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ARS Pharmaceuticals
(NASDAQ:SPRY)
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Rating:61Neutral
Price Target:
$11.00
▲(32.53% Upside)
Action:Reiterated
Date:06/26/26
The score is held back primarily by weak financial performance (large losses and heavy cash burn despite strong gross margins and revenue growth). Offsetting this, technicals are positive with the stock trading above major moving averages and a positive MACD, and the latest earnings call highlighted strong commercialization traction and cash runway, though elevated SG&A and access/abandonment friction remain key execution risks. Valuation is constrained by negative earnings and no dividend support.
Positive Factors
Product economics and revenue growth
Sustained top-line expansion with a ~75.8% gross margin indicates attractive product-level economics for neffy. High incremental margins mean each additional refill or patient drives meaningful operating leverage, supporting durable profitability if refill rates and payer access continue to scale.
Negative Factors
Heavy cash burn and negative cash flow
Large negative operating cash flow reflects that current sales do not yet cover operating spend, creating ongoing funding needs. If commercial momentum or payer wins slow, the company may need external capital, which could dilute shareholders or constrain strategic flexibility over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Product economics and revenue growth
Sustained top-line expansion with a ~75.8% gross margin indicates attractive product-level economics for neffy. High incremental margins mean each additional refill or patient drives meaningful operating leverage, supporting durable profitability if refill rates and payer access continue to scale.
Read all positive factors
ARS Pharmaceuticals (SPRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$850.04M
Dividend YieldN/A
Average Volume (3M)1.64M
Price to Earnings (P/E)―
Beta (1Y)1.38
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. Volume1,309,244
30 Day Avg. Volume1,643,622
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 Cap1.24
Enterprise Value/Revenue10.66
Enterprise Value/Gross Profit13.83
Enterprise Value/Ebitda-5.49
Forecast
1Y Price Target
$28.33Price Target Upside241.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.81
Revenue Forecast (FY)$146.81M
ARS Pharmaceuticals Business Overview & Revenue Model
Company Description
ARS Pharmaceuticals, Inc. specializes in creating ARS-1, an innovative intranasal epinephrine spray utilizing advanced absorption technology. This product serves as a crucial intervention for individuals and their households who are susceptible to...
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 | -192.17M | -167.41M | 8.37M | -54.29M | -34.36M | -19.92M |
| 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 | 96.52M | 96.37M | 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
8.72
Negative
8.66
Negative
9.32
Negative
Market Momentum
-0.10
Positive
46.64
Neutral
19.88
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 below the 20-day moving average (MA) of 9.21, below the 50-day MA of 8.72, and below the 200-day MA of 9.32, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 46.64 is Neutral, neither overbought nor oversold. The STOCH value of 19.88 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $850.04M | -4.26 | -153.61% | ― | 1.92% | -1130.30% | |
59 Neutral | $2.55B | -55.65 | -24.53% | ― | ― | 27.89% | |
56 Neutral | $983.89M | 71.34 | 4.75% | ― | 15.66% | ― | |
52 Neutral | $1.20B | -8.08 | -35.33% | ― | ― | 23.91% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $1.99B | -22.79 | -27.31% | ― | ― | -27.48% | |
46 Neutral | $1.73B | -11.37 | -36.63% | ― | ― | ― |
* Healthcare Sector Average
SPRY
ARS Pharmaceuticals
8.56
-7.96
-48.18%
TRVI
Trevi Therapeutics
17.93
11.98
201.34%
ORIC
Oric Pharmaceuticals
11.64
0.84
7.78%
PHAR
Pharming Group
13.77
3.19
30.15%
MAZE
Maze Therapeutics, Inc.
31.26
19.76
171.83%
SION
Sionna Therapeutics, Inc.
43.99
22.80
107.60%
ARS Pharmaceuticals Corporate Events
Executive/Board ChangesShareholder Meetings
ARS Pharmaceuticals Shareholders Back Board, Pay Practices
Positive
Jun 25, 2026
On June 24, 2026, ARS Pharmaceuticals held its 2026 annual meeting of stockholders, at which investors elected three Class III directors to serve until the 2029 annual meeting and ratified Ernst Young LLP as the company’s independent audito...
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...
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.