A Business at a Glance
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As used in this Annual Report, unless the context indicates or otherwise requires, “ARS,” “ARS Pharma,” the “company,” “we,” “us,” “our,” and other similar terms refer to ARS Pharmaceuticals, Inc., a Delaware corporation and its consolidated subsidiaries. neffy and EURneffy are trademarks of ours that we use in this Annual Report. This Annual Report also includes trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, our trademarks and trade names referred to in this Annual Report appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to our trademark and trade names. The use or display of other companies’ trade names or trademarks do not suggest or imply a relationship or affiliation with, or endorsement or sponsorship of us by, any other companies.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | - | 89M | - | - | - |
| Net Income | -171M | -171M | 8.0M | -54M | -35M | -89M |
| EPS | $-1.74 | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-2.56 |
| Free Cash Flow | -171M | -171M | 13M | -59M | -40M | -68M |
| ROIC | -83.7% | -73.3% | 3.1% | -29.0% | -12.6% | -28.1% |
| Gross Margin | - | - | 98.9% | - | - | - |
| Debt/Equity | 0.84 | 0.84 | 0.00 | - | - | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -179M | -179M | -3.1M | -68M | -36M | -90M |
| Operating Margin | 0.0% | - | -3.5% | - | - | - |
| ROE | -149.9% | -92.3% | 3.1% | - | - | -28.5% |
| Shares Outstanding | 98M | 98M | 100M | 95M | 97M | 94M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | N/A | N/A | N/A | 89M | N/A | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | 98.9% | N/A | N/A |
| R&D | 25M | 62M | 18M | 20M | 20M | 13M | 13M |
| SG&A | 8.3M | 28M | 18M | 47M | 72M | 230M | 230M |
| EBIT | -33M | -90M | -36M | -68M | -3.1M | -179M | -179M |
| Op. Margin | N/A | N/A | N/A | N/A | -3.5% | N/A | 0.0% |
| Net Income | -33M | -89M | -35M | -54M | 8.0M | -171M | -171M |
| Net Margin | N/A | N/A | N/A | N/A | 9.0% | N/A | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 600K | 0 | 2.2M | 2.2M |
| Returns on Capital | |||||||
| ROIC | -8.3% | -28.1% | -12.6% | -29.0% | 3.1% | -73.3% | -83.7% |
| ROE | N/A | -28.5% | N/A | N/A | 3.1% | -92.3% | -149.9% |
| ROA | -8.3% | -26.8% | -12.3% | -23.3% | 2.3% | -50.5% | -52.3% |
| Cash Flow | |||||||
| Op. Cash Flow | -31M | -67M | -40M | -59M | 14M | -171M | -171M |
| Free Cash Flow | -32M | -68M | -40M | -59M | 13M | -171M | -171M |
| Owner Earnings | -34M | -87M | -46M | -69M | -1.1M | -194M | -194M |
| CapEx | 917K | 1.4M | 199K | 175K | 563K | 339K | 339K |
| Maint. CapEx | 637K | 783K | 319K | 73K | 79K | 1.4M | 1.4M |
| Growth CapEx | 280K | 589K | 0 | 102K | 484K | 0 | 0 |
| D&A | 637K | 783K | 319K | 73K | 79K | 1.4M | 1.4M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 4.2% | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 2.6M | 19M | 5.8M | 9.2M | 15M | 22M | 22M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -769M | -242M | -274M | -228M | -314M | -149M | 55M |
| Cash & Equiv. | 387M | 254M | 211M | 71M | 51M | 41M | 41M |
| Long-Term Debt | N/A | 4.9M | N/A | N/A | 0 | 96M | 96M |
| Debt/Equity | N/A | 0.04 | N/A | N/A | 0.00 | 0.84 | 0.84 |
| Interest Coverage | -1135.1 | -155.5 | -97.0 | N/A | N/A | -73.2 | -73.2 |
| Equity | N/A | 314M | N/A | N/A | 257M | 114M | 114M |
| Total Assets | 395M | 333M | 281M | 233M | 351M | 328M | 328M |
| Total Liabilities | N/A | 17M | N/A | N/A | 94M | 213M | 213M |
| Intangibles | N/A | N/A | N/A | 0 | 7.4M | 14M | 14M |
| Retained Earnings | -97M | -186M | -77M | -131M | -123M | -295M | -295M |
| Working Capital | 381M | 253M | 272M | 229M | 311M | 246M | 246M |
| Current Assets | 391M | 261M | 278M | 232M | 334M | 285M | 285M |
| Current Liabilities | 9.6M | 8.2M | 5.4M | 2.4M | 23M | 39M | 39M |
| Per Share Data | |||||||
| EPS | -11.33 | -2.56 | -0.87 | -0.57 | 0.08 | -1.74 | -1.74 |
| Owner EPS | -0.98 | -0.92 | -0.48 | -0.72 | -0.01 | -1.97 | -1.97 |
| Book Value | N/A | 3.32 | N/A | N/A | 2.57 | 1.16 | 1.16 |
| Cash Flow/Share | -0.89 | -0.71 | -0.42 | -0.62 | 0.14 | -1.74 | -1.73 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 35.1M | 94.4M | 96.5M | 95.4M | 100.0M | 98.4M | 98.4M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 134.9 | N/A | -4.7 |
| P/FCF | N/A | N/A | N/A | N/A | 83.1 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 4.2 | N/A | 7.0 |
| Price/Sales | N/A | N/A | N/A | N/A | 11.9 | N/A | N/A |
| FCF Yield | -2.5% | -11.1% | -5.1% | -11.1% | 1.2% | N/A | -21.4% |
| Market Cap | 1.3B | 612M | 793M | 537M | 1.1B | 0 | 801M |
| Avg. Price | 31.83 | 28.25 | 4.82 | 6.34 | 10.58 | 0.00 | 8.14 |
| Year-End Price | 36.50 | 6.48 | 8.22 | 5.63 | 10.79 | 0.00 | 8.14 |
ARS Pharmaceuticals, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 98.9%.
ARS Pharmaceuticals, Inc. (SPRY) has a 5-year average return on invested capital (ROIC) of -28.0%. This is below average and may indicate limited pricing power.
ARS Pharmaceuticals, Inc. (SPRY) has a market capitalization of $801M. It is classified as a small-cap stock.
ARS Pharmaceuticals, Inc. (SPRY) does not currently pay a regular dividend.
ARS Pharmaceuticals, Inc. (SPRY) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
ARS Pharmaceuticals, Inc. (SPRY) generated $-171 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ARS Pharmaceuticals, Inc. (SPRY) has a debt-to-equity ratio of 0.84. This indicates moderate leverage.
ARS Pharmaceuticals, Inc. (SPRY) reported earnings per share (EPS) of $-1.74 in its most recent fiscal year.
ARS Pharmaceuticals, Inc. (SPRY) has a return on equity (ROE) of -92.3%. A negative ROE may indicate losses or negative equity.
ARS Pharmaceuticals, Inc. (SPRY) has a 5-year average gross margin of 98.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for ARS Pharmaceuticals, Inc. (SPRY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ARS Pharmaceuticals, Inc. (SPRY) has a book value per share of $1.16, based on its most recent annual SEC filing.