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SPRYARS Pharmaceuticals, Inc.
$8.33$827M
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SPRY logoARS Pharmaceuticals, Inc.(SPRY)Earnings, Financials & Key Ratios

SPRY•NASDAQ
$8.33
Price updated Jul 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryDrug Delivery Technology Platforms
AboutARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.Show more
  • Revenue$84M-5.5%
  • EBITDA-$178M-5828.1%
  • Net Income-$171M-2241.8%
  • EPS (Diluted)-1.74-2327.9%
  • Gross Margin75.77%-1.5%
  • EBITDA Margin-211.3%-6170.8%
  • Operating Margin-212.92%-6056.9%
  • Net Margin-203.25%-2365.5%
  • ROE-92.33%-2914.3%

SPRY Price & Volume

ARS Pharmaceuticals, Inc. (SPRY) stock price & volume — 10-year historical chart

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Commercial Scaling Costs Threaten Capital Solvency Position

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Imminent liquidity and dilution

Key Thesis Takeaways

  • ARS Pharmaceuticals faces a critical inflection point where the high gross margins of 72.3% in 2026Q1 are currently overshadowed by unsustainable operating losses of $60.1 million.
  • While the company possesses a unique therapeutic delivery platform, the rapid depletion of cash to $24.3 million and a rising debt-to-equity ratio of 1.58 suggest that the current commercialization strategy is highly capital-intensive.
  • Investors should monitor whether the company can achieve consistent, organic prescription-based revenue growth to offset the current quarterly burn rate before further dilutive financing becomes necessary.

Verdict Logic

the company's liquidity buffer has contracted to $24.3 million against a quarterly operating loss of $60.1 million, indicating an imminent risk of further capital dilution.

SPRY Growth Metrics

ARS Pharmaceuticals, Inc. (SPRY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years36.42%
3 Years300.09%
TTM1.92%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-1165.02%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-1082.35%

Return on Capital

10 Years-61.11%
5 Years-32.4%
3 Years-28.66%
Last Year-58.24%

SPRY Recent Earnings

ARS Pharmaceuticals, Inc. (SPRY) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 4/12 qtrs (50%)
Q2 2026Latest
May 15, 2026
Metric
Actual
Est
EPS
$0.61-15.1%
$0.53
Rev
$23M+2.2%
$22M
Q2 2026
Mar 9, 2026
Metric
Actual
Est
EPS
$0.42+0.0%
$0.42
Rev
$28M+9.7%
$26M
Q4 2025
Nov 10, 2025
Metric
Actual
Est
EPS
$0.52-15.6%
$0.45
Rev
$33M+27.0%
$26M
Q3 2025
Aug 13, 2025
Metric
Actual
Est
EPS
$0.46-12.2%
$0.41
Rev
$16M-43.2%
$28M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 15, 2026
$0.61vs $0.53-15.1%
$23Mvs $22M+2.2%
Q2 2026Mar 9, 2026
$0.42vs $0.42+0.0%
$28Mvs $26M+9.7%
Q4 2025Nov 10, 2025
$0.52vs $0.45-15.6%
$33Mvs $26M+27.0%
Q3 2025Aug 13, 2025
$0.46vs $0.41-12.2%
$16Mvs $28M-43.2%
Based on last 12 quarters of dataView full earnings history →

Latest SPRY News

Recent stock market news and headlines for ARS Pharmaceuticals, Inc. (SPRY)

Benzinga·Jun 25, 2026
ARS Pharma Reaffirms 2027 Breakeven Goal Despite Missing July Neffy Coverage Wins

ARS Pharmaceuticals Inc. (NASDAQ:SPRY) on Wednesday reaffirmed its expectation to achieve cash-flow breakeven in 2027, even as no additional commercial formulary decisions for its epinephrine nasal spray Neffy were secured during the July 1, 2026 coverage cycle.

Investors Business Daily·Jun 25, 2026
ARS Pharma Collapses After CVS Punts Its Epinephrine Spray Decision To January

ARS Pharmaceuticals stock collapsed Thursday after CVS Caremark declined to add its epinephrine spray, Neffy, to its formulary.

GlobeNewsWire·Jun 24, 2026
ARS Pharmaceuticals Provides Commercial and Financial Updates

No new commercial formulary additions or coverage decisions issued for  neffy (epinephrine nasal spray) in the July 1, 2026 cycle; company to continue payer discussions for potential future inclusion

Peers Comparison

Key metrics vs top competitors for ARS Pharmaceuticals, Inc. (SPRY)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SPRY logoSPRYARS Pharmaceuticals, Inc.Current
$8.33$827.2M-4.79-5.46%-203.25%-92.33%—
ADMA logoADMAADMA Biologics, Inc.
$9.16$2.12B15.2719.63%32.43%38.97%—
PRAX logoPRAXPraxis Precision Medicines, Inc.
$313.50$9.06B-23.26-100%—-43.02%—
NTRA logoNTRANatera, Inc.
$283.80$40.64B-186.7135.9%-9.05%-15.13%—
TLRY logoTLRYTilray Brands, Inc.
$4.38$510.37M-0.134.84%-252.55%-136.55%—
HALO logoHALOHalozyme Therapeutics, Inc.
$80.78$9.58B31.5537.55%23.13%126.27%—

Compare SPRY vs Peers

ARS Pharmaceuticals, Inc. (SPRY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADMA

Most directly comparable listed peer for SPRY.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare SPRY against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADMA, PRAX, NTRA, TLRY

SPRY SEC Filings & Documents

ARS Pharmaceuticals, Inc. (SPRY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 15, 2026·SEC

Material company update

May 13, 2026·SEC

Material company update

Mar 9, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 9, 2026·SEC

FY 2025

Mar 20, 2025·SEC

FY 2024

Mar 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 15, 2026·SEC

FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 13, 2025·SEC

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SPRY Frequently Asked Questions

ARS Pharmaceuticals, Inc. (SPRY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is ARS Pharmaceuticals, Inc.'s revenue?

ARS Pharmaceuticals, Inc. (SPRY) reported $99.0M in revenue for fiscal year 2025.

How fast is ARS Pharmaceuticals, Inc. growing?

ARS Pharmaceuticals, Inc. (SPRY) saw revenue decline by 5.5% over the past year.

Is SPRY profitable?

ARS Pharmaceuticals, Inc. (SPRY) reported a net loss of $198.0M for fiscal year 2025.

Dividend & Returns
What is SPRY's return on equity?

ARS Pharmaceuticals, Inc. (SPRY) has a return on equity (ROE) of -92.3%. Negative ROE indicates the company is unprofitable.

What is ARS Pharmaceuticals, Inc.'s free cash flow?

ARS Pharmaceuticals, Inc. (SPRY) had negative free cash flow of $175.3M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in SPRY back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →