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ARS Pharmaceuticals, Inc. (SPRY) stock

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NASDAQ: SPRY Nasdaq Biotechnology Next results ~November 5, 2026

C Fundamentals grade

ARS Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.8

Valuation models combined (2)

Base case. Range ~$4.5–$5.8. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

ARS Pharmaceuticals, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds108 adding, 87 cuttingOf 34 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ARS Pharmaceuticals files

Where ARS Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $117m, up 4.1% on a year earlier, faster than the 1.9% growth a quarter earlier. Free-cash-flow margin fell to -168.1% from -47.5% a year earlier. Operating margin narrowed to -185.0% from -52.8%. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our price-to-sales vs peers value is $3.00 a share, against a share price of $3.81.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

ARS Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 4.1% year on year, with a free-cash-flow margin of -168.1%. Where it stands out: change in share count of -3.9% ranks 7 of 156 biotechnology companies we cover. Where it lags: days sales outstanding of 146 days ranks 84 of 100 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 268.3% while net income fell 348.7%: a 80pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -185.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 132.1 points on a year ago.
  • Burning cash. Free cash flow was -168.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 26.7% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 1.6 against the S&P 500.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$0.63 against an average estimate of -$0.49: missed by 27.7%
Revenue
$34m, up 114.2% on a year earlier
Share reaction
-6.6% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.33

ARS Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.8%
  • 1 week-22.2%
  • 1 month-25.1%
  • This year-73.8%
  • 1 year-66.0%
  • 5 years-66.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$117M
Operating margin
-185.0%
Net margin
-184.2%
EPS (TTM, diluted)
$-2.17

Growth

Revenue growth
+4.1%
Change in growth rate
+2.2 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
-$197M
FCF margin
-168.1%
Stock pay % of revenue
26.7%

Earnings

Last results
August 13, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ARS Pharmaceuticals, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value ARS Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.5 ~$1.9–$6.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.8 ~$6.0–$22 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.8 ~$4.5–$5.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ARS Pharmaceuticals, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$6.66$8.53$5.48$10.55$11.65$3.05
Market value$192m$341m$522m$1.1bn$1.1bn$302m
+ Net debt (− = net cash)−$52m−$211m−$71m−$51m$55m$89m
Enterprise value$141m$130m$451m$1.0bn$1.2bn$391m
Multiples
Price / sales 34.9xn/mn/m12.1x13.6x2.6x
Price / earnings ———135.1x——
Price / free cash flow ———83.2x——
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $42m and EPS of −$0.33 (range −$0.40 to −$0.29) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.88 −8% $129m +53%
Next −$0.90 +52% $187m +46%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.3% on 90 days ago. In the last 30 days, 1 analyst raised ARS Pharmaceuticals, Inc.'s forecast and 2 cut it.

Consensus EPS forecast ARS Pharmaceuticals, Inc., last 90 days
−$2.00 −$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.72 Current fiscal year, 60 days ago: −$1.84 Current fiscal year, 30 days ago: −$1.87 Current fiscal year, 7 days ago: −$1.87 Current fiscal year, Now: −$1.88 −$1.88 Next fiscal year, 90 days ago: −$0.94 Next fiscal year, 60 days ago: −$0.89 Next fiscal year, 30 days ago: −$0.90 Next fiscal year, 7 days ago: −$0.90 Next fiscal year, Now: −$0.90 −$0.90

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.72−$0.94
60 days ago −$1.84−$0.89
30 days ago −$1.87−$0.90
7 days ago −$1.87−$0.90
Now −$1.88−$0.90

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.49 −$0.63 −27.7%
Mar 2026 −$0.54 −$0.61 −14.0%
Dec 2025 −$0.48 −$0.42 +12.5%
Sept 2025 −$0.49 −$0.52 −6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 202644
  3. Aug 202644
  4. Jul 202644

Counts of recommendations published by analysts covering ARS Pharmaceuticals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.7%
of tradable shares
Days to cover
13.03
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
16.2%
of shares
Employees
195
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −66.0%

$8.96 on October 31, 2025 to $3.05

ThenNowEffect
Revenue (last 12 months) $112m $117m +4.1%
P/S multiple 8.2x 2.6x −68.6%
Share count 103m 99m +4.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −19.1%

$3.77 on November 3, 2023 to $3.05

ThenNowEffect
Revenue (last 12 months) $219000 $117m +53291.3%
P/S multiple n/m 2.6x −99.8%
Share count 93m 99m −5.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPRY−86%+28%−36%+93%+10%−74%
Industry peers (median)−35%−57%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPRY17%50%42%67%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPRY−90%−57%−68%−40%−63%−77%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 4, 2020: 95% from March 17, 2021 to May 11, 2022. Getting back needed a 1983% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.05 – $13.06
From 52-week high
−76.6%
vs 50-day average
−32.6%
vs 200-day average
−58.5%
Volatility (1 year)
75%
Beta vs S&P 500
1.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±5.7%
After a week
6 up, 6 down
typical move ±12.8%
After a month
7 up, 5 down
typical move ±18.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −6.6% +0.5% −9.0% −25.6%
May 15, 2026 −8.1% −1.3% 0.0% +22.2%
March 9, 2026 −2.2% +0.7% −4.0% −9.6%
November 10, 2025 −0.9% +1.8% −17.3% +18.0%
August 13, 2025 −13.1% +0.4% −12.4% −39.8%
May 14, 2025 −8.7% +0.6% +6.5% +15.3%
March 20, 2025 +6.1% −0.3% +8.4% +22.9%
January 13, 2025 +1.1% +0.3% +19.9% +3.5%
November 13, 2024 −15.1% −0.6% −18.4% −28.4%
August 6, 2024 +2.6% +0.2% +40.1% +26.1%
May 9, 2024 −3.5% +0.7% +0.4% +0.1%
March 21, 2024 −0.6% +0.1% +17.5% −5.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

ARS Pharmaceuticals, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ARS Pharmaceuticals, Inc.
$0 $50M $100M $150M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $30K Revenue (TTM), FY23 Q4: $30K Revenue (TTM), FY24 Q1: $10K Revenue (TTM), FY24 Q2: $500K Revenue (TTM), FY24 Q3: $2.6M Revenue (TTM), FY24 Q4: $89.1M Revenue (TTM), FY25 Q1: $97.1M Revenue (TTM), FY25 Q2: $112.3M Revenue (TTM), FY25 Q3: $142.8M Revenue (TTM), FY25 Q4: $84.3M Revenue (TTM), FY26 Q1: $99M Revenue (TTM), FY26 Q2: $116.9M $116.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $30K
FY23 Q4 $30K
FY24 Q1 $10K
FY24 Q2 $500K
FY24 Q3 $2.6M
FY24 Q4 $89.1M
FY25 Q1 $97.1M
FY25 Q2 $112.3M
FY25 Q3 $142.8M
FY25 Q4 $84.3M
FY26 Q1 $99M
FY26 Q2 $116.9M
Revenue growth, TTM YoY ARS Pharmaceuticals, Inc.
-500000% 0% 500000% 1000000% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY23 Q4: -97.7% Revenue growth, TTM YoY, FY24 Q1: -98.5% Revenue growth, TTM YoY, FY24 Q2: 128.3% Revenue growth, TTM YoY, FY24 Q3: 8460.0% Revenue growth, TTM YoY, FY24 Q4: 297063.3% Revenue growth, TTM YoY, FY25 Q1: 971120.0% Revenue growth, TTM YoY, FY25 Q2: 22367.8% Revenue growth, TTM YoY, FY25 Q3: 5459.7% Revenue growth, TTM YoY, FY25 Q4: -5.5% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -97.7%
FY24 Q1 -98.5%
FY24 Q2 128.3%
FY24 Q3 8460.0%
FY24 Q4 297063.3%
FY25 Q1 971120.0%
FY25 Q2 22367.8%
FY25 Q3 5459.7%
FY25 Q4 -5.5%
FY26 Q1 1.9%
FY26 Q2 4.1%
Operating margin (TTM) ARS Pharmaceuticals, Inc.
-800000% -600000% -400000% -200000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -242456.7% Operating margin (TTM), FY23 Q4: -225066.7% Operating margin (TTM), FY24 Q1: -619990.0% Operating margin (TTM), FY24 Q2: -11347.2% Operating margin (TTM), FY24 Q3: -2356.2% Operating margin (TTM), FY24 Q4: -3.5% Operating margin (TTM), FY25 Q1: -27.9% Operating margin (TTM), FY25 Q2: -52.8% Operating margin (TTM), FY25 Q3: -63.6% Operating margin (TTM), FY25 Q4: -212.9% Operating margin (TTM), FY26 Q1: -204.5% Operating margin (TTM), FY26 Q2: -185.0% -185.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -242456.7%
FY23 Q4 -225066.7%
FY24 Q1 -619990.0%
FY24 Q2 -11347.2%
FY24 Q3 -2356.2%
FY24 Q4 -3.5%
FY25 Q1 -27.9%
FY25 Q2 -52.8%
FY25 Q3 -63.6%
FY25 Q4 -212.9%
FY26 Q1 -204.5%
FY26 Q2 -185.0%
FCF margin (TTM) ARS Pharmaceuticals, Inc.
-600000% -400000% -200000% 0% 200000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -209166.7% FCF margin (TTM), FY23 Q4: -198136.7% FCF margin (TTM), FY24 Q1: -536120.0% FCF margin (TTM), FY24 Q2: -8846.0% FCF margin (TTM), FY24 Q3: -1792.5% FCF margin (TTM), FY24 Q4: 14.6% FCF margin (TTM), FY25 Q1: -21.7% FCF margin (TTM), FY25 Q2: -47.5% FCF margin (TTM), FY25 Q3: -60.2% FCF margin (TTM), FY25 Q4: -203.1% FCF margin (TTM), FY26 Q1: -177.1% FCF margin (TTM), FY26 Q2: -168.1% -168.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -209166.7%
FY23 Q4 -198136.7%
FY24 Q1 -536120.0%
FY24 Q2 -8846.0%
FY24 Q3 -1792.5%
FY24 Q4 14.6%
FY25 Q1 -21.7%
FY25 Q2 -47.5%
FY25 Q3 -60.2%
FY25 Q4 -203.1%
FY26 Q1 -177.1%
FY26 Q2 -168.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 6 1 0 89 84 117
Gross profit — — 0 — — —
EBITDA −19 −35 −67 −3 −178 −215
Operating income −19 −36 −68 −3 −179 −216
Net income −20 −35 −54 8 −171 −215
Diluted EPS −$0.70 −$0.87 −$0.57 $0.08 −$1.74 −$2.17
Growth (year on year)
Revenue — −76.1% −97.7% +>999% −5.5% +4.1%
Net income — — — — <−999% —
Diluted EPS — — — — <−999% —
Margins
Gross margin — — 100.0% — — —
EBITDA margin −349.5% <−999% <−999% −3.4% −211.3% −183.6%
Operating margin −353.3% <−999% <−999% −3.5% −212.9% −185.0%
Net margin −367.7% <−999% <−999% 9.0% −203.3% −184.2%
Free-cash-flow margin −319.9% <−999% <−999% 14.6% −203.1% −168.1%
Cash flow
Cash from operations −18 −40 −59 14 −171 −196
Capital spending 0 0 0 1 0 0
Free cash flow −18 −40 −59 13 −171 −197
Stock-based pay 3 6 9 15 22 31
Free cash flow after stock pay −20 −46 −69 −2 −193 −228
Balance sheet
Cash 60 211 71 51 41 8
Total debt 8 0 0 0 96 97
Net debt (negative = net cash) −52 −211 −71 −51 55 89
Diluted shares 29m 40m 95m 102m 99m 99m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $249m
Short-term assets $212mLonger-term assets $38m
What it owes, and who funded it · $249m
Short-term liabilities $61mLonger-term liabilities $176mShareholders' equity $13m
  • Short-term assets cover short-term liabilities $212m of assets due within a year against $61m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $212m short-term assets against $176m of longer-dated liabilities.
  • More cash than debt $8m of cash against $97m of debt.
  • Debt below 40% of shareholders' equity Debt is 773% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$196m of operating cash flow against $97m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From ARS Pharmaceuticals, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−3.9%
year over year
R&D spending
13.0%
of revenue
Sales & admin spending
243.3%
of revenue
Days sales outstanding
146 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated SPRY RCUS MESO XNCR AGEN KYMR Median
Revenue, last 12 months $117m $117m $120m $105m $133m $102m $56m
Revenue growth, last 12 months 4.1% −55.3% 599.2% −28.6% 30.5% 133.8% 12.6%
Revenue growth, 3-year average 711.3% −1.1% — −2.5% 10.1% 29.7% 13.7%
Revenue growth, latest quarter 114.2% −74.4% — 17.5% 34.4% −100.0% 10.2%
Gross margin — — 86.1% — 99.5% 0.0% 82.9%
Operating margin −185.0% −415.4% — −205.8% 27.3% −396.0% −189.4%
Operating margin, 3-year average <−999% −221.0% — −136.0% −43.3% −461.5% −363.5%
Net margin −184.2% −393.2% −47.8% −155.6% 69.2% −341.8% −169.8%
Cash from operations / revenue −168.0% −405.1% −36.4% −196.1% −74.2% −281.3% −168.0%
Free-cash-flow margin −168.1% −406.0% −37.1% −198.4% −74.2% −282.6% −162.4%
Free-cash-flow margin, 3-year average <−999% −214.9% — −128.0% −105.5% −326.1% −310.0%
Stock pay / revenue 26.7% 53.8% 12.4% 37.2% 8.0% 66.7% 20.0%
Change in share count −3.9% 22.7% 7.2% 5.2% 50.4% 17.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 4.1% 12.6% 104 of 172
Change in growth rate Growth +2.2pp -0.1pp 67 of 172
Operating margin Profitability -185.0% -189.4% 87 of 175
Net margin Profitability -184.2% -157.3% 94 of 180
Free-cash-flow margin Cash generation -168.1% -145.4% 90 of 176
Stock pay as % of revenue Cash generation 26.7% 19.2% 99 of 179
Long-term debt as % of assets Balance sheet 38.7% 20.6% 62 of 78
Change in share count Balance sheet -3.9% 7.9% 7 of 156
Days sales outstanding Balance sheet 146 days 75 days 84 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $72.2M 85.7% ▲ 895.1%
Revenue Under Collaboration Agreements $9.7M 11.5% ▼ 88.1%
Revenue Under Supply Agreements $2.4M 2.8% ▲ 549.3%
Geography
Region Revenue Share YoY
United States $72.2M 85.7% ▲ 895.1%
Outside the US $12.1M 14.3% ▼ 85.2%

From ARS Pharmaceuticals, Inc.'s 10-K filed March 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$727M
Institutions reporting
205
Shares held vs prior quarter
▼ 3.6%
Positions opened / closed
36 / 31

Top buyers and sellers, Q2 2026: 108 institutions bought and 87 sold ; the biggest buyer was Capital World Investors (+2.8M shares) and the biggest seller Millennium Management LLC (−3.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
RA Capital Management, L.P. $87M 10.9M 12.0% 0.0%
Rubric Capital Management LP $68.4M 8.5M 9.4% ▲ 6.8%
Orbimed Advisors LLC $66.4M 8.3M 9.1% 0.0%
Deerfield Management Company, L.P. $60.1M 7.5M 8.3% 0.0%
Blackrock, Inc. $42.5M 5.3M 5.9% ▲ 6.0%
Tyro Capital Management LLC $35.7M 4.5M 4.9% ▲ 50.2%
Aberdeen Group PLC $33.4M 4.2M 4.6% ▲ 1.4%
Sr One Capital Management, LP $32.1M 4.0M 4.4% 0.0%
State Street Corp $29.9M 3.7M 4.1% ▲ 2.4%
Capital World Investors $22.1M 2.8M 3.0% New
Vanguard Capital Management LLC $20.5M 2.6M 2.8% ▲ 0.4%
Millennium Management LLC $19.2M 2.4M 2.6% ▼ 59.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ARS Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.9M 5 trades by 4 insiders · 15% under pre-set plans
Net ▼ $1.9M net selling
Insider Date Trade Shares Price Value
Fitzpatrick Alexander A Chief Legal Officer June 12, 2026 Sell pre-set plan 3,355 $10.00 $33,550
Karas Eric Chief Commercial Officer June 12, 2026 Sell pre-set plan 25,000 $10.00 $250,000
Dorsey Brian Chief Operating Officer November 13, 2025 Sell 21,828 $8.71 $190,122
Chakma Justin Chief Business Officer November 12, 2025 Sell 30,000 $8.91 $267,300
Chakma Justin Chief Business Officer November 12, 2025 Sell 136,380 $8.86 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 15, 2026
  • March 9, 2026
  • November 10, 2025
  • August 13, 2025
  • May 14, 2025

Recent SEC filings

Data status

When each part of this page on ARS Pharmaceuticals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ARS Pharmaceuticals, Inc. in brief

What does ARS Pharmaceuticals, Inc. do?
ARS Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is ARS Pharmaceuticals, Inc.'s stock ticker?
ARS Pharmaceuticals, Inc. trades under the ticker SPRY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ARS Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, ARS Pharmaceuticals, Inc. reported revenue of $117M, 4.1% higher than a year earlier, according to its SEC filings.
What is ARS Pharmaceuticals, Inc.'s free cash flow?
ARS Pharmaceuticals, Inc.'s free-cash-flow margin is -168.1% of revenue over the trailing twelve months, ranking 90 of the 176 biotechnology companies we cover.
Who are ARS Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are RA Capital Management, L.P., Rubric Capital Management LP and Orbimed Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is ARS Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, ARS Pharmaceuticals, Inc.'s market capitalisation was about $302M and net debt of $88.5M. Market figures come from third-party market data and may be delayed.
How much debt does ARS Pharmaceuticals, Inc. have?
ARS Pharmaceuticals, Inc.'s debt-to-equity ratio is 772.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are ARS Pharmaceuticals, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to ARS Pharmaceuticals, Inc. are Arcus Biosciences, Inc., Mesoblast LTD, Xencor Inc, Agenus Inc and Kymera Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against ARS Pharmaceuticals, Inc.'s.
Are insiders buying or selling ARS Pharmaceuticals, Inc. stock?
Over the last 12 months, ARS Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is ARS Pharmaceuticals, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ARS Pharmaceuticals, Inc. announces its own schedule.