ARS Pharmaceuticals
SPRY on Nasdaq. Pharmaceutical preparations. Market value $427m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-46.03 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 54 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.30 a share, 8% above its 1-year low
Over the past year the price has ranged from $3.98 to $13.15.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $6m | $1m | $30,000 | $89m | $84m |
| Operating margin | |||||
| Operating margin | -353.3% | -2698.8% | -225066.7% | -3.5% | -212.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.00 | 0.84 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.84× equity
- Revenue growth, five yearsStrong, 97.8% a year
- Buying back its own sharesNo, 176% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $34 million last quarter, up 114% on a year ago.
- A loss of $62 million, compared with a loss of $45 million a year ago.
- It loses 185 cents on each $1 of sales, compared with 53 cents a year earlier.
- Over the past 12 months it spent $197 million more cash than it brought in, compared with $53 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $87m |
| March 2025 | $8m |
| June 2025 | $16m |
| September 2025 | $33m |
| December 2025 | $28m |
| March 2026 | $23m |
| June 2026 | $34m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$19m |
| December 2024 | $50m |
| March 2025 | -$34m |
| June 2025 | -$45m |
| September 2025 | -$51m |
| December 2025 | -$41m |
| March 2026 | -$61m |
| June 2026 | -$62m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 206 funds in all.
- Third PointDan Loeb
- Value
- $8m
- Share of fund
- 0.2%
- Royce & AssociatesChuck Royce
- Value
- $432,732
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $8m | 0.2% | |
| Royce & AssociatesChuck Royce | $432,732 | <0.1% | |
| Letko BrosseauLetko Brosseau team | $320,801 | <0.1% | Added |
Largest holders overall
- RA Capital Management, L.P.$87m
- Rubric Capital Management LP$68mAdded
- Orbimed Advisors$66m
- Deerfield Management Company, L.P.$60m
- BlackRock$43mAdded
- Tyro Capital Management$36mAdded
- Aberdeen Group$33m
- SR One Capital Management, LP$32m
- State Street$30mAdded
- Capital World Investors$22mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- at least 11.1%(filed with 3 related holders)Since 29 September 2025
What they said
Item 4 is hereby amended and supplemented as follows: On September 29, 2025, the Issuer and certain direct and indirect subsidiaries of the Issuer who may become a party thereto from time to time, as guarantors (the "Guarantors"), and ARS Pharmaceuticals Operations, Inc., a…
Read the filing - Rubric Capital Management LPPassive investorat least 8.1%+1.8 pts(filed with 1 related holder)Since 31 March 2026
- Deerfield Management Company, L.P.Passive investorat least 7.8%−1.0 pts(filed with 5 related holders)Since 30 July 2025
- BlackRock, Inc.Passive investor5.3%+0.3 ptsSince 30 June 2026
- Millennium Management LLCPassive investorat least 2.5%−3.5 pts(filed with 3 related holders)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
at least 11.1% (filed with 3 related holders) | 29 September 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On September 29, 2025, the Issuer and certain direct and indirect subsidiaries of the Issuer who may become a party thereto from time to time, as guarantors (the "Guarantors"), and ARS Pharmaceuticals Operations, Inc., a… Read the filing | |
Rubric Capital Management LP Passive investor | at least 8.1%+1.8 pts (filed with 1 related holder) | 31 March 2026 | |
Deerfield Management Company, L.P. Passive investor | at least 7.8%−1.0 pts (filed with 5 related holders) | 30 July 2025 | |
BlackRock, Inc. Passive investor | 5.3%+0.3 pts | 30 June 2026 | |
Millennium Management LLC Passive investor | at least 2.5%−3.5 pts (filed with 3 related holders) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $2m, $283,550 of it under preset trading plans.
- Karas EricChief Commercial OfficerSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 25,000
- Price
- $10.00
- Value
- $250,000
- Fitzpatrick Alexander AChief Legal OfficerSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 3,355
- Price
- $10.00
- Value
- $33,550
- Dorsey BrianChief Operating OfficerSold
- Date
- 13 November 2025
- Shares
- 21,828
- Price
- $8.71
- Value
- $190,122
- Chakma JustinChief Business OfficerSold
- Date
- 12 November 2025
- Shares
- 166,380
- Price
- $8.87
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | Karas Eric Chief Commercial Officer | Sold under a preset trading plan | 25,000 | $10.00 | $250,000 |
| 12 June 2026 | Fitzpatrick Alexander A Chief Legal Officer | Sold under a preset trading plan | 3,355 | $10.00 | $33,550 |
| 13 November 2025 | Dorsey Brian Chief Operating Officer | Sold | 21,828 | $8.71 | $190,122 |
| 12 November 2025 | Chakma Justin Chief Business Officer | Sold | 166,380 | $8.87 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.