(SPRY) ARS Pharmaceuticals - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 801m USD | Total Return: -35.3% in 12m

Stock Neffy, Nasal, Epinephrine, Anaphylaxis
Total Rating 20
Risk 36
Buy Signal -0.92
Biotechnology +0.2
Biotechnology +1.0
Market Cap: 801m
Avg Trading Vol: 13.9M USD
ATR: 7.54%
Peers RS (IBD): 3.3
Risk 5d forecast
Volatility64.5%
Rel. Tail Risk-3.11%
Reward TTM
Sharpe Ratio-0.40
Alpha-57.84
Character TTM
Beta1.266
Beta Downside0.679
Drawdowns 3y
Max DD67.88%
CAGR/Max DD0.16
EPS (Earnings per Share) EPS (Earnings per Share) of SPRY over the last years for every Quarter: "2021-03": -0.54, "2021-06": -0.7, "2021-09": -0.65, "2021-12": -0.67, "2022-03": -0.7, "2022-06": -0.55, "2022-09": -0.5, "2022-12": 0.77, "2023-03": -0.16, "2023-06": -0.18, "2023-09": -0.16, "2023-12": -0.07, "2024-03": -0.11, "2024-06": -0.13, "2024-09": -0.2, "2024-12": 0.51, "2025-03": -0.35, "2025-06": -0.46, "2025-09": -0.52, "2025-12": -0.42, "2026-03": 0,
EPS CAGR: 125.21%
EPS Trend: -11.0%
Last SUE: 1.91
Qual. Beats: 1
Revenue Revenue of SPRY over the last years for every Quarter: 2021-03: 2.112, 2021-06: 2.112, 2021-09: 0.528, 2021-12: 0.754, 2022-03: 0.663, 2022-06: 0.464, 2022-09: 0.189, 2022-12: -1.316, 2023-03: 0.02, 2023-06: 0.01, 2023-09: 0, 2023-12: -0.03, 2024-03: 0, 2024-06: 0.5, 2024-09: 2.068, 2024-12: 86.581, 2025-03: 7.973, 2025-06: 15.717, 2025-09: 32.501, 2025-12: 28.087, 2026-03: null,
Rev. CAGR: 171.56%
Rev. Trend: 78.9%
Last SUE: 0.11
Qual. Beats: 0
Risks
Technicals: volatile
Description: SPRY ARS Pharmaceuticals March 02, 2026

ARS Pharmaceuticals, Inc. (NASDAQ: SPRY) is a San-Diego-based biopharma focused on creating needle-free rescue therapies for severe Type I allergic reactions, notably its intranasal epinephrine product, neffy, aimed at patients, caregivers, and healthcare providers.

As of its latest Q2 2024 filing, SPRY reported $45 million in cash and equivalents, a 28 % increase from the prior quarter, supporting ongoing Phase III trials for neffy. The U.S. market for anaphylaxis treatments is projected to exceed $1.2 billion by 2027, driven by rising allergy prevalence and heightened awareness of rapid-response options. Additionally, the broader biotechnology sector has outperformed the S&P 500 in 2024, with a 12 % YTD gain, reflecting strong investor appetite for innovative drug delivery platforms.

For a deeper dive into SPRY’s valuation metrics and competitive positioning, you might explore ValueRay’s analysis.

Headlines to Watch Out For
  • FDA approval of neffy for anaphylaxis treatment
  • Commercial launch and market adoption of neffy
  • Competition from existing epinephrine auto-injectors
  • Reimbursement policies for neffy impact sales
  • Clinical trial outcomes for pipeline expansion
Piotroski VR‑10 (Strict, 0-10) 1.0
Net Income: -171.3m TTM > 0 and > 6% of Revenue
FCF/TA: -0.52 > 0.02 and ΔFCF/TA -55.95 > 1.0
NWC/Revenue: 291.6% < 20% (prev 348.7%; Δ -57.10% < -1%)
CFO/TA -0.52 > 3% & CFO -170.9m > Net Income -171.3m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 7.28 > 1.5 & < 3
Outstanding Shares: last quarter (98.6m) vs 12m ago 0.63% < -2%
Gross Margin: 75.77% > 18% (prev 0.90%; Δ 7.49k% > 0.5%)
Asset Turnover: 24.83% > 50% (prev 25.39%; Δ -0.56% > 0%)
Interest Coverage Ratio: -67.21 > 6 (EBITDA TTM -171.3m / Interest Expense TTM 2.60m)
Altman Z'' -2.92
A: 0.75 (Total Current Assets 284.9m - Total Current Liabilities 39.1m) / Total Assets 327.7m
B: -0.90 (Retained Earnings -294.6m / Total Assets 327.7m)
C: -0.51 (EBIT TTM -174.7m / Avg Total Assets 339.4m)
D: -1.38 (Book Value of Equity -294.5m / Total Liabilities 213.4m)
Altman-Z'' Score: -2.92 = D
Beneish M -0.29
DSRI: 2.93 (Receivables 25.3m/9.16m, Revenue 84.3m/89.1m)
GMI: 1.18 (GM 75.77% / 89.62%)
AQI: 2.73 (AQ_t 0.12 / AQ_t-1 0.04)
SGI: 0.95 (Revenue 84.3m / 89.1m)
TATA: -0.00 (NI -171.3m - CFO -170.9m) / TA 327.7m)
Beneish M-Score: -0.29 (Cap -4..+1) = D
What is the price of SPRY shares? As of April 02, 2026, the stock is trading at USD 8.03 with a total of 1,850,429 shares traded.
Over the past week, the price has changed by +2.66%, over one month by -11.56%, over three months by -29.42% and over the past year by -35.28%.
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.
  • StrongBuy: 5
  • Buy: 1
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the SPRY price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 27 236.2%
Analysts Target Price 27 236.2%
SPRY Fundamental Data Overview March 29, 2026
P/S = 9.5082
P/B = 7.1002
Revenue TTM = 84.3m USD
EBIT TTM = -174.7m USD
EBITDA TTM = -171.3m USD
Long Term Debt = 96.4m USD (from longTermDebt, last quarter)
Short Term Debt = 588k USD (from shortTermDebt, last quarter)
Debt = 97.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 55.6m USD (from netDebt column, last quarter)
Enterprise Value = 653.3m USD (801.3m + Debt 97.0m - CCE 245.0m)
Interest Coverage Ratio = -67.21 (Ebit TTM -174.7m / Interest Expense TTM 2.60m)
EV/FCF = -3.82x (Enterprise Value 653.3m / FCF TTM -171.2m)
FCF Yield = -26.21% (FCF TTM -171.2m / Enterprise Value 653.3m)
 FCF Margin = -203.1% (FCF TTM -171.2m / Revenue TTM 84.3m)
 Net Margin = -203.3% (Net Income TTM -171.3m / Revenue TTM 84.3m)
 Gross Margin = 75.77% ((Revenue TTM 84.3m - Cost of Revenue TTM 20.4m) / Revenue TTM)
Gross Margin QoQ = 88.60% (prev 74.80%)
Tobins Q-Ratio = 1.99 (Enterprise Value 653.3m / Total Assets 327.7m)
Interest Expense / Debt = 2.68% (Interest Expense 2.60m / Debt 97.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = -138.0m (EBIT -174.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 7.28 (Total Current Assets 284.9m / Total Current Liabilities 39.1m)
Debt / Equity = 0.85 (Debt 97.0m / totalStockholderEquity, last quarter 114.3m)
 Debt / EBITDA = -0.32 (negative EBITDA) (Net Debt 55.6m / EBITDA -171.3m)
 Debt / FCF = -0.33 (negative FCF - burning cash) (Net Debt 55.6m / FCF TTM -171.2m)
 Total Stockholder Equity = 170.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -50.47% (Net Income -171.3m / Total Assets 327.7m)
RoE = -100.3% (Net Income TTM -171.3m / Total Stockholder Equity 170.8m)
RoCE = -65.38% (EBIT -174.7m / Capital Employed (Equity 170.8m + L.T.Debt 96.4m))
 RoIC = -63.02% (negative operating profit) (NOPAT -138.0m / Invested Capital 219.0m)
 WACC = 9.53% (E(801.3m)/V(898.3m) * Re(10.43%) + D(97.0m)/V(898.3m) * Rd(2.68%) * (1-Tc(0.21)))
Discount Rate = 10.43% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.08%
 [DCF] Fair Price = unknown (Cash Flow -171.2m)
 EPS Correlation: -10.97 | EPS CAGR: 125.2% | SUE: 1.91 | # QB: 1
Revenue Correlation: 78.88 | Revenue CAGR: 171.6% | SUE: 0.11 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.44 | Chg7d=+0.000 | Chg30d=+0.103 | Revisions Net=+1 | Analysts=3
EPS current Year (2026-12-31): EPS=-1.54 | Chg7d=+0.000 | Chg30d=-0.071 | Revisions Net=-1 | Growth EPS=+11.3% | Growth Revenue=+90.2%
EPS next Year (2027-12-31): EPS=-0.71 | Chg7d=+0.000 | Chg30d=-0.133 | Revisions Net=-2 | Growth EPS=+53.8% | Growth Revenue=+81.6%
[Analyst] Revisions Ratio: +1.00 (1 Up / 0 Down within 30d for Next Quarter)
Additional Sources for SPRY Stock Fund Manager Positions: Dataroma · Stockcircle