Symbols / SPRY Stock $7.44 -6.30% ARS Pharmaceuticals, Inc.

Healthcare • Biotechnology • United States • NGM
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Stock Fundamentals
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Index EQUITY
Sector Healthcare
Industry Biotechnology
CEO Mr. Richard E. Lowenthal M.B.A., M.S., MS…
Exch · Country NGM · United States
Market Cap 738.80M
Enterprise Value 711.95M
Income -171.30M
Sales 84.28M
FCF (ttm) -94.59M
Book/sh 1.15
Cash/sh 2.47
Employees 158
Insider 10d
IPO Dec 04, 2020
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E
Forward P/E -9.82
PEG
P/S 8.77
P/B 6.46
P/C
EV/EBITDA -4.00
EV/Sales 8.45
Quick Ratio 6.93
Current Ratio 7.28
Debt/Eq 147.49
LT Debt/Eq
EPS (ttm) -1.74
EPS next Y -0.76
EPS Growth
Revenue Growth -67.60%
EPS Gr Q/Q
Rev Gr Q/Q
Earnings (next) 2026-05-15
Earnings (prior) 2026-03-09
ROA -33.04%
ROE -92.33%
ROIC
Gross Margin 60.13%
Oper. Margin -147.63%
Profit Margin -203.25%
Shs Outstand 99.30M
Shs Float 41.04M
Insider Own 16.29%
Instit Own 96.49%
Short Float 38.06%
Short Ratio 17.20
Short Interest 26.19M
52W High 18.90
vs 52W High -60.63%
52W Low 6.66
vs 52W Low 11.71%
Beta 0.80
Impl. Vol. 49.76%
Rel Volume 1.55
Avg Volume 1.50M
Volume 2.31M
Target (mean) $26.20
Tgt Median $26.00
Tgt Low $12.00
Tgt High $34.00
# Analysts 5
Recom Strong_buy
Prev Close $7.94
Price $7.44
Change -6.30%
About

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes treatments for severe allergic reactions in the United States and internationally. The company is involved in the development of neffy, a needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. ARS Pharmaceuticals, Inc. was founded in 2015 and is headquartered in San Diego, California.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus Mean price target
2. Current target Latest analyst target
3. DCF / Fair value Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$7.44
Low
$12.00
High
$34.00
Mean
$26.20

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-09-04 init Roth Capital — → Buy $40
2025-03-07 init Scotiabank — → Sector Outperform $30
2025-01-14 main Raymond James Strong Buy → Strong Buy $28
2025-01-13 main Leerink Partners Outperform → Outperform $27
2024-10-08 reit Cantor Fitzgerald Overweight → Overweight $30
2024-09-20 main Leerink Partners Outperform → Outperform $25
2024-09-16 reit Cantor Fitzgerald Overweight → Overweight $30
2024-09-09 reit Cantor Fitzgerald Overweight → Overweight $30
2024-08-20 init Cantor Fitzgerald — → Overweight $30
2024-08-13 up Raymond James Outperform → Strong Buy $22
2024-07-25 init Raymond James — → Outperform $18
2024-03-11 reit Wedbush Outperform → Outperform $19
2024-03-05 up Leerink Partners Market Perform → Outperform $18
2023-11-13 main Wedbush Outperform → Outperform $13
2023-09-21 main Wedbush Outperform → Outperform $5
2023-09-20 down William Blair Outperform → Market Perform
2023-08-14 reit Wedbush Outperform → Outperform $15
2023-06-21 main Wedbush Outperform → Outperform $15
2023-05-18 reit Wedbush Outperform → Outperform $17
2023-05-12 reit Wedbush Outperform → Outperform $17
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-11-13 DORSEY BRIAN T Chief Operating Officer 21,828 $8.71 $190,050
2025-11-13 DORSEY BRIAN T Chief Operating Officer 21,828 $0.64 $13,970
2025-11-12 CHAKMA JUSTIN Officer 166,380 $8.86 $1,476,147
2025-11-12 CHAKMA JUSTIN Officer 30,000 $0.84 $25,200
2025-11-12 SHAH PRATIK Director 350,000 $0.00 $0
2025-08-21 LOWENTHAL RICHARD E Chief Executive Officer 50,000 $14.49 $724,345
2025-08-21 SCOTT KATHLEEN D Chief Financial Officer 12,500 $15.00 $187,500
2025-08-21 SCOTT KATHLEEN D Chief Financial Officer 12,500 $1.50 $18,750
2025-08-20 TANIMOTO SARINA Officer and Beneficial Owner of more than 10% of a Class of Security 50,000 $14.03 $703,755
2025-07-01 KARAS ERIC Officer 15,000 $16.99 $254,860
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
84.28
-5.46%
89.15
+297063.33%
0.03
-97.72%
1.32
Operating Revenue
84.28
-5.46%
89.15
+297063.33%
0.03
-97.72%
1.32
Cost Of Revenue
20.42
+1990.38%
0.98
0.00
Reconciled Cost Of Revenue
20.42
+1990.38%
0.98
0.00
Gross Profit
63.85
-27.58%
88.17
+293806.67%
0.03
Operating Expense
243.30
+166.62%
91.25
+35.09%
67.55
+83.40%
36.83
Research And Development
13.18
-32.68%
19.58
-3.38%
20.27
+10.29%
18.38
Selling General And Administration
230.12
+221.06%
71.67
+51.58%
47.28
+156.20%
18.46
General And Administrative Expense
47.28
+156.20%
18.46
Other Gand A
47.28
+156.20%
18.46
Total Expenses
263.73
+185.94%
92.23
+36.54%
67.55
+83.40%
36.83
Operating Income
-179.45
-5720.56%
-3.08
+95.43%
-67.52
-90.11%
-35.52
Total Operating Income As Reported
-179.45
-5720.56%
-3.08
+95.43%
-67.52
-90.11%
-35.52
EBITDA
-168.78
-2136.92%
8.29
+112.27%
-67.52
-91.83%
-35.20
Normalized EBITDA
-168.78
-2136.92%
8.29
+112.27%
-67.52
-92.60%
-35.06
Reconciled Depreciation
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
EBIT
-168.78
-2136.92%
8.29
+112.27%
-67.52
-90.11%
-35.52
Total Unusual Items
-0.14
Total Unusual Items Excluding Goodwill
-0.14
Net Income
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Pretax Income
-171.38
-2168.28%
8.29
+115.24%
-54.37
-56.75%
-34.68
Net Non Operating Interest Income Expense
8.07
-29.02%
11.37
Interest Expense Non Operating
2.60
0.00
Net Interest Income
8.07
-29.02%
11.37
Interest Expense
2.60
0.00
Interest Income Non Operating
10.67
-6.16%
11.37
Interest Income
10.67
-6.16%
11.37
Other Income Expense
11.37
-13.58%
13.15
+1477.34%
0.83
Other Non Operating Income Expenses
11.37
-13.58%
13.15
+1250.62%
0.97
Gain On Sale Of Security
-0.14
Tax Provision
-0.08
-127.78%
0.29
0.00
Tax Rate For Calcs
0.00
-98.66%
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income From Continuing Operation Net Minority Interest
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income From Continuing And Discontinued Operation
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Net Income Continuous Operations
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Normalized Income
-171.30
-2241.76%
8.00
+114.71%
-54.37
-57.39%
-34.54
Net Income Common Stockholders
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Diluted EPS
0.08
+114.04%
-0.57
+34.48%
-0.87
Basic EPS
0.08
+114.04%
-0.57
+34.48%
-0.87
Basic Average Shares
96.94
+1.81%
95.22
+138.30%
39.96
Diluted Average Shares
102.39
+7.54%
95.22
+138.30%
39.96
Diluted NI Availto Com Stockholders
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
327.65
-6.69%
351.15
+50.59%
233.19
-17.14%
281.44
Current Assets
284.90
-14.78%
334.30
+44.26%
231.73
-16.56%
277.70
Cash Cash Equivalents And Short Term Investments
244.99
-21.98%
314.02
+37.51%
228.36
-16.77%
274.38
Cash And Cash Equivalents
41.32
-18.69%
50.82
-28.40%
70.97
-66.29%
210.52
Other Short Term Investments
203.67
-22.62%
263.20
+67.23%
157.39
+146.45%
63.86
Receivables
25.35
+210.06%
8.18
+1091.69%
0.69
-32.01%
1.01
Accounts Receivable
25.35
+210.06%
8.18
0.00
Other Receivables
0.11
-48.83%
0.21
Accrued Interest Receivable
0.99
+43.88%
0.69
-13.82%
0.80
Inventory
8.37
+60.57%
5.21
0.00
Finished Goods
5.21
0.00
Prepaid Assets
6.19
-10.05%
6.89
+239.55%
2.03
-12.21%
2.31
Other Current Assets
1.23
+88.96%
0.65
Total Non Current Assets
42.76
+153.62%
16.86
+1053.08%
1.46
-60.86%
3.73
Net PPE
2.46
+131.24%
1.07
+29.37%
0.82
+6.46%
0.77
Gross PPE
1.27
+33.97%
0.94
+14.96%
0.82
Accumulated Depreciation
-0.20
-65.29%
-0.12
-152.08%
-0.05
Properties
0.00
0.00
Machinery Furniture Equipment
0.26
+214.81%
0.08
Other Properties
0.99
+17.50%
0.84
+2.19%
0.82
Leases
0.02
+0.00%
0.02
Goodwill And Other Intangible Assets
14.45
+96.07%
7.37
+1094.65%
0.62
0.00
Other Intangible Assets
14.45
+96.07%
7.37
+1094.65%
0.62
Non Current Prepaid Assets
2.80
+13233.33%
0.02
-99.29%
2.96
Other Non Current Assets
25.84
+206.84%
8.42
2.96
Total Liabilities Net Minority Interest
213.39
+126.16%
94.36
+3786.12%
2.43
-71.60%
8.55
Current Liabilities
39.15
+67.00%
23.44
+880.34%
2.39
-56.08%
5.44
Payables And Accrued Expenses
37.95
+66.14%
22.84
+1142.03%
1.84
-58.99%
4.48
Payables
5.72
-42.00%
9.87
+1200.40%
0.76
-58.59%
1.83
Accounts Payable
5.72
-42.00%
9.87
+1200.40%
0.76
-54.25%
1.66
Other Payable
0.15
-84.52%
1.00
Current Accrued Expenses
32.22
+148.42%
12.97
+1101.02%
1.08
-59.26%
2.65
Pensionand Other Post Retirement Benefit Plans Current
2.29
+627.94%
0.32
-29.53%
0.45
Total Tax Payable
0.00
-97.70%
0.17
Current Debt And Capital Lease Obligation
0.04
-82.28%
0.24
+3.04%
0.23
Current Debt
Current Capital Lease Obligation
0.04
-82.28%
0.24
+3.04%
0.23
Current Deferred Liabilities
0.61
+9.34%
0.56
0.00
-100.00%
0.28
Current Deferred Revenue
0.61
+9.34%
0.56
0.00
-100.00%
0.28
Other Current Liabilities
0.59
+1300.00%
0.04
Total Non Current Liabilities Net Minority Interest
174.25
+145.72%
70.92
+191562.16%
0.04
-98.81%
3.10
Long Term Debt And Capital Lease Obligation
96.37
0.00
-100.00%
0.04
-85.26%
0.25
Long Term Debt
96.37
Long Term Capital Lease Obligation
0.00
-100.00%
0.04
-85.26%
0.25
Non Current Deferred Liabilities
1.13
-26.24%
1.53
0.00
-100.00%
2.85
Non Current Deferred Revenue
1.13
-26.24%
1.53
0.00
-100.00%
2.85
Other Non Current Liabilities
72.14
+3.97%
69.38
Preferred Securities Outside Stock Equity
0.00
Stockholders Equity
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Common Stock Equity
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Capital Stock
0.01
+0.00%
0.01
+0.00%
0.01
+11.11%
0.01
Common Stock
0.01
+0.00%
0.01
+0.00%
0.01
+11.11%
0.01
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
99.29
+1.36%
97.95
+1.60%
96.41
+2.63%
93.94
Ordinary Shares Number
99.29
+1.36%
97.95
+1.60%
96.41
+2.63%
93.94
Additional Paid In Capital
408.73
+7.60%
379.87
+4.94%
362.00
+3.60%
349.41
Retained Earnings
-294.60
-138.92%
-123.31
+6.09%
-131.30
-70.66%
-76.94
Gains Losses Not Affecting Retained Earnings
0.12
-43.18%
0.22
+348.98%
0.05
-87.96%
0.41
Other Equity Adjustments
0.12
-43.18%
0.22
+348.98%
0.05
-87.96%
0.41
Total Equity Gross Minority Interest
114.26
-55.51%
256.80
+11.28%
230.76
-15.44%
272.89
Total Capitalization
210.63
-17.98%
256.80
+11.28%
230.76
-15.44%
272.89
Working Capital
245.75
-20.94%
310.86
+35.55%
229.34
-15.76%
272.26
Invested Capital
210.63
-17.98%
256.80
+11.28%
230.76
-15.44%
272.89
Total Debt
96.37
+229361.90%
0.04
-84.67%
0.27
-43.04%
0.48
Net Debt
55.06
Capital Lease Obligations
0.04
-84.67%
0.27
-43.04%
0.48
Net Tangible Assets
99.81
-59.99%
249.43
+8.38%
230.14
-15.66%
272.89
Tangible Book Value
99.81
-59.99%
249.43
+8.38%
230.14
-15.66%
272.89
Current Notes Payable
0.00
Derivative Product Liabilities
0.00
Non Current Accrued Expenses
4.61
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-170.87
-1361.19%
13.55
+122.86%
-59.27
-47.88%
-40.08
Cash Flow From Continuing Operating Activities
-170.87
-1361.19%
13.55
+122.86%
-59.27
-47.88%
-40.08
Net Income From Continuing Operations
-171.30
-2241.76%
8.00
+114.71%
-54.37
-56.75%
-34.68
Depreciation Amortization Depletion
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
Depreciation
1.37
+1630.38%
0.08
+8.22%
0.07
+114.71%
0.03
Amortization Cash Flow
-5.52
+23.86%
-7.25
-5.93%
-6.85
-2502.81%
0.28
Depreciation And Amortization
-4.16
+42.08%
-7.17
-5.90%
-6.78
-2223.82%
0.32
Amortization Of Intangibles
-5.52
+23.86%
-7.25
-5.93%
-6.85
-2502.81%
0.28
Other Non Cash Items
0.34
1.06
Stock Based Compensation
22.09
+52.02%
14.53
+57.38%
9.23
+58.05%
5.84
Provisionand Write Offof Assets
2.16
0.00
Operating Gains Losses
0.14
Gain Loss On Investment Securities
0.14
Change In Working Capital
-20.00
-1005.80%
-1.81
+75.42%
-7.36
+42.28%
-12.75
Change In Receivables
-17.20
-110.46%
-8.18
0.00
Changes In Account Receivables
-17.20
-110.46%
-8.18
0.00
Change In Inventory
-21.99
-269.82%
-5.95
0.00
Change In Prepaid Assets
0.66
+110.60%
-6.19
-331.43%
-1.44
-20.99%
-1.19
Change In Payables And Accrued Expense
18.88
+15.04%
16.41
+691.03%
-2.78
+73.00%
-10.29
Change In Other Working Capital
-0.35
-116.75%
2.09
+166.34%
-3.15
-145.44%
-1.28
Change In Other Current Assets
Investing Cash Flow
56.77
+153.50%
-106.10
-21.70%
-87.18
-43709.05%
-0.20
Cash Flow From Continuing Investing Activities
56.77
+153.50%
-106.10
-21.70%
-87.18
-43709.05%
-0.20
Net PPE Purchase And Sale
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Purchase Of PPE
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Capital Expenditure
-0.34
+39.79%
-0.56
-221.71%
-0.17
+12.06%
-0.20
Net Investment Purchase And Sale
64.97
+166.27%
-98.04
-12.68%
-87.00
0.00
Purchase Of Investment
-242.03
+32.02%
-356.04
-30.89%
-272.00
0.00
Sale Of Investment
307.00
+18.99%
258.00
+39.46%
185.00
0.00
Net Other Investing Changes
-7.86
-4.80%
-7.50
Financing Cash Flow
104.60
+44.47%
72.40
+949.41%
6.90
-96.38%
190.73
Cash Flow From Continuing Financing Activities
104.60
+44.47%
72.40
+949.41%
6.90
-96.38%
190.73
Net Issuance Payments Of Debt
96.26
0.00
0.00
+100.00%
-8.68
Issuance Of Debt
96.26
0.00
Repayment Of Debt
0.00
+100.00%
-8.68
Long Term Debt Issuance
96.26
0.00
Long Term Debt Payments
0.00
+100.00%
-8.68
Net Long Term Debt Issuance
96.26
0.00
0.00
+100.00%
-8.68
Proceeds From Stock Option Exercised
5.68
+88.36%
3.02
-56.28%
6.90
+1110.35%
0.57
Net Other Financing Charges
2.66
-96.17%
69.38
198.84
Changes In Cash
-9.50
+52.86%
-20.15
+85.56%
-139.55
-192.75%
150.46
Beginning Cash Position
50.82
-28.40%
70.97
-66.29%
210.52
+250.50%
60.06
End Cash Position
41.32
-18.69%
50.82
-28.40%
70.97
-66.29%
210.52
Free Cash Flow
-171.21
-1418.48%
12.98
+121.85%
-59.44
-47.58%
-40.28
Interest Paid Supplemental Data
2.45
0.00
0.00
-100.00%
0.37
Issuance Of Capital Stock
0.00
Net Preferred Stock Issuance
0.00
Preferred Stock Issuance
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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