(SPRY) ARS Pharmaceuticals - Overview
Stock: Nasal Epinephrine Spray, Needle-Free, Type I Allergy, Anaphylaxis
| Risk 5d forecast | |
|---|---|
| Volatility | 68.8% |
| Relative Tail Risk | -6.61% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.05 |
| Alpha | -36.44 |
| Character TTM | |
|---|---|
| Beta | 0.954 |
| Beta Downside | 0.442 |
| Drawdowns 3y | |
|---|---|
| Max DD | 67.95% |
| CAGR/Max DD | 0.14 |
Description: SPRY ARS Pharmaceuticals January 16, 2026
ARS Pharmaceuticals (NASDAQ: SPRY) is a San Diego-based biotech that focuses on a single product candidate, **Neffy™**, a needle-free, low-dose intranasal epinephrine spray intended to treat Type I severe allergic reactions such as anaphylaxis. The company targets healthcare providers, patients, and caregivers, aiming to capture market share from traditional auto-injectors by offering a faster, more user-friendly rescue option.
Key data points as of the latest 10-Q (Q3 2024): • Cash and cash equivalents ≈ $55 million, providing runway through the end of 2025 assuming current burn (~$12 M/yr). • R&D spend has risen 38 % YoY to $9.8 million, reflecting accelerated Phase 2/3 enrollment for Neffy. • The intranasal epinephrine market is projected to grow at a **CAGR of ~7 %** (2023-2028) driven by increasing prevalence of food allergies and a shift toward non-injectable delivery systems. • Competitive pressure from established auto-injector makers (e.g., Mylan’s EpiPen) and emerging oral antihistamine combos creates a **price-sensitivity risk** that ARS must address through reimbursement strategy and payer outreach.
If you want a data-rich, unbiased view of SPRY’s valuation metrics and scenario analysis, a quick look at ValueRay’s analyst dashboard can help you spot any hidden upside or downside before making a decision.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -80.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.23 > 0.02 and ΔFCF/TA -1.92 > 1.0 |
| NWC/Revenue: 201.7% < 20% (prev 7572 %; Δ -7370 % < -1%) |
| CFO/TA -0.23 > 3% & CFO -85.4m > Net Income -80.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 6.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (98.8m) vs 12m ago 1.83% < -2% |
| Gross Margin: 85.21% > 18% (prev -2.45%; Δ 8767 % > 0.5%) |
| Asset Turnover: 48.36% > 50% (prev 1.17%; Δ 47.20% > 0%) |
| Interest Coverage Ratio: -13.74 > 6 (EBITDA TTM -83.1m / Interest Expense TTM -6.26m) |
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 -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) |
| Altman-Z'' Score: -0.29 = B |
Beneish M 1.00
| DSRI: 0.52 (Receivables 36.5m/1.24m, Revenue 142.8m/2.54m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 2.32 (AQ_t 0.08 / AQ_t-1 0.04) |
| SGI: 56.25 (Revenue 142.8m / 2.54m) |
| TATA: 0.01 (NI -80.0m - CFO -85.4m) / TA 372.8m) |
| Beneish M-Score: 37.00 (Cap -4..+1) = D |
What is the price of SPRY shares?
Over the past week, the price has changed by +0.40%, over one month by -10.04%, over three months by +22.39% and over the past year by -21.64%.
Is SPRY a buy, sell or hold?
- StrongBuy: 5
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the SPRY price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 28 | 179.2% |
| Analysts Target Price | 28 | 179.2% |
| ValueRay Target Price | 9.9 | -1% |
SPRY Fundamental Data Overview February 03, 2026
P/B = 6.6979
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 = 700.8m USD (987.5m + Debt 1.53m - CCE 288.2m)
Interest Coverage Ratio = -13.74 (Ebit TTM -86.0m / Interest Expense TTM -6.26m)
EV/FCF = -8.15x (Enterprise Value 700.8m / FCF TTM -86.0m)
FCF Yield = -12.27% (FCF TTM -86.0m / Enterprise Value 700.8m)
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 = 1.88 (Enterprise Value 700.8m / 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 = -27.11% (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 = 9.42% (E(987.5m)/V(989.0m) * Re(9.43%) + (debt cost/tax rate unavailable))
Discount Rate = 9.43% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.38%
Fair Price DCF = unknown (Cash Flow -86.0m)
EPS Correlation: 10.86 | EPS CAGR: 139.5% | SUE: 1.68 | # QB: 1
Revenue Correlation: 70.81 | Revenue CAGR: 172.8% | SUE: 0.15 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.62 | Chg30d=-0.065 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=-1.47 | Chg30d=-0.140 | Revisions Net=-1 | Growth EPS=+18.2% | Growth Revenue=+111.4%