# ARS Pharmaceuticals (SPRY.US)

Canonical: https://gigainvestors.com/s/SPRY

Analysis as of: 2026-10-16T07:32:04.172Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.07 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 4

- Years with a net loss: 8

- Operating margin variation: 2.41×

Chart: Operating margin; fiscal year observations.

- FY2020: -0.03×

- FY2021: -3.53×

- FY2022: -26.99×

- FY2023: -2,250.67×

- FY2024: -0.03×

- FY2025: -2.13×

- LTM to Jun 2026: -1.85×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -38.8%

- ROIC, second-lowest year: -1994.8%

- Years with nonpositive capital: 5

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: -2036.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -250.8%

- FY2019: -46373.0%

- FY2020: 0.0%

- FY2021: 0.0%

- FY2022: -10.3%

- FY2023: -1994.8%

- FY2024: -1.2%

- FY2025: -67.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$271M

- Net income, five-year total: -$273M

- Return on incremental invested capital: -443.1%

- Working capital / revenue, annual change: 28.5 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$20M

- FY2022: -$35M

- FY2023: -$54M

- FY2024: $8.0M

- FY2025: -$170M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -250.8% vs -67.3%

- Per-share earnings: -0.53 to -0.57 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 23.2%

- Diluted shares, 5-year annual growth: 23.2%

- Per-share value change: -$0.04

- Per-share value, starting three-year median: -$0.53

- Per-share value, ending three-year median: -$0.57

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -250.8%

- ROIC, last three-year median: -67.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.53

- FY2019: -$0.72

- FY2020: -$0.03

- FY2021: -$0.70

- FY2022: -$0.87

- FY2023: -$0.57

- FY2024: $0.08

- FY2025: -$1.74

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 3.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -2.6%

- FY2019: -32.4%

- FY2020: -38.4%

- FY2021: -4.4%

- FY2022: 1.9%

- FY2023: 2.1%

- FY2024: -1.6%

- FY2025: -0.1%

## Holders

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 77% since Jul 2025 · "ARS Pharma Collapses After CVS Punts Its Epinephrine Spray Decision To January" (finance.yahoo.com, Jun 2026) · sales +38.7%

Story as of 2026-10-16T09:59:37.302Z; price observation 2026-10-15.

- 2025-08-29: ARS Pharma drops 9% as Lupin files application for generic neffy ([seekingalpha.com](https://seekingalpha.com/news/4490535-ard-pharma-drops-9-lupin-files-application-generic-neffy?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-29: ARS Pharmaceuticals Wins China Approval for First Community-Use Epinephrine for Allergic Reactions ([finance.yahoo.com](https://finance.yahoo.com/news/ars-pharmaceuticals-wins-china-approval-134726215.html))

- 2026-06-25: ARS Pharma Collapses After CVS Punts Its Epinephrine Spray Decision To January ([finance.yahoo.com](https://finance.yahoo.com/m/813235c4-b012-3ac9-9428-61996c11758e/ars-pharma-collapses-after.html))

- 2026-08-21: ARS Pharma (SPRY) Cuts Spending As It Chases Neffy Market Share ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/ars-pharma-spry-cuts-spending-220832511.html))

### Sales · FY2025–2026

sales +38.7%; source https://www.sec.gov/Archives/edgar/data/1671858/000119312526097478/spry-20251231.htm; observed 2026-03-09.

- FY2020: $18M 

- FY2021: $5.5M 

- FY2022: $1.3M 

- FY2023: $30K 

- FY2024: $89M 

- FY2025: $84M 

- FY2026: $117M 

### Gross margin · FY2025

gross margin 75.8%; source https://www.sec.gov/Archives/edgar/data/1671858/000119312526097478/spry-20251231.htm; observed 2026-03-09.

- FY2020: 21.1% 

- FY2021: 96.1% 

- FY2024: 76.9% 

- FY2025: 75.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 84.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1671858/000119312526097478/spry-20251231.htm (filed 2026-03-09); FY2025: revenue 84278000; grossProfit 63855000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SPRY.US: 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.

### Why customers stay

Margins ranged from 75.8% to 100% during 2023–25; it lost 38.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: grossProfit / revenue = 76.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1671858/000119312526097478/spry-20251231.htm (filed 2026-03-09); FY2025: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); 8-year return on capital observations [[2018,-2.507849592791544],[2019,-463.73],[2020,0],[2021,0],[2022,-0.10263726053254416],[2023,-19.947943156320118],[2024,-0.011586368429712382],[2025,-0.6730407535417221]]; median -0.38783900703713314. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: growth capex 484000; upkeep 79000; owner earnings 7998000. Growth capex / owner earnings = 0.060515128782195546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SPRY.US SharesStats.PercentInsiders = 16.184 percentage points; cache date 2026-10-05.

### What the price says

The price is 4.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Closing price 4.07 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.8550371195660318; price multiple 4.760027262986783. FY2025 cash earnings/share -1.7274635177449422. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-12: $46.34 per share

- 2021-01: $43.92 per share

- 2021-02: $48.06 per share

- 2021-03: $43.63 per share

- 2021-04: $32.05 per share

- 2021-05: $27.53 per share

- 2021-06: $30.89 per share

- 2021-07: $30.28 per share

- 2021-08: $22.00 per share

- 2021-09: $9.98 per share

- 2021-10: $8.63 per share

- 2021-11: $7.03 per share

- 2021-12: $6.66 per share

- 2022-01: $4.87 per share

- 2022-02: $4.30 per share

- 2022-03: $3.51 per share

- 2022-04: $3.11 per share

- 2022-05: $3.49 per share

- 2022-06: $4.24 per share

- 2022-07: $5.16 per share

- 2022-08: $5.44 per share

- 2022-09: $5.28 per share

- 2022-10: $6.22 per share

- 2022-11: $6.22 per share

- 2022-12: $8.53 per share

- 2023-01: $6.86 per share

- 2023-02: $8.92 per share

- 2023-03: $6.51 per share

- 2023-04: $6.50 per share

- 2023-05: $6.96 per share

- 2023-06: $6.70 per share

- 2023-07: $7.35 per share

- 2023-08: $7.09 per share

- 2023-09: $3.78 per share

- 2023-10: $3.57 per share

- 2023-11: $4.83 per share

- 2023-12: $5.48 per share

- 2024-01: $6.21 per share

- 2024-02: $8.37 per share

- 2024-03: $10.22 per share

- 2024-04: $8.70 per share

- 2024-05: $8.88 per share

- 2024-06: $8.51 per share

- 2024-07: $10.87 per share

- 2024-08: $12.98 per share

- 2024-09: $14.50 per share

- 2024-10: $14.72 per share

- 2024-11: $14.51 per share

- 2024-12: $10.55 per share

- 2025-01: $13.02 per share

- 2025-02: $10.48 per share

- 2025-03: $12.58 per share

- 2025-04: $13.97 per share

- 2025-05: $14.43 per share

- 2025-06: $17.45 per share

- 2025-07: $17.68 per share

- 2025-08: $11.62 per share

- 2025-09: $10.05 per share

- 2025-10: $8.96 per share

- 2025-11: $9.54 per share

- 2025-12: $11.65 per share

- 2026-01: $9.99 per share

- 2026-02: $9.28 per share

- 2026-03: $8.03 per share

- 2026-04: $8.26 per share

- 2026-05: $9.07 per share

- 2026-06: $8.01 per share

- 2026-07: $5.13 per share

- 2026-08: $6.00 per share

- 2026-09: $4.31 per share

- 2026-10: $4.07 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1671858/000119312526097478/spry-20251231.htm); period 2025-12-31, filed 2026-03-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.