ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $981.57M
• Dividend Yield: N/A
• Average Volume (3M): 2.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.22
• Revenue Growth: 5459.66%
• EPS Growth: -59.70%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.52
• Shares Outstanding: 98,848,610
• 10 Day Avg. Volume: 1,773,142
• 30 Day Avg. Volume: 2,108,783
• PEG Ratio: -1.12
• Price to Book (P/B): 3.98
• Price to Sales (P/S): 11.47
• P/FCF Ratio: 78.76
• Enterprise Value/Market Cap: 0.82
• Enterprise Value/Revenue: 5.62
• Enterprise Value/Gross Profit: 6.60
• Enterprise Value/Ebitda: -9.66
• 1Y Price Target: $32.50
• Price Target Upside: 225.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.7
• Revenue Forecast (FY): $81.20M

• Rating: 57 Neutral
• Price Target: $10.50 ▲(5.00% Upside)

The overall stock score for ARS Pharmaceuticals is driven by strong revenue growth and strategic initiatives, despite ongoing profitability challenges and valuation concerns. The technical analysis suggests mixed momentum, with short-term bullish signals but longer-term caution. The earnings call provided positive guidance and strategic direction, though some challenges remain.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market acceptance and demand for Nephi, enhancing ARS Pharmaceuticals' financial stability and potential for future profitability.

Global Expansion

Global expansion into new markets like Japan, Canada, and China will diversify revenue streams and strengthen ARS Pharmaceuticals' competitive position internationally.

Strong Cash Position

A robust cash position provides ARS Pharmaceuticals with the financial flexibility to invest in growth initiatives and weather potential market fluctuations.

Negative Factors

Profitability Challenges

Ongoing profitability challenges may hinder ARS Pharmaceuticals' ability to reinvest in growth and could affect long-term financial health if not addressed.

High Investing Cash Flows

High capital expenditures could strain cash flow, limiting ARS Pharmaceuticals' ability to fund other strategic initiatives without external financing.

Market Share Growth Challenge

Challenges in maintaining market share growth could impact ARS Pharmaceuticals' competitive edge and slow down its revenue momentum.

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 generates revenue primarily through the commercialization of its products, particularly neffy. The company monetizes its innovations through direct sales to healthcare providers and pharmacies, as well as potential partnerships with larger pharmaceutical companies for distribution and marketing. In addition to product sales, ARS may also benefit from licensing agreements, research collaborations, and government contracts related to public health initiatives. As neffy gains market acceptance, its sales are expected to be a significant contributor to the company's earnings, bolstered by ongoing investments in marketing and education to raise awareness among healthcare professionals and patients.

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, but cash flow statements show caution due to high investing activities. Profitability remains a challenge, though recent trends show 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	142.77M	89.15M	30.00K	1.32M	5.51M	17.84M
Gross Profit	121.66M	68.59M	30.00K	1.32M	5.29M	3.77M
EBITDA	-83.07M	-3.00M	-67.45M	-35.20M	-19.24M	-463.00K
Net Income	-80.04M	8.00M	-54.37M	-34.68M	-20.24M	-1.06M
Balance Sheet
Total Assets	372.80M	351.15M	233.19M	281.44M	61.45M	26.41M
Cash, Cash Equivalents and Short-Term Investments	288.21M	314.02M	228.36M	274.38M	60.06M	24.52M
Total Debt	1.53M	42.00K	274.00K	481.00K	9.03M	10.02M
Total Liabilities	225.15M	94.36M	2.43M	8.55M	92.72M	40.46M
Stockholders Equity	147.66M	256.80M	230.76M	272.89M	-31.27M	-14.05M
Cash Flow
Free Cash Flow	-86.02M	12.98M	-59.44M	-40.28M	-17.62M	8.15M
Operating Cash Flow	-85.38M	13.55M	-59.27M	-40.08M	-17.56M	9.07M
Investing Cash Flow	-69.11M	-106.10M	-87.18M	-199.00K	-55.00K	-917.00K
Financing Cash Flow	174.38M	72.40M	6.90M	190.73M	53.16M	5.10M

ARS Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRY, the sentiment is Neutral. The current price of 10 is above the 20-day moving average (MA) of 8.67, above the 50-day MA of 9.37, and below the 200-day MA of 12.82, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 60.20 is Neutral, neither overbought nor oversold. The STOCH value of 94.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPRY.

ARS Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAR	66 Neutral	$1.16B	1,223.61	0.44%	―	26.54%	―
MAZE	59 Neutral	$2.01B	―	-36.13%	―	―	―
SPRY	57 Neutral	$981.57M	―	-45.92%	―	5459.66%	-59.70%
TRVI	55 Neutral	$1.32B	-25.81	-36.87%	―	―	15.84%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ORIC	43 Neutral	$1.07B	―	-39.73%	―	―	4.29%

ARS Pharmaceuticals Corporate Events

ARS Pharmaceuticals Reports Q3 2025 Financial Results

On November 10, 2025, ARS Pharmaceuticals reported its third-quarter financial results, highlighting $32.5 million in revenue, primarily from U.S. sales of neffy®. The company is actively expanding its market presence with direct-to-consumer campaigns and strategic initiatives to increase prescriber confidence and patient access. Despite a net loss of $51.2 million, ARS Pharmaceuticals maintains a strong cash position to support its operations and growth. The company is also progressing with the global expansion of neffy, having received approval in Japan and launched EURneffy® in the U.K., with further regulatory approvals anticipated in Canada and China. These efforts are expected to enhance ARS Pharmaceuticals’ industry positioning and stakeholder engagement.

ARS Pharmaceuticals Secures $250 Million Credit Agreement

On September 29, 2025, ARS Pharmaceuticals, Inc. entered into a credit agreement with RA Capital Agency Services, LLC and other lenders for up to $250 million in term loans. The funds will be used for product development and general corporate purposes, with the first tranche of $100 million already advanced. This agreement is expected to support ARS Pharmaceuticals’ growth and enhance its market position, with implications for stakeholders including RA Capital, which holds a significant stake in the company.