ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $1.29B
• Dividend Yield: N/A
• Average Volume (3M): 1.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.30
• 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: 1,264,891
• 30 Day Avg. Volume: 1,446,895
• 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: 0.72
• Enterprise Value/Revenue: 6.55
• Enterprise Value/Gross Profit: 7.69
• Enterprise Value/Ebitda: -11.25
• 1Y Price Target: $32.50
• Price Target Upside: 185.59% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.29
• Revenue Forecast (FY): $179.37M

• Rating: 54 Neutral
• Price Target: $11.50 ▲(1.05% Upside)

The score is primarily held back by weak financial sustainability—large TTM losses and heavy free-cash-flow burn despite strong revenue growth and margins. Earnings call commentary is supportive due to accelerating Q3 revenue and strategic access initiatives backed by strong liquidity, while technicals are modestly constructive (above key shorter MAs, positive MACD) but not fully recovered versus the 200-day trend. Valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Revenue Growth & Unit Economics

ARS has scaled revenue substantially to $142.8M TTM with ~27% growth while maintaining very high gross margins (~89%). Durable unit economics support reinvestment in commercialization, provide pricing flexibility, and improve the odds of reaching operating leverage as volume scales.

Liquidity & Low Leverage

A strong cash balance and access to a $250M term loan, combined with minimal reported debt, materially extend runway for commercialization and international launches. This liquidity reduces near-term refinancing risk and allows sustained investment in demand generation and supply capacity over the medium term.

Partnered Global Expansion

Regulatory approval in China and an exclusive licensing deal with milestone and royalty economics create non-U.S. commercialization channels. Partnered market entry de-risks direct investment, accelerates revenue recognition via milestones/royalties, and supports scalable international footprint long term.

Negative Factors

Negative Cash Generation

Sustained negative operating and free cash flow of roughly -$85M TTM signals high cash burn to support growth. Persistent cash outflows increase dependence on external financing, raise dilution or leverage risk, and restrict the firm's ability to self-fund commercialization and international expansion if losses continue.

Sustained Net Losses & Weak Returns

A roughly $80M TTM net loss and reversal from prior modest profitability imply negative returns and weakened ROE. Continued operating losses erode shareholder equity, limit retained-capital for reinvestment, and prolong the timeline to self-sustaining margins, pressuring long-term value creation.

Product Concentration & Adoption Risks

Revenue is heavily concentrated in neffy, and management reported a temporary pause in market share growth plus expected seasonal Q4 declines. This concentration magnifies the impact of adoption cycles, prescriber access limits, and seasonality on company results, increasing revenue volatility and commercial execution risk.

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 impressive revenue growth and improving net income, indicating operational improvements. The balance sheet is strong with low leverage and improving equity, although cash flow statements show caution due to high investing activities. Profitability remains a challenge, but 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: Positive
• Last Price: 11.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRY, the sentiment is Positive. The current price of 11.38 is above the 20-day moving average (MA) of 11.11, above the 50-day MA of 9.76, and below the 200-day MA of 12.77, indicating a neutral trend. The MACD of 0.51 indicates Positive momentum. The RSI at 53.81 is Neutral, neither overbought nor oversold. The STOCH value of 42.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$1.29B	1,304.17	0.44%	―	26.54%	―
MAZE	65 Neutral	$1.94B	-17.83	-36.13%	―	―	―
TRVI	57 Neutral	$1.43B	-30.41	-36.87%	―	―	15.84%
SPRY	54 Neutral	$1.29B	-14.04	-45.92%	―	5459.66%	-59.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ORIC	51 Neutral	$891.11M	-5.29	-39.73%	―	―	4.29%
SION	47 Neutral	$1.75B	-22.74	-28.07%	―	―	―

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.

The most recent analyst rating on (SPRY) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.