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NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

ARS Pharmaceuticals, Inc. SPRY

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$84.3M
▼ 5.5% YoY
$-171.3M
▼ 2241.8% YoY
$-171.2M
▼ 1418.5% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

neffy is the first and only FDA and European Commission-approved needle-free epinephrine product, and it also has approvals in the U.K., Japan, Australia, and China. The company's commercialization efforts for neffy include a direct U.S. sales force of 106 individuals plus an additional co-promotion U.S. sales force of approximately 70 individuals with its partner ALK-Abello, Inc. The company was founded by Richard Lowenthal, Robert Bell, and Sarina Tanimoto. ARS Pharmaceuticals was incorporated in Delaware in January 2016, with corporate headquarters in San Diego, California. As of December 31, 2025, the company had 158 full-time employees and 5 part-time employees.

Written from the business description in ARS Pharmaceuticals, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 9 March 2026. Every sentence was checked against that document before publication.

Growth

USD 84.3M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 84.3 · Net income -171.3
40M80M-100M-200M
202020232025
Compound annual growth
+300.1%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−203 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -212.9% · Net -203.3%
-100000%-200000%
202020222025
ROE
FY2025 · ROE -92.3%
-50%
202020222025
Three returns, three denominators.

Each USD of equity lost 92 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -171.2
-100M-200M
202020222025

Total assetsUSD 327.7M
EquityUSD 114.3M
CashUSD 41.3M
Gross debtUSD 96.4M
Net debtUSD 55.1M
Current ratio7.28×

Net debt stands at 48% of equity.

The 6-year record

6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SPRY, 6-year financial record
Metric 202520242023202220212020
Revenue $B0.10.10.00.00.0◌
Operating income $B−0.2−0.0−0.1−0.0−0.0−0.0
EBITDA $B◌−0.0−0.1−0.0−0.0−0.0
Income tax $B−0.00.00.00.00.00.0
Net income $B−0.20.0−0.1−0.0−0.0−0.0
Free cash flow $B−0.20.0−0.1−0.0−0.0−0.0
EPS, diluted $−1.740.08−0.57−0.87−0.70−11.33
Dividend / sh $◌◌◌◌◌◌
Payout % — not applicable: no dividend——————
ROE %−92.33.3−21.6———
Shares out B0.100.100.100.090.030.03

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 16 checks were skipped: cost of revenue is not tagged before 2023. 13 checks were skipped: EPS is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2020

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