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Other financials

Income statement

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Revenue$22.7M+184%
Operating income-$60.1M-61.8%
Net income-$60.6M-78.6%
EPS (diluted)-$0.61-74.3%

Balance sheet

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Cash & equivalents$24.3M-39.0%
Total debt$96.5M+132,122%
Total equity$61.3M-73.2%
Total assets$287.6M-12.1%

Cash flow

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Operating cash flow-$44.9M-10.3%
CapEx--100%
Free cash flow-$44.9M-10.1%

Valuation

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Market cap$611.71M-62.0%
Enterprise value$683.91M-56.1%
P/S6.2×-8.1×

Profitability

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Operating margin-204.5%
Net margin-200%-219pp
FCF margin-177.1%-206pp

Returns & leverage

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Return on equity-136.4%-144pp
Debt / equity1.6×+1.6×
Current ratio4.9×-6.1×

Where this comes from

Reported directly by ARS Pharmaceuticals, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: ARS Pharmaceuticals, Inc.’s 10-Q, filed May 15, 2026.

Filed
May 15, 2026, 6:17 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001193125-26-225142
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Total revenue22,6817,973
Operating expenses:
Cost of goods sold (including related party amounts of $1,233 and $488, respectively)6,2861,094
Research and development (including related party amounts of $667 and $666, respectively)4,3362,952
Selling, general and administrative (including related party amounts of $135 and $124, respectively)72,20441,104
Total operating expenses82,82645,150
Loss from operations(60,145)(37,177)
Other income (expense), net:

Item 1. Financial Statements

FAQ

What is ARS Pharmaceuticals, Inc.'s R&D?
ARS Pharmaceuticals, Inc. (SPRY) reported R&D of $4.34M in Q1 2026.
How has ARS Pharmaceuticals, Inc.'s R&D changed year-over-year?
ARS Pharmaceuticals, Inc.'s R&D increased by 46.9% year-over-year, from $2.95M to $4.34M.
What is the long-term trend for ARS Pharmaceuticals, Inc.'s R&D?
Over 3 years (2022 to 2025), ARS Pharmaceuticals, Inc.'s R&D has grown at a -10.5% compound annual growth rate (CAGR), from $18.38M to $13.18M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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