ARS Pharmaceuticals Inc
SPRYBuild a strategy around SPRY
ARS Pharmaceuticals Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin TTM 89.4% vs industry median 51.5% - exceptional unit economics for a commercial-stage pharma with 14.7% revenue growth[Gross Margin TTM]
- Cash burn of -86M FCF TTM with only 59.6M cash - raised 100M financing but runway under 12 months at current rate[Free Cash Flow TTM]
- P/S ratio 7.1x vs industry median 2.7x despite -56% net margin - priced for significant revenue acceleration[P/S Ratio]
Watch Triggers
- Cash and Equivalents: Falls below 40M or burn rate exceeds 25M/quarter — Signals imminent dilutive financing at potentially unfavorable terms
- Total Revenue 1Y Growth: Accelerates above 30% or decelerates below 10% — Determines path to profitability timeline and capital needs
- Operating Margin TTM: Improves to better than -40% — Operating leverage inflection would validate scale thesis
Bull Case
89% gross margin with 14.7% revenue growth - path to profitability exists if commercial execution continues. Working capital of 288M provides operational buffer.
Low capex model (-641K TTM) means incremental revenue drops nearly straight to operating income once scale achieved.
Bear Case
At -86M FCF TTM with 59.6M cash, company needs dilutive financing within 12 months. Debt/equity already 0.66x limits debt capacity.
P/S 7.1x (2.6x industry median) prices in execution that hasn't materialized - 3Y revenue CAGR only 4.6% vs 1Y 14.7%.
Bull vs Bear Balance
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Forward Thesis
Revenue must accelerate 50%+ annually to justify valuation and reach profitability before next capital raise
- Current 14.7% 1Y growth insufficient for cash needs
- 89% gross margin means breakeven at ~200M revenue
- Operating leverage kicks in as SG&A scales slower
Valuation Context
Caveats
Public Strategies Rankings
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SPRY Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$820.1M | — | ||
$858.31M | — | ||
0.00 | — | ||
$142.77M | +5459.7% | — | |
$-0.81 | — | ||
-63.6% | +2292.6% | — | |
-56.1% | +1856.1% | — | |
$-86.02M | — | ||
-45.9% | -23.5% | — | |
Beta 5Y (Monthly) | unknown | — |
SPRY Dividend History
SPRY Stock Splits
SPRY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/10/25 | 09/30/25 | 10-Q | |
08/13/25 | 06/30/25 | 10-Q | |
05/14/25 | 03/31/25 | 10-Q | |
03/20/25 | 12/31/24 | 10-K | |
11/13/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/20/25 | 12/31/23 | 10-K | |
03/21/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/23/23 | 12/31/22 | 10-K | |
11/09/23 | 09/30/22 | 10-Q | |
10/06/22 | 06/30/22 | DEFM14A | |
05/15/23 | 03/31/22 | 10-Q | |
10/06/22 | 12/31/21 | DEFM14A |