Ars Pharmaceuticals, Inc. (SPRY)
NASDAQ:SPRY
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ARS Pharmaceuticals
(NASDAQ:SPRY)
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Rating:48Neutral
Price Target:
$8.00
▼(-3.61% Downside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by weak financial performance (large losses, substantial cash burn, and revenue decline) and a bearish technical setup (price below key moving averages with negative MACD). Earnings-call commentary is a partial offset due to clear execution plans, early commercial traction, and a stated cash runway, but valuation support is limited given negative earnings and no dividend.
Positive Factors
High gross margins
An ~85% gross margin indicates attractive unit economics for neffy, meaning incremental sales flow strongly to the margin line. Over 2–6 months, high product margins provide durable leverage as volume and refill penetration grow, improving potential profitability once SG&A intensity normalizes.
Negative Factors
Large operating losses and cash burn
Substantial negative operating and free cash flow reflect ongoing funding of commercialization before breakeven. Persistent burn increases dependence on the cash runway and heightens financing risk if adoption or reimbursement stalls, constraining strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
An ~85% gross margin indicates attractive unit economics for neffy, meaning incremental sales flow strongly to the margin line. Over 2–6 months, high product margins provide durable leverage as volume and refill penetration grow, improving potential profitability once SG&A intensity normalizes.
Read all positive factors
ARS Pharmaceuticals (SPRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$813.24M
Dividend YieldN/A
Average Volume (3M)1.41M
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth5459.66%
EPS Growth-59.70%
CountryUS
Employees155
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.41
Shares Outstanding99,297,310
10 Day Avg. Volume1,528,941
30 Day Avg. Volume1,412,239
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 Cap1.07
Enterprise Value/Revenue10.31
Enterprise Value/Gross Profit13.61
Enterprise Value/Ebitda-5.07
Forecast
1Y Price Target
$27.50Price Target Upside231.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.38
Revenue Forecast (FY)$163.69M
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 makes money primarily through commercialization of its lead product, neffy (epinephrine nasal spray). Revenue is generated from product sales once the product is launched and adopted, including sales to pharmaceutical wholesale...
ARS Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call portrayed solid early commercial traction and meaningful operational progress: first full-year net product revenue of $72.2M, strong aided awareness gains (20% to 60%), >22,500 prescribers with 50% repeat writers, a $245M cash runway, and encouraging real-world effectiveness data (~90% single-dose success). However, growth is constrained by structural market dynamics (refill dominance, e-prescribing, prior authorization), a high gross-to-net impact (~low- to mid-50% range), and substantial SG&A spending ($230.1M) relative to current product revenue. Management outlined concrete mitigation actions—salesforce expansion funded via reallocation, continued DTC/digital conversion (getneffy.com ~10% of scripts), and ongoing payer negotiations—that suggest a pathway to steadier growth and eventual refill-driven renewals in late 2026–2027. Overall, positives around adoption, awareness, cash sufficiency, and product performance slightly outweigh the near-term commercialization and margin headwinds.Positive Updates
First Full Year Commercial Revenue
ARS generated $72.2 million in U.S. net product revenue in 2025 (first full commercial year) and $84.3 million in total revenue (including $9.7M collaboration and $2.4M supply revenue), demonstrating initial commercial traction.
Negative Updates
High SG&A Relative to Revenue
SG&A expenses were $230.1 million in 2025 versus $72.2 million in U.S. net product revenue, indicating substantial investment and current operating loss profile while commercialization scales.
Read all updates
Q4-2025 Updates
Positive
Negative
First Full Year Commercial Revenue
ARS generated $72.2 million in U.S. net product revenue in 2025 (first full commercial year) and $84.3 million in total revenue (including $9.7M collaboration and $2.4M supply revenue), demonstrating initial commercial traction.
Read all positive updates
Company Guidance
Management's guidance emphasized disciplined, execution-focused 2026 plans built on 2025 results: they will expand the field force from 106 to 150 in Q2 funded by reallocating existing commercial spend (cuts to market research, certain conferences and media optimization) so SG&A is expected to remain neutral to 2025’s $230.1M, with DTC and HCP advertising budget roughly flat at ~$100M; FY2025 metrics were $84.3M total revenue (including $72.2M U.S. net product revenue, $9.7M collaboration and $2.4M supply revenue), R&D $13.2M, gross‑to‑net in the low‑to‑mid‑50% range (target ~50% steady state) and $245M cash expected to fund the company to cash‑flow breakeven. Commercial priorities are expanding access (≈93% commercial coverage, ≈57% without prior authorization, Medicaid unrestricted in 8 states, PA approval rates ~55%; Caremark timing noted for July 1), driving adoption (>22,500 prescribers with 50% repeat writers and ~80% of scripts from decile 7–10 prescribers), increasing renewals as installed base expirations drive refills later in 2026 into 2027, and scaling digital conversion (getneffy.com already accounts for ~10% of prescriptions); marketing traction includes aided awareness up from ~20% to ~60% and ad recall ~55%. They also reaffirmed continued international regulatory progress and pipeline timing (Phase IIb interim data H2 2026, study completion end‑2026, Phase III mid‑2027).ARS Pharmaceuticals Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
74
Positive
Cash Flow
24
Negative
| 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 | -15.80M | 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
Negative
8.30
Price Trends
8.97
Negative
9.55
Negative
11.35
Negative
Market Momentum
-0.24
Negative
45.55
Neutral
60.50
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 8.3 is above the 20-day moving average (MA) of 8.20, below the 50-day MA of 8.97, and below the 200-day MA of 11.35, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 45.55 is Neutral, neither overbought nor oversold. The STOCH value of 60.50 is Neutral, 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 72 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | $1.21B | 55.31 | 1.15% | ― | 26.54% | ― | |
56 Neutral | $1.68B | -42.49 | -25.49% | ― | ― | 15.84% | |
52 Neutral | $908.24M | -5.55 | -38.79% | ― | ― | 4.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $813.24M | -6.70 | -100.29% | ― | 5459.66% | -59.70% | |
45 Neutral | $1.40B | -13.58 | -40.70% | ― | ― | ― | |
45 Neutral | $1.66B | -20.11 | -22.87% | ― | ― | ― |
* Healthcare Sector Average
SPRY
ARS Pharmaceuticals
8.19
-5.15
-38.61%
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ARS Pharmaceuticals Corporate Events
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.