ARS Pharmaceuticals, Inc.
SPRY · Pharmaceutical Preparations · 99.3M shares · +52%/yr ↑ dilution · EDGAR filings ↗
Reference price $10.00 · est. market cap ~$993M — last insider sale, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Commercial-stage company launching the first needle-free epinephrine, with broad global approvals but heavy launch losses.
Strengths
- neffy/EURneffy approved in US, EU, UK, Japan, Australia, China — a differentiated first-in-35-years product
- $245M cash (71st pct), current ratio 7.3, ~93% commercial coverage and building demand
Risks
- Net income growth in 1st pct (loss more than doubled on launch spend); net margin -2.0x, FCF -$171M (13th pct)
- Runway 5.7 quarters and a restrictive Pharmakon credit agreement; success concentrated in one product
- Only an inconclusive urticaria Phase 2 (no p-value) posted for pipeline expansion
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -203.3%)
- Cash burnNegative free cash flow (-171.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +52%/yr over 3y (dilution, book value/share -88%)
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Urticaria Chronic
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$283,550, last 6mo) Form 4 ↗
- Revenue declineRevenue -19.2% YoY
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-212.9%
Net margin
-203.3%
Return on equity
-149.9%
Return on assets
-52.3%
ROIC
-67.3%
Revenue growth (QoQ)
-19.2%
Debt / equity
0.8×
Current ratio
7.3×
Free cash flow
-$171M
EBITDA
-$178M
Tangible book value
$100M
Cash & investments
$245M
Cash runway
6q
Stock comp / revenue
26.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Karas Eric | Sell | 25K | $10.00 |
| 2026-06-12 | Karas Eric | Option exercise | 25K | $1.50 |
| 2026-06-12 | Fitzpatrick Alexander A | Sell | 3.4K | $10.00 |
| 2025-11-13 | Dorsey Brian | Sell | 22K | $8.71 |
| 2025-11-13 | Dorsey Brian | Option exercise | 22K | $0.64 |
| 2025-11-12 | Chakma Justin | Sell | 136K | $8.86 |
| 2025-11-12 | Shah Pratik | Gift | 250K | — |
| 2025-11-12 | Shah Pratik | Gift | 100K | — |
| 2025-11-12 | Chakma Justin | Option exercise | 30K | $0.84 |
| 2025-11-12 | Chakma Justin | Sell | 30K | $8.91 |
| 2025-08-21 | Lowenthal Richard E | Sell | 50K | $14.49 |
| 2025-08-21 | Scott Kathleen D. | Option exercise | 12K | $1.50 |
| 2025-08-21 | Scott Kathleen D. | Sell | 12K | $15.00 |
| 2025-08-20 | Tanimoto Sarina | Sell | 38K | $14.09 |
| 2025-08-19 | Tanimoto Sarina | Sell | 12K | $14.03 |
| 2025-07-01 | Karas Eric | Option exercise | 15K | $1.50 |
| 2025-07-01 | Karas Eric | Sell | 15K | $16.99 |
| 2025-06-27 | Flynn James E | Sell | 370K | $18.46 |
| 2025-06-27 | Flynn James E | Sell | 370K | $18.46 |
| 2025-06-18 | Karas Eric | Sell | 15K | $16.00 |
| 2025-06-18 | Karas Eric | Option exercise | 15K | $1.50 |
| 2025-05-20 | Fitzpatrick Alexander A | Sell | 103K | $14.10 |
| 2025-05-20 | Fitzpatrick Alexander A | Option exercise | 100K | $5.58 |
| 2025-05-20 | SAUNDERS BRENT L | Option exercise | 120K | $1.01 |
| 2025-05-20 | SAUNDERS BRENT L | Sell | 120K | $14.25 |
| 2025-05-20 | Scott Kathleen D. | Option exercise | 50K | $1.50 |
| 2025-05-20 | Scott Kathleen D. | Sell | 50K | $14.10 |
| 2025-04-07 | Shawver Laura | Option exercise | 23K | $4.85 |
| 2025-04-07 | Shawver Laura | Option exercise | 27K | $4.85 |
| 2025-04-07 | Shawver Laura | Sell | 50K | $12.30 |
| 2025-03-20 | Karas Eric | Sell | 10K | $14.00 |
| 2025-03-20 | Karas Eric | Option exercise | 10K | $1.50 |
| 2025-03-06 | Shawver Laura | Option exercise | 50K | $4.85 |
| 2025-03-06 | Shawver Laura | Sell | 50K | $11.21 |
| 2025-03-05 | Shawver Laura | Option exercise | 400 | $4.85 |
| 2025-03-05 | Shawver Laura | Sell | 400 | $11.00 |
| 2025-02-03 | Shawver Laura | Option exercise | 9.1K | $3.15 |
| 2025-02-03 | Shawver Laura | Option exercise | 41K | $4.85 |
| 2025-02-03 | Shawver Laura | Sell | 50K | $12.31 |
| 2025-01-06 | Shawver Laura | Option exercise | 50K | $3.15 |
| 2025-01-06 | Shawver Laura | Sell | 50K | $11.10 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06834165 ↗ | Study Evaluating the Safety and Efficacy of Neffy or Intramuscular Adrenalin in Patients With Allergic Reactions After Oral Food Challenge or Allergen Immunotherapy Allergic Reactions | PHASE4 | Recruiting | 2027-04-01 |
| NCT06927999 ↗ | An Outpatient Study of the Efficacy of ARS-2 in Patients With Chronic Spontaneous Urticaria Urticaria Chronic | PHASE2 | Recruiting | 2026-06-01 |
| NCT05496465 ↗ | Safety and Efficacy of Intranasal Epinephrine After Administration of ARS -1 in Subjects With Frequent Urticaria Flares Urticaria | PHASE2 | Completed | 2024-02-29 |
| NCT05363670 ↗ | Administration of ARS-1 or Albuterol in Subjects With Persistent Asthma Asthma | PHASE2 | Completed | 2024-02-02 |
| NCT04930900 ↗ | Pharmacokinetics of Adrenaline After Administration of ARS -1 in Subjects With Upper Respiratory Tract Infection Upper Respiratory Tract Infection | PHASE1 | Completed | 2022-03-31 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Shareholder vote | filing ↗ |
| 2026-05-15 | ResultsReg FDExhibits | filing ↗ |
| 2026-05-13 | Exec/director changeExhibits | filing ↗ |
| 2026-03-09 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-10 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-29 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-08-28 | Other | filing ↗ |
| 2025-08-13 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-24 | 0001193125-26-282994 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001193125-26-225055 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001193125-26-225142 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0001193125-26-220671 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-097467 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001193125-26-097478 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273107 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-273111 ↗ |
| 8-K | 2025-09-29 | 2025-09-29 | 0001193125-25-223228 ↗ |
| 8-K | 2025-08-28 | 2025-08-13 | 0001193125-25-190202 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0000950170-25-107618 ↗ |
| 8-K | 2025-08-13 | 2025-08-13 | 0000950170-25-107617 ↗ |