ARS Pharmaceuticals (SPRY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

ARS Pharmaceuticals

NasdaqGM•Healthcare•Biotechnology

$5.39-0.23(-0.04%)Pre-market

Market Cap

$502.52M

P/S

4.3x

P/B

40.2x

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes treatments for severe allergic reactions in the United States and internationally. The company is involved in the development of neffy, a needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. ARS Pharmaceuticals, Inc. was founded in 2015 and is headquartered in San Diego, California.

How this company scores

WeakMetricSide Score: 28/100

Strongest: Growth (10/25); weakest: Profitability (3/25).

Profitability3/25

Growth10/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality7/25

Strengths

Improving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 129.3x5y range 129.3x – 129.3x

P/S · 4.3x5y range 4.3x – 91372.7x

Currently below its 15-quarter median.

P/B · 40.2x5y range 0.4x – 40.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $502.52M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $116.93M
Q. Revenue: $33.66M
TTM EBITDA: $-214.65M
TTM Op. Income: $-216.27M
Q. Op. Income: $-61.47M
TTM Net Income: $-215.43M
Q. Net Income: $-62.34M
EPS: $-0.63
Shares Out.: $99.31M

$116.93M in TTM revenue grew 4.1% YoY, reaching $33.66M last quarter. TTM EBITDA of $-214.65M and TTM operating income of $-216.27M show growth is flowing through to the bottom line. However, net income is negative at $215.43M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -181.4%
Op. Margin: -182.6%
Net Margin: -185.2%

Op. margin of -182.6% is up 120.3% YoY — cost efficiency is improving. Net margin at -185.2% Over the past year, operating margin is up 40% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 4.3x
P/B Ratio: 40.2x

P/S of 4.3x and P/B of 40.2x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $249.50M
Cash: $8.16M
Long-Term Debt: $96.68M
Book Value: $12.51M
D/E Ratio: 7.7
Debt/EBITDA: N/A

With $249.50M in assets and $96.68M in long-term debt, D/E is 7.7and book value is $12.51M — elevated leverage, meaning significant financial risk in a downturn. Across the last 4 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-60.93M
TTM Free Cash Flow: $-196.60M
FCF Margin: -168.1%
FCF / Net Income: 0.9

TTM FCF of $-196.60M on $-60.93M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.