ARS Pharmaceuticals, Inc.

NASDAQ•SPRY

CEO: Mr. Richard Lowenthal M.B.A., M.S., MSMSEL

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2020-12-04

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers. ARS Pharmaceuticals, Inc. was founded in 2015 and is headquartered in San Diego, California.

Contact Information

11682 El Camino Real, Suite 120, San Diego, CA, 92130, United States

858-771-9307

ars-pharma.com

Market Cap

$906.44M

P/E (TTM)

-11.3

19.5

Dividend Yield

52W High

$18.90

52W Low

$6.66

52W Range

21%

Rank45Top 56.8%

3.6

F-Score

Modified Piotroski Analysis

Based on 7-year fundamentals

Weak • 3.6 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2019-2025

Financial Dashboard

Q3 2025 Data

Revenue

$32.50M+1471.62%

4-Quarter Trend

EPS

-$0.52+160.00%

4-Quarter Trend

FCF

-$47.24M+223.43%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Product Revenue Skyrockets Net product revenue reached $31.3M this quarter, a massive increase from only $0.568M reported in the prior comparable period.

New Term Loan Secured Company secured $97.8M in net proceeds from the initial Term A Loan tranche, enhancing liquidity position as of September 2025.

International Commercial Expansion EURnef y launched in Germany (June 2025) and UK (October 2025), expanding approved market footprint outside the US.

Strong Cash and Investments Total cash and short-term investments stand at $288.2M as of September 30, 2025, supporting near-term operational needs.

Risk Factors

Operating Loss Significantly Widens Loss from operations for the quarter was $(53.2)M, substantially larger than the $(21.7)M loss reported in the prior period.

SG&A Expenses Surge Selling, general, and administrative costs increased sharply to $74.8M this quarter, driven by aggressive commercialization spending.

Generic Competition Threat Looms Lupin filed an ANDA for generic nef y 2mg, posing risk of market exclusivity loss and revenue erosion.

High Cash Burn Rate Net cash used in operating activities totaled $127.4M over nine months, requiring continued reliance on financing activities.

Outlook

Pursuing Additional Indications Management plans to continue development for other potential indications, including urticaria, requiring substantial future capital investment.

Japan Commercial Launch Expected Commercial launch for nef y in Japan, via Alfresa partnership, is expected to commence in the fourth quarter of 2025.

Capital Sufficient for Three Years Existing cash, investments, and expected revenues are projected to fund operations for at least the next three years based on current plan.

Focus on Intellectual Property Continue efforts to obtain and maintain strong patent protection globally for nef y and proprietary intranasal epinephrine technology.

Peer Comparison

Revenue (TTM)

INVA

$414.76M

+14.5%

SPRY

$142.77M

+5459.7%

KURA

$104.03M

+0.0%

Gross Margin (Latest Quarter)

NBTX

100.0%

+0.0pp

OCS

100.0%

+0.0pp

TNGX

99.0%

-1.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
TYRA	$1.74B	-17.4	-38.3%	2.1%
RLAY	$1.70B	-6.1	-43.2%	5.2%
OCS	$1.64B	-11.3	-81.7%	1.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-27.9%

Growth Under Pressure

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

25%

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 19, 2026

EPS:-$0.42

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data