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ARS Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, ARS Pharmaceuticals, Inc. had return on equity of -92.3% and a net margin of -203.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−367.7%<−999%<−999%9.0%−203.3%−184.2%
Return on equity—−28.7%−21.6%3.3%−92.3%—
Return on assets−32.9%−20.2%−21.1%2.7%−50.5%−74.7%
Effective tax rate———3.5%——
R&D as % of revenue368.2%>999%>999%22.0%15.6%13.0%
SG&A as % of revenue—45.8%>999%80.4%273.1%243.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: RCUS vs SPRYMESO vs SPRYSPRY vs XNCR

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from ARS Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ARS Pharmaceuticals, Inc.