ARS Pharmaceuticals, Inc. (SPRY) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, ARS Pharmaceuticals reported revenue of $84.3M, down 5.5% from $89.1M the year before. Net income was -$171.3M (a -203.3% net margin), or -$1.74 per diluted share. Operating margin was -212.9%. Operating activities generated -$170.9M of cash, leaving -$171.2M of free cash flow. At fiscal year end, ARS Pharmaceuticals held $327.7M in total assets against $213.4M in total liabilities, including $41.3M of cash and equivalents.
Open the full interactive ARS Pharmaceuticals financials → Quarterly statements, key ratios, valuation history and price charts.
ARS Pharmaceuticals Key Stats
| Share Price | $4.05 |
|---|---|
| Market Cap | $402.2M |
| Revenue YoY Growth | -5.5% |
| 52-Week Range | $4.05 – $13.06 |
| Shares Outstanding | 99.3 million (basic, 2026 Q2) |
ARS Pharmaceuticals Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $0 | $1.3M | $30,000 | $89.1M | $84.3M |
| Operating Income | -$89.6M | -$35.5M | -$67.5M | -$3.1M | -$179.4M |
| Pre-Tax Income | -$89.5M | -$34.7M | -$54.4M | $8.3M | -$171.4M |
| Income Tax | $0 | $0 | $0 | $288,000 | -$80,000 |
| Net Income | -$89.5M | -$34.7M | -$54.4M | $8.0M | -$171.3M |
| Diluted EPS | -$2.56 | -$0.87 | -$0.57 | $0.08 | -$1.74 |
ARS Pharmaceuticals Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $32.5M | $28.1M | $22.7M | $33.7M |
| Net Income | -$51.2M | -$41.3M | -$60.6M | -$62.3M |
| Diluted EPS | -$0.52 | -$0.42 | -$0.61 | -$0.63 |
ARS Pharmaceuticals Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $254.0M | $210.5M | $71.0M | $50.8M | $41.3M |
| Current Assets | $261.5M | $277.7M | $231.7M | $334.3M | $284.9M |
| Total Assets | $333.5M | $281.4M | $233.2M | $351.2M | $327.7M |
| Current Liabilities | $14.9M | $5.4M | $2.4M | $23.4M | $39.1M |
| Total Long-Term Debt | — | — | — | — | $96.4M |
| Total Liabilities | $19.7M | $8.5M | $2.4M | $94.4M | $213.4M |
| Shareholders' Equity | $313.8M | $272.9M | $230.8M | $256.8M | $114.3M |
ARS Pharmaceuticals Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$66.8M | -$40.1M | -$59.3M | $13.5M | -$170.9M |
| Cash From Investing | -$66.5M | -$199,000 | -$87.2M | -$106.1M | $56.8M |
| Cash From Financing | $614,000 | $190.7M | $6.9M | $72.4M | $104.6M |
| Free Cash Flow | -$68.1M | -$40.3M | -$59.4M | $13.0M | -$171.2M |
Figures from ARS Pharmaceuticals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full ARS Pharmaceuticals financials page for every line item.
ARS Pharmaceuticals Company Profile
| Ticker | SPRY |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | San Diego, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001671858 |
Frequently Asked Questions
What was ARS Pharmaceuticals' revenue in fiscal 2025?
ARS Pharmaceuticals (SPRY) reported revenue of $84.3M for fiscal 2025.
What is ARS Pharmaceuticals' annual revenue history?
ARS Pharmaceuticals' annual revenue by fiscal year: 2021: $0; 2022: $1.3M; 2023: $30,000; 2024: $89.1M; 2025: $84.3M.
What was ARS Pharmaceuticals' net income in fiscal 2025?
ARS Pharmaceuticals reported net income of -$171.3M for fiscal 2025.
What was ARS Pharmaceuticals' earnings per share (EPS) in fiscal 2025?
ARS Pharmaceuticals' diluted EPS was -$1.74 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did ARS Pharmaceuticals generate in fiscal 2025?
ARS Pharmaceuticals generated -$171.2M of free cash flow in fiscal 2025.
What was ARS Pharmaceuticals' revenue last quarter?
In its most recent reported quarter (2026 Q2), ARS Pharmaceuticals reported revenue of $33.7M.
How much debt does ARS Pharmaceuticals have?
ARS Pharmaceuticals reported $96.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of ARS Pharmaceuticals are outstanding?
ARS Pharmaceuticals reported a weighted average of 99.3 million basic shares outstanding in 2026 Q2.
What is ARS Pharmaceuticals' market cap?
Based on its latest closing price, ARS Pharmaceuticals (SPRY) has a market capitalization of about $402.2M.
When does ARS Pharmaceuticals' fiscal year end?
ARS Pharmaceuticals' fiscal year end, as registered with the SEC, is December 31.
Where is ARS Pharmaceuticals headquartered?
ARS Pharmaceuticals lists its business address in San Diego, California in its SEC filings.