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

$969.20M

P/E (TTM)

-4.9

24.5

Dividend Yield

52W High

$18.90

52W Low

$6.66

52W Range

25%

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

Q1 2026 Data

Revenue

$22.68M+0.00%

4-Quarter Trend

EPS

-$0.61+0.00%

4-Quarter Trend

FCF

-$44.95M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Product Revenue Surges Post-Launch Product revenue reached $72.2M in 2025, up significantly from $7.3M in 2024 following the U.S. commercial launch.

Global Approvals Near Completion Approvals secured cover 98% of current global epinephrine autoinjector sales market; EMA positive opinion received for 1mg.

Commercial Infrastructure Investment SG&A expenses rose 221% to $230.1M, reflecting major sales force expansion and marketing efforts for neffy.

Strong Cash Position Maintained Cash and short-term investments totaled $245.0M as of December 31, 2025, supporting ongoing commercialization efforts.

Risk Factors

High Dependence on Commercial Success Highly dependent on successful commercialization of neffy; failure severely impacts financial condition and stock price.

Significant Operating Losses Incurred Incurred net loss of $171.3M in 2025, expecting continued significant losses for the foreseeable future.

Supply Chain Third-Party Reliance Complete reliance on third parties for manufacturing and warehousing, exposing supply chain to potential interruptions and price fluctuations.

Payor Coverage Uncertainty Commercial success severely hindered if adequate third-party payor coverage and reimbursement terms are not maintained.

Outlook

Planned Sales Force Expansion Plan to expand internal U.S. sales force to approximately 150 individuals beginning in Q2 2026 to support growth.

Pipeline Expansion Studies Underway Evaluating additional indications for neffy technology; chronic spontaneous urticaria Phase 2b trial interim data expected H2 2026.

International Launch Momentum Expected Q1 2026 launch in Japan and H1 2026 launch in China via collaboration partners Alfresa and Pediatrix.

Future Capital Requirements Monitored Existing cash funds operations for at least three years, but additional funding may be needed sooner if capital markets deteriorate.

Peer Comparison

Revenue (TTM)

INVA

$424.12M

+13.6%

ABUS

$191.45M

+2889.9%

SPRY

$98.99M

+1.9%

Gross Margin (Latest Quarter)

NBTX

100.0%

+0.0pp

ABUS

100.0%

-2.1pp

NKTR

98.6%

+18.4pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
TNGX	$3.59B	-41.4	-41.5%	7.5%
RLAY	$2.59B	-9.8	-43.9%	4.5%
NBTX	$1.80B	-60.6	31.2%	140.7%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

13.0%

Steady Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Aug 12, 2026

EPS:-$0.49

Revenue:$32.83M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data