Ars Pharmaceuticals, Inc. (SPRY)
NASDAQ:SPRY
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ARS Pharmaceuticals
(NASDAQ:SPRY)
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Rating:47Neutral
Price Target:
$7.50
▼(-9.64% Downside)
Action:Reiterated
Date:05/18/26
The score is held down primarily by weak financial performance (large losses, significant cash burn, and pressured balance-sheet flexibility) and bearish technicals (price below major moving averages with negative MACD). Offsetting these, the latest earnings call was constructive with strong commercial momentum, improving access, and a stated path to cash-flow breakeven, but execution and timing risks remain elevated.
Positive Factors
Product economics & revenue growth
High gross margins (~75.8%) combined with sustained TTM revenue growth (+17.5%) indicate attractive unit economics for neffy. Durable product-level profitability creates leverage: as refill rates and penetration rise, incremental revenue should flow to the bottom line more directly, supporting long-term margin expansion.
Negative Factors
High cash burn
Sustained negative operating cash flow (~-$175M TTM) consumes liquidity and forces reliance on financing or rapid scaling to reach break-even. Even with current cash, prolonged burn raises refinancing and dilution risk, constraining strategic flexibility and investment capacity over the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Product economics & revenue growth
High gross margins (~75.8%) combined with sustained TTM revenue growth (+17.5%) indicate attractive unit economics for neffy. Durable product-level profitability creates leverage: as refill rates and penetration rise, incremental revenue should flow to the bottom line more directly, supporting long-term margin expansion.
Read all positive factors
ARS Pharmaceuticals (SPRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$774.57M
Dividend YieldN/A
Average Volume (3M)1.75M
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth1.92%
EPS Growth-1130.30%
CountryUS
Employees155
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.01
Shares Outstanding99,303,260
10 Day Avg. Volume2,060,503
30 Day Avg. Volume1,748,408
Financial Highlights & Ratios
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 Cap1.15
Enterprise Value/Revenue8.99
Enterprise Value/Gross Profit11.66
Enterprise Value/Ebitda-4.58
Forecast
1Y Price Target
$27.50Price Target Upside231.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.58
Revenue Forecast (FY)$157.28M
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 lo...
How the Company Makes Money
ARS Pharmaceuticals generates revenue primarily by commercializing its epinephrine nasal spray product(s) in approved markets. Key revenue streams include: (1) Product sales: revenue from selling neffy to wholesalers/distributors, pharmacies, or o...
ARS Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and meaningful operational progress (robust YoY prescription and revenue growth, regulatory approvals, expanded coverage and new affordability programs), backed by a healthy cash balance and a clear plan to scale through the back-to-school season and refill cycles. However, execution risks remain: significant SG&A spend and cash burn, prior-authorization friction that still limits access for a meaningful portion of covered lives, notable prescription abandonment, and uncertainty around timing of key payer decisions (e.g., CVS Caremark). On balance, the positives around growth, access expansion, regulatory wins and commercial initiatives outweigh the operational challenges, but the company remains execution- and timing-dependent over the coming quarters.Positive Updates
Strong top-line growth and prescription momentum
Q1 2026 total revenue of $22.7 million, including $17.5 million in U.S. net product revenue for neffy. Neffy volume in Q1 was ~3x year-over-year (roughly +200% vs. prior-year Q1) and revenue was reported as more than double year-over-year (>100% YoY). The company added ~29,500 new neffy patients in Q1, bringing the U.S. installed base to ~120,000 patients.
Negative Updates
High SG&A and near-term cash burn
Q1 SG&A of $72.2 million reflecting commercialization investments (DTC and field). Management expects 2026 SG&A run rate to be slightly higher than the second half of 2025, and is actively reallocating spend to improve ROI. High operating spend contributes to near-term cash burn despite a $201 million cash balance.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong top-line growth and prescription momentum
Q1 2026 total revenue of $22.7 million, including $17.5 million in U.S. net product revenue for neffy. Neffy volume in Q1 was ~3x year-over-year (roughly +200% vs. prior-year Q1) and revenue was reported as more than double year-over-year (>100% YoY). The company added ~29,500 new neffy patients in Q1, bringing the U.S. installed base to ~120,000 patients.
Read all positive updates
Company Guidance
Management's guidance stressed commercialization momentum and a back‑loaded revenue profile: Q1 revenue was $22.7M (U.S. net product revenue $17.5M), with ~120,000 U.S. patients (29,500 added in Q1), prescription volume 3x year‑over‑year and >2x revenue YoY; commercial coverage ~90% (57% without prior authorization) and unrestricted Medicaid in 9 states, with a CVS/Caremark formulary decision now targeted for a July 1 effective date (CVS ~15% of covered lives; Anthem ~5%; Aetna ~4%); an expanded sales force of 148 reps; a $199 retail cash option (replacing occasional retail quotes >$1,000); retail/retail‑conversion handling ~55% of scripts (Blink ~45%); abandonment in the mid‑22–23% range; gross‑to‑net in the low‑ to mid‑50% range with a ~50% steady‑state target; Q1 R&D $4.3M, SG&A $72.2M, collaboration revenue $2.5M and supply revenue $2.7M (part of a $5M ALK milestone, ~$2.5M recorded to financing liability); $201M cash on hand; management expects stronger, more consistent revenue in H2 2026 and into 2027 as payer access, affordability and refills scale, and targets cash‑flow breakeven by mid‑2027.ARS Pharmaceuticals Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
40
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 98.99M | 84.28M | 89.15M | 30.00K | 1.32M | 5.51M |
| Gross Profit | 76.32M | 63.85M | 68.59M | 30.00K | -15.80M | 5.29M |
| EBITDA | -194.20M | -178.08M | -3.00M | -67.45M | -35.20M | -19.24M |
| Net Income | -197.98M | -171.30M | 8.00M | -54.37M | -34.68M | -20.24M |
Balance Sheet | ||||||
| Total Assets | 287.57M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M |
| Cash, Cash Equivalents and Short-Term Investments | 200.97M | 244.99M | 314.02M | 228.36M | 274.38M | 60.06M |
| Total Debt | 97.11M | 96.96M | 42.00K | 274.00K | 481.00K | 9.03M |
| Total Liabilities | 226.26M | 213.39M | 94.36M | 2.43M | 8.55M | 92.72M |
| Stockholders Equity | 61.31M | 114.26M | 256.80M | 230.76M | 272.89M | -31.27M |
Cash Flow | ||||||
| Free Cash Flow | -175.32M | -171.21M | 12.98M | -59.44M | -40.28M | -17.62M |
| Operating Cash Flow | -175.07M | -170.87M | 13.55M | -59.27M | -40.08M | -17.56M |
| Investing Cash Flow | 55.49M | 56.77M | -106.10M | -87.18M | -199.00K | -55.00K |
| Financing Cash Flow | 104.03M | 104.60M | 72.40M | 6.90M | 190.73M | 53.16M |
ARS Pharmaceuticals Technical Analysis
Negative
8.30
Price Trends
8.20
Negative
9.18
Negative
9.95
Negative
Market Momentum
-0.20
Positive
44.47
Neutral
17.33
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 8.3 is above the 20-day moving average (MA) of 8.24, above the 50-day MA of 8.20, and below the 200-day MA of 9.95, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 44.47 is Neutral, neither overbought nor oversold. The STOCH value of 17.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPRY.
ARS Pharmaceuticals Risk Analysis
ARS Pharmaceuticals disclosed 75 risk factors in its most recent earnings report. ARS Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ARS Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.97B | -32.92 | -24.53% | ― | ― | 27.89% | |
56 Neutral | $911.54M | -55.77 | 4.75% | ― | 15.66% | ― | |
55 Neutral | $1.78B | -16.81 | -27.31% | ― | ― | -27.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $774.57M | -3.29 | -153.61% | ― | 1.92% | -1130.30% | |
47 Neutral | $1.39B | -16.61 | -36.63% | ― | ― | ― | |
46 Neutral | $870.58M | -9.34 | -35.33% | ― | ― | 23.91% |
* Healthcare Sector Average
SPRY
ARS Pharmaceuticals
7.80
-6.72
-46.28%
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Trevi Therapeutics
13.88
7.85
130.18%
ORIC
Oric Pharmaceuticals
8.41
2.46
41.34%
PHAR
Pharming Group
12.87
2.37
22.57%
MAZE
Maze Therapeutics, Inc.
25.03
14.86
146.12%
SION
Sionna Therapeutics, Inc.
39.50
26.49
203.61%
ARS Pharmaceuticals Corporate Events
Business Operations and StrategyFinancial Disclosures
ARS Pharmaceuticals Highlights Strong Neffy Growth and Global Expansion
Positive
May 15, 2026
On May 15, 2026, ARS Pharmaceuticals reported first-quarter 2026 revenue of $22.7 million, driven largely by $17.5 million in U.S. neffy sales, alongside collaboration and supply revenue from partners. The company posted a net loss of $60.6 millio...
Business Operations and StrategyExecutive/Board Changes
ARS Pharmaceuticals Appoints Donn Casale as New President
Positive
May 13, 2026
On May 12, 2026, ARS Pharmaceuticals’ board, acting on a recommendation from Chief Executive Officer Richard Lowenthal, appointed industry veteran Donn Casale as president, with his employment expected to begin on June 1, 2026, succeeding Lo...
Business Operations and StrategyFinancial Disclosures
ARS Pharmaceuticals Reports 2025 Results and neffy Growth
Positive
Mar 9, 2026
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 $1...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.