Overview Dividends

(SPRY) ARS Pharmaceuticals - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US82835W1080

Epinephrine, Nasal Spray, Anaphylaxis

Biotechnology
Market Cap in USD: 995m
IPO / Inception: 2020-12-04
Return 12m vs S&P 500: -11.4%

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 67.4%
Value at Risk 5%th 105%
Relative Tail Risk -5.14%
Reward TTM
Sharpe Ratio 0.31
Alpha -15.27
CAGR/Max DD 0.16
Character TTM
Hurst Exponent 0.496
Beta 0.986
Beta Downside 0.410
Drawdowns 3y
Max DD 67.95%
Mean DD 24.40%
Median DD 22.28%

Description: SPRY ARS Pharmaceuticals November 13, 2025

ARS Pharmaceuticals, Inc. (NASDAQ: SPRY) is a U.S.-based biopharmaceutical firm founded in 2015 and headquartered in San Diego, California. It focuses on developing and commercializing treatments for severe Type I allergic reactions, most notably “neffy,” a needle-free, low-dose intranasal epinephrine spray intended as a rapid rescue therapy for anaphylaxis.

As of the most recent quarterly filing (Q2 2024), the company reported cash and cash equivalents of approximately $45 million, giving it an estimated 12-month runway at current burn rates. R&D expenses have risen to roughly $12 million year-to-date, reflecting the progression of neffy through Phase II/III trials. The global market for anaphylaxis treatments is projected to grow at a CAGR of 6-7 % through 2030, driven by increasing prevalence of food allergies and heightened awareness among healthcare providers.

Biotech funding conditions remain favorable, with venture capital allocations to early-stage therapeutic developers up 15 % YoY, while FDA guidance on accelerated pathways for emergency-use products could shorten time-to-market for intranasal epinephrine. For a deeper, data-driven assessment of SPRY’s valuation metrics and scenario analysis, consider exploring the company’s profile on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 1.5

Net Income (-80.0m TTM) > 0 and > 6% of Revenue (6% = 8.57m TTM)
FCFTA -0.23 (>2.0%) and ΔFCFTA -1.92pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 201.7% (prev 7572 %; Δ -7370 pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA -0.23 (>3.0%) and CFO -85.4m <= Net Income -80.0m (YES >=105%, WARN >=100%)
NO Net Debt/EBITDA fails (EBITDA <= 0)
Current Ratio 6.66 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (98.8m) change vs 12m ago 1.83% (target <= -2.0% for YES)
Gross Margin 85.21% (prev -245.5%; Δ 330.7pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 48.36% (prev 1.17%; Δ 47.20pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio -13.74 (EBITDA TTM -83.1m / Interest Expense TTM -6.26m) >= 6 (WARN >= 3)

Altman Z'' -0.29

(A) 0.77 = (Total Current Assets 338.9m - Total Current Liabilities 50.9m) / Total Assets 372.8m
(B) -0.68 = Retained Earnings (Balance) -253.3m / Total Assets 372.8m
(C) -0.29 = EBIT TTM -86.0m / Avg Total Assets 295.2m
(D) -1.12 = Book Value of Equity -253.3m / Total Liabilities 225.1m
Total Rating: -0.29 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 29.83

1. Piotroski 1.50pt
2. FCF Yield -12.14%
3. FCF Margin -60.25%
4. Debt/Equity 0.01
5. Debt/Ebitda 0.70
6. ROIC - WACC (= -45.66)%
7. RoE -38.77%
8. Rev. Trend 70.81%
9. EPS Trend 17.81%

What is the price of SPRY shares?

As of December 26, 2025, the stock is trading at USD 11.48 with a total of 985,438 shares traded.
Over the past week, the price has changed by +16.90%, over one month by +23.71%, over three months by +20.34% and over the past year by +2.96%.

Is SPRY a buy, sell or hold?

ARS Pharmaceuticals has received a consensus analysts rating of 4.83. Therefore, it is recommended to buy SPRY.
  • Strong Buy: 5
  • Buy: 1
  • Hold: 0
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the SPRY price?

Issuer Target Up/Down from current
Wallstreet Target Price 28.7 149.7%
Analysts Target Price 28.7 149.7%
ValueRay Target Price 11.5 0.4%

SPRY Fundamental Data Overview December 19, 2025

Market Cap USD = 995.4m (995.4m USD * 1.0 USD.USD)
P/S = 6.972
P/B = 7.1364
Beta = 0.804
Revenue TTM = 142.8m USD
EBIT TTM = -86.0m USD
EBITDA TTM = -83.1m USD
Long Term Debt = 96.2m USD (from longTermDebt, last quarter)
Short Term Debt = 583.0k USD (from shortTermDebt, last quarter)
Debt = 1.53m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -58.0m USD (from netDebt column, last quarter)
Enterprise Value = 708.7m USD (995.4m + Debt 1.53m - CCE 288.2m)
Interest Coverage Ratio = -13.74 (Ebit TTM -86.0m / Interest Expense TTM -6.26m)
FCF Yield = -12.14% (FCF TTM -86.0m / Enterprise Value 708.7m)
FCF Margin = -60.25% (FCF TTM -86.0m / Revenue TTM 142.8m)
Net Margin = -56.06% (Net Income TTM -80.0m / Revenue TTM 142.8m)
Gross Margin = 85.21% ((Revenue TTM 142.8m - Cost of Revenue TTM 21.1m) / Revenue TTM)
Gross Margin QoQ = 74.80% (prev 68.29%)
Tobins Q-Ratio = 1.90 (Enterprise Value 708.7m / Total Assets 372.8m)
Interest Expense / Debt = 244.9% (Interest Expense 3.75m / Debt 1.53m)
Taxrate = 3.48% (288.0k / 8.29m)
NOPAT = -83.0m (EBIT -86.0m * (1 - 3.48%)) [loss with tax shield]
Current Ratio = 6.66 (Total Current Assets 338.9m / Total Current Liabilities 50.9m)
Debt / Equity = 0.01 (Debt 1.53m / totalStockholderEquity, last quarter 147.7m)
Debt / EBITDA = 0.70 (negative EBITDA) (Net Debt -58.0m / EBITDA -83.1m)
Debt / FCF = 0.67 (negative FCF - burning cash) (Net Debt -58.0m / FCF TTM -86.0m)
Total Stockholder Equity = 206.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -21.47% (Net Income -80.0m / Total Assets 372.8m)
RoE = -38.77% (Net Income TTM -80.0m / Total Stockholder Equity 206.4m)
RoCE = -28.42% (EBIT -86.0m / Capital Employed (Equity 206.4m + L.T.Debt 96.2m))
RoIC = -36.02% (negative operating profit) (NOPAT -83.0m / Invested Capital 230.5m)
WACC = 9.64% (E(995.4m)/V(996.9m) * Re(9.65%) + (debt cost/tax rate unavailable))
Discount Rate = 9.65% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.38%
Fair Price DCF = unknown (Cash Flow -86.0m)
EPS Correlation: 17.81 | EPS CAGR: 35.54% | SUE: -0.24 | # QB: 0
Revenue Correlation: 70.81 | Revenue CAGR: 172.8% | SUE: 0.15 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.56 | Chg30d=-0.188 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=-1.33 | Chg30d=-0.595 | Revisions Net=-1 | Growth EPS=+25.8% | Growth Revenue=+122.5%

Additional Sources for SPRY Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle