SPRY Healthcare

ARS Pharmaceuticals, Inc.

$3.05+0.00%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 303.3M USD
Enterprise value: 352.6M USD
Full-time employees: 195

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.63), though less than the overall market and more debt relative to equity (7.73× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.00 vs peers 0.63) and more debt vs equity (7.73× vs peers 0.22×)

Ranks #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 7.7× equity vs a peer median of 0.2×.Debt is 7.7× equity vs peers 0.2×.
Debt is 7.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 7.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 26% of revenue in 2025.
ARS Pharmaceuticals paid employees $22M in stock in 2025, 26% of its $84M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, ARS Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
ARS Pharmaceuticals reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

27/ 100

Oct 5 27 → Nov 4 27

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-71.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-78.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-64.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield4.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

85/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 18.1%

Why

Stronger than most peers on:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth711.3%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growth4.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.21Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-185.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -15.78Sector median: 0.0706 · MAD: 0.1217

Return on assets-86.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-169.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -16.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin58.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-1721.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.00

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.10Sector median: 0.6250 · MAD: 0.3380

Current ratio3.48×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.64Sector median: 2.5860 · MAD: 1.3850

Debt / equity7.73×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ARS Pharmaceuticals

Is ARS Pharmaceuticals getting weaker?: Its latest SEC filing (Aug 13, 2026) showed no major changes. Its overall score is unchanged at 27/100 since Oct 28, 2026.
How is ARS Pharmaceuticals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -71.0% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -71.0% vs peers 1.5% (weaker than 100% of peers).
Is ARS Pharmaceuticals growing?: Yes, faster than most of its peers. Growth scores 85/100 against 1,393 healthcare peers. 3-year revenue growth 711.3% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 711.3% vs peers 5.8% (stronger than 95% of peers).
How profitable is ARS Pharmaceuticals?: Less profitable than most of its peers. Profitability scores 8/100 against 1,393 healthcare peers. Return on assets -86.3% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -86.3% vs peers 1.7% (weaker than 100% of peers).
How risky is ARS Pharmaceuticals?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.48× vs a peer median of 2.59× (stronger than 61% of peers).Current ratio 3.48× vs peers 2.59× (stronger than 61% of peers). Debt / equity 7.73× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 7.73× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: ARS Pharmaceuticals is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	99.0M USD	116.9M USD	+18.1%
Net income (12 months)	−198.0M USD	−215.4M USD	+8.8%
Operating margin	-204.5%	-185.0%	+19.5 pts
Free cash flow (12 months)	−175.3M USD	−196.6M USD	+12.1%
Debt	96.5M USD	96.7M USD	+0.2%
Cash	24.3M USD	8.2M USD	−66.4%
Shares outstanding	99.3M	99.4M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	100.0%	—	—	—
Operating margin	-353.3%	-2698.8%	-225066.7%	-3.5%	-212.9%	▼ 209 pts
Net margin	-367.7%	-2635.4%	-181216.7%	9.0%	-203.3%	▼ 212 pts
Return on assets (ROA)	-32.9%	-12.3%	-23.3%	2.3%	-52.3%	▼ 55 pts
Return on equity (ROE)	—	-12.7%	-23.6%	3.1%	-149.9%	▼ 153 pts
Free cash flow margin	-319.9%	-3060.6%	-198136.7%	14.6%	-203.1%	▼ 218 pts
Current ratio	7.42×	51.01×	96.92×	14.26×	7.28×	▼ 49%
Quick ratio	—	—	96.92×	13.81×	6.48×	▼ 53%
Debt to equity	—	0.00×	—	0.00×	0.84×	—

SPRY price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.63), though less than the overall market and more debt relative to equity (7.73× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.00 vs peers 0.63) and more debt vs equity (7.73× vs peers 0.22×)

Ranks #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 7.7× equity vs a peer median of 0.2×.Debt is 7.7× equity vs peers 0.2×.

Debt is 7.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 7.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 26% of revenue in 2025.

ARS Pharmaceuticals paid employees $22M in stock in 2025, 26% of its $84M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, ARS Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

ARS Pharmaceuticals reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about ARS Pharmaceuticals

Is ARS Pharmaceuticals getting weaker?

Its latest SEC filing (Aug 13, 2026) showed no major changes. Its overall score is unchanged at 27/100 since Oct 28, 2026.

How is ARS Pharmaceuticals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -71.0% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -71.0% vs peers 1.5% (weaker than 100% of peers).

Is ARS Pharmaceuticals growing?

Yes, faster than most of its peers. Growth scores 85/100 against 1,393 healthcare peers. 3-year revenue growth 711.3% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 711.3% vs peers 5.8% (stronger than 95% of peers).

How profitable is ARS Pharmaceuticals?

Less profitable than most of its peers. Profitability scores 8/100 against 1,393 healthcare peers. Return on assets -86.3% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -86.3% vs peers 1.7% (weaker than 100% of peers).

How risky is ARS Pharmaceuticals?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.48× vs a peer median of 2.59× (stronger than 61% of peers).Current ratio 3.48× vs peers 2.59× (stronger than 61% of peers). Debt / equity 7.73× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 7.73× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

99.0M USD

116.9M USD

+18.1%

Net income (12 months)

−198.0M USD

−215.4M USD

+8.8%

Operating margin

-204.5%

-185.0%

+19.5 pts

Free cash flow (12 months)

−175.3M USD

−196.6M USD

+12.1%

Debt

96.5M USD

96.7M USD

+0.2%

Cash

24.3M USD

8.2M USD

−66.4%

Shares outstanding

99.3M

99.4M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

100.0%

—

Operating margin

-353.3%

-2698.8%

-225066.7%

-3.5%

-212.9%

▼ 209 pts

Net margin

-367.7%

-2635.4%

-181216.7%

9.0%

-203.3%

▼ 212 pts

Return on assets (ROA)

-32.9%

-12.3%

-23.3%

2.3%

-52.3%

▼ 55 pts

Return on equity (ROE)

—

-12.7%

-23.6%

3.1%

-149.9%

▼ 153 pts

Free cash flow margin

-319.9%

-3060.6%

-198136.7%

14.6%

-203.1%

▼ 218 pts

Current ratio

7.42×

51.01×

96.92×

14.26×

7.28×

▼ 49%

Quick ratio

—

96.92×

13.81×

6.48×

▼ 53%

Debt to equity

—

0.00×

—

0.00×

0.84×

—