Symbols / SPRY Stock $8.40 +7.14% ARS Pharmaceuticals, Inc.

Healthcare • Biotechnology • United States • NGM
SPRY (Stock) Chart
O: — H: — L: — C: — V: —
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About

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes treatments for severe allergic reactions in the United States and internationally. The company is involved in the development of neffy, a needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. ARS Pharmaceuticals, Inc. was founded in 2015 and is headquartered in San Diego, California.

Stock Fundamentals
Scroll to Statements
Market Cap 834.10M Enterprise Value 757.63M Income -171.30M Sales 84.28M Book/sh 1.15 Cash/sh 2.47
Dividend Yield — Payout 0.00% Employees 158 IPO — P/E — Forward P/E -11.09
PEG — P/S 9.90 P/B 7.30 P/C — EV/EBITDA -4.25 EV/Sales 8.99
Quick Ratio 6.93 Current Ratio 7.28 Debt/Eq 147.49 LT Debt/Eq — EPS (ttm) -1.74 EPS next Y -0.76
EPS Growth — Revenue Growth -67.60% Earnings 2026-05-14 ROA -33.04% ROE -92.33% ROIC —
Gross Margin 60.13% Oper. Margin -147.63% Profit Margin -203.25% Shs Outstand 99.30M Shs Float 41.04M Short Float 41.46%
Short Ratio 15.69 Short Interest — 52W High 18.90 52W Low 6.66 Beta 0.93 Avg Volume 1.38M
Volume 3.89M Target Price $26.71 Recom Strong_buy Prev Close $7.84 Price $8.40 Change 7.14%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$26.71
Mean price target
2. Current target
$8.40
Latest analyst target
3. DCF / Fair value
$-17.15
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$8.40
Low
$12.00
High
$34.00
Mean
$26.71

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-09-04 init Roth Capital — → Buy $40
2025-03-07 init Scotiabank — → Sector Outperform $30
2025-01-14 main Raymond James Strong Buy → Strong Buy $28
2025-01-13 main Leerink Partners Outperform → Outperform $27
2024-10-08 reit Cantor Fitzgerald Overweight → Overweight $30
2024-09-20 main Leerink Partners Outperform → Outperform $25
2024-09-16 reit Cantor Fitzgerald Overweight → Overweight $30
2024-09-09 reit Cantor Fitzgerald Overweight → Overweight $30
2024-08-20 init Cantor Fitzgerald — → Overweight $30
2024-08-13 up Raymond James Outperform → Strong Buy $22
2024-07-25 init Raymond James — → Outperform $18
2024-03-11 reit Wedbush Outperform → Outperform $19
2024-03-05 up Leerink Partners Market Perform → Outperform $18
2023-11-13 main Wedbush Outperform → Outperform $13
2023-09-21 main Wedbush Outperform → Outperform $5
2023-09-20 down William Blair Outperform → Market Perform —
2023-08-14 reit Wedbush Outperform → Outperform $15
2023-06-21 main Wedbush Outperform → Outperform $15
2023-05-18 reit Wedbush Outperform → Outperform $17
2023-05-12 reit Wedbush Outperform → Outperform $17
News
RSS: Latest SPRY news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-11-13 DORSEY BRIAN T Chief Operating Officer — 21,828 $8.71 $190,050
2025-11-13 DORSEY BRIAN T Chief Operating Officer — 21,828 $0.64 $13,970
2025-11-12 SHAH PRATIK Director — 350,000 $0.00 $0
2025-11-12 CHAKMA JUSTIN Officer — 166,380 $8.86 $1,476,147
2025-11-12 CHAKMA JUSTIN Officer — 30,000 $0.84 $25,200
2025-08-21 LOWENTHAL RICHARD E Chief Executive Officer — 50,000 $14.49 $724,345
2025-08-21 SCOTT KATHLEEN D Chief Financial Officer — 12,500 $15.00 $187,500
2025-08-21 SCOTT KATHLEEN D Chief Financial Officer — 12,500 $1.50 $18,750
2025-08-20 TANIMOTO SARINA Officer and Beneficial Owner of more than 10% of a Class of Security — 50,000 $14.03 $703,755
2025-07-01 KARAS ERIC Officer — 15,000 $16.99 $254,860
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
84.28
-5.46%
89.15
+297063.33%
0.03
-97.72%
1.32
Operating Revenue
84.28
-5.46%
89.15
+297063.33%
0.03
-97.72%
1.32
Cost Of Revenue
20.42
+1990.38%
0.98
0.00
—
Reconciled Cost Of Revenue
20.42
+1990.38%
0.98
0.00
—
Gross Profit
63.85
-27.58%
88.17
+293806.67%
0.03
—
Operating Expense
243.30
+166.62%
91.25
+35.09%
67.55
+83.40%
36.83
Research And Development
13.18
-32.68%
19.58
-3.38%
20.27
+10.29%
18.38
Selling General And Administration
230.12
+221.06%
71.67
+51.58%
47.28
+156.20%
18.46
General And Administrative Expense
—
—
47.28
+156.20%
18.46
Other Gand A
—
—
47.28
+156.20%
18.46
Total Expenses
263.73
+185.94%
92.23
+36.54%
67.55
+83.40%
36.83
Operating Income
-179.45
-5720.56%
-3.08
+95.43%
-67.52
-90.11%
-35.52
Total Operating Income As Reported
-179.45
-5720.56%
-3.08
+95.43%
-67.52
-90.11%
-35.52
EBITDA
-168.78
-2136.92%
8.29
+112.27%
-67.52
-91.83%
-35.20
Normalized EBITDA
-168.78
-2136.92%
8.29
+112.27%
-67.52
-92.60%
-35.06
Reconciled Depreciation
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
EBIT
-168.78
-2136.92%
8.29
+112.27%
-67.52
-90.11%
-35.52
Total Unusual Items
—
—
—
-0.14
Total Unusual Items Excluding Goodwill
—
—
—
-0.14
Net Income
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Pretax Income
-171.38
-2168.28%
8.29
+115.24%
-54.37
-56.75%
-34.68
Net Non Operating Interest Income Expense
8.07
-29.02%
11.37
—
—
Interest Expense Non Operating
2.60
0.00
—
—
Net Interest Income
8.07
-29.02%
11.37
—
—
Interest Expense
2.60
0.00
—
—
Interest Income Non Operating
10.67
-6.16%
11.37
—
—
Interest Income
10.67
-6.16%
11.37
—
—
Other Income Expense
—
11.37
-13.58%
13.15
+1477.34%
0.83
Other Non Operating Income Expenses
—
11.37
-13.58%
13.15
+1250.62%
0.97
Gain On Sale Of Security
—
—
—
-0.14
Tax Provision
-0.08
-127.78%
0.29
0.00
—
Tax Rate For Calcs
0.00
-98.66%
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income From Continuing Operation Net Minority Interest
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income From Continuing And Discontinued Operation
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income Continuous Operations
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Normalized Income
-171.30
-2241.76%
8.00
+114.71%
-54.37
-57.39%
-34.54
Net Income Common Stockholders
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Diluted EPS
—
0.08
+114.04%
-0.57
+34.48%
-0.87
Basic EPS
—
0.08
+114.04%
-0.57
+34.48%
-0.87
Basic Average Shares
—
96.94
+1.81%
95.22
+138.30%
39.96
Diluted Average Shares
—
102.39
+7.54%
95.22
+138.30%
39.96
Diluted NI Availto Com Stockholders
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
327.65
-6.69%
351.15
+50.59%
233.19
-17.14%
281.44
Current Assets
284.90
-14.78%
334.30
+44.26%
231.73
-16.56%
277.70
Cash Cash Equivalents And Short Term Investments
244.99
-21.98%
314.02
+37.51%
228.36
-16.77%
274.38
Cash And Cash Equivalents
41.32
-18.69%
50.82
-28.40%
70.97
-66.29%
210.52
Other Short Term Investments
203.67
-22.62%
263.20
+67.23%
157.39
+146.45%
63.86
Receivables
25.35
+210.06%
8.18
+1091.69%
0.69
-32.01%
1.01
Accounts Receivable
25.35
+210.06%
8.18
0.00
—
Other Receivables
—
—
0.11
-48.83%
0.21
Accrued Interest Receivable
—
0.99
+43.88%
0.69
-13.82%
0.80
Inventory
8.37
+60.57%
5.21
0.00
—
Finished Goods
—
5.21
0.00
—
Prepaid Assets
6.19
-10.05%
6.89
+239.55%
2.03
-12.21%
2.31
Other Current Assets
—
1.23
+88.96%
0.65
—
Total Non Current Assets
42.76
+153.62%
16.86
+1053.08%
1.46
-60.86%
3.73
Net PPE
2.46
+131.24%
1.07
+29.37%
0.82
+6.46%
0.77
Gross PPE
—
1.27
+33.97%
0.94
+14.96%
0.82
Accumulated Depreciation
—
-0.20
-65.29%
-0.12
-152.08%
-0.05
Properties
—
0.00
0.00
—
Machinery Furniture Equipment
—
0.26
+214.81%
0.08
—
Other Properties
—
0.99
+17.50%
0.84
+2.19%
0.82
Leases
—
0.02
+0.00%
0.02
—
Goodwill And Other Intangible Assets
14.45
+96.07%
7.37
+1094.65%
0.62
0.00
Other Intangible Assets
14.45
+96.07%
7.37
+1094.65%
0.62
—
Non Current Prepaid Assets
—
2.80
+13233.33%
0.02
-99.29%
2.96
Other Non Current Assets
25.84
+206.84%
8.42
—
2.96
Total Liabilities Net Minority Interest
213.39
+126.16%
94.36
+3786.12%
2.43
-71.60%
8.55
Current Liabilities
39.15
+67.00%
23.44
+880.34%
2.39
-56.08%
5.44
Payables And Accrued Expenses
37.95
+66.14%
22.84
+1142.03%
1.84
-58.99%
4.48
Payables
5.72
-42.00%
9.87
+1200.40%
0.76
-58.59%
1.83
Accounts Payable
5.72
-42.00%
9.87
+1200.40%
0.76
-54.25%
1.66
Other Payable
—
—
0.15
-84.52%
1.00
Current Accrued Expenses
32.22
+148.42%
12.97
+1101.02%
1.08
-59.26%
2.65
Pensionand Other Post Retirement Benefit Plans Current
—
2.29
+627.94%
0.32
-29.53%
0.45
Total Tax Payable
—
—
0.00
-97.70%
0.17
Current Debt And Capital Lease Obligation
—
0.04
-82.28%
0.24
+3.04%
0.23
Current Debt
—
—
—
—
Current Capital Lease Obligation
—
0.04
-82.28%
0.24
+3.04%
0.23
Current Deferred Liabilities
0.61
+9.34%
0.56
0.00
-100.00%
0.28
Current Deferred Revenue
0.61
+9.34%
0.56
0.00
-100.00%
0.28
Other Current Liabilities
0.59
+1300.00%
0.04
—
—
Total Non Current Liabilities Net Minority Interest
174.25
+145.72%
70.92
+191562.16%
0.04
-98.81%
3.10
Long Term Debt And Capital Lease Obligation
96.37
0.00
-100.00%
0.04
-85.26%
0.25
Long Term Debt
96.37
—
—
—
Long Term Capital Lease Obligation
—
0.00
-100.00%
0.04
-85.26%
0.25
Non Current Deferred Liabilities
1.13
-26.24%
1.53
0.00
-100.00%
2.85
Non Current Deferred Revenue
1.13
-26.24%
1.53
0.00
-100.00%
2.85
Other Non Current Liabilities
72.14
+3.97%
69.38
—
—
Preferred Securities Outside Stock Equity
—
—
—
0.00
Stockholders Equity
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Common Stock Equity
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Capital Stock
0.01
+0.00%
0.01
+0.00%
0.01
+11.11%
0.01
Common Stock
0.01
+0.00%
0.01
+0.00%
0.01
+11.11%
0.01
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
99.29
+1.36%
97.95
+1.60%
96.41
+2.63%
93.94
Ordinary Shares Number
99.29
+1.36%
97.95
+1.60%
96.41
+2.63%
93.94
Additional Paid In Capital
408.73
+7.60%
379.87
+4.94%
362.00
+3.60%
349.41
Retained Earnings
-294.60
-138.92%
-123.31
+6.09%
-131.30
-70.66%
-76.94
Gains Losses Not Affecting Retained Earnings
0.12
-43.18%
0.22
+348.98%
0.05
-87.96%
0.41
Other Equity Adjustments
0.12
-43.18%
0.22
+348.98%
0.05
-87.96%
0.41
Total Equity Gross Minority Interest
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Total Capitalization
210.63
-17.98%
256.80
+11.28%
230.76
-15.44%
272.89
Working Capital
245.75
-20.94%
310.86
+35.55%
229.34
-15.76%
272.26
Invested Capital
210.63
-17.98%
256.80
+11.28%
230.76
-15.44%
272.89
Total Debt
96.37
+229361.90%
0.04
-84.67%
0.27
-43.04%
0.48
Net Debt
55.06
—
—
—
Capital Lease Obligations
—
0.04
-84.67%
0.27
-43.04%
0.48
Net Tangible Assets
99.81
-59.99%
249.43
+8.38%
230.14
-15.66%
272.89
Tangible Book Value
99.81
-59.99%
249.43
+8.38%
230.14
-15.66%
272.89
Current Notes Payable
—
—
—
0.00
Derivative Product Liabilities
—
—
—
0.00
Non Current Accrued Expenses
4.61
0.00
—
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-170.87
-1361.19%
13.55
+122.86%
-59.27
-47.88%
-40.08
Cash Flow From Continuing Operating Activities
-170.87
-1361.19%
13.55
+122.86%
-59.27
-47.88%
-40.08
Net Income From Continuing Operations
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Depreciation Amortization Depletion
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
Depreciation
1.37
+1630.38%
0.08
+8.22%
0.07
+114.71%
0.03
Amortization Cash Flow
-5.52
+23.86%
-7.25
-5.93%
-6.85
-2502.81%
0.28
Depreciation And Amortization
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
Amortization Of Intangibles
-5.52
+23.86%
-7.25
-5.93%
-6.85
-2502.81%
0.28
Other Non Cash Items
0.34
—
—
1.06
Stock Based Compensation
22.09
+52.02%
14.53
+57.38%
9.23
+58.05%
5.84
Provisionand Write Offof Assets
2.16
0.00
—
—
Operating Gains Losses
—
—
—
0.14
Gain Loss On Investment Securities
—
—
—
0.14
Change In Working Capital
-20.00
-1005.80%
-1.81
+75.42%
-7.36
+42.28%
-12.75
Change In Receivables
-17.20
-110.46%
-8.18
0.00
—
Changes In Account Receivables
-17.20
-110.46%
-8.18
0.00
—
Change In Inventory
-21.99
-269.82%
-5.95
0.00
—
Change In Prepaid Assets
0.66
+110.60%
-6.19
-331.43%
-1.44
-20.99%
-1.19
Change In Payables And Accrued Expense
18.88
+15.04%
16.41
+691.03%
-2.78
+73.00%
-10.29
Change In Other Working Capital
-0.35
-116.75%
2.09
+166.34%
-3.15
-145.44%
-1.28
Change In Other Current Assets
—
—
—
—
Investing Cash Flow
56.77
+153.50%
-106.10
-21.70%
-87.18
-43709.05%
-0.20
Cash Flow From Continuing Investing Activities
56.77
+153.50%
-106.10
-21.70%
-87.18
-43709.05%
-0.20
Net PPE Purchase And Sale
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Purchase Of PPE
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Capital Expenditure
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Net Investment Purchase And Sale
64.97
+166.27%
-98.04
-12.68%
-87.00
0.00
Purchase Of Investment
-242.03
+32.02%
-356.04
-30.89%
-272.00
0.00
Sale Of Investment
307.00
+18.99%
258.00
+39.46%
185.00
0.00
Net Other Investing Changes
-7.86
-4.80%
-7.50
—
—
Financing Cash Flow
104.60
+44.47%
72.40
+949.41%
6.90
-96.38%
190.73
Cash Flow From Continuing Financing Activities
104.60
+44.47%
72.40
+949.41%
6.90
-96.38%
190.73
Net Issuance Payments Of Debt
96.26
0.00
0.00
+100.00%
-8.68
Issuance Of Debt
96.26
0.00
—
—
Repayment Of Debt
—
—
0.00
+100.00%
-8.68
Long Term Debt Issuance
96.26
0.00
—
—
Long Term Debt Payments
—
—
0.00
+100.00%
-8.68
Net Long Term Debt Issuance
96.26
0.00
0.00
+100.00%
-8.68
Proceeds From Stock Option Exercised
5.68
+88.36%
3.02
-56.28%
6.90
+1110.35%
0.57
Net Other Financing Charges
2.66
-96.17%
69.38
—
198.84
Changes In Cash
-9.50
+52.86%
-20.15
+85.56%
-139.55
-192.75%
150.46
Beginning Cash Position
50.82
-28.40%
70.97
-66.29%
210.52
+250.50%
60.06
End Cash Position
41.32
-18.69%
50.82
-28.40%
70.97
-66.29%
210.52
Free Cash Flow
-171.21
-1418.48%
12.98
+121.85%
-59.44
-47.58%
-40.28
Interest Paid Supplemental Data
2.45
0.00
0.00
-100.00%
0.37
Issuance Of Capital Stock
—
—
—
0.00
Net Preferred Stock Issuance
—
—
—
0.00
Preferred Stock Issuance
—
—
—
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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