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What this page is: Delvantic's full research page for Ars Pharmaceuticals Inc (SPRY) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
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Healthcare · Biotechnology
San Diego, CA 92130, United States
ars-pharma.com
Price
$5.85
Market Cap
$586.9M
Employees
154
Beta
0.97
Avg Volume
2,221,337
CEO
Mr. Donn Casale
Ars Pharmaceuticals Inc. specializes in the biopharmaceutical sector, focusing on the development of innovative, self-administered therapeutics aimed at improving patient outcomes. The company's primary purpose is to advance medical solutions for allergy-related indications, enhancing safety and convenience for patients affected by conditions such as allergic reactions requiring rapid intervention. Notable for its emphasis on creating user-friendly delivery mechanisms, Ars Pharmaceuticals tailors its offerings to both patients and healthcare professionals seeking reliable and effective emergency treatments. By addressing critical needs within the healthcare industry, Ars Pharmaceuticals plays a significant role in expanding options in allergy treatment and management. Its contributions to the medical field underscore its ongoing commitment to transforming therapeutic landscapes and meeting pressing health challenges.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 11 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was May 15, 2026.
EPS surprise history — vs analyst consensus · 4 prints of vendor history
+9.8%
Aug '25
-6.1%
Nov '25
+12.5%
Mar '26
-15.1%
May '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| May 15, 2026 | $-0.53 | $-0.61 -15.1% | — | — |
| Mar 9, 2026 | $-0.48 | $-0.42 +12.5% | — | — |
| Nov 10, 2025 | $-0.49 | $-0.52 -6.1% | — | — |
| Aug 13, 2025 | $-0.51 | $-0.46 +9.8% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Jul 27, 2026 | SCHEDULE 13G | View |
| Jul 17, 2026 | 8-K | View |
| Jul 14, 2026 | SCHEDULE 13G/A | View |
| Jul 7, 2026 | 8-K | View |
| Jul 2, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
| Jun 26, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 11, 2026 10:05am (just now)
Current data · timestamped when a report runs
$5.85
Change · Aug 11
-0.06 (-1.02%)
Day Range
$5.83 – $5.91
52-Week Range
$4.91 – $17.54
50-Day MA
$7.75
200-Day MA
$8.83
Volume
2,660.00
Share Structure
Outstanding
99,300,137.00
Float
48,286,211.00
Free Float
48.6%
Moderate free float
— 48.6% of shares trade freely, ~51.4% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-3.36
Stock Price: $5.85
EPS (Diluted): -1.74
EPS (Diluted): -1.74
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
5.05
Stock Price: $5.85
Total Equity: $114.26M
Shares: 98,566,481
Total Equity: $114.26M
Shares: 98,566,481
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-3.57
Market Cap: $586.88M
Total Debt: $96.37M
Cash: $41.32M
EBITDA: -$178.08M
Total Debt: $96.37M
Cash: $41.32M
EBITDA: -$178.08M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$635.9M
Market Cap: $586.88M
Total Debt: $96.37M
Cash: $41.32M
Total Debt: $96.37M
Cash: $41.32M
P/S Ratio (Price per dollar of revenue)
HEXStock Price / Revenue Per Share
6.84
Stock Price: $5.85
Revenue: $84.28M
Shares: 98,566,481
Revenue: $84.28M
Shares: 98,566,481
EV/Sales (Total value vs revenue — works when P/E can't)
CALC7.55
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $84.28M
Revenue: $84.28M
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
-212.9%
Operating Income: -$179.45M
Revenue: $84.28M
Revenue: $84.28M
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
-203.3%
Net Income: -$171.30M
Revenue: $84.28M
Revenue: $84.28M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-149.9%
Net Income: -$171.30M
Total Equity: $114.26M
Total Equity: $114.26M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
-105.9%
Operating Income: -$179.45M
Tax Rate: 0.0%
Equity: $114.26M
Total Debt: $96.37M
Cash: $41.32M
Tax Rate: 0.0%
Equity: $114.26M
Total Debt: $96.37M
Cash: $41.32M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
7.28
Current Assets: $284.90M
Current Liabilities: $39.15M
Current Liabilities: $39.15M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.84
Short-Term Debt: $0.00
Long-Term Debt: $96.37M
Total Debt: $96.37M
Total Equity: $114.26M
Long-Term Debt: $96.37M
Total Debt: $96.37M
Total Equity: $114.26M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$0.86
Revenue: $84.28M
Shares: 98,566,481
Shares: 98,566,481
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$1.16
Total Equity: $114.26M
Shares: 98,566,481
Shares: 98,566,481
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-1.74
Operating CF: -$170.87M
CapEx: -$339,000
Shares: 98,566,481
CapEx: -$339,000
Shares: 98,566,481
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $5.85
Stock Price: $5.85
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$171.30M
Net Income: -$171.30M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 10, 2026 5:45am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.5M | $1.3M | $30,000 | $89.1M | $84.3M |
| Cost of Revenue | — | — | $0 | — | — |
| Gross Profit | — | — | $30,000 | — | — |
| Operating Expenses | $89.6M | $36.8M | $67.6M | $92.2M | $263.7M |
| Operating Income | -$89.6M | -$35.5M | -$67.5M | -$3.1M | -$179.4M |
| Net Income | -$89.5M | -$34.7M | -$54.4M | $8.0M | -$171.3M |
| EBITDA | — | -$35.4M | -$67.4M | -$3.0M | -$178.1M |
| EPS | $-0.70 | $-0.87 | $-0.57 | $0.08 | $-1.74 |
| EPS (Diluted) | $-0.70 | $-0.87 | $-0.57 | $0.08 | $-1.74 |
Balance Sheet (Annual)
Last updated: Aug 10, 2026 5:45am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $254.0M | $210.5M | $71.0M | $50.8M | $41.3M |
| Total Current Assets | $261.5M | $277.7M | $231.7M | $334.3M | $284.9M |
| Total Assets | $333.5M | $281.4M | $233.2M | $351.2M | $327.7M |
| Current Liabilities | $14.9M | $5.4M | $2.4M | $23.4M | $39.1M |
| Long-Term Debt | — | — | — | $0 | $96.4M |
| Total Liabilities | $19.7M | $8.5M | $2.4M | $94.4M | $213.4M |
| Total Equity | $313.8M | $272.9M | $230.8M | $256.8M | $114.3M |
| Retained Earnings | -$186.2M | -$76.9M | -$131.3M | -$123.3M | -$294.6M |
Cash Flow (Annual)
Last updated: Aug 10, 2026 5:45am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$66.8M | -$40.1M | -$59.3M | $13.5M | -$170.9M |
| Capital Expenditure | -$1.4M | $-199,000 | $-175,000 | $-563,000 | $-339,000 |
| Free Cash Flow | -$68.1M | -$40.3M | -$59.4M | $13.0M | -$171.2M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | $0 | $96.3M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $35.5M | $150.5M | -$139.5M | -$20.2M | -$9.5M |
Growth Trends (YoY %)
Last updated: Aug 10, 2026 5:45am (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -76.1% | -97.7% | +297,063.3% | -5.5% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | +60.4% | -90.1% | +95.4% | -5,720.6% |
| Net Income Growth | +61.2% | -56.8% | +114.7% | -2,241.8% |
| EBITDA Growth | — | -90.4% | +95.6% | -5,869.9% |
Industry Benchmarks
Compares SPRY against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for SPRY — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for SPRY — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for SPRY — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for SPRY — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.525 · a5aac093 · 2026-08-10 20:52:14