ARS Pharmaceuticals, Inc. (SPRY)

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes treatments for severe allergic reactions in the United States and internationally. The company is involved in the development of neffy, a needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. ARS Pharmaceuticals, Inc. was founded in 2015 and is headquartered in San Diego, California.

Ticker: SPRY
Exchange: Nasdaq
Sector: Healthcare
Industry: Biotechnology
Market cap: $279.69M
52-week range: $2.44 - $13.15

Valuation

Share price: $2.79 (close of Nov 6, 2026)
P/E (TTM): -1.39x
Price to book: -23.40x
Price to free cash flow: -1.53x
Enterprise value: $263.15M
Book value per share: $-0.12

Price performance

Period	Change
1 day	+5.28%
5 days	-17.46%
1 month	-35.12%
3 months	-49.73%
6 months	-69.94%
Year to date	-76.05%
1 year	-65.93%
3 years	-22.07%
5 years	-68.33%
All time	-88.84%

Short interest

As of: Oct 15, 2026
Short % of float: 28.74%
Shares short: 19.82M
Days to cover: 12.56
Change since prior report: -6.47%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -149.92%
Return on invested capital: -85.16%
Return on assets: -52.28%
Return on capital employed: -62.20%
Gross margin: 75.77%
Net margin: -203.25%
EBITDA margin: -211.30%
Revenue growth: -5.46%

Cash flow and balance sheet

Free cash flow yield (TTM): -65.45%
Current ratio: 3.25x
Net debt to EBITDA: 0.09x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $84.28M
Cost of revenue: $20.42M
Gross profit: $63.85M
EBITDA: -$178.08M
Net income: -$171.30M
Earnings per share: $-1.74
Research and development: $13.18M
Shares outstanding: 98.57M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$84.28M	$63.85M	-$171.30M	-$1.74
2024-12-31	$89.15M	-	$8.00M	$0.08
2023-12-31	$30.00K	-	-$54.37M	-$0.57
2022-12-31	$1.32M	-	-$34.68M	-$0.87
2021-12-31	$5.51M	-	-$20.24M	-$0.70
2020-12-31	-	-	-$32.95M	-$11.33

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	75.77%	-203.25%	-149.92%	-85.16%
2024-12-31	-	8.97%	3.11%	-1.20%
2023-12-31	-	-181,216.67%	-23.56%	-29.23%
2022-12-31	-	-2,635.41%	-12.71%	-12.99%
2021-12-31	-	-367.65%	-	-

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$244.99M	$96.37M
2024-12-31	$314.02M	-
2023-12-31	$228.36M	-
2022-12-31	$274.38M	-
2021-12-31	$60.06M	-
2020-12-31	$386.57M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$171.21M	$22.09M
2024-12-31	$12.98M	$14.53M
2023-12-31	-$59.44M	$9.23M
2022-12-31	-$40.28M	$5.84M
2021-12-31	-$17.62M	$2.83M
2020-12-31	-$32.11M	$2.64M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-05	Sep 2026	-$0.34
2026-08-13	Jun 2026	-$0.55
2026-05-15	Mar 2026	-$0.53
2026-03-09	Dec 2025	-$0.42
2025-11-10	Sep 2025	-$0.45
2025-08-13	Jun 2025	-$0.41
2025-05-14	Mar 2025	-$0.35
2025-03-20	Dec 2024	-$0.04

Filings and sources

Company website: ars-pharma.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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