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MARKETS / NASDAQ / SPRY
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
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-80M-160M202020212022202320242025
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%202020212022202320242025
ROE
FY2025 · ROE -92.3%
-50%202020212022202320242025

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
-80M-160M202020212022202320242025

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
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 %······
ROE %−92.33.3−21.6−28.7··
Shares out B0.100.100.100.090.030.03

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

Provenance
Company facts, as filed
How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 70 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2020

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