ARS Pharmaceuticals (SPRY) AI Stock Analysis

• Market Cap: $900.31M
• Dividend Yield: N/A
• Average Volume (3M): 2.43M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: 22367.80%
• EPS Growth: -5.15%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.46
• Shares Outstanding: 98,826,340
• 10 Day Avg. Volume: 1,705,398
• 30 Day Avg. Volume: 2,431,432
• PEG Ratio: -1.12
• Price to Book (P/B): 3.98
• Price to Sales (P/S): 11.47
• P/FCF Ratio: 78.76
• Enterprise Value/Market Cap: 1.64
• Enterprise Value/Revenue: 13.16
• Enterprise Value/Gross Profit: 14.04
• Enterprise Value/Ebitda: -27.04
• 1Y Price Target: $31.00
• Price Target Upside: 240.29% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 53 Neutral
• Price Target: $10.00 ▲(9.77% Upside)

ARS Pharmaceuticals' overall stock score is driven by strong revenue growth and strategic global expansion, as highlighted in the earnings call. However, technical indicators show bearish momentum, and valuation metrics are unattractive due to negative profitability. While financial performance shows potential, ongoing profitability challenges and high investing activities warrant caution.

Positive Factors

Revenue Growth

The significant revenue growth for Neffy indicates strong market adoption and potential for sustained sales increases, supporting long-term business expansion.

Global Expansion

Expanding into new international markets enhances ARS Pharmaceuticals' global footprint, diversifies revenue streams, and reduces reliance on any single market.

Strong Cash Position

A robust cash position provides financial stability, enabling ARS Pharmaceuticals to invest in R&D, marketing, and expansion efforts without immediate liquidity concerns.

Negative Factors

Patent Challenge

The patent challenge by Lupin could impact ARS's market exclusivity and revenue if a generic version is approved, posing a risk to long-term profitability.

High SG&A Expenses

High SG&A expenses can pressure margins and profitability, potentially limiting the company's ability to reinvest in growth initiatives if not managed effectively.

Profitability Challenges

Ongoing profitability challenges, reflected in net losses, may hinder ARS Pharmaceuticals' ability to achieve sustainable financial performance without continued revenue growth.

ARS Pharmaceuticals Business Overview & Revenue Model

Company Description

ARS Pharmaceuticals, Inc. (SPRY) is a biopharmaceutical company focused on developing innovative therapies for respiratory diseases. The company is known for its core product, neffy, a needle-free delivery system for epinephrine, aimed at treating severe allergic reactions and anaphylaxis. ARS Pharmaceuticals operates primarily in the healthcare sector, leveraging advanced delivery technologies to enhance patient experiences and improve outcomes in emergency situations.

How the Company Makes Money

ARS Pharmaceuticals generates revenue primarily through the commercialization of its products, particularly neffy. The company monetizes its innovations through direct sales to healthcare providers and pharmacies, as well as potential partnerships with larger pharmaceutical companies for distribution and marketing. In addition to product sales, ARS may also benefit from licensing agreements, research collaborations, and government contracts related to public health initiatives. As neffy gains market acceptance, its sales are expected to be a significant contributor to the company's earnings, bolstered by ongoing investments in marketing and education to raise awareness among healthcare professionals and patients.

ARS Pharmaceuticals Financial Statement Overview

Summary

ARS Pharmaceuticals has shown strong revenue growth and improved net income, indicating operational improvements. The balance sheet is robust with low leverage and improving equity, though cash flow statements show caution due to high investing activities. Profitability remains a challenge, but recent trends suggest potential for future stabilization and growth.

Income Statement

ARS Pharmaceuticals showed significant revenue growth from 2023 to 2024, with total revenue jumping from $30,000 to $89,149,000, indicating strong potential. However, the company has struggled with profitability, evidenced by negative EBIT and EBITDA margins over the years. The net profit margin turned positive in 2024, a promising sign, but overall profitability remains inconsistent.

Balance Sheet

The balance sheet reveals a strong equity position, with stockholders' equity growing from negative figures in earlier years to a robust $256,798,000 in 2024. The debt-to-equity ratio is low, indicating low leverage risk. The equity ratio has improved, suggesting increased financial stability. However, fluctuations in total liabilities reflect some instability.

Cash Flow

Cash flow analysis shows a turnaround, with free cash flow becoming positive in 2024 after previous negative years. Operating cash flow to net income ratio improved, signaling better cash generation relative to income. However, investing cash flows were significantly negative, highlighting high capital expenditures or investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	112.34M	89.15M	30.00K	1.32M	5.51M	17.84M
Gross Profit	105.28M	88.17M	30.00K	997.00K	5.29M	3.77M
EBITDA	-54.65M	-2.88M	-67.45M	-34.36M	-19.24M	-463.00K
Net Income	-48.02M	8.00M	-54.37M	-34.68M	-20.24M	-1.06M
Balance Sheet
Total Assets	313.47M	351.15M	233.19M	281.44M	61.45M	26.41M
Cash, Cash Equivalents and Short-Term Investments	240.13M	314.02M	228.36M	274.38M	60.06M	24.52M
Total Debt	1.66M	42.00K	274.00K	481.00K	9.03M	10.02M
Total Liabilities	121.15M	94.36M	2.43M	8.55M	92.72M	40.46M
Stockholders Equity	192.32M	256.80M	230.76M	272.89M	44.77M	7.18M
Cash Flow
Free Cash Flow	-53.38M	12.98M	-59.44M	-40.28M	-17.62M	8.15M
Operating Cash Flow	-52.80M	13.55M	-59.27M	-40.08M	-17.56M	9.07M
Investing Cash Flow	-7.31M	-106.10M	-87.18M	-199.00K	-55.00K	-917.00K
Financing Cash Flow	75.02M	72.40M	6.90M	190.73M	53.16M	5.10M

ARS Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRY, the sentiment is Negative. The current price of 9.11 is below the 20-day moving average (MA) of 10.31, below the 50-day MA of 10.97, and below the 200-day MA of 13.39, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 31.75 is Neutral, neither overbought nor oversold. The STOCH value of 3.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPRY.

ARS Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAR	67 Neutral	$931.40M	―	-3.40%	―	22.68%	42.45%
MAZE	59 Neutral	$1.46B	―	―	―	―	―
TRVI	55 Neutral	$1.28B	-24.98	-35.74%	―	―	-8.46%
SPRY	53 Neutral	$900.31M	―	-23.56%	―	22367.80%	-5.15%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ORIC	43 Neutral	$1.27B	―	-43.82%	―	―	-7.33%

ARS Pharmaceuticals Corporate Events

ARS Pharmaceuticals Secures $250 Million Credit Agreement

On September 29, 2025, ARS Pharmaceuticals, Inc. entered into a credit agreement with RA Capital Agency Services, LLC and other lenders for up to $250 million in term loans. The funds will be used for product development and general corporate purposes, with the first tranche of $100 million already advanced. This agreement is expected to support ARS Pharmaceuticals’ growth and enhance its market position, with implications for stakeholders including RA Capital, which holds a significant stake in the company.

The most recent analyst rating on (SPRY) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.

Ars Pharmaceuticals Reports Strong Q2 Growth and Global Expansion

The recent earnings call from Ars Pharmaceuticals, Inc. painted a largely positive picture, with significant growth in revenue and prescription volume for their flagship product, Neffy. The company also highlighted its expanding global presence and commercial coverage. While there were concerns regarding high SG&A expenses and challenges with prior authorization requirements, the overall sentiment was optimistic, driven by strong revenue growth and strategic global expansion.

ARS Pharmaceuticals Faces Patent Challenge from Lupin

On August 13, 2025, ARS Pharmaceuticals received a Paragraph IV certification notice from Lupin Inc., indicating that Lupin has filed an Abbreviated New Drug Application with the FDA to produce a generic version of ARS’s neffy© nasal spray before the expiration of several patents. ARS plans to defend its patents vigorously by filing a patent infringement lawsuit against Lupin, which could delay FDA approval of Lupin’s generic product by 30 months if filed within 45 days. The outcome of this legal action remains uncertain, but it could significantly impact ARS’s market position and intellectual property rights.

The most recent analyst rating on (SPRY) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.

ARS Pharmaceuticals Reports Strong Growth for neffy

ARS Pharmaceuticals, Inc. is a biopharmaceutical company focused on providing innovative solutions for at-risk patients, particularly through its needle-free epinephrine nasal spray, neffy, designed for emergency treatment of allergic reactions including anaphylaxis.

ARS Pharmaceuticals Reports Q2 2025 Financial Results

On August 13, 2025, ARS Pharmaceuticals reported its financial results for the second quarter of 2025, highlighting the commercial success of neffy® (epinephrine nasal spray) with $15.7 million in revenue. The growth was driven by increased payor access and a national direct-to-consumer campaign in the U.S., as well as the launch of EURneffy® in Germany and approval in the U.K. The company is expanding its global presence and anticipates further regulatory approvals in several countries by 2026. Despite a net loss of $44.9 million, ARS Pharma’s strategic investments in marketing and sales are expected to enhance market share and consumer awareness, positioning the company for continued growth and expansion.

The most recent analyst rating on (SPRY) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on ARS Pharmaceuticals stock, see the SPRY Stock Forecast page.