NASDAQ : SPRY
ARS Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 3.66 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 363.98M
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Financial statements
ARS Pharmaceuticals, Inc. (SPRY) reported revenue of 116.93M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 116.93M | 84.28M | 89.15M | 30.00K | 1.32M | 5.51M |
| Cost of Revenue | 48.70M | 33.60M | 20.56M | 20.27M | 17.12M | 20.27M |
| Gross Profit | 68.22M | 50.67M | 68.59M | -20.24M | -15.80M | -14.77M |
| Selling, General & Admin | 284.49M | 230.12M | 71.67M | 47.28M | 18.66M | 4.69M |
| Operating Expenses | 284.49M | 230.12M | 71.67M | 47.28M | 18.66M | 4.69M |
| Operating Income | -216.27M | -179.45M | -3.08M | -67.52M | -34.46M | -19.45M |
| Interest Expense | -7.52M | -2.60M | -800.00K | |||
| Interest & Investment Income | 8.27M | 10.67M | 11.37M | |||
| Other Non Operating Income (Expenses) | 6.01M | 1.12M | 11.00K | |||
| EBT Excluding Unusual Items | -215.51M | -171.38M | 8.29M | -61.51M | -33.34M | -20.24M |
| Gain (Loss) on Sale of Investments | 6.85M | -285.00K | ||||
| Gain (Loss) on Sale of Assets | 300.00K | |||||
| Pretax Income | -215.51M | -171.38M | 8.29M | -54.37M | -34.68M | -20.24M |
| Income Tax Expense | -80.00K | -80.00K | 288.00K | |||
| Net Income | -215.43M | -171.30M | 8.00M | -54.37M | -34.68M | -20.24M |
| Net Income to Common | -215.43M | -171.30M | 8.00M | -54.37M | -34.68M | -20.24M |
| Shares Outstanding (Basic) | 99.11M | 98.57M | 96.94M | 95.22M | 39.96M | 28.87M |
| Shares Outstanding (Diluted) | 99.11M | 98.57M | 102.39M | 95.22M | 39.96M | 28.87M |
| EPS (Basic) | -2.17 | -1.74 | 0.08 | -0.57 | -0.87 | -0.70 |
| EPS (Diluted) | -2.18 | -1.74 | 0.08 | -0.57 | -0.87 | -0.70 |
| Free Cash Flow | -196.60M | -171.21M | 12.98M | -59.44M | -40.28M | -17.62M |
| Free Cash Flow Per Share | -1.98 | -1.74 | 0.13 | -0.62 | -1.01 | -0.61 |
| Gross Margin | 58.35% | 60.13% | 76.94% | -268.20% | ||
| Operating Margin | -184.96% | -212.92% | -3.46% | -225,066.67% | -2,618.54% | -353.32% |
| Profit Margin | -184.25% | -203.25% | 8.97% | -181,216.67% | -2,635.41% | -367.65% |
| Free Cash Flow Margin | -168.14% | -203.14% | 14.57% | -198,136.67% | -3,060.56% | -319.94% |
| EBITDA | -214.65M | -178.08M | -3.00M | -67.45M | -34.43M | -19.24M |
| EBITDA Margin | -183.57% | -211.30% | -3.37% | |||
| D&A For EBITDA | 1.62M | 1.37M | 79.00K | 73.00K | 34.00K | 213.00K |
| EBIT | -216.27M | -179.45M | -3.08M | -67.52M | -34.46M | -19.45M |
| EBIT Margin | -184.96% | -212.92% | -3.46% | |||
| Effective Tax Rate | 3.48% | |||||
| Revenue as Reported | 116.93M | 84.28M | 89.15M | 30.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.16M | 41.32M | 50.82M | 70.97M | 210.52M | 60.06M |
| Short-Term Investments | 135.68M | 203.67M | 263.20M | 157.39M | 63.86M | |
| Cash & Short-Term Investments | 143.84M | 244.99M | 314.02M | 228.36M | 274.38M | 60.06M |
| Accounts Receivable | 46.84M | 25.35M | 8.18M | |||
| Other Receivables | 800.00K | 1.00M | 1.00M | 686.00K | 1.01M | 1.00K |
| Receivables | 47.64M | 26.35M | 9.18M | 686.00K | 1.01M | 1.00K |
| Inventory | 11.69M | 8.37M | 5.21M | |||
| Prepaid Expenses | 8.34M | 5.19M | 5.89M | 2.03M | 2.31M | 666.00K |
| Other Current Assets | 652.00K | |||||
| Total Current Assets | 211.51M | 284.90M | 334.30M | 231.73M | 277.70M | 60.73M |
| Property, Plant & Equipment | 2.08M | 2.46M | 1.07M | 824.00K | 774.00K | 693.00K |
| Other Intangible Assets | 13.90M | 14.45M | 7.37M | 617.00K | ||
| Other Long-Term Assets | 22.00M | 25.84M | 8.42M | 21.00K | 2.96M | 23.00K |
| Total Assets | 249.50M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M |
| Accounts Payable | 5.20M | 9.16M | 14.12M | 759.00K | 1.66M | 1.79M |
| Accrued Expenses | 27.03M | 10.04M | 2.47M | 357.00K | 2.10M | 1.30M |
| Current Portion of Long-Term Debt | 3.48M | |||||
| Current Portion of Leases | 237.00K | 230.00K | 144.00K | |||
| Current Income Taxes Payable | 174.00K | |||||
| Current Unearned Revenue | 535.00K | 609.00K | 557.00K | 283.00K | 1.46M | |
| Other Current Liabilities | 28.10M | 19.33M | 6.29M | 1.04M | 1.00M | 22.00K |
| Total Current Liabilities | 60.86M | 39.15M | 23.44M | 2.39M | 5.44M | 8.19M |
| Long-Term Debt | 171.60M | 168.51M | 69.38M | 4.93M | ||
| Long-Term Leases | 37.00K | 251.00K | 480.00K | |||
| Long-Term Unearned Revenue | 1.11M | 1.13M | 1.53M | 2.85M | 3.00M | |
| Other Long-Term Liabilities | 3.40M | 4.61M | 83.00K | |||
| Total Liabilities | 236.98M | 213.39M | 94.36M | 2.43M | 8.55M | 16.68M |
| Common Stock | 10.00K | 10.00K | 10.00K | 10.00K | 9.00K | 3.00K |
| Additional Paid-In Capital | 430.20M | 408.73M | 379.87M | 362.00M | 349.41M | 10.98M |
| Retained Earnings | -417.56M | -294.60M | -123.31M | -131.30M | -76.94M | -42.26M |
| Comprehensive Income & Other | -140.00K | 125.00K | 220.00K | 49.00K | 407.00K | |
| Total Common Equity | 12.51M | 114.26M | 256.80M | 230.76M | 272.89M | -31.27M |
| Shareholders' Equity | 12.51M | 114.26M | 256.80M | 230.76M | 272.89M | 44.77M |
| Total Liabilities & Equity | 249.50M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M |
| Total Debt | 171.60M | 168.51M | 69.38M | 274.00K | 481.00K | 9.03M |
| Net Cash (Debt) | -27.76M | 76.47M | 244.64M | 228.09M | 273.90M | 51.03M |
| Net Cash Per Share | -0.28 | 0.78 | 2.39 | 2.40 | 6.86 | 1.77 |
| Filing Date Shares Outstanding | 99.45M | 99.30M | 98.12M | 96.50M | 94.40M | 25.70M |
| Total Common Shares Outstanding | 99.44M | 99.29M | 97.95M | 96.41M | 93.94M | 25.70M |
| Working Capital | 150.65M | 245.75M | 310.86M | 229.34M | 272.26M | 52.54M |
| Book Value Per Share | 0.13 | 1.15 | 2.62 | 2.39 | 2.90 | -1.22 |
| Tangible Book Value | -1.39M | 99.81M | 249.43M | 230.14M | 272.89M | -31.27M |
| Tangible Book Value Per Share | -0.01 | 1.01 | 2.55 | 2.39 | 2.90 | -1.22 |
| Machinery | 671.00K | 377.00K | 86.00K | |||
| Leasehold Improvements | 24.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -215.43M | -171.30M | 8.00M | -54.37M | -34.68M | -20.24M |
| Depreciation & Amortization | 1.62M | 1.37M | 79.00K | 73.00K | 34.00K | 213.00K |
| Asset Writedown & Restructuring Costs | 1.06M | |||||
| Loss (Gain) From Sale of Investments | -3.73M | -5.52M | -7.25M | -6.85M | 285.00K | |
| Stock-Based Compensation | 31.24M | 22.09M | 14.53M | 9.23M | 5.84M | 2.83M |
| Other Operating Activities | 2.58M | 2.50M | 140.00K | -4.00K | ||
| Change in Accounts Receivable | -24.30M | -17.20M | -8.18M | |||
| Change in Inventory | -9.04M | -21.99M | -5.95M | |||
| Change in Accounts Payable | 22.74M | 18.88M | 16.41M | -2.78M | -10.29M | 974.00K |
| Change in Unearned Revenue | -199.00K | -350.00K | 2.09M | -3.14M | -1.32M | -2.51M |
| Change in Other Net Operating Assets | -1.89M | 656.00K | -6.19M | -1.45M | -1.15M | 1.18M |
| Operating Cash Flow | -196.41M | -170.87M | 13.55M | -59.27M | -40.08M | -17.56M |
| Capital Expenditures | -197.00K | -339.00K | -563.00K | -175.00K | -199.00K | -55.00K |
| Investment in Securities | 56.55M | 64.97M | -98.04M | -87.00M | ||
| Other Investing Activities | -7.86M | -7.86M | -7.50M | |||
| Investing Cash Flow | 48.50M | 56.77M | -106.10M | -87.18M | -199.00K | -55.00K |
| Long-Term Debt Issued | 96.26M | |||||
| Long-Term Debt Repaid | -8.68M | -1.82M | ||||
| Net Debt Issued (Repaid) | 96.26M | 96.26M | -8.68M | -1.82M | ||
| Issuance of Common Stock | 3.11M | 5.68M | 3.02M | 6.90M | 570.00K | 169.00K |
| Other Financing Activities | 5.17M | 2.66M | 69.38M | 198.84M | ||
| Financing Cash Flow | 104.53M | 104.60M | 72.40M | 6.90M | 190.73M | 53.16M |
| Net Cash Flow | -43.38M | -9.50M | -20.15M | -139.55M | 150.46M | 35.54M |
| Free Cash Flow | -196.60M | -171.21M | 12.98M | -59.44M | -40.28M | -17.62M |
| Free Cash Flow Margin | -168.14% | -203.14% | 14.57% | -198,136.67% | -3,060.56% | -319.94% |
| Free Cash Flow Per Share | -1.98 | -1.74 | 0.13 | -0.62 | -1.01 | -0.61 |
| Levered Free Cash Flow | -117.70M | -94.59M | 16.50M | -36.17M | -17.86M | -9.57M |
| Unlevered Free Cash Flow | -113.00M | -92.96M | 16.50M | -36.17M | -17.86M | -9.07M |
| Cash Interest Paid | 7.07M | 2.45M | 366.00K | 576.00K | ||
| Change in Working Capital | -12.68M | -20.00M | -1.81M | -7.36M | -12.75M | -356.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 303.31M | 1.15B | 1.03B | 526.06M | 799.86M | |
| Enterprise Value | 331.07M | 1.03B | 820.59M | 284.49M | 838.56M | |
| Last Close Price | 3.05 | 11.65 | 10.55 | 5.48 | 8.53 | |
| PE Ratio | 128.19 | |||||
| PS Ratio | 2.59 | 13.66 | 11.50 | 17,535.50 | 607.80 | |
| PB Ratio | 24.24 | 10.08 | 3.99 | 2.28 | 2.93 | |
| P/TBV Ratio | 11.54 | 4.11 | 2.29 | 2.93 | ||
| P/FCF Ratio | 78.96 | |||||
| P/OCF Ratio | 75.68 | |||||
| EV/Sales Ratio | 2.83 | 12.26 | 9.21 | 9,483.00 | 637.20 | |
| EV/FCF Ratio | 63.20 | |||||
| Debt / Equity Ratio | 13.71 | 1.48 | 0.27 | 0.00 | 0.00 | 0.20 |
| Debt / FCF Ratio | 5.34 | |||||
| Net Debt / Equity Ratio | 2.22 | -0.67 | -0.95 | -0.99 | -1.00 | -1.14 |
| Net Debt / EBITDA Ratio | -0.13 | 0.43 | 81.44 | 3.38 | 7.96 | 2.65 |
| Net Debt / FCF Ratio | -0.14 | 0.45 | -18.84 | 3.84 | 6.80 | 2.90 |
| Asset Turnover | 0.41 | 0.25 | 0.30 | 0.00 | 0.01 | 0.12 |
| Inventory Turnover | 4.77 | 4.95 | ||||
| Quick Ratio | 3.15 | 6.93 | 13.79 | 95.80 | 50.59 | 7.34 |
| Current Ratio | 3.48 | 7.28 | 14.26 | 96.92 | 51.01 | 7.42 |
| Return on Equity (ROE) | -210.35% | -92.33% | 3.28% | -21.59% | -21.84% | -77.93% |
| Return on Assets (ROA) | -48.02% | -33.05% | -0.66% | -16.40% | -12.56% | -27.68% |
| Return on Invested Capital (ROIC) | -602.38% | -474.91% | ||||
| Return on Capital Employed (ROCE) | -114.70% | -62.20% | -0.90% | -29.30% | -12.50% | -36.50% |
| Earnings Yield | -71.33% | -14.88% | 0.78% | -10.33% | -4.34% | |
| FCF Yield | -64.82% | -14.87% | 1.27% | -11.30% | -5.04% | |
| Buyback Yield / Dilution | -1.43% | 3.74% | -7.54% | -138.30% | -38.39% | -42.81% |