ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $1.00B
• Dividend Yield: N/A
• Average Volume (3M): 2.63M
• Price to Earnings (P/E): 174.1
• Beta (1Y): 1.61
• Revenue Growth: 22367.80%
• EPS Growth: -5.15%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 47
• Industry: Biotechnology
• EPS (TTM): -0.46
• Shares Outstanding: 98,826,340
• 10 Day Avg. Volume: 4,051,701
• 30 Day Avg. Volume: 2,634,786
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.47
• Enterprise Value/Revenue: 15.22
• Enterprise Value/Gross Profit: 15.55
• Enterprise Value/Ebitda: -58.26
• 1Y Price Target: $31.25
• Price Target Upside: 211.57% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 50 Neutral
• Price Target: $13.50 ▲(34.60% Upside)

ARS Pharmaceuticals' overall stock score reflects strong revenue growth and strategic expansion efforts, as highlighted in the earnings call. However, the stock faces challenges with profitability, bearish technical indicators, and valuation concerns. The patent challenge adds uncertainty, but the company's proactive defense strategy mitigates some risk.

Positive Factors

Revenue Growth

The significant revenue growth for Neffy indicates strong market adoption and potential for sustained sales increases, supporting long-term business expansion.

Global Expansion

Expanding into new international markets enhances ARS Pharmaceuticals' global footprint, diversifies revenue streams, and reduces reliance on any single market.

Strong Cash Position

A robust cash position provides financial stability, enabling ARS Pharmaceuticals to invest in R&D, marketing, and expansion efforts without immediate liquidity concerns.

Negative Factors

Patent Challenge

The patent challenge by Lupin could impact ARS's market exclusivity and revenue if a generic version is approved, posing a risk to long-term profitability.

High SG&A Expenses

High SG&A expenses can pressure margins and profitability, potentially limiting the company's ability to reinvest in growth initiatives if not managed effectively.

Profitability Challenges

Ongoing profitability challenges, reflected in net losses, may hinder ARS Pharmaceuticals' ability to achieve sustainable financial performance without continued revenue growth.

ARS Pharmaceuticals Business Overview & Revenue Model

Company Description

ARS Pharmaceuticals (SPRY) is a biopharmaceutical company focused on developing novel therapeutics designed to address unmet medical needs within the field of allergy and respiratory health. The company's flagship product, Neffy, is an epinephrine nasal spray developed as a potential emergency treatment for allergic reactions, including anaphylaxis. ARS Pharmaceuticals operates within the healthcare and pharmaceuticals sector, leveraging advanced drug delivery technologies to enhance patient outcomes and provide innovative solutions for allergy management.

How the Company Makes Money

ARS Pharmaceuticals makes money primarily through the development, commercialization, and sales of its pharmaceutical products. The primary revenue stream is expected to come from the sales of Neffy, their proprietary epinephrine nasal spray, once it receives regulatory approval and becomes available on the market. Additionally, ARS Pharmaceuticals may engage in strategic partnerships and collaborations with other pharmaceutical companies for the co-development or distribution of their products, which could provide additional revenue through licensing agreements, milestone payments, and royalties. The company's earnings are influenced by factors such as product approval timelines, market adoption rates, and the competitive landscape within the allergic reaction treatment market.

ARS Pharmaceuticals Financial Statement Overview

Summary

ARS Pharmaceuticals has shown strong revenue growth and improved net income, indicating operational improvements. The balance sheet is robust with low leverage and improving equity, though cash flow statements show caution due to high investing activities. Profitability remains a challenge, but recent trends suggest potential for future stabilization and growth.

Income Statement

ARS Pharmaceuticals showed significant revenue growth from 2023 to 2024, with total revenue jumping from $30,000 to $89,149,000, indicating strong potential. However, the company has struggled with profitability, evidenced by negative EBIT and EBITDA margins over the years. The net profit margin turned positive in 2024, a promising sign, but overall profitability remains inconsistent.

Balance Sheet

The balance sheet reveals a strong equity position, with stockholders' equity growing from negative figures in earlier years to a robust $256,798,000 in 2024. The debt-to-equity ratio is low, indicating low leverage risk. The equity ratio has improved, suggesting increased financial stability. However, fluctuations in total liabilities reflect some instability.

Cash Flow

Cash flow analysis shows a turnaround, with free cash flow becoming positive in 2024 after previous negative years. Operating cash flow to net income ratio improved, signaling better cash generation relative to income. However, investing cash flows were significantly negative, highlighting high capital expenditures or investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	97.12M	89.15M	30.00K	1.32M	5.51M	17.84M
Gross Profit	95.05M	88.17M	30.00K	997.00K	5.29M	3.77M
EBITDA	-25.37M	-2.88M	-67.45M	-34.36M	-19.24M	-463.00K
Net Income	-15.65M	8.00M	-54.37M	-34.68M	-20.24M	-1.06M
Balance Sheet
Total Assets	327.32M	351.15M	233.19M	281.44M	61.45M	26.41M
Cash, Cash Equivalents and Short-Term Investments	275.73M	314.02M	228.36M	274.38M	60.06M	24.52M
Total Debt	73.00K	42.00K	274.00K	481.00K	9.03M	10.02M
Total Liabilities	98.34M	94.36M	2.43M	8.55M	92.72M	40.46M
Stockholders Equity	228.97M	256.80M	230.76M	272.89M	44.77M	7.18M
Cash Flow
Free Cash Flow	-21.05M	12.98M	-59.44M	-40.28M	-17.62M	8.15M
Operating Cash Flow	-20.48M	13.55M	-59.27M	-40.08M	-17.56M	9.07M
Investing Cash Flow	-68.52M	-106.10M	-87.18M	-199.00K	-55.00K	-917.00K
Financing Cash Flow	72.87M	72.40M	6.90M	190.73M	53.16M	5.10M

ARS Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• 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 10.03 is below the 20-day moving average (MA) of 12.25, below the 50-day MA of 15.37, and below the 200-day MA of 13.72, indicating a bearish trend. The MACD of -1.58 indicates Positive momentum. The RSI at 25.69 is Positive, neither overbought nor oversold. The STOCH value of 11.24 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
IMCR	68 Neutral	$1.78B	―	-5.38%	―	26.90%	62.72%
CGON	65 Neutral	$2.54B	―	-20.95%	―	―	―
Sector *	51 Neutral	$7.92B	-0.36	-43.38%	2.24%	22.38%	-2.16%
SPRY	50 Neutral	$1.00B	174.05	-23.56%	―	22367.80%	-5.15%
MESO	50 Neutral	$1.87B	―	-18.96%	―	192.01%	4.89%
EWTX	40 Underperform	$1.50B	―	-27.41%	―	―	-1.46%
VERA	39 Underperform	$1.57B	―	-54.83%	―	―	-62.51%

ARS Pharmaceuticals Corporate Events

ARS Pharmaceuticals Faces Patent Challenge from Lupin

On August 13, 2025, ARS Pharmaceuticals received a Paragraph IV certification notice from Lupin Inc., indicating that Lupin has filed an Abbreviated New Drug Application with the FDA to produce a generic version of ARS’s neffy© nasal spray before the expiration of several patents. ARS plans to defend its patents vigorously by filing a patent infringement lawsuit against Lupin, which could delay FDA approval of Lupin’s generic product by 30 months if filed within 45 days. The outcome of this legal action remains uncertain, but it could significantly impact ARS’s market position and intellectual property rights.

ARS Pharmaceuticals Reports Q2 2025 Financial Results

On August 13, 2025, ARS Pharmaceuticals reported its financial results for the second quarter of 2025, highlighting the commercial success of neffy® (epinephrine nasal spray) with $15.7 million in revenue. The growth was driven by increased payor access and a national direct-to-consumer campaign in the U.S., as well as the launch of EURneffy® in Germany and approval in the U.K. The company is expanding its global presence and anticipates further regulatory approvals in several countries by 2026. Despite a net loss of $44.9 million, ARS Pharma’s strategic investments in marketing and sales are expected to enhance market share and consumer awareness, positioning the company for continued growth and expansion.

ARS Pharmaceuticals Holds 2025 Annual Stockholders Meeting

On June 25, 2025, ARS Pharmaceuticals, Inc. held its 2025 Annual Meeting of Stockholders. During this meeting, stockholders elected four Class II directors to serve until the 2028 Annual Meeting. Additionally, the stockholders ratified the selection of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.