ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $833.10M
• Dividend Yield: N/A
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.32
• Revenue Growth: 5459.66%
• EPS Growth: -59.70%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.41
• Shares Outstanding: 99,297,310
• 10 Day Avg. Volume: 1,300,807
• 30 Day Avg. Volume: 1,108,809
• PEG Ratio: <0.01
• Price to Book (P/B): 10.05
• Price to Sales (P/S): 13.63
• P/FCF Ratio: -6.71
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 10.50
• Enterprise Value/Gross Profit: 13.86
• Enterprise Value/Ebitda: -5.16
• 1Y Price Target: $19.53
• Price Target Upside: 133.05% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.38
• Revenue Forecast (FY): $172.78M

• Rating: 53 Neutral
• Price Target: $9.00 ▲(7.40% Upside)
• Action: Reiterated Date: 03/09/26
• Date: Action: Reiterated 03/09/26

The score is held back primarily by heavy TTM losses and significant cash burn despite high gross margins and a low-leverage balance sheet. Technicals remain weak with the stock trading below major moving averages. Offsetting these risks, the latest earnings call indicated strong sequential neffy revenue growth and expanding commercial initiatives, supporting a more favorable forward operational narrative.

Positive Factors

High gross margins

An ~85% gross margin implies attractive unit economics for neffy, providing a durable profitability lever as sales scale. High product-level margins can absorb sustained commercialization spend and pricing pressure, improving long-term margin sustainability once fixed costs are leveraged.

Low leverage and sizable liquidity

A strong cash balance plus a sizable term loan gives the company multi-quarter runway to fund commercialization, international launches and marketing investments. Low net leverage reduces near-term refinancing risk and enables strategic investments to build durable market share.

Rapid commercial traction

Steep sequential revenue growth, rising new patient starts and programs raising awareness indicate durable adoption momentum. Early market share among new prescribers (10.3%) and access programs increase the likelihood of recurring prescriptions and long-term customer retention.

Negative Factors

Heavy operating cash burn

Sustained negative operating and free cash flow at this scale requires ongoing financing and increases dilution or covenant risk. Persistent cash burn reduces financial optionality and places pressure on management to materially improve unit economics or slow spending to reach cash-flow break-even.

Large operating losses

Significant operating deficits show commercialization and R&D expenses currently outstrip product economics. Continued high operating losses can delay sustainable profitability, depress returns on equity and require either margin expansion or sustained capital raises to support growth investments.

Revenue volatility and access hurdles

Seasonality, episodic appointment constraints and data-capture issues threaten predictable revenue scaling. Intermittent market-share pauses and expected seasonal declines complicate forecasting, may slow payor uptake, and make converting initial adoption into stable, repeat prescription revenue harder.

ARS Pharmaceuticals Business Overview & Revenue Model

Company Description

ARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.

How the Company Makes Money

ARS Pharmaceuticals generates revenue primarily through the commercialization of its products, particularly neffy. The company monetizes its innovations through direct sales to healthcare providers and pharmacies, as well as potential partnerships with larger pharmaceutical companies for distribution and marketing. In addition to product sales, ARS may also benefit from licensing agreements, research collaborations, and government contracts related to public health initiatives. As neffy gains market acceptance, its sales are expected to be a significant contributor to the company's earnings, bolstered by ongoing investments in marketing and education to raise awareness among healthcare professionals and patients.

ARS Pharmaceuticals Financial Statement Overview

Summary

Strong gross margin (~85%) and a debt-free balance sheet support financial flexibility, but the TTM profile is dominated by a large net loss (~-$171M), deep EBIT loss (~-$179M), meaningful revenue decline (~-41%), and heavy cash burn (operating cash flow and free cash flow ~-$171M).

Income Statement

TTM (Trailing-Twelve-Months) results show meaningful revenue ($84.3M) and very strong gross margin (~85%), but profitability has deteriorated sharply with deep operating losses (EBIT of about -$179.4M) and a large net loss (about -$171.3M). Revenue also declined roughly 41% versus the prior period, highlighting volatility after a strong 2024, when the company was modestly profitable (net income of ~$8.0M on ~$89.1M revenue). Overall, the business shows attractive unit economics at the gross level, but current-period expenses are overwhelming the income statement and the top line is not yet stable.

Balance Sheet

The balance sheet is conservatively structured with essentially no debt (TTM total debt of $0) and a solid equity base (~$114.3M) against ~$327.7M of assets, limiting financial leverage risk. That said, returns are currently negative (TTM return on equity is deeply negative), reflecting that the company is consuming capital rather than generating it. Net-net: strong balance-sheet flexibility and low leverage, but profitability headwinds are pressuring shareholder returns.

Cash Flow

TTM (Trailing-Twelve-Months) cash generation is weak, with operating cash flow of about -$170.9M and free cash flow of about -$171.2M, indicating substantial cash burn. Cash flow broadly tracks earnings quality (free cash flow is roughly in line with net loss), but the magnitude of outflows is the key concern and increases reliance on existing liquidity or future financing. While the reported free cash flow growth is positive, it is occurring from a negative base and does not yet change the overall burn profile.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022
Income Statement
Total Revenue	84.28M	89.15M	30.00K	1.32M	5.51M
Gross Profit	63.85M	68.59M	30.00K	1.32M	5.29M
EBITDA	-178.08M	-3.00M	-67.45M	-35.20M	-19.24M
Net Income	-171.30M	8.00M	-54.37M	-34.68M	-20.24M
Balance Sheet
Total Assets	327.65M	351.15M	233.19M	281.44M	61.45M
Cash, Cash Equivalents and Short-Term Investments	244.99M	314.02M	228.36M	274.38M	60.06M
Total Debt	96.96M	42.00K	274.00K	481.00K	9.03M
Total Liabilities	213.39M	94.36M	2.43M	8.55M	92.72M
Stockholders Equity	114.26M	256.80M	230.76M	272.89M	-31.27M
Cash Flow
Free Cash Flow	-171.21M	12.98M	-59.44M	-40.28M	-17.62M
Operating Cash Flow	-170.87M	13.55M	-59.27M	-40.08M	-17.56M
Investing Cash Flow	56.77M	-106.10M	-87.18M	-199.00K	-55.00K
Financing Cash Flow	104.60M	72.40M	6.90M	190.73M	53.16M

ARS Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRY, the sentiment is Negative. The current price of 8.38 is below the 20-day moving average (MA) of 9.03, below the 50-day MA of 9.97, and below the 200-day MA of 11.91, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 34.89 is Neutral, neither overbought nor oversold. The STOCH value of 9.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPRY.

ARS Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAZE	68 Neutral	$2.42B	-9.86	-44.62%	―	―	―
TRVI	57 Neutral	$1.41B	-28.12	-31.23%	―	―	15.84%
ORIC	57 Neutral	$1.19B	-5.55	-38.79%	―	―	4.29%
PHAR	57 Neutral	$1.04B	32.13	0.16%	―	26.54%	―
SPRY	53 Neutral	$833.10M	―	-100.29%	―	5459.66%	-59.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SION	45 Neutral	$1.68B	-20.11	-22.87%	―	―	―

ARS Pharmaceuticals Corporate Events

ARS Pharmaceuticals Reports 2025 Results and neffy Growth

On March 9, 2026, ARS Pharmaceuticals reported fourth-quarter and full-year 2025 results, highlighting $84.3 million in total 2025 revenue, including $72.2 million from U.S. neffy sales in its first full commercial year, alongside a net loss of $171.3 million and a year-end cash position of $245.0 million that management expects will fund operations through anticipated cash-flow break-even. The company detailed rapid U.S. adoption of neffy, expanding payor coverage, an intensified direct-to-consumer push and sales force expansion, as well as key international milestones such as approvals in China and Australia and a positive EMA opinion for EURneffy, underscoring its strategy to build a global, durable anaphylaxis franchise despite ongoing heavy commercial and marketing investments.

The most recent analyst rating on (SPRY) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.