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SPRY

ARS Pharmaceuticals, Inc.

SPRY

ARS Pharmaceuticals, Inc. • NASDAQ
$9.54 ▼ -0.31% (-0.03)
Market Cap $936.76 M
52w High $18.90
52w Low $6.66
Dividend Yield 0%
P/E -11.78
Volume 637.07K
Outstanding Shares 98.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.501M ▲ $77.502M ▲ $-51.151M ▼ -157.383% ▲ $-0.52 ▼ $-48.799M ▼
Q2-2025 $15.717M ▲ $58.347M ▲ $-44.883M ▼ -285.57% ▲ $-0.46 ▼ $-44.604M ▼
Q1-2025 $7.973M ▼ $41.104M ▲ $-33.94M ▼ -425.687% ▼ $-0.35 ▼ $-36.897M ▼
Q4-2024 $86.581M ▲ $35.492M ▲ $49.934M ▲ 57.673% ▲ $0.51 ▲ $47.226M ▲
Q3-2024 $2.068M $23.704M $-19.128M -924.952% $-0.2 $-21.727M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $288.209M ▲ $372.803M ▲ $225.148M ▲ $147.655M ▼
Q2-2025 $240.13M ▼ $313.472M ▼ $121.151M ▲ $192.321M ▼
Q1-2025 $275.727M ▼ $327.318M ▼ $98.344M ▲ $228.974M ▼
Q4-2024 $314.022M ▲ $351.153M ▲ $94.355M ▲ $256.798M ▲
Q3-2024 $204.624M $217.601M $16.623M $200.978M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-51.151M ▼ $-47.047M ▼ $-44.981M ▼ $100.045M ▲ $8.017M ▼ $-47.244M ▼
Q2-2025 $-44.883M ▼ $-39.592M ▲ $48.571M ▲ $2.697M ▲ $11.676M ▲ $-39.643M ▲
Q1-2025 $-33.94M ▼ $-40.742M ▼ $29.064M ▲ $725K ▼ $-10.953M ▼ $-40.833M ▼
Q4-2024 $49.934M ▲ $42.004M ▲ $-101.76M ▼ $70.916M ▲ $11.16M ▲ $41.702M ▲
Q3-2024 $-19.128M $-14.467M $16.818M $680K $3.031M $-14.607M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025
Product
Product
 $0 ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement SPRY still looks like an early-stage biotech that is just starting to transition from a development story to a commercial one. For several years, the business had almost no revenue and consistent operating losses, which is typical while a drug is in clinical and regulatory stages. In the most recent year, revenue and gross profit finally appear, and the bottom line swings close to – or slightly into – profitability. That suggests initial commercialization and possibly some milestone or one‑time items helping results. The key point: the income statement is improving, but the company is still at a very early revenue base and remains highly dependent on how fast its lead product ramps up in the real world.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been funded mainly with equity rather than borrowing. Assets and shareholders’ equity have risen over time, which is consistent with capital raises to fund R&D and launch activities. Debt is minimal, which lowers financial risk but also means the company relies heavily on investors for funding. Cash peaked earlier and has since come down, indicating past cash burn, though overall assets remain solid relative to the company’s size. The balance sheet looks reasonably healthy for a small biotech, but the business will still need commercial traction or future financings to sustain operations over time.

Cash Flow

Cash Flow Historically, SPRY used cash in its operations, as you would expect for a company focused on research, clinical trials, and launch preparation. Capital spending has been very light, so almost all cash movement is driven by operating needs rather than big physical investments. In the latest year, operating cash flow turns slightly positive, matching the improvement seen in earnings. That is an encouraging sign but comes off a very small revenue base and may include some non‑recurring effects. The big question going forward is whether cash inflows from product sales can grow fast enough to comfortably cover ongoing R&D, commercial, and legal costs without repeated capital raises.

Competitive Edge

Competitive Edge SPRY’s competitive position centers almost entirely on neffy, its needle‑free epinephrine nasal spray. Being first to market with an FDA‑approved, needle‑free option for severe allergic reactions is a major differentiator versus traditional auto‑injectors. The product directly addresses common pain points: fear of needles, ease of use under stress, and portability. The company is also leaning heavily into prescriber education, school programs, and payer coverage, which can help embed the product into prescribing habits and institutional protocols. However, reliance on a single product is a key risk, and the company faces future competition from other delivery technologies and potential generics as patents age or are challenged.

Innovation and R&D

Innovation and R&D Innovation is clearly SPRY’s core strength. The company has taken a well‑known drug, epinephrine, and reimagined its delivery through a proprietary nasal formulation and technology that aims to match injection‑like performance without a needle. It supports this with patient‑friendly design, breath‑actuated features, and programs to let doctors and schools gain hands‑on experience. Beyond the original indication, SPRY is investing in clinical work to extend the same platform into other allergic conditions, such as acute flares of chronic hives, and is also pursuing approvals in major international markets. This shows a focused R&D and regulatory strategy built around one technology platform, with meaningful upside if the science, safety, and real‑world use continue to support expansion.

Summary

SPRY is evolving from a pure development‑stage biotech into an emerging commercial company built around a single, highly differentiated product. The financials show the classic pattern: years of losses and cash burn followed by an initial step toward profitability and positive cash flow as the first product comes to market. The balance sheet is relatively clean, with little debt and equity as the main funding source, but cash usage in prior years highlights the ongoing need for strong sales growth or additional capital. Strategically, SPRY’s first‑mover, needle‑free position and protective intellectual property give it a real window of opportunity, supported by focused R&D and market access efforts. At the same time, concentration in one product, execution risk in scaling prescriptions and reimbursement, and the potential for future competitors or patent challenges remain central uncertainties to watch.

NEWS

November 26, 2025 · 8:00 AM UTC

ARS Pharmaceuticals to Participate in Piper Sandler 37th Annual Healthcare Conference

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November 10, 2025 · 6:00 AM UTC

ARS Pharmaceuticals Reports Third Quarter 2025 Financial Results and Highlights for neffy® (epinephrine nasal spray)

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November 4, 2025 · 8:00 AM UTC

ARS Pharma Launches Get neffy® on Us for Patients with Severe Allergic Reactions to Improve Access to neffy (epinephrine nasal spray)

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November 3, 2025 · 2:23 PM UTC

UPDATE -- ARS Pharma to Present Real-World Data on Intranasal Epinephrine at 2025 American College of Allergy, Asthma & Immunology (ACAAI) Annual Scientific Meeting

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November 3, 2025 · 8:00 AM UTC

ARS Pharmaceuticals Announces Conference Call and Webcast for its Third Quarter 2025 Financial Results

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