How profitable is ARS Pharmaceuticals Inc. (SPRY)?

In FY 2025 (10-K), SPRY converted $84.3M of revenue into a 52% gross margin, 0% operating margin, and $0 in free cash flow (0% FCF margin).

Stock Ratings / Health Care / SPRY / financials

GALT (37) AVIR (33) EBS (48) CYPH (42) ⌘ Pro Terminal →

ARS Pharmaceuticals Inc. (SPRY) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Q: Where is SPRY trading relative to its 50-day, 200-day, and 52-week technical levels?

SPRY last traded at $3.05 (-9.76% on volume of 2,128,840 shares), positioning the stock -32.22% below its 50-day simple moving average ($4.50) and -58.33% below its 200-day simple moving average ($7.32). Across its 52-week range of $3.34 to $13.15, SPRY sits at the 0.0% percentile with a 14-day RSI of 34.1 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($2.67 to $3.43).

$3.05 -9.76% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $2.99

ARS Pharmaceuticals Inc. (SPRY) carries a Roarable Rating of E (Strong Sell) with 20/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

📊 Historical Track Record Warning: Scores below 50 (20/100 · E) historically underperformed SPY in 71% of rolling 90-day windows →

ROARABLE E • RED ALERT Cap $336.1M

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on SPRY Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is SPRY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, ARS Pharmaceuticals Inc. (NASDAQ: SPRY) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 20/100 at a spot price of $3.05 (-9.76% 1D, market cap $336.1M). Pillar breakdown: Fundamental Cash Engine 3/20, Institutional 13F & Options Flow 3/20, Executive Insider Alignment 5/20, FRED Macro Regime Fit 6/20, and SEC Balance-Sheet Forensics 3/20. Across 1016 tracked Health Care issuers, SPRY ranks #977 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does SPRY compare to GALT and AVIR in the Health Care sector?

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Within the Health Care sector (Biotechnology: Pharmaceutical Preparations), SPRY carries a Roarable E (20/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of -35.0%. By comparison, GALT (Galectin Therapeutics Inc.) holds a D- grade (37/100 RQD, P/E N/A, ROIC -35.0%, cap $335.6M) and AVIR (Atea Pharmaceuticals Inc.) posts a E grade (33/100 RQD, P/E N/A, ROIC -35.0%, cap $329.6M). Among the 5-stock peer group, EBS leads on earnings multiple (7.0x) while EBS leads on capital efficiency (8.9% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for SPRY?

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Per SPRY's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001671858), ARS Pharmaceuticals Inc. generated $84.3M in revenue (-5.5% YoY), -$171.3M in net income, and -$171.2M in free cash flow against $327.7M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $2.99 (-1.95%)🧬 Dilution Drag (+1.28% YoY Shares)⚙️ Cash Engine: 3/20 (E) • 0% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (20/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-11.8% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERRED ALERT • E

3-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E · Rk E

Each axis scored 0–20

12M PRICE TARGET CONE-17% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for SPRY)Realized 20D OHLCV Swing Band: ±12.5%

Deterministic 5-Pillar Attribution (20/100 Composite)

🔍 WHY SPRY SCORES 20/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Macro Regime Fit+6/20 pts (30% of score)

FRED Regime × Technicals: 2% of 52W Range • RSI-14 at 34.1 (NEUTRAL RANGE)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+5/20 pts (25% of score)

Altman Z-Score 0.20 (DISTRESS RISK (<1.8)) • Piotroski F-Score 2/9

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution4/20 pts (-16 pt drag)

Dilution Drag (+1.28% YoY Shares) & executive Form 4 sales trim 16 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade E$4.05+5.9% Next Q

Q2 (-2Q)

Grade E$4.29-13.1% Next Q

Q3 (-1Q)

Grade E$3.73-18.2% Next Q

Current

Grade E$3.05-11.8% Hist 90D α

Trajectory: E (28) → E (20)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a SPRY Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While SPRY currently carries a cautious 20/100 (E) rating due to Insider Conviction & Share Dilution (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Health Care with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($4.50) and Max Pain ($3.20) forces dealer call-delta covering toward $13.81.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+1.28% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $SPRY• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “SPRY Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 20%NO 80%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How SPRY Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$0 (0% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $30.0K

FY24

Rev $89.1M

FY25

Rev $84.3M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$84.3M	52%	-80%	-$171.3M	-$171.2M	-45%
FY 2024	$89.1M	52%	-3.5%	$8.0M	$13.0M	-1.2%
FY 2023	$30.0K	52%	-80%	-$54.4M	-$59.3M	-35%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring SPRY)

✓Walkthrough of SPRY's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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SPRY // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -65.46%⚡ TESTING RESISTANCE

2026-11-03O $3.66H $3.66L $3.05C $3.05VOL 1.76M

RES: $3.64SUP: $2.31SMA50: $4.50SMA200: $7.32

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

SPRY Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 SPRY Butterfly Map → + Track SPRY →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

8.0%/yr Implied 5Y Growth

vs. -5.5% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on SPRY today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for SPRY. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for SPRY today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (SPRY)

Health Care Rank #977 of 1016 ⚔️ GALT vs SPRY Full Matrix →

1. Head-to-Head Health Care Peer Comparison (SPRY vs. GALT, AVIR, EBS, CYPH)

Industry: Biotechnology: Pharmaceutical Preparations (489 Tracked Issuers)

Across 1016 tracked Health Care securities in the Roarable RQD universe, ARS Pharmaceuticals Inc. (SPRY) ranks #977 by composite RQD confidence (20/100, grade E) and #502 by equity capitalization ($336.1M). Within this direct 5-issuer industry benchmark cohort, EBS leads on earnings valuation at 7.0x trailing P/E, while EBS leads on capital efficiency and profitability with 8.9% ROIC and 56.1% gross margin. EBS currently holds the highest overall quantitative score in the immediate peer group at 48/100 (D) compared with SPRY at 20/100 (E).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
SPRY ACTIVE ARS Pharmaceuticals Inc.	E	20/100	—	—	-35.0%	-9.76%	$336.1M	Benchmark Subject
GALT Galectin Therapeutics Inc.	D-	37/100	—	—	-35.0%	+0.30%	$335.6M	/galt-vs-spry →
AVIR Atea Pharmaceuticals Inc.	E	33/100	—	—	-35.0%	-0.24%	$329.6M	/avir-vs-spry →
EBS Emergent BioSolutions Inc.	D	48/100	7.0x	56.1%	8.9%	-5.43%	$349.2M	/ebs-vs-spry →
CYPH Cypherpunk Technologies Inc.	D-	42/100	71.3x	—	-23.3%	-20.80%	$321.1M	/cyph-vs-spry →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001671858

In its most recent audited fiscal period (FY2025, filed 2025-12-31), ARS Pharmaceuticals Inc. (SPRY) reported GAAP revenue of $84.3M (-5.5% vs. FY2024 revenue of $89.1M , and +280826.7% cumulative change since FY2023) , GAAP net income of -$171.3M, operating cash flow of -$170.9M, and free cash flow of -$171.2M (-1418.5% YoY). On the balance sheet, SPRY closed FY2025 with $327.7M in total assets against $0 in total debt (Altman Z-Score: 0.20, Piotroski F-Score: 2/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$84.3M	-$171.3M	-$170.9M	-$171.2M	$327.7M	—
FY2024 (FY)	2024-12-31	$89.1M	$8.0M	$13.5M	$13.0M	$351.2M	—
FY2023 (FY)	2023-12-31	$30.0K	-$54.4M	-$59.3M	-$59.3M	—	—

3. SPRY Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is SPRY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does SPRY compare to GALT and AVIR in the Health Care sector?

What are the biggest fundamental strengths and SEC risk factors for SPRY?

Where is SPRY trading relative to its 50-day, 200-day, and 52-week technical levels?

SPRY last traded at $3.05 (-9.76% on volume of 2,128,840 shares), positioning the stock -32.22% below its 50-day simple moving average ($4.50) and -58.33% below its 200-day simple moving average ($7.32). Across its 52-week range of $3.34 to $13.15, SPRY sits at the 0.0% percentile with a 14-day RSI of 34.1 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($2.67 to $3.43).

Direct Sub-Reports: SPRY RQD Cockpit SPRY 12M Forecast SPRY Earnings & Move SPRY Dividends & DRIP SPRY Insiders & 13F SPRY Whale Options SPRY Profit Sankey SPRY News & Why

ROARABLE RATING BRIEF • RQD 20/100 (E) ✓ STAGE-C NUMBER FIREWALL VERIFIED

SPRY — ARS Pharmaceuticals Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:37:44Z

1. Roarable Rating Brief: What This Means to a Prospective Investor

SPRY carries an RQD Score of 20 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The score is built from five pillars:

Fundamental cash engine: 3 / 20. Per the RQD rating, this pillar reflects ROIC of -35% and FCF yield of 0%. For a prospective investor, this means the business is not currently generating returns on invested capital or free cash flow that would support the share price on a cash basis.
Whale 13F flow: 3 / 20. Per the RQD rating, this pillar covers institutional accumulation and options positioning.
Insider conviction: 3 / 20. Per the RQD rating, this pillar covers SEC Form 4 and Congressional PTR cluster flow. The low score indicates weak insider-side conviction signals.
Macro regime fit: 6 / 20. Per the RQD rating, beta is 1.0 and the pillar reflects sector sensitivity. This is the highest of the five pillars but still low, implying limited regime-based support.
Forensic balance sheet: 5 / 20. Per the RQD rating, Altman Z is 0.2, Piotroski F is 2/9, and Debt/Equity is 0.5. These readings point to elevated balance-sheet and financial-distress risk.

Upside drivers are limited in the source data: the stock has a 52-week range of $3.34 - $13.15 and trades at $3.66, near the low end of that range, which may reflect the weak pillar scores rather than a valuation discount that the data confirms. The principal tradeoff a prospective investor faces is weighing a low-priced equity against negative operating margins, negative ROIC, and forensic warning readings.

2. Business Model, Unit Margins & SEC Financial Trajectory

ARS Pharmaceuticals Inc. Is a NASDAQ-listed issuer in the Health Care sector, classified under Biotechnology: Pharmaceutical Preparations. The company reported revenue of $84.3M for FY 2025 and $89.1M for FY 2024.

FY 2025 shows a sharp swing to a net loss of -$171.3M from a $8.0M net income in FY 2024, with operating margin at -60% and net margin at -60% per the market data. Gross margin is reported as 0%. ROIC is -35%, Altman Z is 0.2, and Piotroski F is 2/9, indicating weak profitability and elevated distress signals. Per the RQD rating, Debt/Equity is 0.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case: The stock trades at $3.66, near the bottom of its $3.34 - $13.15 52-week range, with beta of 1.0 and a $84.3M revenue base in FY 2025. With Fundamental Cash Engine at 3/20 (ROIC -35.0%, FCF yield —) and Institutional Whale Flow at 3/20, sustained execution supports upside toward the top of the $3.34 – $13.15 52-week range.
🐻 Primary Bear Case: FY 2025 net loss of -$171.3M, ROIC of -35%, Altman Z of 0.2, and Piotroski F of 2/9 signal severe forensic and profitability risk. Investors must weigh current valuation against -60.0% operating margins and a 1.00 macro beta if sector demand softens.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

The only sector context provided is Health Care / Biotechnology: Pharmaceutical Preparations, with beta of 1.0 per the market data.

Key Question #1: What is the composition of the FY 2025 revenue of $84.3M, including products, customers, and any concentration risk?
Key Question #2: What are the results and guidance in the upcoming third-quarter 2026 report?
Key Question #3: How sensitive is SPRY's — gross margin and equity valuation to Health Care demand cycles and macro interest-rate shifts (Beta 1.00)?

SPRY Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for ARS Pharmaceuticals Inc. (SPRY) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to SPRY Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo Finance • 20h ago

ARS Pharma to Report Third Quarter 2026 Financial Results

Yahoo Finance report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Simply Wall St • 23h ago

ARS Pharmaceuticals (NasdaqGM:SPRY) Stock Forecast & Analyst Predictions

Simply Wall St report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

ARS Pharmaceuticals, Inc. Estimates – NASDAQ:SPRY

TradingView report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stocktwits • 1d ago

ARS Pharmaceuticals Inc (SPRY) sentiment score, message volume, participation score and buzz level

Stocktwits report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Titan • 1d ago

A webcast on ARS Pharmaceuticals' third-quarter results will have a 30-day replay after Nov. 5.

Stock Titan report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Benzinga • 1d ago

12 Health Care Stocks Moving In Monday's After-Market Session - Biomea Fusion (NASDAQ:BMEA), iTonic Holdi

Benzinga report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH Business Wire • 1d ago

SPRY FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Reminds ARS Pharmaceuticals Investors of Securities Class Action Lawsuit Deadline on October 5, 2026

Business Wire report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Titan • 1d ago

80,000 shares are proposed for sale by ARS Pharmaceuticals (SPRY) officer Eric Karas.

Stock Titan report covering ARS Pharmaceuticals Inc. (SPRY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

SPRY Bull vs. Bear Conversation Board — What's Your Call at $3.05?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON SPRY 🐻 33% BEARISH CONVICTION

QU QuantViper Systematic Momentum Desk 🐂 BULLISH 🎯 Target: $4.46 (+32.0%)

📌 Pinned Debate

The stock trades at $3.66, near the bottom of its $3.34 - $13.15 52-week range, with beta of 1.0 and a $84.3M revenue base in FY 2025.

Long SPRY at $3.38 targeting $4.46. The stock trades at $3.66, near the bottom of its $3.34 - $13.15 52-week range, with beta of 1.0 and a $84.3M revenue base in FY 2025.. Institutional whale score is 3/20 and the risk/reward vs. the $3.34 52-week low is skewed heavily in favor of bulls.

CapAlloc_Nerd 🐂 BULL

@QuantViper Agree on the RQD 20/100 quality, though with 1.0 beta I'm scaling in with half-size at $3.38 and keeping dry powder in case we test $3.14.

RE RedlineAuditor Accounting Quality Watch 🐻 BEARISH 🎯 Target: $2.54 (-24.9%)

Spot @ $3.38

FY 2025 net loss of -$171.3M, ROIC of -35%, Altman Z of 0.2, and Piotroski F of 2/9 signal severe forensic and profitability risk.

Sitting on the sidelines or leaning short SPRY above $3.38. FY 2025 net loss of -$171.3M, ROIC of -35%, Altman Z of 0.2, and Piotroski F of 2/9 signal severe forensic and profitability risk.. Until Fundamental Cash Engine (3/20) and FCF yield (0.0%) inflect higher, upside is capped near $13.15.