SPRY
ARS Pharmaceuticals, Inc.
Next earnings Aug 11, 2026 (after close) · consensus $-0.53 EPS, $32.9M rev
Last earnings -6.5% on 2026-05-15
$8.54
▲ +6.48%$8.54▼ -45.95%
over 1Y
L $6.73EODHDH $18.35
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+6.5%
1W-14.4%
1M+0.5%
3M+5.8%
YTD-25.7%
1Y-45.9%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 11 analysts
Strong Buy
neffy launch is missing its own targets — revenue went backwards, losses exploded 22x, and today's -27.8% gap signals the bull case is breaking.
ARS Pharma is a one-product story built entirely on neffy, the first FDA-approved needle-free intranasal epinephrine. The MD&A frames a $3.5B+ U.S. addressable market off 6.5M autoinjector patients, and management is doubling down — expanding the internal sales force from ~106 to ~150 in Q2 2026, layering on ~70 ALK co-promote reps (live since June 2025), DTC linear TV from June 2025, and the 'Get neffy on Us' initiative launched November 2025. The problem is that the numbers do not match the narrative. FY2025 revenue was $84.3M, down 5.5% YoY from FY2024's $89.1M — the first full year of a major commercial launch should be ramping, not contracting. With shares trading at $7.61 (market cap $756M) on a 9.0x P/S of shrinking revenue, today's -27.8% gap almost certainly reflects a new datapoint (likely Q1'26 10-Q disappointment) that confirms the launch is stalling.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.51M | $1.32M | $30.0K | $89.1M | $84.3M |
| Gross profit | — | — | — | — | — |
| Operating income | -$19.5M | -$35.5M | -$67.5M | -$3.08M | -$179M |
| Net income | -$20.2M | -$34.7M | -$54.4M | $8.00M | -$171M |
| Diluted EPS | -$0.70 | -$0.87 | -$0.57 | $0.08 | -$1.74 |
| Net margin | -367.7% | -2635.4% | -181216.7% | 9.0% | -203.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$903M
EV / EBITDA—
EV / Sales10.7
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-20.2%
FCF yield-20.2%
Quality & risk
ROIC (est.)-67.3%
Free cash flow-$171M
Total debt$96.4M
Net cash-$55.1M
Altman Z-Score0.48 distress
Piotroski F-Score2/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+1.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-25
- 8-K Earnings results2026-05-15
Q1 2026 10-Q; stock -27.8% today signals weak neffy launch trajectory
- 10-Q Quarterly report2026-05-15
Q1 2026 10-Q; stock -27.8% today signals weak neffy launch trajectory
- 8-K Officer / director change2026-05-13
Executive officer/director change disclosed under Item 5.02
- DEF 14A Proxy statement2026-04-29
Annual proxy filed; routine governance and compensation disclosures
- 8-K Earnings results2026-03-09
FY25 net loss $171M vs +$8M prior; liabilities +126%, equity -55%
- 10-K Annual report2026-03-09
FY25 net loss $171M vs +$8M prior; liabilities +126%, equity -55%
- 8-K Earnings results2025-11-10
Q3 2025 10-Q; neffy launch ramp continues with widening operating losses
- 10-Q Quarterly report2025-11-10
Q3 2025 10-Q; neffy launch ramp continues with widening operating losses
Recent filings
all on EDGAR ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗8-KPeriod ending 2026-06-242026-06-25open ↗4Period ending 2026-06-122026-06-12open ↗4Period ending 2026-06-122026-06-12open ↗
Frequently asked
- Is ARS Pharmaceuticals, Inc. (SPRY) a buy?
- SPRY currently carries a Sell rating with 4/5 conviction, derived from its latest SEC filings. neffy launch is missing its own targets — revenue went backwards, losses exploded 22x, and today's -27.8% gap signals the bull case is breaking.
- What is ARS Pharmaceuticals, Inc.'s quality score?
- SPRY scores 34.333333333333336/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001671858, latest 10-Q filed 2026-05-15) · EODHD · analysis by claude-code · as of 6/25/2026, 2:16:16 PM.
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