ARS Pharmaceuticals, Inc.
SPRYHealthcare|Biotechnology|US
$2.79
+0.14 (+5.28%)
Cash / Share
$1.39
Financials
Financial Snapshot
Market Cap
$277.5M
Enterprise Value
$251.8M
Revenue (TTM)
$122.1M
Net Income (TTM)
-$199.9M
Cash & Investments
$138.4M
Net Cash
$138.4M
Free Cash Flow (TTM)
-$183.1M
Operating CF (TTM)
-$183.1M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$138.4M
Quarterly Burn
$45.8M
Monthly Burn
$15.3M
Est. Runway
~3.0 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $20.2M | $10.0M | $24.5M | $60.1M | $274.4M | $228.4M | $314.0M | $245.0M | $138.4M | |
| Operating Cash Flow | -$16.9M | -$18.9M | $9.1M | -$17.6M | -$40.1M | -$59.3M | $13.5M | -$170.9M | -$183.1M | |
| Free Cash Flow | -$17.3M | -$19.0M | $8.2M | -$17.6M | -$40.3M | -$59.4M | $13.0M | -$171.2M | -$183.1M | |
| Capital Expenditure | -$449.0K | -$96.0K | -$917.0K | -$55.0K | -$199.0K | -$175.0K | -$563.0K | -$339.0K | $0.00 | |
| Financing Cash Flow | $19.4M | $8.6M | $5.1M | $53.2M | $190.7M | $6.9M | $72.4M | $104.6M | $32.2M |
R&D Spending
R&D (TTM)
$30.7M
R&D Intensity
25.2%
R&D Growth vs Prior
+133.2%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $17.8M | $5.5M | $1.3M | $30.0K | $89.1M | $84.3M | $122.1M | |
| R&D Expense | $14.8M | $21.5M | $14.1M | $20.3M | $18.4M | $20.3M | $19.6M | $13.2M | $30.7M | |
| R&D % of Revenue | — | — | 78.9% | 368.2% | 1396.4% | 67553.3% | 22.0% | 15.6% | 25.2% | |
| SG&A | $2.1M | $1.0M | $4.2M | $4.7M | $18.7M | $47.3M | $0.00 | $230.1M | $253.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $17.8M | $5.5M | $1.3M | $30.0K | $89.1M | $84.3M | $122.1M | |
| Cost of Revenue | $1.4M | $1.5M | $14.1M | $213.0K | $17.1M | $0.00 | $20.6M | $20.4M | $22.3M | |
| Gross Profit | -$1.4M | -$1.5M | $3.8M | $5.3M | -$15.8M | $30.0K | $68.6M | $63.9M | $62.1M | |
| R&D | $14.8M | $21.5M | $14.1M | $20.3M | $18.4M | $20.3M | $19.6M | $13.2M | $30.7M | |
| SG&A | $2.1M | $1.0M | $4.2M | $4.7M | $18.7M | $47.3M | $0.00 | $230.1M | $253.3M | |
| Operating Income | -$18.3M | -$24.1M | -$469.0K | -$19.5M | -$35.5M | -$67.5M | -$3.1M | -$179.4M | -$197.2M | |
| Interest Expense | $0.00 | — | $29.0K | $106.0K | $0.00 | $0.00 | $0.00 | $2.6M | $2.4M | |
| Pretax Income | -$17.6M | -$24.0M | -$1.1M | -$20.2M | -$34.7M | -$54.4M | $8.3M | -$171.4M | -$199.9M | |
| Net Income | -$17.6M | -$24.0M | -$1.1M | -$20.2M | -$34.7M | -$54.4M | $8.0M | -$171.3M | -$199.9M | |
| EPS (Diluted) | -0.53 | -0.72 | -0.03 | -0.70 | -0.87 | -0.57 | 0.08 | -1.74 | -2.02 | |
| EBITDA | -$16.9M | -$22.5M | -$463.0K | -$19.9M | -$34.4M | -$54.3M | $8.4M | -$167.4M | -$192.4M | |
| Shares Out. (M) | 33.07 | 33.07 | 34.70 | 28.87 | 39.96 | 95.22 | 102.39 | 98.57 | 99.69 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.2M | $10.0M | $24.5M | $60.1M | $210.5M | $71.0M | $50.8M | $41.3M | $25.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $63.9M | $157.4M | $263.2M | $203.7M | $112.7M | |
| Total Current Assets | $20.8M | $10.5M | $26.4M | $60.7M | $277.7M | $231.6M | $334.3M | $284.9M | $211.0M | |
| Total Assets | $27.5M | $15.6M | $26.4M | $61.4M | $281.4M | $233.2M | $351.2M | $327.7M | $251.5M | |
| Total Current Liabilities | $5.1M | $17.9M | $8.2M | $8.2M | $5.4M | $2.4M | $23.4M | $39.1M | $64.9M | |
| Long-Term Debt | $0.00 | $0.00 | $7.5M | $4.9M | $0.00 | $0.00 | $0.00 | $96.4M | $0.00 | |
| Total Liabilities | $9.3M | $21.3M | $40.5M | $92.7M | $8.5M | $2.4M | $94.4M | $213.4M | $263.4M | |
| Stockholders' Equity | $18.2M | -$5.6M | -$14.1M | -$31.3M | $272.9M | $230.8M | $256.8M | $114.3M | -$12.0M | |
| Retained Earnings | -$39.8M | -$63.8M | -$22.0M | -$42.3M | -$76.9M | -$131.3M | -$123.3M | -$294.6M | -$453.1M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.9M | -$18.9M | $9.1M | -$17.6M | -$40.1M | -$59.3M | $13.5M | -$170.9M | -$183.1M | |
| Capital Expenditure | -$449.0K | -$96.0K | -$917.0K | -$55.0K | -$199.0K | -$175.0K | -$563.0K | -$339.0K | $0.00 | |
| Free Cash Flow | -$17.3M | -$19.0M | $8.2M | -$17.6M | -$40.3M | -$59.4M | $13.0M | -$171.2M | -$183.1M | |
| Investing Cash Flow | -$449.0K | -$96.0K | -$917.0K | -$55.0K | -$199.0K | -$87.2M | -$106.1M | $56.8M | $116.9M | |
| Financing Cash Flow | $19.4M | $8.6M | $5.1M | $53.2M | $190.7M | $6.9M | $72.4M | $104.6M | $32.2M | |
| Issuance of Stock | $20.3M | $19.0K | $409.2M | $169.0K | $570.0K | $6.9M | $3.0M | $5.7M | $2.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$852.0K | $8.6M | $5.0M | -$1.8M | -$8.7M | $0.00 | $69.4M | $96.3M | -$732.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $3.5M | $2.8M | $5.8M | $9.2M | $14.5M | $22.1M | $33.7M | |
| Net Change in Cash | $2.1M | -$10.2M | $14.2M | $35.5M | $150.5M | -$139.5M | -$20.2M | -$9.5M | -$33.9M |
Dilution Tracker
Shares outstanding grew 184.0% over 5 years — significant dilution
Shares Outstanding
99M
5-Year Share Growth
+184.0%
Stock Issuance (TTM)
$2.6M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 33.07 | 33.07 | 34.70 | 28.87 | 39.96 | 95.22 | 102.39 | 98.57 | 99.69 | |
| Change vs Prior % | — | 0.0% | 4.9% | -16.8% | 38.4% | 138.3% | 7.5% | -3.7% | 1.1% | |
| Stock Issuance | $20.3M | $19.0K | $409.2M | $169.0K | $570.0K | $6.9M | $3.0M | $5.7M | $2.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $3.5M | $2.8M | $5.8M | $9.2M | $14.5M | $22.1M | $33.7M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 21.1% | 96.1% | -1200.9% | 100.0% | 76.9% | 75.8% | 50.8% | |
| Operating Margin % | — | — | -2.6% | -353.3% | -2698.8% | -225066.7% | -3.5% | -212.9% | -161.5% | |
| Net Margin % | — | — | -6.0% | -367.7% | -2635.4% | -181216.7% | 9.0% | -203.3% | -163.6% | |
| EBITDA Margin % | — | — | -2.6% | -361.9% | -2611.2% | -180973.3% | 9.4% | -198.6% | -157.5% | |
| FCF Margin % | — | — | 45.7% | -319.9% | -3060.6% | -198136.7% | 14.6% | -203.1% | -149.9% | |
| ROE % | -96.6% | 427.8% | 7.6% | 64.7% | -12.7% | -23.6% | 3.1% | -149.9% | -453.9% | |
| ROA % | -63.8% | -153.2% | -4.0% | -32.9% | -12.3% | -23.3% | 2.3% | -52.3% | -79.5% | |
| ROIC % | -70.6% | -240.3% | -2.3% | -34.2% | -12.9% | -29.2% | -0.9% | -62.2% | -105.7% | |
| R&D / Revenue % | — | — | 78.9% | 368.2% | 1396.4% | 67553.3% | 22.0% | 15.6% | 25.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -69.1% | -76.1% | -97.7% | 297063.3% | -5.5% | |
| Gross Profit | 0.0% | -8.9% | 343.5% | 40.6% | -398.6% | 100.2% | 228540.0% | -6.9% | |
| Operating Income | 0.0% | -31.4% | 98.1% | -4048.0% | -82.6% | -90.1% | 95.4% | -5720.6% | |
| Net Income | 0.0% | -36.3% | 95.6% | -1800.8% | -71.3% | -56.8% | 114.7% | -2241.8% | |
| EPS (Diluted) | 0.0% | -35.8% | 95.7% | -2180.1% | -24.3% | 34.5% | 113.7% | -2327.9% | |
| Operating Cash Flow | 0.0% | -12.0% | 148.0% | -293.6% | -128.2% | -47.9% | 122.9% | -1361.2% | |
| Free Cash Flow | 0.0% | -9.6% | 142.9% | -316.0% | -128.6% | -47.6% | 121.8% | -1418.5% | |
| R&D Expense | 0.0% | 45.3% | -34.6% | 44.1% | -9.4% | 10.3% | -3.4% | -32.7% | |
| SG&A Expense | 0.0% | -51.5% | 316.7% | 10.7% | 298.0% | 153.5% | -100.0% | 0.0% | |
| Total Assets | 0.0% | -43.2% | 68.8% | 132.7% | 358.0% | -17.1% | 50.6% | -6.7% | |
| Book Value / Share | 0.0% | -130.8% | -139.0% | -167.4% | 730.6% | -64.5% | 9.3% | -56.2% | |
| Debt | 0.0% | 102.0% | -35.9% | -9.8% | -94.7% | -43.0% | -84.7% | 229361.9% | |
| Diluted Shares | 0.0% | 0.0% | 4.9% | -16.8% | 38.4% | 138.3% | 7.5% | -3.7% |
Valuation
P/E (TTM)At Loss
P/S2.27
10Y Low / Med / High11.47 / 90.16 / 17392.67
P/B-23.26
10Y Low / Med / High1.25 / 3.98 / 45.43
EV/EBITDAAt Loss
EV/Revenue2.06
10Y Low / Med / High10.90 / 89.35 / 15036.10
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$1.39
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -47.17 | -34.72 | -1509.45 | -9.51 | -9.80 | -9.61 | 127.88 | -6.70 | -1.38 | |
| P/S Ratio | 0.00 | 0.00 | 90.16 | 34.92 | 258.99 | 17392.67 | 11.47 | 13.63 | 2.27 | |
| P/B Ratio | 45.43 | -147.54 | -114.44 | -6.15 | 1.25 | 2.26 | 3.98 | 10.05 | -23.26 | |
| EV/EBITDA | -48.18 | -36.96 | -3441.80 | -7.09 | -3.81 | -8.31 | 116.19 | -7.19 | -1.31 | |
| EV/Revenue | 0.00 | 0.00 | 89.35 | 25.66 | 99.38 | 15036.10 | 10.90 | 14.28 | 2.06 |
Analyst Estimates & Quality
Altman Z-Score
-3.25
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $128.6M | $187.1M | $302.5M |
| Net Income | -$187.1M | -$90.1M | -$292.2K |
| EPS | $-1.78 | $-0.81 | $-0.00 |
| # Analysts (EPS) | 2 | 3 | 3 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Product | $7.3M | $72.2M |
By Geography
| Segment | 2025 |
|---|---|
| Non-US | $12.1M |
| UNITED STATES | $72.2M |