ARS Pharmaceuticals, Inc.
SPRYNasdaqHealthcare · Pharmaceutical Preparations · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $84.3M | $89.1M | $30,000 | $1.3M | $5.5M | — |
| Operating income | −$179.4M | −$3.1M | −$67.5M | −$35.5M | −$19.5M | −$32.9M |
| Net income | −$171.3M | $8.0M | −$54.4M | −$34.7M | −$20.2M | −$32.9M |
| Total assets | $327.7M | $351.2M | $233.2M | $281.4M | $61.4M | $394.8M |
| Total liabilities | $213.4M | $94.4M | $2.4M | $8.5M | $16.7M | $11.9M |
| Equity | $114.3M | $256.8M | $230.8M | $272.9M | −$31.3M | −$14.1M |
| EPS (diluted) | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-0.70 | — |
| Shares out. | 98.1M | 96.5M | 94.4M | 35.1M | 30.4M | 34.7M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −212.9%
- Net margin
- −203.3%
- Return on equity
- −149.9%
- Return on assets
- −52.3%
- Return on capital (ROCE)
- −62.2%
- Liabilities / assets
- 65.1%
- Debt / equity
- 1.87×
- Book value / share
- $1.16
- Revenue growth (YoY)
- −5.5%
- Net income growth (YoY)
- −2241.8%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -1.13distress
- Accruals / assets
- −0.1%clean
- Piotroski F-Score
- 2/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 4 warning● 1 good- Altman Z″ in the distress zone
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Clinical trials
ClinicalTrials.gov · ongoing · next readout first- Phase 2Recruitingreadout ~2026-06An Outpatient Study of the Efficacy of ARS-2 in Patients With Chronic Spontaneous Urticaria
- Phase 4Recruitingreadout ~2027-04Study Evaluating the Safety and Efficacy of Neffy or Intramuscular Adrenalin in Patients With Allergic Reactions After Oral Food Challenge or Allergen Immunotherapy
Interventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Rubric Capital Management LpPassive (13G)May 15, 2026
- Blackrock, Inc.Passive (13G)Apr 27, 2026
- Millennium Management LlcPassive (13G)Mar 31, 2026
- Ra Capital Management, L.P.Activist (13D)Oct 1, 2025
- Flynn James EActivist (13D)Aug 1, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Dorsey BrianOfficer — Chief Operating Officer | Nov 13, 2025 | Option exercise | 21,828 | $0.64 |
| Chakma JustinOfficer — Chief Business Officer | Nov 12, 2025 | Option exercise | 30,000 | $0.84 |
| Shah PratikDirector | Nov 12, 2025 | Gift | 250,000 | $0.00 |
| Lowenthal Richard EOfficer — PRESIDENT AND CEO | Aug 21, 2025 | Sell | 50,000 | $14.49 |
| Scott Kathleen D.Officer — Chief Financial Officer | Aug 21, 2025 | Option exercise | 12,500 | $1.50 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 25.9M | 13.3 | -1.1% |
| Apr 30, 2026 | 26.2M | 15.1 | -2.1% |
| Apr 15, 2026 | 26.8M | 21.2 | +5.6% |
| Mar 31, 2026 | 25.3M | 13.9 | +6.8% |
| Mar 13, 2026 | 23.7M | 17.9 | +4.3% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operations · Regulation FD disclosureMay 15, 2026
- Director / officer changeMay 13, 2026
- Results of operations · Regulation FD disclosureMar 9, 2026
- Results of operations · Regulation FD disclosureNov 10, 2025
- Entered a material agreement · New financial obligationSep 29, 2025
- Other material eventAug 28, 2025
- Results of operations · Regulation FD disclosureAug 13, 2025
- Shareholder voteJun 26, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 3Jun 1, 2026
- SCHEDULE 13G/AMay 15, 2026
- 10-QMay 15, 2026
- 8-KMay 15, 2026
- 8-KMay 13, 2026
- ARSApr 29, 2026
- DEFA14AApr 29, 2026
- DEF 14AApr 29, 2026
- SCHEDULE 13G/AApr 27, 2026
- SCHEDULE 13G/AMar 31, 2026
- SCHEDULE 13GMar 24, 2026
- S-8Mar 9, 2026
- 10-KMar 9, 2026
- 8-KMar 9, 2026
- SCHEDULE 13GFeb 13, 2026
Event-driven situations (3)
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