ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $987.50M
• Dividend Yield: N/A
• Average Volume (3M): 1.52M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• Revenue Growth: 5459.66%
• EPS Growth: -59.70%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.52
• Shares Outstanding: 98,848,610
• 10 Day Avg. Volume: 1,315,249
• 30 Day Avg. Volume: 1,515,177
• PEG Ratio: -1.12
• Price to Book (P/B): 3.98
• Price to Sales (P/S): 11.47
• P/FCF Ratio: 78.76
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 6.62
• Enterprise Value/Gross Profit: 7.77
• Enterprise Value/Ebitda: -11.38
• 1Y Price Target: $32.50
• Price Target Upside: 215.53% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.38
• Revenue Forecast (FY): $174.71M

• Rating: 54 Neutral
• Price Target: $10.00 ▼(-2.91% Downside)

The score is primarily held back by weak financial sustainability—large TTM losses and heavy free-cash-flow burn despite strong revenue growth and margins. Earnings call commentary is supportive due to accelerating Q3 revenue and strategic access initiatives backed by strong liquidity, while technicals are modestly constructive (above key shorter MAs, positive MACD) but not fully recovered versus the 200-day trend. Valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Sustained Revenue Growth

Double-digit TTM revenue growth to $142.8M signals durable commercialization momentum for neffy, indicating expanding prescriber uptake and patient adoption that can underpin scalable top-line growth and improved operating leverage as fixed commercial costs are spread over higher volumes.

High Gross Margin / Unit Economics

Very high gross margins (~89%) point to attractive unit economics for neffy, which supports long-term margin sustainability as sales scale, provides flexibility on pricing/reimbursement, and creates room to invest in commercial expansion without immediate margin erosion.

Strong Liquidity and Low Leverage

A sizable cash balance plus a $250M facility and minimal legacy debt provide runway to fund commercialization, market-access programs, and international launches, reducing near-term financing risk and allowing strategic investments to build durable market share.

Negative Factors

Heavy Cash Burn

Material negative operating and free cash flow in the TTM indicates sizable cash burn from commercialization and operating investments; if losses persist this increases dependency on external financing and could pressure strategic flexibility and valuation over the medium term.

Ongoing Net Losses and Weak Returns

Sustained net losses and negative operating margins mean shareholder capital is being consumed and return metrics remain weak; absent durable margin expansion or cost scaling, the firm must convert revenue momentum into operating profitability to justify long-term capital allocation.

Single-Product Concentration Risk

Business reliance on a single lead product (neffy) concentrates revenue and execution risk: slower adoption, supply disruption, or competitive alternatives could materially harm cash flow and growth prospects, making diversification or portfolio expansion a structural priority.

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 revenue scaling to $142.8M TTM (+27.1%) and very high gross margin (~89%) are positives, but TTM profitability deteriorated to a ~$80.0M net loss with deeply negative operating margins, alongside heavy cash burn (operating cash flow -$85.4M; FCF -$86.0M). Low leverage and positive equity help reduce balance-sheet risk, but current returns and cash generation are weak.

Income Statement

Revenue has scaled sharply, reaching $142.8M in TTM (Trailing-Twelve-Months) and up 27.1% versus the prior period, signaling meaningful commercialization momentum. Gross profit remains strong in TTM (gross margin ~89%), indicating solid unit economics. However, profitability deteriorated materially in TTM with a net loss of ~$80.0M and deeply negative operating margins, reversing the modest profitability seen in 2024 (net margin ~9%). Overall, growth is a clear strength, but the current earnings profile is still highly pressured by operating costs.

Balance Sheet

The balance sheet is conservatively levered, with very low debt ($1.5M in TTM) and a minimal debt load relative to equity (debt-to-equity ~0.01), which reduces financial risk. Equity is positive and sizable in TTM ($147.7M), supporting flexibility. The main weakness is returns: TTM performance implies a weak return on equity (negative), reflecting that losses are currently consuming shareholder capital despite the low leverage.

Cash Flow

Cash generation has swung negative in TTM, with operating cash flow of -$85.4M and free cash flow of -$86.0M, indicating significant cash burn to support operations and growth. While 2024 showed positive operating and free cash flow, the latest TTM (Trailing-Twelve-Months) setback highlights volatility and increases funding dependency if losses persist. A relative positive is that free cash flow tracked net income closely in both profitable and loss periods, suggesting reported earnings are generally reflected in cash outcomes—though the absolute level is currently negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	142.77M	89.15M	30.00K	1.32M	5.51M	17.84M
Gross Profit	121.66M	68.59M	30.00K	1.32M	5.29M	3.77M
EBITDA	-83.07M	-3.00M	-67.45M	-35.20M	-19.24M	-463.00K
Net Income	-80.04M	8.00M	-54.37M	-34.68M	-20.24M	-1.06M
Balance Sheet
Total Assets	372.80M	351.15M	233.19M	281.44M	61.45M	26.41M
Cash, Cash Equivalents and Short-Term Investments	288.21M	314.02M	228.36M	274.38M	60.06M	24.52M
Total Debt	1.53M	42.00K	274.00K	481.00K	9.03M	10.02M
Total Liabilities	225.15M	94.36M	2.43M	8.55M	92.72M	40.46M
Stockholders Equity	147.66M	256.80M	230.76M	272.89M	-31.27M	-14.05M
Cash Flow
Free Cash Flow	-86.02M	12.98M	-59.44M	-40.28M	-17.62M	8.15M
Operating Cash Flow	-85.38M	13.55M	-59.27M	-40.08M	-17.56M	9.07M
Investing Cash Flow	-69.11M	-106.10M	-87.18M	-199.00K	-55.00K	-917.00K
Financing Cash Flow	174.38M	72.40M	6.90M	190.73M	53.16M	5.10M

ARS Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.30
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 10.3 is below the 20-day moving average (MA) of 10.79, below the 50-day MA of 10.41, and below the 200-day MA of 12.56, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 45.28 is Neutral, neither overbought nor oversold. The STOCH value of 37.09 is Neutral, 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
PHAR	66 Neutral	$1.42B	1,178.82	0.44%	―	26.54%	―
MAZE	65 Neutral	$2.10B	-20.64	-36.13%	―	―	―
TRVI	57 Neutral	$1.34B	-29.52	-36.87%	―	―	15.84%
SPRY	54 Neutral	$987.50M	-12.71	-45.92%	―	5459.66%	-59.70%
ORIC	54 Neutral	$999.21M	-6.45	-39.73%	―	―	4.29%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SION	47 Neutral	$1.89B	-27.31	-28.07%	―	―	―

ARS Pharmaceuticals Corporate Events

ARS Pharmaceuticals Reports Q3 2025 Financial Results

On November 10, 2025, ARS Pharmaceuticals reported its third-quarter financial results, highlighting $32.5 million in revenue, primarily from U.S. sales of neffy®. The company is actively expanding its market presence with direct-to-consumer campaigns and strategic initiatives to increase prescriber confidence and patient access. Despite a net loss of $51.2 million, ARS Pharmaceuticals maintains a strong cash position to support its operations and growth. The company is also progressing with the global expansion of neffy, having received approval in Japan and launched EURneffy® in the U.K., with further regulatory approvals anticipated in Canada and China. These efforts are expected to enhance ARS Pharmaceuticals’ industry positioning and stakeholder engagement.

The most recent analyst rating on (SPRY) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.