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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $84M | $-169M | $-171M | $-171M | -149.9% | -5.5% | -2241.8% |
| 2024 | $89M | $8M | $8M | $13M | 3.1% | 297063.3% | - |
| 2023 | $0M | $-68M | $-54M | $-59M | -23.6% | -97.7% | - |
| 2022 | $1M | $-35M | $-35M | $-40M | -12.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1.32 | 0.03 | 89.15 | 84.28 |
| Cost Of Revenue | 0 | 0 | 0.98 | 20.42 |
| Gross Profit | 0 | 0.03 | 88.17 | 63.85 |
| Operating Expense | 36.83 | 67.55 | 91.25 | 243.30 |
| Operating Income | -35.52 | -67.52 | -3.08 | -179.45 |
| EBITDA | -35.20 | -67.52 | 8.29 | -168.78 |
| EBIT | -35.52 | -67.52 | 8.29 | -168.78 |
| Pretax Income | -34.68 | -54.37 | 8.29 | -171.38 |
| Tax Provision | 0 | 0 | 0.29 | -0.08 |
| Net Income | -34.68 | -54.37 | 8 | -171.30 |
| Net Income Common Stockholders | -34.68 | -54.37 | 8 | -171.30 |
| Total Expenses | 36.83 | 67.55 | 92.23 | 263.73 |
| Interest Expense | 0 | 0 | 0 | 2.60 |
| Interest Income | 0 | 0 | 11.37 | 10.67 |
| Research And Development | 18.38 | 20.27 | 19.58 | 13.18 |
| Selling General And Administration | 18.46 | 47.28 | 71.67 | 230.12 |
| Normalized EBITDA | -35.06 | -67.52 | 8.29 | -168.78 |
| Normalized Income | -34.54 | -54.37 | 8 | -171.30 |
| Basic EPS | -0.87 | -0.57 | 0.08 | 0 |
| Diluted EPS | -0.87 | -0.57 | 0.08 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0.03 | 0 |
| Total Unusual Items | -0.14 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -0.14 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -34.68 | -54.37 | 8 | -171.30 |
| Reconciled Depreciation | 0.32 | -6.78 | -7.17 | -4.16 |
| Reconciled Cost Of Revenue | 0 | 0 | 0.98 | 20.42 |
| Net Interest Income | 0 | 0 | 11.37 | 8.07 |
| Net Income From Continuing And Discontinued Operation | -34.68 | -54.37 | 8 | -171.30 |
| Total Operating Income As Reported | -35.52 | -67.52 | -3.08 | -179.45 |
| Diluted Average Shares | 39.96 | 95.22 | 102.39 | 0 |
| Basic Average Shares | 39.96 | 95.22 | 96.94 | 0 |
| Diluted NI Availto Com Stockholders | -34.68 | -54.37 | 8 | -171.30 |
| Net Income Including Noncontrolling Interests | -34.68 | -54.37 | 8 | -171.30 |
| Net Income Continuous Operations | -34.68 | -54.37 | 8 | -171.30 |
| Other Income Expense | 0.83 | 13.15 | 11.37 | 0 |
| Other Non Operating Income Expenses | 0.97 | 13.15 | 11.37 | 0 |
| Gain On Sale Of Security | -0.14 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0 | 0 | 11.37 | 8.07 |
| Interest Expense Non Operating | 0 | 0 | 0 | 2.60 |
| Interest Income Non Operating | 0 | 0 | 11.37 | 10.67 |
| General And Administrative Expense | 18.46 | 47.28 | 0 | 0 |
| Other Gand A | 18.46 | 47.28 | 0 | 0 |
| Operating Revenue | 1.32 | 0.03 | 89.15 | 84.28 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ARS Pharmaceuticals, Inc.this co. | SPRY | $778M | - | 6.81 | -149.9% | -3.94 |
| First Tracks Biotherapeutics, Inc. | TRAX | $821M | - | - | -41.8% | - |
| Arbutus Biopharma Corporation | ABUS | $813M | - | 10.38 | -43.7% | -26.98 |
| Cullinan Therapeutics, Inc. | CGEM | $790M | - | 1.89 | -53.8% | -1.67 |
| Nutex Health Inc. | NUTX | $781M |
| 10.68 |
| 2.41 |
| 16.7% |
| 2.52 |
| U.S. Physical Therapy, Inc. | USPH | $780M | 74.22 | 2.35 | 3.2% | 12.74 |
| BioAge Labs, Inc. | BIOA | $749M | - | 2.32 | -29.6% | -5.11 |
| Castle Biosciences, Inc. | CSTL | $734M | - | 1.53 | -5.1% | -224.72 |
| Absci Corporation | ABSI | $732M | - | 3.77 | -60.8% | -5.15 |
| Peer Median | - | 42.45 | 2.35 | -35.7% | -5.11 | |