3.0M-43.6% | N/A | $4.4M+47.3% |
| SG&A Expenses | $77.6M+42.8% | $72.2M+75.7% | $60.0M | $74.8M+287.7% | $54.3M+507.2% | $41.1M+416.5% | N/A | $19.3M+28.7% |
| Operating Income | -$61.5M-29.1% | -$60.1M-61.8% | -$41.5M | -$53.2M-144.6% | -$47.6M-210.4% | -$37.2M-181.8% | N/A | -$21.7M-21.0% |
| EBITDA | -$61.0M-29.0% | -$59.7M-61.9% | -$41.0M | -$52.8M-143.9% | -$47.3M-208.9% | -$36.9M-179.9% | N/A | -$21.6M-21.1% |
| Net Income | -$62.3M-38.9% | -$60.6M-78.6% | -$41.3M | -$51.2M-167.4% | -$44.9M-258.6% | -$33.9M-229.8% | N/A | -$19.1M-28.7% |
| EPS (Basic) | -$0.63-37.0% | -$0.61-74.3% | -$0.42-182.4% | -$0.52-160.0% | -$0.46-253.8% | -$0.35-218.2% | $0.51+828.6% | -$0.20-25.0% |
| EPS (Diluted) | -$0.63-37.0% | -$0.61-74.3% | -$0.42-182.4% | -$0.52-160.0% | -$0.46-253.8% | -$0.35-218.2% | $0.51+828.6% | -$0.20-25.0% |
| Diluted Shares (Avg) | 99M+1.0% | 99M+1.3% | N/A | 99M+1.8% | 98M+1.6% | 98M+1.6% | N/A | 97M+1.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
SPRY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $249.5M-20.4% | $287.6M-12.1% | $327.7M-6.7% | $372.8M+71.3% | $313.5M+41.2% | $327.3M+43.8% | $351.2M+50.6% | $217.6M-12.5% |
| Current Assets | $211.5M-24.8% | $245.2M-19.3% | $284.9M-14.8% | $338.9M+62.3% | $281.4M+27.5% | $303.9M+34.3% | $334.3M+44.3% | $208.8M-14.6% |
| Cash & Equivalents | $8.2M-84.2% | $24.3M-39.0% | $41.3M-18.7% | $59.6M+50.2% | $51.5M+40.7% | $39.9M-28.8% | $50.8M-28.4% | $39.7M-34.5% |
| Short-Term Investments | $135.7M-28.1% | $176.6M-25.1% | $203.7M-22.6% | $228.7M+38.6% | $188.6M+3.6% | $235.9M+40.7% | $263.2M+67.2% | $165.0M-9.0% |
| Inventory | $30.7M+39.0% | $32.0M+340.7% | $31.4M+198.7% | $21.4M+2896.8% | $22.1M | $7.3M | $10.5M | $715K |
| Accounts Receivable | $46.8M+86.4% | $28.7M+208.1% | $25.3M+210.1% | $36.5M+4615.5% | $25.1M | $9.3M | $8.2M | $773K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $237.0M+95.6% | $226.3M+130.1% | $213.4M+126.2% | $225.1M+1254.4% | $121.2M+1701.5% | $98.3M+2547.2% | $94.4M+3786.1% | $16.6M+47.5% |
| Current Liabilities | $60.9M+33.5% | $49.6M+79.6% | $39.1M+67.0% | $50.9M+206.1% | $45.6M+578.1% | $27.6M+643.5% | $23.4M+880.3% | $16.6M+48.7% |
| Non-Current Liabilities | $176.1M+133.1% | $176.7M+149.8% | $174.2M+145.7% | $174.3M | $75.6M | $70.7M | $70.9M+191562.2% | $0-100.0% |
| Long-Term Debt | $96.7M | $96.5M | $96.4M | $96.2M | N/A | N/A | $0 | N/A |
| Total Equity | $12.5M-93.5% | $61.3M-73.2% | $114.3M-55.5% | $147.7M-26.5% | $192.3M-10.6% | $229.0M+2.3% | $256.8M+11.3% | $201.0M-15.3% |
| Retained Earnings | -$417.6M-106.6% | -$355.2M-125.9% | -$294.6M-138.9% | -$253.3M-46.2% | -$202.1M-31.2% | -$157.2M-11.1% | -$123.3M+6.1% | -$173.2M-39.6% |
Not reported in any period shown, so not listed: Goodwill.
SPRY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$60.9M-53.9% | -$44.9M-10.3% | -$43.5M-203.5% | -$47.0M-225.2% | -$39.6M-443.9% | -$40.7M-507.2% | $42.0M+341.3% | -$14.5M-13.4% |
| Depreciation & Amortization | $416K+49.1% | $397K+41.8% | $417K+1337.9% | $391K+291.0% | $279K+1450.0% | $280K+2445.5% | $29K | $100K0.0% |
| Stock-Based Compensation | $12.4M+130.8% | $7.4M+40.1% | N/A | $5.7M+58.4% | $5.4M+59.6% | $5.3M+59.8% | N/A | $3.6M+37.6% |
| Capital Expenditures | $0-100.0% | $0-100.0% | $0-100.0% | $197K+40.7% | $51K+34.2% | $91K+9.6% | $302K+231.9% | $140K+225.6% |
| Free Cash Flow | -$60.9M-53.7% | -$44.9M-10.1% | -$43.5M-204.3% | -$47.2M-223.4% | -$39.6M-441.8% | -$40.8M-501.1% | $41.7M+338.4% | -$14.6M-14.1% |
| Investing Cash Flow | $41.6M-14.4% | $27.8M-4.4% | $24.1M+123.7% | -$45.0M-367.5% | $48.6M+484.1% | $29.1M+441.4% | -$101.8M-490.8% | $16.8M+136.1% |
| Financing Cash Flow | $3.2M+18.5% | $159K-78.1% | $1.1M-98.4% | $100.0M+14612.5% | $2.7M+394.9% | $725K+181.0% | $70.9M+3828.9% | $680K-26.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SPRY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -182.6% | -265.2% | -147.6% | -163.7% | -302.9% | -466.3% | N/A | -1051.6% |
| Net Margin | -185.2% | -267.3% | -147.1% | -157.4% | -285.6% | -425.7% | N/A | -924.9% |
| Return on Equity | -498.2%-474.9pp | -98.9%-84.0pp | -36.2% | -34.6%-25.1pp | -23.3%-17.5pp | -14.8%-10.2pp | N/A | -9.5%-3.3pp |
| Return on Assets | -25.0%-10.7pp | -21.1%-10.7pp | -12.6% | -13.7%-4.9pp | -14.3%-8.7pp | -10.4%-5.9pp | N/A | -8.8%-2.8pp |
| Current Ratio | 3.48-2.7x | 4.94-6.1x | 7.28-7.0x | 6.66-5.9x | 6.17-26.7x | 11.00-49.9x | 14.26-82.7x | 12.56-9.3x |
| Debt-to-Equity | 7.73+7.1x | 1.57+1.1x | 0.84+0.8x | 0.65+0.6x | 0.63+0.6x | 0.43+0.4x | 0.000.0x | 0.080.0x |
| Asset Turnover | 0.13+0.1x | 0.08+0.1x | 0.09 | 0.09+0.1x | 0.050.0x | 0.020.0x | N/A | 0.010.0x |
| FCF Margin | -181.0% | -198.2% | -154.8% | -145.4% | -252.2% | -512.1% | N/A | -706.3% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| ARS Pharmaceuticals, Inc. SPRY | FY2025 | $84.3M | -$171.3M | N/A | $399.8M | 51/100 |
| AtaiBeckley Inc. ATAI | FY2025 | $4.1M | -$660.0M | N/A | $2.7B | 54/100 |
| CorMedix Inc. CRMD | FY2025 | $311.7M | $163.1M | 52.3% | $581.5M | 50/100 |
| Xeris Biopharma Holdings, Inc. XERS | FY2025 | $291.8M | $554K | 0.2% | $1.8B | 37/100 |
| Rapport Therapeutics, Inc. RAPP | FY2025 | N/A | -$111.5M | N/A | $1.4B | — |
| Maravai LifeSciences Holdings, Inc. MRVI | FY2025 | $185.7M | -$130.8M | -70.4% | $1.1B | 24/100 |
Where ARS Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is ARS Pharmaceuticals, Inc.'s annual revenue?
ARS Pharmaceuticals, Inc. (SPRY) reported $84.3M in total revenue for fiscal year 2025. This represents a -5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ARS Pharmaceuticals, Inc.'s revenue growing?
ARS Pharmaceuticals, Inc. (SPRY) revenue declined by 5.5% year-over-year, from $89.1M to $84.3M in fiscal year 2025.
Is ARS Pharmaceuticals, Inc. profitable?
No, ARS Pharmaceuticals, Inc. (SPRY) reported a net income of -$171.3M in fiscal year 2025.
What is ARS Pharmaceuticals, Inc.'s EBITDA?
ARS Pharmaceuticals, Inc. (SPRY) had EBITDA of -$178.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ARS Pharmaceuticals, Inc. have?
As of fiscal year 2025, ARS Pharmaceuticals, Inc. (SPRY) had $41.3M in cash and equivalents against $96.4M in long-term debt.
What is ARS Pharmaceuticals, Inc.'s return on equity (ROE)?
ARS Pharmaceuticals, Inc. (SPRY) has a return on equity of -149.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ARS Pharmaceuticals, Inc.'s free cash flow?
ARS Pharmaceuticals, Inc. (SPRY) recorded an outflow of $171.2M in free cash flow during fiscal year 2025. This represents a -1418.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ARS Pharmaceuticals, Inc.'s operating cash flow?
ARS Pharmaceuticals, Inc. (SPRY) recorded an outflow of $170.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are ARS Pharmaceuticals, Inc.'s total assets?
ARS Pharmaceuticals, Inc. (SPRY) had $327.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ARS Pharmaceuticals, Inc.'s capital expenditures?
ARS Pharmaceuticals, Inc. (SPRY) invested $339K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ARS Pharmaceuticals, Inc. spend on research and development?
ARS Pharmaceuticals, Inc. (SPRY) invested $13.2M in research and development during fiscal year 2025.
What is ARS Pharmaceuticals, Inc.'s current ratio?
ARS Pharmaceuticals, Inc. (SPRY) had a current ratio of 7.28 as of fiscal year 2025, which is generally considered healthy.
What is ARS Pharmaceuticals, Inc.'s debt-to-equity ratio?
ARS Pharmaceuticals, Inc. (SPRY) had a debt-to-equity ratio of 0.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ARS Pharmaceuticals, Inc.'s return on assets (ROA)?
ARS Pharmaceuticals, Inc. (SPRY) had a return on assets of -52.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ARS Pharmaceuticals, Inc.'s P/E ratio?
ARS Pharmaceuticals, Inc. (SPRY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $399.8M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is ARS Pharmaceuticals, Inc.'s price-to-sales ratio?
ARS Pharmaceuticals, Inc. (SPRY) trades at 3.4x sales, its market capitalization divided by revenue of $116.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $399.8M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does ARS Pharmaceuticals, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, ARS Pharmaceuticals, Inc. (SPRY) held $245.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $170.9M over that year. Dividing the one by the other, the reported balance equals about 17 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is ARS Pharmaceuticals, Inc.'s Altman Z-Score?
ARS Pharmaceuticals, Inc. (SPRY) has an Altman Z-Score of -0.78, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is ARS Pharmaceuticals, Inc.'s Piotroski F-Score?
ARS Pharmaceuticals, Inc. (SPRY) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ARS Pharmaceuticals, Inc.'s earnings high quality?
ARS Pharmaceuticals, Inc. (SPRY) reported a net loss of $171.3M while operations used $170.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is ARS Pharmaceuticals, Inc.?
ARS Pharmaceuticals, Inc. (SPRY) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.