SPRY Stock Analysis: ARS Pharmaceuticals | NASDAQ
Biotechnology | NASDAQ, USA | Market Cap: 850m USD | 12M Return: -52.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 14.5M
Qual. Beats: 0
Rev. Trend: 86.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
ARS Pharmaceuticals, Inc. (NASDAQ: SPRY) is a small-cap U.S. biopharmaceutical company founded in 2015 and headquartered in San Diego, California. The company focuses on developing and commercializing treatments for severe allergic reactions in the United States and select international markets.
Its lead product candidate is neffy, a needle-free intranasal formulation of epinephrine designed for the emergency treatment of Type I allergic reactions, including anaphylaxis. This positions ARS in the competitive epinephrine delivery market, which has historically been dominated by injectable auto-injectors such as EpiPen. As a clinical-stage-to-commercial biotechnology company, ARS operates within the broader Health Care sector and went public via IPO in late 2020.
- neffy sales accelerate as needle-free alternative captures EpiPen share
- FDA label expansion broadens neffy addressable patient population
- Acquisition speculation rises as strategic buyers target allergic reaction franchise
| Net Income: -198.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.60 > 0.02 and ΔFCF/TA -58.56 > 1.0 |
| NWC/Revenue: 197.6% < 20% (prev 284.4%; Δ -86.80% < -1%) |
| CFO/TA -0.61 > 3% & CFO -175.1m > Net Income -198.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.94 > 1.5 & < 3 |
| Outstanding Shares: last quarter (99.3m) vs 12m ago 1.26% < -2% |
| Gross Margin: 77.10% > 18% (prev 84.61%; Δ -7.51% > 0.5%) |
| Asset Turnover: 32.20% > 50% (prev 29.67%; Δ 2.52% > 0%) |
| Interest Coverage Ratio: -75.27 > 6 (EBIT TTM -195.6m / Interest Expense TTM 2.60m) |
| A: 0.68 (Total Current Assets 245.2m - Total Current Liabilities 49.6m) / Total Assets 287.6m |
| B: -1.24 (Retained Earnings -355.2m / Total Assets 287.6m) |
| C: -0.64 (EBIT TTM -195.6m / Avg Total Assets 307.4m) |
| D: 0.27 (Book Value of Equity 61.3m / Total Liabilities 226.3m) |
| Altman-Z'' = -3.56 = D |
| DSRI: 2.81 (Receivables 29.5m/10.3m, Revenue 99.0m/97.1m) |
| GMI: 1.10 (GM 84.61% / 77.10%) |
| AQI: 2.04 (AQ_t 0.14 / AQ_t-1 0.07) |
| SGI: 1.02 (Revenue 99.0m / 97.1m) |
| TATA: -0.08 (NI -198.0m - CFO -175.1m) / TA 287.6m) |
| Beneish M = -0.82 (Cap -4..+1) = D |
As of July 08, 2026, the stock is trading at USD 8.19 with a total of 1,234,849 shares traded. Over the past week, the price has changed by -4.32%, over one month by -8.90%, over three months by +0.49% and over the past year by -52.08%.
Current recommended Stop Loss: 7.20 (which is 12.1% or 1.4 ATR below the current price).
ARS Pharmaceuticals has received a consensus analysts rating of 4.83. Therefore, it is recommended to buy SPRY.
- StrongBuy: 5
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 29.3 | 257.1% |
P/S = 8.5874
P/B = 12.8446
Revenue TTM = 99.0m USD
EBIT TTM = -195.6m USD
EBITDA TTM = -192.2m USD
Long Term Debt = 96.5m USD (from longTermDebt, last quarter)
Short Term Debt = 592k USD (from shortTermDebt, last quarter)
Debt = 98.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.53m
Net Debt = -59.8m USD (calculated: Debt 98.1m - CCE 157.8m)
Enterprise Value = 790.3m USD (850.0m + Debt 98.1m - CCE 157.8m)
Interest Coverage Ratio = -75.27 (Ebit TTM -195.6m / Interest Expense TTM 2.60m)
EV/FCF = -4.58x (Enterprise Value 790.3m / FCF TTM -172.5m)
FCF Yield = -21.83% (FCF TTM -172.5m / Enterprise Value 790.3m)
FCF Margin = -174.3% (FCF TTM -172.5m / Revenue TTM 99.0m)
Net Margin = -200.0% (Net Income TTM -198.0m / Revenue TTM 99.0m)
Gross Margin = 77.10% ((Revenue TTM 99.0m - Cost of Revenue TTM 22.7m) / Revenue TTM)
Gross Margin QoQ = 72.29% (prev 88.60%)
Tobins Q-Ratio = 2.75 (Enterprise Value 790.3m / Total Assets 287.6m)
Interest Expense / Debt = 2.65% (Interest Expense 2.60m / Debt 98.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -154.5m (EBIT -195.6m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.51 (Total Current Assets 245.2m / Total Current Liabilities 54.3m)
Debt / Equity = 1.60 (Debt 98.1m / totalStockholderEquity, last quarter 61.3m)
Debt / EBITDA = 0.31 (negative EBITDA) (Net Debt -59.8m / EBITDA -192.2m)
Debt / FCF = 0.35 (negative FCF - burning cash) (Net Debt -59.8m / FCF TTM -172.5m)
Total Stockholder Equity = 128.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -64.39% (Net Income -198.0m / Total Assets 287.6m)
RoE = -153.6% (Net Income TTM -198.0m / Total Stockholder Equity 128.9m)
RoCE = -86.78% (EBIT -195.6m / Capital Employed (Equity 128.9m + L.T.Debt 96.5m))
RoIC = -66.15% (negative operating profit) (NOPAT -154.5m / Invested Capital 233.6m)
WACC = 9.39% (E(850.0m)/V(948.1m) * Re(10.23%) + D(98.1m)/V(948.1m) * Rd(2.65%) * (1-Tc(0.21)))
Discount Rate = 10.23% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | Cagr: 1.45%
[DCF] Fair Price = unknown (Cash Flow -172.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.50 | # QB: 0
Revenue Correlation: 86.30 | Revenue CAGR: 5.20k% | SUE: 0.02 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.49 | Chg30d=+6.92% | Revisions=+25% | Analysts=3
EPS next Quarter (2026-09-30): EPS=-0.26 | Chg30d=+21.21% | Revisions=-25% | Analysts=3
EPS current Year (2026-12-31): EPS=-1.70 | Chg30d=+3.41% | Revisions=-25% | GrowthEPS=+2.3% | GrowthRev=+68.2%
EPS next Year (2027-12-31): EPS=-0.85 | Chg30d=+10.88% | Revisions=-50% | GrowthEPS=+49.8% | GrowthRev=+79.7%
[Analyst] Revisions Ratio: -44% (up=1, down=5)