ARS Pharmaceuticals, Inc. (SPRY) AI Stock Analysis

ARS Pharmaceuticals, Inc., headquartered in San Diego, California, is a biopharmaceutical company focused on developing innovative treatments for individuals and families grappling with severe allergic reactions. Founded in 2015, the company has 195 employees. Its flagship product in development is neffy, an advanced needle-free intranasal epinephrine nasal spray designed for patients and caregivers managing type I allergic reactions triggered by food, medications, and insect bites. ARS Pharmaceuticals aims to advance allergy management by providing a convenient and precise delivery method in emergency situations while expanding its therapeutic pipeline through research and strategic partnerships.

Annual revenue grew from $5.5M in FY2021 to $84.3M in FY2025, recording a 5-year revenue CAGR of 36.4% from FY2020 to FY2025. Revenue saw an extreme surge to $89.1M in FY2024, delivering net income of $8.0M and diluted EPS of $0.07. In FY2025, revenue fell 5.5% to $84.3M, while net income swung to -$171.3M with an operating margin of -212.9% and an EPS of -$1.75. For the trailing twelve months ending June 30, 2026, revenue stood at $116.9M with a profit margin of -184.2%. In the latest quarter, quarterly revenue grew 114.2% year-over-year.

As of June 30, 2026, ARS Pharmaceuticals held $143.8M in cash and short-term investments and $171.6M in total debt, resulting in net debt of $27.8M. Total assets were $249.5M, while shareholders' equity was $12.5M, resulting in a debt-to-equity ratio of 13.72. The company reported a current ratio of 3.48. In FY2025, operating cash flow was -$170.9M, free cash flow was -$171.2M, and capital expenditures were $339,000. Over five years, the company's share count increased 183.4%.

ARS Pharmaceuticals trades at a market cap of $399.8M and an enterprise value of $369.0M. Its price-to-sales ratio is 3.4x, below the 4.1x median of its US-listed Healthcare peers. The company has an EV-to-revenue multiple of 3.2x and a price-to-book ratio of 33.3x. Over the past year, SPRY shares returned -60.2%, trailing the S&P 500 (SPY) return of 16.8%. Over five years, the stock generated a return of -59.2% compared to an 83.0% gain for the S&P 500.

Wall Street analysts hold 4 Strong Buy ratings, with 0 Buy, 0 Hold, 0 Sell, and 0 Strong Sell ratings. The mean price target is $22.50, which stands 459.7% above the last close of $4.02. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $128.6M and an EPS of -$1.88. Over the last four quarters, the company exceeded EPS estimates once. The next earnings date is November 9, 2026.

This page is an AI-written research summary of ARS Pharmaceuticals, Inc. (SPRY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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