SPRY Stock Analysis: ARS Pharmaceuticals | NASDAQ
Biotechnology | NASDAQ, USA | Market Cap: 400m USD | 12M Return: -58.2% | US82835W1080 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.18M
Qual. Beats: 0
Rev. Trend: 86.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.8 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. (SPRY) is a San Diego-based biopharmaceutical company founded in 2015 that develops and commercializes treatments for severe allergic reactions in the United States and internationally. The companys lead product candidate is neffy, a needle-free intranasal formulation of epinephrine designed for emergency treatment of Type I allergic reactions, including anaphylaxis.
The company operates within the biotechnology sub-sector of health care, focusing on prescription therapeutics for allergy and immunology indications. Its needle-free delivery approach is positioned as a potential alternative to traditional epinephrine auto-injectors, addressing well-documented issues such as needle phobia and device usability concerns among patients and caregivers. As a small-cap biopharmaceutical company, ARS Pharmaceuticals is pre-commercial or in early commercialization stages and is subject to typical biotech industry risks, including regulatory approval timelines and dependence on a narrow product pipeline.
- Neffy launch momentum drives early prescription growth
- EpiPen competition caps neffy market share gains
- FDA label expansion broadens neffy eligible patient base
| Net Income: -215.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.72 > 0.02 and ΔFCF/TA -63.11 > 1.0 |
| NWC/Revenue: 128.8% < 20% (prev 209.9%; Δ -81.09% < -1%) |
| CFO/TA -0.79 > 3% & CFO -196.4m > Net Income -215.4m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.48 > 1.5 & < 3 |
| Outstanding Shares: last quarter (99.3m) vs 12m ago 0.97% < -2% |
| Gross Margin: 73.89% > 18% (prev 88.40%; Δ -14.50% > 0.5%) |
| Asset Turnover: 41.54% > 50% (prev 35.84%; Δ 5.70% > 0%) |
| Interest Coverage Ratio: -81.03 > 6 (EBIT TTM -210.6m / Interest Expense TTM 2.60m) |
| A: 0.60 (Total Current Assets 211.5m - Total Current Liabilities 60.9m) / Total Assets 249.5m |
| B: -1.67 (Retained Earnings -417.6m / Total Assets 249.5m) |
| C: -0.75 (EBIT TTM -210.6m / Avg Total Assets 281.5m) |
| D: 0.05 (Book Value of Equity 12.5m / Total Liabilities 237.0m) |
| Altman-Z'' = -6.47 = D |
| DSRI: 1.73 (Receivables 46.8m/26.1m, Revenue 116.9m/112.3m) |
| GMI: 1.20 (GM 88.40% / 73.89%) |
| AQI: 1.53 (AQ_t 0.14 / AQ_t-1 0.09) |
| SGI: 1.04 (Revenue 116.9m / 112.3m) |
| TATA: -0.08 (NI -215.4m - CFO -196.4m) / TA 249.5m) |
| Beneish M = -1.91 (Cap -4..+1) = B |
As of October 24, 2026, the stock is trading at USD 4.03 with a total of 1,521,405 shares traded. Over the past week, the price has changed by +0.25%, over one month by -3.59%, over three months by -32.83% and over the past year by -58.24%.
Current recommended Stop Loss: 3.60 (which is 10.7% or 1.6 ATR below the current price).
ARS Pharmaceuticals has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy SPRY.
- StrongBuy: 4
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 22.5 | 458.3% |
P/S = 3.419
P/B = 33.263
Revenue TTM = 116.9m USD
EBIT TTM = -210.6m USD
EBITDA TTM = -207.0m USD
Long Term Debt = 96.7m USD (from longTermDebt, last quarter)
Short Term Debt = 588k USD (from shortTermDebt, last fiscal year)
Debt = 173.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.53m
Net Debt = 29.3m USD (calculated: Debt 173.1m - CCE 143.8m)
Enterprise Value = 429.1m USD (399.8m + Debt 173.1m - CCE 143.8m)
Interest Coverage Ratio = -81.03 (Ebit TTM -210.6m / Interest Expense TTM 2.60m)
EV/FCF = -2.37x (Enterprise Value 429.1m / FCF TTM -180.8m)
FCF Yield = -42.14% (FCF TTM -180.8m / Enterprise Value 429.1m)
FCF Margin = -154.6% (FCF TTM -180.8m / Revenue TTM 116.9m)
Net Margin = -184.2% (Net Income TTM -215.4m / Revenue TTM 116.9m)
Gross Margin = 73.89% ((Revenue TTM 116.9m - Cost of Revenue TTM 30.5m) / Revenue TTM)
Gross Margin QoQ = 61.83% (prev 72.29%)
Tobins Q-Ratio = 1.72 (Enterprise Value 429.1m / Total Assets 249.5m)
Interest Expense / Debt = 1.50% (Interest Expense 2.60m / Debt 173.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -166.4m (EBIT -210.6m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.75 (Total Current Assets 211.5m / Total Current Liabilities 120.6m)
Debt / Equity = 13.84 (Debt 173.1m / totalStockholderEquity, last quarter 12.5m)
Debt / EBITDA = -0.14 (negative EBITDA) (Net Debt 29.3m / EBITDA -207.0m)
Debt / FCF = -0.16 (negative FCF - burning cash) (Net Debt 29.3m / FCF TTM -180.8m)
Total Stockholder Equity = 83.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -76.53% (Net Income -215.4m / Total Assets 249.5m)
RoE = -256.7% (Net Income TTM -215.4m / Total Stockholder Equity 83.9m)
RoCE = -116.6% (out of range, set to none) (EBIT -210.6m / Capital Employed (Equity 83.9m + L.T.Debt 96.7m))
RoIC = -90.73% (negative operating profit) (NOPAT -166.4m / Invested Capital 183.4m)
WACC = 5.57% (E(399.8m)/V(572.9m) * Re(7.47%) + D(173.1m)/V(572.9m) * Rd(1.50%) * (1-Tc(0.21)))
Discount Rate = 7.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 97.36 | Cagr: 1.29%
[DCF] Fair Price = unknown (Cash Flow -180.8m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.35 | # QB: 0
Revenue Correlation: 86.30 | Revenue CAGR: 5.20k% | SUE: 0.10 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.33 | Chg30d=-2.02% | Revisions=-17% | Analysts=3
EPS current Year (2026-12-31): EPS=-1.88 | Chg30d=-0.53% | Revisions=-17% | GrowthEPS=-8.1% | GrowthRev=+52.6%
EPS next Year (2027-12-31): EPS=-0.90 | Chg30d=+0.00% | Revisions=+17% | GrowthEPS=+52.3% | GrowthRev=+45.5%
[Analyst] Revisions Ratio: -8% (up=4, down=5)