ARS Pharmaceuticals, Inc. (SPRY) Income Statement
SPRY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPRY revenue and net income
Where SPRY's revenue goes
2025Each bar shows an amount and its share of revenue. SPRY kept −203.3% of revenue as net income.
SPRY profit margins
SPRY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.5% | +300.1% | +36.4% | — |
| Gross profit | −6.9% | — | +76.2% | — |
| Operating income | — | — | — | — |
| Net income | −2,241.8% | — | — | — |
| EPS (diluted) | −2,600.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPRY quarterly EPS vs estimates
ARS Pharmaceuticals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.34).
SPRY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $84.3M | $89.1M | $30,000 | $1.3M | $5.5M | $17.8M | $0 | $0 |
| Cost of revenue | $20.4M | $20.6M | $73,000 | $17.1M | $213,000 | $14.1M | $1.5M | $1.4M |
| Gross profit | $63.9M | $68.6M | $30,000 | −$15.8M | $5.3M | $3.8M | −$1.5M | −$1.4M |
| Research & development | $13.2M | $19.6M | $20.3M | $18.4M | $20.3M | $14.1M | $21.5M | $14.8M |
| Sales, general & admin | $230.1M | $71.7M | $47.4M | $18.5M | $4.7M | $4.2M | — | — |
| Total operating expenses | $243.3M | $71.7M | $67.5M | $19.7M | $24.7M | $4.2M | $22.5M | $16.9M |
| Operating income | −$179.4M | −$3.1M | −$67.5M | −$35.5M | −$19.5M | −$469,000 | −$24.1M | −$18.3M |
| Interest income | $10.7M | $11.4M | — | — | — | — | — | — |
| Interest expense | $2.6M | $0 | — | $834,000 | $106,000 | $29,000 | — | — |
| Income before taxes | −$171.4M | $8.3M | −$54.4M | −$34.7M | −$20.2M | −$1.1M | −$24.0M | −$17.6M |
| Income taxes | −$80,000 | $288,000 | −$94,895 | −$694,000 | −$230,558 | −$200,297 | — | — |
| Net income | −$171.3M | $8.0M | −$54.4M | −$34.7M | −$20.2M | −$1.1M | −$24.0M | −$17.6M |
| EBITDA | −$167.4M | $8.4M | −$54.3M | −$34.4M | −$19.9M | −$463,000 | −$22.5M | −$16.9M |
| EPS (diluted) | −$1.75 | $0.07 | −$0.57 | −$0.98 | −$2.56 | −$2.07 | −$0.72 | — |
| Gross margin | 75.8% | 76.9% | 100.0% | −1,200.9% | 96.1% | 21.1% | — | — |
| Operating margin | −212.9% | −3.5% | −225,066.7% | −2,698.8% | −353.3% | −2.6% | — | — |
| Net margin | −203.3% | 9.0% | −181,216.7% | −2,635.4% | −367.7% | −6.0% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.7M | $22.7M | $28.1M | $32.5M | $15.7M | $8.0M | $86.6M | $2.1M | $500,000 | $0 | $0 | $0 |
| Cost of revenue | $12.8M | $6.3M | $3.2M | $8.2M | $5.0M | $4.0M | $3.9M | $112,000 | $6.9M | $5.2M | $3.4M | $3.0M |
| Gross profit | $20.8M | $16.4M | $24.9M | $24.3M | $10.7M | $3.9M | $82.7M | $2.0M | −$6.4M | −$5.2M | −$3.4M | −$3.0M |
| Research & development | $4.7M | $4.3M | $3.4M | $2.8M | $4.0M | $3.0M | $3.0M | $4.4M | $6.9M | $5.2M | $3.4M | $3.0M |
| Sales, general & admin | $77.6M | $72.2M | $60.0M | $74.8M | $54.3M | $41.1M | $36.2M | $19.3M | $8.9M | $8.0M | $6.8M | $15.0M |
| Total operating expenses | $82.3M | $76.5M | $66.3M | $77.5M | $58.3M | $41.1M | $35.5M | $23.7M | $8.9M | $8.0M | $6.8M | $15.0M |
| Operating income | −$61.5M | −$60.1M | −$41.5M | −$53.2M | −$47.6M | −$37.2M | $47.2M | −$21.7M | −$15.3M | −$13.2M | −$10.2M | −$18.0M |
| Interest income | — | $2.0M | — | — | — | $3.2M | — | — | — | — | — | — |
| Interest expense | $2.5M | $2.4M | $2.6M | — | $0 | $0 | — | — | — | — | $3.8M | — |
| Income before taxes | −$62.3M | −$60.6M | −$41.4M | −$51.2M | −$44.9M | −$33.9M | $50.2M | −$19.1M | −$12.5M | −$10.3M | −$7.2M | −$14.9M |
| Income taxes | — | — | −$80,000 | — | — | — | $288,000 | — | — | −$32,276 | $3.8M | −$40,000 |
| Net income | −$62.3M | −$60.6M | −$41.3M | −$51.2M | −$44.9M | −$33.9M | $49.9M | −$19.1M | −$12.5M | −$10.3M | −$7.2M | −$14.9M |
| EBITDA | −$59.4M | −$57.8M | −$41.0M | −$48.8M | −$44.6M | −$33.7M | $50.3M | −$19.1M | −$12.5M | −$10.3M | −$7.2M | −$14.8M |
| EPS (diluted) | −$0.63 | −$0.61 | −$0.42 | −$0.52 | −$0.46 | −$0.35 | $0.51 | −$0.20 | −$0.13 | −$0.11 | −$0.07 | −$0.16 |
| Gross margin | 61.8% | 72.3% | 88.6% | 74.8% | 68.3% | 49.3% | 95.5% | 94.6% | −1,279.2% | — | — | — |
| Operating margin | −182.6% | −265.2% | −147.6% | −163.7% | −302.9% | −466.3% | 54.5% | −1,051.6% | −3,068.0% | — | — | — |
| Net margin | −185.2% | −267.3% | −147.1% | −157.4% | −285.6% | −425.7% | 57.7% | −925.0% | −2,503.2% | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPRY's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPRY financial results
In fiscal year 2025 (ended December 31, 2025), ARS Pharmaceuticals reported revenue of $84.3 million, down 5.5% from the year before. It had a net loss of $171.3 million, a net profit margin of −203.3%. Diluted earnings per share came to −$1.75. Over five years revenue grew at an average rate of 36.4% a year.
See the SPRY stock overview for the latest quote and news, or the SPRY chart for price history and technical indicators.
SPRY income statement FAQ
What is ARS Pharmaceuticals's annual revenue?
ARS Pharmaceuticals reported total revenue of $84.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 5.5% from $89.1 million the previous year.
Is ARS Pharmaceuticals profitable?
No. ARS Pharmaceuticals reported a net loss of $171.3 million in fiscal 2025, a net profit margin of −203.3%; its operating margin was −212.9%.
What is ARS Pharmaceuticals's gross margin?
ARS Pharmaceuticals's gross margin was 75.8% in fiscal 2025: for every $100 of revenue, ARS Pharmaceuticals kept $76 after the direct cost of its products and services.
How much does ARS Pharmaceuticals spend on research and development?
ARS Pharmaceuticals spent $13.2 million on research and development in fiscal 2025, 15.6% of revenue.
How fast is ARS Pharmaceuticals growing?
Revenue grew 36.4% a year on average over the last five fiscal years, from $17.8 million to $84.3 million.
What are ARS Pharmaceuticals's earnings per share?
ARS Pharmaceuticals earned $-1.75 per diluted share in fiscal 2025, compared with $0.07 a year earlier.
When will ARS Pharmaceuticals report its next earnings?
ARS Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does ARS Pharmaceuticals's fiscal year end?
ARS Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.