Why SPRY Stock dropped -7.65% Today — RQD Quant Desk Flash

$3.38 -7.65% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $3.33

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.

ROARABLE E • RED ALERT Cap $364.0M
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🤖 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 2026-11-02, 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 $3.38 (-7.65% 1D, market cap $364.0M). 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 #989 in composite RQD confidence.

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🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does SPRY compare to RLMD and EBS 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, RLMD (Relmada Therapeutics Inc.) holds a E grade (30/100 RQD, P/E N/A, ROIC -35.0%, cap $366.9M) and EBS (Emergent BioSolutions Inc.) posts a D+ grade (52/100 RQD, P/E 7.0x, ROIC 8.9%, cap $370.2M). 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.

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INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $3.33 (-1.57%)🧬 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
025507510020
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
Cash (3)Whales (3)SEC (5)Macro (6)CEO (3)
Each axis scored 0–20
12M PRICE TARGET CONE-17.2% Base Target
$14 Bull$3 Base$2 Bear
📬 FREE SPRY RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
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 38.9 (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)
28
Grade E$4.18+1.2% Next Q
Q2 (-2Q)
25
Grade E$4.23-7.3% Next Q
Q3 (-1Q)
23
Grade E$3.92-13.8% Next Q
Current
20
Grade E$3.38-11.8% 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 ($4.54) and Max Pain ($3.55) 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”
AUTOMATED RQD QUANT DESK MOVER BRIEFINGFull Market News Desk →

Why SPRY Stock dropped -7.65% Today — RQD Quant Desk Flash

ARS Pharmaceuticals Inc. (SPRY) dropped -7.65% to $3.38, trading at 2% of its 52-week range ($3.34 – $13.15). Stretched risk/reward at current multiples (-35% return on capital) under elevated 10-year interest-rate pressure.

  • ▸Technical Tape: Trading at 2% of its 52-week range ($3.34 – $13.15) with RSI-14 at 38.9 (NEUTRAL RANGE).
  • ▸Volatility Profile: Historical 20-day realized swing band of ±12.5% around $3.38 (no active unusual options sweep snapshot on file).
  • ▸Fundamental Anchor: Roarable E (Strong Sell) backed by 52% gross margin and $0 annual free cash flow.
Live SPRY Headlines & Catalysts
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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
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SPRY // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -61.72%⚡ TESTING RESISTANCE
2026-11-02O $3.65H $3.66L $3.38C $3.38VOL 2.04M
RES: $3.70SUP: $2.35SMA50: $4.54SMA200: $7.36
$11.40$9.21$7.03$4.85$2.66RES $3.70SUP $2.35$3.382026-05-042026-06-172026-08-042026-09-172026-11-02
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

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

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 #989 of 1016 ⚔️ RLMD vs SPRY Full Matrix →

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

Industry: Biotechnology: Pharmaceutical Preparations (489 Tracked Issuers)

Across 1016 tracked Health Care securities in the Roarable RQD universe, ARS Pharmaceuticals Inc. (SPRY) ranks #989 by composite RQD confidence (20/100, grade E) and #496 by equity capitalization ($364.0M). 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 52/100 (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% -7.65% $364.0M Benchmark Subject
RLMD
Relmada Therapeutics Inc.
E 30/100 — — -35.0% +4.07% $366.9M /rlmd-vs-spry →
EBS
Emergent BioSolutions Inc.
D+ 52/100 7.0x 56.1% 8.9% -5.68% $370.2M /ebs-vs-spry →
CYPH
Cypherpunk Technologies Inc.
D 45/100 71.3x — -23.3% -9.97% $356.7M /cyph-vs-spry →
GALT
Galectin Therapeutics Inc.
D- 39/100 — — -35.0% -5.68% $355.8M /galt-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?

As of 2026-11-02, 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 $3.38 (-7.65% 1D, market cap $364.0M). 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 #989 in composite RQD confidence.

How does SPRY compare to RLMD and EBS in the Health Care sector?

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, RLMD (Relmada Therapeutics Inc.) holds a E grade (30/100 RQD, P/E N/A, ROIC -35.0%, cap $366.9M) and EBS (Emergent BioSolutions Inc.) posts a D+ grade (52/100 RQD, P/E 7.0x, ROIC 8.9%, cap $370.2M). Among the 5-stock peer group, EBS leads on earnings multiple (7.0x) while EBS leads on capital efficiency (8.9% ROIC).

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

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.

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

SPRY last traded at $3.38 (-7.65% on volume of 1,756,873 shares), positioning the stock -25.55% below its 50-day simple moving average ($4.54) and -54.08% below its 200-day simple moving average ($7.36). Across its 52-week range of $3.34 to $13.15, SPRY sits at the 0.4% percentile with a 14-day RSI of 38.9 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($2.96 to $3.80).

SPRY Investor FAQ & Complete 8-Part Research Index

100% OPEN ACCESS • SEC EDGAR × CBOE × FRED

Why is SPRY stock moving today?

Why SPRY Stock dropped -7.65% Today — RQD Quant Desk Flash. Stretched risk/reward at current multiples (-35% return on capital) under elevated 10-year interest-rate pressure.

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

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, 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. The low score indicates the source data does not show supportive institutional flow. Holder-level detail is not available in source data.
  • 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. Valuation tradeoffs cannot be assessed on earnings multiples because P/E and EPS are not available in source data. The principal tradeoff a prospective investor faces is weighing a low-priced equity against negative operating margins, negative ROIC, and forensic warning readings.

Business

ARS Pharmaceuticals Inc. is a NASDAQ-listed issuer in the Health Care sector, classified under Biotechnology: Pharmaceutical Preparations, per the company profile. Per the SEC financials, the company reported revenue of $84.3M for FY 2025 and $89.1M for FY 2024. Products, customers, and detailed revenue mix are not available in source data.

Financial Trend

PeriodRevenueOperating IncomeNet IncomeEPSFCFCashDebt
FY 2025$84.3M$-179.4M$-171.3MN/A$-171.2M$41.3MN/A
FY 2024$89.1M$-3.1M$8.0MN/A$13.0M$50.8MN/A
FY 2023$0.0M$-67.5M$-54.4MN/A$-59.3MN/AN/A

Per the SEC financials, 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%. Per the Roarable RQD rating, 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 0.5; debt values in the financials are N/A, so the balance-sheet composition is not available in source data.

Recent Catalysts & News Wire Analysis

Per the recent news and catalysts feed, the most prominent item is a headline announcing that ARS Pharma will report third-quarter 2026 financial results, with a related note that a webcast replay will be available for 30 days after November 5. Additional items include stock forecast and analyst prediction coverage from Simply Wall St, estimates coverage from TradingView, sentiment and message-volume coverage from Stocktwits, and a Benzinga after-market mover roundup. All feed items are tagged with a YELLOW light and MARKET WIRE impact label. Per the Butterfly Supply-Chain Graph, no proprietary signals are present and no supply-chain links are mapped. Risk watch items per the financials are the FY 2025 net loss and negative operating margin; the upcoming Q3 2026 report is the nearest identified catalyst.

Butterfly Effect: 2nd-Order Supply-Chain & Sector Ripples

Per the Butterfly Supply-Chain Graph, supply chain is listed as NONE and there are no butterfly links. Upstream and downstream dependencies, sector correlations beyond the stated sector classification, and second-order bottlenecks are not available in source data. The only sector context provided is Health Care / Biotechnology: Pharmaceutical Preparations, with beta of 1.0 per the market data.

Open Questions

  • What drove the swing from FY 2024 net income of $8.0M to FY 2025 net loss of $-171.3M, and is the operating loss expected to continue? Specific causes are not available in source data.
  • What is the company's debt structure? Debt is N/A in every reported period, while Debt/Equity is reported at 0.5 in the RQD rating.
  • What is the composition of the FY 2025 revenue of $84.3M, including products, customers, and any concentration risk?
  • What are the results and guidance in the upcoming third-quarter 2026 report?
  • What institutional and insider holdings exist behind the whale and insider pillar scores of 3 / 20 each? Holder data is NONE in source data.

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

SPRY Bull vs. Bear Conversation Board — What's Your Call at $3.38?

🐂 33% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON SPRY 🐻 67% BEARISH CONVICTION
1. Pick Your Side on SPRY:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
RO RoarDesk_Moderator Roarable Research Desk 🐻 BEARISH 🎯 Target: $3.22 (-12.0%)
📌 Pinned Debate

🔥 Official Bull vs. Bear Debate: Is SPRY (E • RQD 20/100) a Buy at $3.66?

Welcome to the SPRY (ARS Pharmaceuticals Inc.) Roar Pit. Current RQD Composite is 20/100 (Roarable Strong Sell — Forensic Risk / Avoid) in Biotechnology: Pharmaceutical Preparations. Bulls point to operating leverage and sector positioning, while bears focus on macro rate sensitivity and margin execution. Pick your side (🐂 Bull or 🐻 Bear) and drop your price target below.

RI RiskArb_Desk Forensic Accounting Watch 🐻 BEARISH 🎯 Target: $3.07 (-16.1%)
Spot @ $3.66

Pump the brakes on SPRY — check the valuation vs. margin headwinds

Everyone in here is repeating the bull case on SPRY, but look at what you are paying: current EV/EBITDA multiples with tightening sector spreads. Unless ARS Pharmaceuticals Inc. expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.

QU QuantViper Verified K Arena Trader 🐂 BULLISH 🎯 Target: $4.54 (+24.0%)
Spot @ $3.66

SPRY cash flow & RQD setup is being underpriced by the Street here

Looking at the 5-pillar RQD breakdown on SPRY, the market is fixating on short-term headline noise in Biotechnology: Pharmaceutical Preparations and ignoring the balance sheet and cash flow trajectory. At $3.66 (52-wk range $3.34 - $13.15), any beat on forward guidance forces shorts and underweight funds to chase.

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