ARS Pharmaceuticals, Inc. (SPRY) Stock

ARS Pharmaceuticals, Inc. (SPRY) is a Healthcare stock trading at $5.50 (as of 2026-08-21), with a market capitalization of $546.17M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ARS Pharmaceuticals, Inc. develops ARS-1, an intranasal epinephrine spray intended for people at risk of severe allergic reactions to foods, medications, and insect bites, along with their families. The company’s product portfolio includes Neffy, a low-dose intranasal epinephrine nasal spray.

Understand ARS Pharmaceuticals, Inc.: how it makes money

ARS Pharmaceuticals develops and sells Neffy, a low-dose intranasal epinephrine spray for severe allergic reactions, and it also earns collaboration revenue from partners tied to ARS-1 and Neffy commercialization.

The profit model is driven by scaling Neffy adoption in the United States (patients, provider prescribing, and coverage), while supplementing product cash flow with collaboration revenue from partners, with supply-agreement revenue shown as zero in the provided quarter.

Revenue by segment (latest quarter)
ALK Collab	$0.1B
US Net Prod	$0.0B
Alfresa Japan	$0.0B
Intl Collab	$0.0B
Other Net Prod	$0.0B

Business quality (Weak): Key operating signals are provided (patients, provider adoption, coverage), but revenue is very small in the provided quarter and segment labels are limited, so near-term financial interpretation is constrained.

Bull case

Adoption appears to be expanding, with 29,500 patients added in the first quarter and 120,000 patients using Nefi in the United States: That suggests the commercialization effort is converting coverage and prescribing into actual patient use.
Commercial access is broad, with 90% commercial coverage and 57% of covered lives having access without prior authorization: Better access can support consistent patient uptake and repeat prescribing over time.

Bear case

The latest quarter shows a deeply negative operating margin (-265.2%): This indicates losses are currently outweighing operating economics, so execution and scaling are critical.
Access and payer friction can still matter, with a prior authorization approval rate of 55%: If authorization outcomes worsen, patient access and growth could slow.
Revenue mix depends on collaboration activity (including ALK collaboration revenue): If collaboration terms change or partner-driven economics soften, revenue support could weaken, especially given supply-agreement revenue shown as 0.0 in the provided quarter.

Valuation — source: SEC EDGAR (first-party)
Price	$5.50
Market Cap	$546.17M
Price / Book	43.65
Price / Sales	4.67
FCF Yield	-36.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$84.28M
Net Margin	-203.3%
Revenue Growth (YoY)	114.2%
EPS Growth (YoY)	37.0%
FCF Growth (YoY)	53.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.37 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	RA CAPITAL MANAGEMENT, L.P. ($87.21M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Richard E. Lowenthal
Employees	155
Country	US
IPO Date	2020-12-04

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.