ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $1.33B
• Dividend Yield: N/A
• Average Volume (3M): 1.63M
• Price to Earnings (P/E): 174.1
• Beta (1Y): 1.58
• 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: 2,565,765
• 30 Day Avg. Volume: 1,634,427
• 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: 1.11
• Enterprise Value/Revenue: 15.22
• Enterprise Value/Gross Profit: 15.55
• Enterprise Value/Ebitda: -58.26
• 1Y Price Target: $24.50
• Price Target Upside: 81.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 52 Neutral
• Price Target: $13.50 ▲(0.00% Upside)

The overall stock score of 52 reflects strong revenue growth and strategic global expansion as significant positive factors. However, the stock's bearish technical indicators and negative valuation metrics due to profitability challenges weigh heavily on the score. The earnings call provided a positive outlook, but high SG&A expenses and prior authorization challenges remain concerns.

Positive Factors

Market Expansion

ARS Pharmaceuticals signed contracts with the three major group purchasing organizations, which cover 94% of all individual commercial payers, and the majority are covering neffy.

Marketing Campaign

The direct-to-consumer marketing campaign has already driven unaided awareness of neffy from about 20% before the campaign to 49% in late July.

Sales Growth

ARS Pharma reported $12.8M in net product revenue from neffy in Type 1 allergy, demonstrating accelerating commercial momentum that validates the transformative potential of needle-free epinephrine.

Negative Factors

Commercial Coverage

The company has 57% commercial coverage without prior authorizations, below its initial target of reaching 80% commercial coverage.

Stock Price Decline

Shares in ARS are trading down 15% since the company reported second-quarter earnings, despite a solid update.

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 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. However, cash flow statements show caution due to high investing activities, and profitability remains inconsistent.

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: 13.50
• 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 13.5 is below the 20-day moving average (MA) of 16.29, below the 50-day MA of 16.75, and below the 200-day MA of 13.97, indicating a bearish trend. The MACD of -0.86 indicates Positive momentum. The RSI at 31.35 is Neutral, neither overbought nor oversold. The STOCH value of 19.92 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	63 Neutral	$1.66B	―	-5.38%	―	26.90%	62.72%
SPRY	52 Neutral	$1.33B	174.05	-23.56%	―	22367.80%	-5.15%
MESO	52 Neutral	$1.97B	―	-21.26%	―	―	―
Sector *	51 Neutral	$7.89B	-0.12	-39.83%	2.16%	21.38%	-1.56%
CGON	46 Neutral	$2.05B	―	-20.95%	―	―	―
EWTX	40 Underperform	$1.56B	―	-27.41%	―	―	-1.46%
VERA	39 Underperform	$1.44B	―	-54.83%	―	―	-62.51%

ARS Pharmaceuticals Corporate Events

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.