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ARS Pharmaceuticals
(NASDAQ:SPRY)
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Rating:46Neutral
Price Target:
$6.00
▲(1.01% Upside)
Action:Reiterated
Date:07/18/26
The score is held down primarily by weak financial performance (large losses and significant cash burn) and bearish technicals (price below major moving averages with negative MACD). Earnings-call commentary is a relative positive due to strong commercialization and access progress, but execution risk and elevated spend remain significant. Valuation provides limited support given the negative P/E and no dividend yield data.
Positive Factors
High product-level margins
Sustained gross margins near 75.8% indicate attractive unit economics for neffy. As prescription volumes and refill rates scale, these margins can translate into durable operating leverage, making the business more likely to generate operating profits once SG&A and commercialization spending normalize.
Negative Factors
Heavy cash burn
Sustained negative operating and free cash flow (~-$175M TTM) creates ongoing funding needs. Even with ~$201M on hand, the company faces financing risk if commercialization ramps or SG&A remains elevated; reliance on future breakeven timing increases execution and dilution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
High product-level margins
Sustained gross margins near 75.8% indicate attractive unit economics for neffy. As prescription volumes and refill rates scale, these margins can translate into durable operating leverage, making the business more likely to generate operating profits once SG&A and commercialization spending normalize.
Read all positive factors
ARS Pharmaceuticals (SPRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$605.75M
Dividend YieldN/A
Average Volume (3M)2.13M
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue Growth4.08%
EPS Growth-343.67%
CountryUS
Employees157
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.18
Shares Outstanding99,303,260
10 Day Avg. Volume2,563,913
30 Day Avg. Volume2,125,274
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)10.05
Price to Sales (P/S)13.63
P/FCF Ratio-6.71
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$30.00Price Target Upside405.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.73
Revenue Forecast (FY)$139.83M
ARS Pharmaceuticals Business Overview & Revenue Model
Company Description
ARS Pharmaceuticals, Inc. specializes in creating ARS-1, an innovative intranasal epinephrine spray utilizing advanced absorption technology. This product serves as a crucial intervention for individuals and their households who are susceptible to...
How the Company Makes Money
ARS Pharmaceuticals primarily makes money by commercializing its epinephrine nasal spray product(s) and capturing revenue from their sales. Revenue is generated through (1) product sales of neffy in markets where ARS sells directly and recognizes ...
ARS Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Neutral
The call balanced encouraging commercial momentum and a clear strategic reset with notable operational and financial challenges. Positive indicators include doubled overall market share (2.5% to 5%), an 8% share in field-targeted accounts, triple+ growth in unique prescribers, a completed sales-force expansion, hiring of an experienced CCO, and a plan to reduce cash-based SG&A by over 40% in H2 with a stated path to cash-flow breakeven by end of 2027. Offsetting these positives are high Q2 operating expenses (~$95.1M), elevated SG&A (~$77.6M), gross-to-net pressure near ~50%, manufacturing/short-dated inventory impacts on margins, payer prior-authorization friction (only ~57% without PA) and a modest delay in the CSU Phase IIb interim readout to Q1 2027. Overall, the company presented a constructive corrective plan but material execution and margin risks remain.Positive Updates
Revenue and Product Sales
Q2 total revenue of $33.7 million, including U.S. net product revenue of $26.2 million.
Negative Updates
High Operating Expenses
Total operating expenses of $95.1 million in Q2, with SG&A approximately $77.6 million for the quarter, reflecting prior broad-based consumer advertising and elevated commercial spending.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Product Sales
Q2 total revenue of $33.7 million, including U.S. net product revenue of $26.2 million.
Read all positive updates
Company Guidance
Management guided to a disciplined, provider-focused plan with specific financial and commercial targets: Q2 total revenue was $33.7M, U.S. net product revenue $26.2M, total U.S. market share 5% (up from 2.5% YoY) and 8% within the field-targeted universe (up from 4% YoY), with >16,000 unique net prescribers in Q2 (3x YoY). Q2 gross margin was ~62% (YTD ~64%) with gross-to-net around ~50% expected to ebb and flow, and Q2 operating expenses totaled $95.1M (including $12.8M COGS) and ~ $77.6M SG&A for the quarter. For H2 2026 they guided aggregate SG&A and R&D of $114M–$126M (including stock-based comp of ~$14M–$60M), with cash-based SG&A and R&D of $100M–$110M (driven by >40% reduction in cash-based SG&A vs. H1 2026) and cash, cash equivalents and short‑term investments of $143.8M at quarter end; management expects this runway and spending posture to support a path to cash‑flow breakeven by end of 2027. They also noted 90% commercial coverage (57% without prior authorization), a sales focus on the 44% of the market representing highest‑value prescribers, and a modest delay of the CSU Phase IIb interim readout to Q1 2027.ARS Pharmaceuticals Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
40
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.93M | 84.28M | 89.15M | 30.00K | 1.32M | 5.51M |
| Gross Profit | 86.40M | 63.85M | 68.59M | 30.00K | -15.80M | 5.29M |
| EBITDA | -209.03M | -167.41M | 8.37M | -54.29M | -34.36M | -19.92M |
| Net Income | -215.43M | -171.30M | 8.00M | -54.37M | -34.68M | -20.24M |
Balance Sheet | ||||||
| Total Assets | 249.50M | 327.65M | 351.15M | 233.19M | 281.44M | 61.45M |
| Cash, Cash Equivalents and Short-Term Investments | 143.84M | 244.99M | 314.02M | 228.36M | 274.38M | 60.06M |
| Total Debt | 0.00 | 96.37M | 42.00K | 274.00K | 481.00K | 9.03M |
| Total Liabilities | 236.98M | 213.39M | 94.36M | 2.43M | 8.55M | 92.72M |
| Stockholders Equity | 12.51M | 114.26M | 256.80M | 230.76M | 272.89M | -31.27M |
Cash Flow | ||||||
| Free Cash Flow | -196.60M | -171.21M | 12.98M | -59.44M | -40.28M | -17.62M |
| Operating Cash Flow | -196.41M | -170.87M | 13.55M | -59.27M | -40.08M | -17.56M |
| Investing Cash Flow | 48.50M | 56.77M | -106.10M | -87.18M | -199.00K | -55.00K |
| Financing Cash Flow | 104.53M | 104.60M | 72.40M | 6.90M | 190.73M | 53.16M |
ARS Pharmaceuticals Technical Analysis
Negative
5.94
Price Trends
7.57
Negative
7.92
Negative
8.77
Negative
Market Momentum
-0.44
Negative
38.41
Neutral
79.02
Neutral
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 5.94 is above the 20-day moving average (MA) of 5.82, below the 50-day MA of 7.57, and below the 200-day MA of 8.77, indicating a bearish trend. The MACD of -0.44 indicates Negative momentum. The RSI at 38.41 is Neutral, neither overbought nor oversold. The STOCH value of 79.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPRY.
ARS Pharmaceuticals Risk Analysis
ARS Pharmaceuticals disclosed 75 risk factors in its most recent earnings report. ARS Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ARS Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $2.59B | -54.65 | -23.59% | ― | ― | 18.54% | |
54 Neutral | $841.64M | 78.24 | 3.50% | ― | 7.44% | ― | |
52 Neutral | $1.54B | -9.92 | -34.94% | ― | 700.00% | -50.45% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.42B | -10.27 | -35.35% | ― | ― | 28.64% | |
46 Neutral | $605.75M | -2.59 | -153.61% | ― | 4.08% | -343.67% | |
42 Neutral | $295.69M | -2.96 | -32.94% | ― | ― | -26.18% |
* Healthcare Sector Average
SPRY
ARS Pharmaceuticals
5.65
-8.88
-61.11%
TRVI
Trevi Therapeutics
18.46
10.94
145.48%
ORIC
Oric Pharmaceuticals
13.87
4.21
43.58%
PHAR
Pharming Group
11.72
0.07
0.60%
MAZE
Maze Therapeutics, Inc.
27.18
13.68
101.33%
SION
Sionna Therapeutics, Inc.
6.46
-14.36
-68.97%
ARS Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board Changes
ARS Pharmaceuticals Announces Key Executive Leadership Departures
Negative
Jul 17, 2026
On July 15, 2026, ARS Pharmaceuticals announced that Board member Richard Lowenthal resigned from the Board, effective immediately, as part of conditions tied to his severance compensation under his employment agreement and the company’s Cha...
Business Operations and StrategyExecutive/Board Changes
ARS Pharmaceuticals appoints Donn Casale as CEO
Negative
Jul 7, 2026
On July 7, 2026, ARS Pharmaceuticals, Inc. appointed its current president, Donn Casale, as chief executive officer, effective immediately, succeeding Richard Lowenthal in the role. Casale was simultaneously named to the Board as a Class III direc...
Executive/Board ChangesShareholder Meetings
ARS Pharmaceuticals Shareholders Back Board, Pay Practices
Positive
Jun 25, 2026
On June 24, 2026, ARS Pharmaceuticals held its 2026 annual meeting of stockholders, at which investors elected three Class III directors to serve until the 2029 annual meeting and ratified Ernst Young LLP as the company’s independent audito...
Business Operations and StrategyFinancial Disclosures
ARS Pharmaceuticals Highlights Strong Neffy Growth and Global Expansion
Positive
May 15, 2026
On May 15, 2026, ARS Pharmaceuticals reported first-quarter 2026 revenue of $22.7 million, driven largely by $17.5 million in U.S. neffy sales, alongside collaboration and supply revenue from partners. The company posted a net loss of $60.6 millio...
Business Operations and StrategyExecutive/Board Changes
ARS Pharmaceuticals Appoints Donn Casale as New President
Positive
May 13, 2026
On May 12, 2026, ARS Pharmaceuticals’ board, acting on a recommendation from Chief Executive Officer Richard Lowenthal, appointed industry veteran Donn Casale as president, with his employment expected to begin on June 1, 2026, succeeding Lo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.