ARS Pharms Financials
This page shows ARS Pharms (SPRY) financial statements, including the 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).
FY2025 became a financing-backed spending year as selling costs and working capital outran a roughly steady revenue base.
Revenue was roughly unchanged from FY2024 to FY2025, yet operating cash flow swung from$13.5M to-$170.9M as SG&A exploded and inventory plus receivables expanded. That pairing suggests FY2024’s profit was not yet self-funding; once the cost base stepped up, the business relied on external financing, including$104.6M of financing inflow and$96.4M of long-term debt.
The balance sheet still shows short-term liquidity: a current ratio of 7.3x and cash of
R&D fell 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 Pharms'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 Pharms scores 0.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($782.5M) 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 Pharms 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.
For every $1 of reported earnings, ARS Pharms generates $1.00 in operating cash flow (-$170.9M OCF vs -$171.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
ARS Pharms generated $84.3M in revenue in fiscal year 2025. This represents a decrease of 5.5% from the prior year.
ARS Pharms's EBITDA was -$178.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5828.1% from the prior year.
ARS Pharms reported -$171.3M in net income in fiscal year 2025. This represents a decrease of 2241.8% from the prior year.
ARS Pharms earned $-1.74 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2275.0% from the prior year.
Cash & Balance Sheet
ARS Pharms generated -$171.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1418.5% from the prior year.
ARS Pharms held $41.3M in cash against $96.4M in long-term debt as of fiscal year 2025.
ARS Pharms had 99M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.
Margins & Returns
ARS Pharms's operating margin was -212.9% in fiscal year 2025, reflecting core business profitability. This is down 209.5 percentage points from the prior year.
ARS Pharms's net profit margin was -203.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 212.2 percentage points from the prior year.
ARS Pharms's ROE was -149.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 153.0 percentage points from the prior year.
Capital Allocation
ARS Pharms invested $13.2M in research and development in fiscal year 2025. This represents a decrease of 32.7% from the prior year.
ARS Pharms invested $339K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 39.8% from the prior year.
SPRY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.7M-19.2% | $28.1M-13.6% | $32.5M+106.8% | $15.7M+97.1% | $8.0M | N/A | $2.1M+313.6% | $500K |
| Cost of Revenue | $1.2M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $98.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $4.3M+25.9% | $3.4M+25.2% | $2.8M-31.8% | $4.0M+36.7% | $3.0M | N/A | $4.4M-35.9% | $6.9M |
| SG&A Expenses | $72.2M+20.4% | $60.0M-19.8% | $74.8M+37.6% | $54.3M+32.1% | $41.1M | N/A | $19.3M+115.6% | $8.9M |
| Operating Income | -$60.1M-45.1% | -$41.5M+22.0% | -$53.2M-11.7% | -$47.6M-28.1% | -$37.2M | N/A | -$21.7M-41.8% | -$15.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$60.6M-46.7% | -$41.3M+19.2% | -$51.2M-14.0% | -$44.9M-32.2% | -$33.9M | N/A | -$19.1M-52.8% | -$12.5M |
| EPS (Diluted) | $-0.61 | N/A | $-0.52-13.0% | $-0.46-31.4% | $-0.35 | N/A | $-0.20-53.8% | $-0.13 |
SPRY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $287.6M-12.2% | $327.7M-12.1% | $372.8M+18.9% | $313.5M-4.2% | $327.3M-6.8% | $351.2M+61.4% | $217.6M-2.0% | $222.0M |
| Current Assets | $245.2M-13.9% | $284.9M-15.9% | $338.9M+20.4% | $281.4M-7.4% | $303.9M-9.1% | $334.3M+60.1% | $208.8M-5.4% | $220.7M |
| Cash & Equivalents | $24.3M-41.1% | $41.3M-30.6% | $59.6M+15.6% | $51.5M+29.3% | $39.9M-21.6% | $50.8M+28.1% | $39.7M+8.3% | $36.6M |
| Inventory | $32.0M+2.0% | $31.4M+46.6% | $21.4M-3.1% | $22.1M+204.2% | $7.3M-30.9% | $10.5M+1371.2% | $715K | N/A |
| Accounts Receivable | $28.7M+13.1% | $25.3M-30.5% | $36.5M+45.1% | $25.1M+170.1% | $9.3M+13.8% | $8.2M+957.6% | $773K | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $226.3M+6.0% | $213.4M-5.2% | $225.1M+85.8% | $121.2M+23.2% | $98.3M+4.2% | $94.4M+467.6% | $16.6M+147.2% | $6.7M |
| Current Liabilities | $49.6M+26.7% | $39.1M-23.1% | $50.9M+11.6% | $45.6M+65.1% | $27.6M+17.8% | $23.4M+41.0% | $16.6M+147.2% | $6.7M |
| Long-Term Debt | $96.5M+0.2% | $96.4M+0.2% | $96.2M | N/A | N/A | $0 | N/A | N/A |
| Total Equity | $61.3M-46.3% | $114.3M-22.6% | $147.7M-23.2% | $192.3M-16.0% | $229.0M-10.8% | $256.8M+27.8% | $201.0M-6.6% | $215.2M |
| Retained Earnings | -$355.2M-20.6% | -$294.6M-16.3% | -$253.3M-25.3% | -$202.1M-28.5% | -$157.2M-27.5% | -$123.3M+28.8% | -$173.2M-12.4% | -$154.1M |
SPRY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44.9M-3.4% | -$43.5M+7.6% | -$47.0M-18.8% | -$39.6M+2.8% | -$40.7M-197.0% | $42.0M+390.3% | -$14.5M-98.7% | -$7.3M |
| Capital Expenditures | $0 | $0-100.0% | $197K+286.3% | $51K-44.0% | $91K-69.9% | $302K+115.7% | $140K+268.4% | $38K |
| Free Cash Flow | -$44.9M-3.4% | -$43.5M+8.0% | -$47.2M-19.2% | -$39.6M+2.9% | -$40.8M-197.9% | $41.7M+385.5% | -$14.6M-99.6% | -$7.3M |
| Investing Cash Flow | $27.8M+15.2% | $24.1M+153.6% | -$45.0M-192.6% | $48.6M+67.1% | $29.1M+128.6% | -$101.8M-705.1% | $16.8M+233.0% | -$12.6M |
| Financing Cash Flow | $159K-85.9% | $1.1M-98.9% | $100.0M+3609.5% | $2.7M+272.0% | $725K-99.0% | $70.9M+10328.8% | $680K+24.8% | $545K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SPRY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -265.2%-117.6pp | -147.6%+16.0pp | -163.7%+139.3pp | -302.9%+163.3pp | -466.3% | N/A | -1051.6%+2016.4pp | -3068.0% |
| Net Margin | -267.3%-120.1pp | -147.1%+10.3pp | -157.4%+128.2pp | -285.6%+140.1pp | -425.7% | N/A | -924.9%+1578.3pp | -2503.2% |
| Return on Equity | -98.9%-62.7pp | -36.2%-1.5pp | -34.6%-11.3pp | -23.3%-8.5pp | -14.8% | N/A | -9.5%-3.7pp | -5.8% |
| Return on Assets | -21.1%-8.5pp | -12.6%+1.1pp | -13.7%+0.6pp | -14.3%-3.9pp | -10.4% | N/A | -8.8%-3.2pp | -5.6% |
| Current Ratio | 4.94-2.3 | 7.28+0.6 | 6.66+0.5 | 6.17-4.8 | 11.00-3.3 | 14.26+1.7 | 12.56-20.3 | 32.82 |
| Debt-to-Equity | 1.57+0.7 | 0.84+0.2 | 0.65+0.0 | 0.63+0.2 | 0.43+0.4 | 0.00-0.1 | 0.08+0.1 | 0.03 |
| FCF Margin | -198.2%-43.4pp | -154.8%-9.5pp | -145.4%+106.9pp | -252.2%+259.9pp | -512.1% | N/A | -706.3%+757.1pp | -1463.4% |
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Frequently Asked Questions
What is ARS Pharms's annual revenue?
ARS Pharms (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 Pharms's revenue growing?
ARS Pharms (SPRY) revenue declined by 5.5% year-over-year, from $89.1M to $84.3M in fiscal year 2025.
Is ARS Pharms profitable?
No, ARS Pharms (SPRY) reported a net income of -$171.3M in fiscal year 2025, with a net profit margin of -203.3%.
What is ARS Pharms's EBITDA?
ARS Pharms (SPRY) had EBITDA of -$178.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ARS Pharms have?
As of fiscal year 2025, ARS Pharms (SPRY) had $41.3M in cash and equivalents against $96.4M in long-term debt.
What is ARS Pharms's operating margin?
ARS Pharms (SPRY) had an operating margin of -212.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ARS Pharms's net profit margin?
ARS Pharms (SPRY) had a net profit margin of -203.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ARS Pharms's return on equity (ROE)?
ARS Pharms (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 Pharms's free cash flow?
ARS Pharms (SPRY) generated -$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 Pharms's operating cash flow?
ARS Pharms (SPRY) generated -$170.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ARS Pharms's total assets?
ARS Pharms (SPRY) had $327.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ARS Pharms's capital expenditures?
ARS Pharms (SPRY) invested $339K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ARS Pharms spend on research and development?
ARS Pharms (SPRY) invested $13.2M in research and development during fiscal year 2025.
What is ARS Pharms's current ratio?
ARS Pharms (SPRY) had a current ratio of 7.28 as of fiscal year 2025, which is generally considered healthy.
What is ARS Pharms's debt-to-equity ratio?
ARS Pharms (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 Pharms's return on assets (ROA)?
ARS Pharms (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 Pharms's cash runway?
Based on fiscal year 2025 data, ARS Pharms (SPRY) had $41.3M in cash against an annual operating cash burn of $170.9M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is ARS Pharms's Altman Z-Score?
ARS Pharms (SPRY) has an Altman Z-Score of 0.29, 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 Pharms's Piotroski F-Score?
ARS Pharms (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 Pharms's earnings high quality?
ARS Pharms (SPRY) has an earnings quality ratio of 1.00x, considered low quality (accrual-driven). 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 Pharms?
ARS Pharms (SPRY) scores 41 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.