SPRY ARS Pharmaceuticals, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 13, 2026
$4.07
· of 52w range
· above low
· to high
$3.9952w low
$13.1552w high
Market Cap (MRQ)
$405M
P/E (TTM)
-1.9
EPS (TTM)
$-2.17
Revenue (TTM)
$117M
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52W Range
$4–$13
Analyst Rating
STRONG BUY
Price Target
$22
P/E
-1.9
ROE
-210.3%
Net Profit Margin
-184.2%
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SPRY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.07
Market Cap (MRQ)
$405M
P/E (TTM)
-1.9
EPS (TTM)
$-2.17
Revenue (TTM)
$117M
ROE (TTM)
-210.3%
52W Range
$4–$13
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About ARS Pharmaceuticals, Inc. - Common Stock Company overview from Wikipedia
sectorHealthcare
industryBiotechnology
employees195
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$84M2021-12-31 → 2025-12-31
EPS$-1.742021-12-31 → 2025-12-31
Free Cash Flow$-171M2021-12-31 → 2025-12-31
Net margin-184.2%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SPRY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.95Y avg ≈19.2 | ≈19.2 | · | · | |
| P/S (TTM) | 3.55Y avg ≈3657.7 | ≈3657.7 | · | · | |
| P/B (MRQ) | 32.35Y avg ≈4.0 | ≈4.0 | 3.1 | Overvalued | |
| Price / FCF (TTM) | -2.15Y avg ≈8.1 | ≈8.1 | · | · | |
| Price / Cash Flow (TTM) | -2.15Y avg ≈7.4 | ≈7.4 | · | · | |
| Price / Tangible Book (MRQ) | -291.65Y avg ≈5.2 | ≈5.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SPRY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -185.0%5Y avg ≈-62499.0% | ≈-62499.0% | -115.0% | Weak | |
| EBITDA Margin | -212.9%5Y avg ≈-62494.2% | ≈-62494.2% | -115.0% | Weak | |
| Pretax Margin | -203.4% | · | · | · | |
| Net Profit Margin (TTM) | -184.2%5Y avg ≈-53691.9% | ≈-53691.9% | -107.0% | Weak | |
| ROA (TTM) | -76.5%5Y avg ≈-22.7% | ≈-22.7% | -50.5% | In line | |
| ROE (TTM) | -210.3%5Y avg ≈-38.1% | ≈-38.1% | -77.4% | Weak | |
| ROIC | -157.0% | · | -61.4% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SPRY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.55Y avg ≈37.4 | ≈37.4 | 9.4 | Low liquidity | |
| Quick Ratio (MRQ) | 3.15Y avg ≈36.7 | ≈36.7 | 7.7 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | SPRY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -5.5%5Y avg ≈74221.0% | ≈74221.0% | · | · | |
| Revenue CAGR 3Y | 300.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SPRY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.1 | ≈0.1 | · | · | |
| Receivables Turnover | 5.0 | · | · | · | |
| Revenue / Employee | ≈$432.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-5.9%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.63 | $-0.50 | -25.4% |
| March 31, 2026 | May 15, 2026 | $-0.61 | $-0.54 | -13.8% |
| Dec. 31, 2025 | $-0.42 | $-0.45 | 6.8% | |
| Sept. 30, 2025 | $-0.52 | $-0.48 | -8.0% | |
| June 30, 2025 | $-0.46 | $-0.48 | 4.0% | |
| March 31, 2025 | $-0.35 | $-0.35 | 1.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $84M | $89M | $30.0K | $1M | $6M | |
| Cost of Revenue | · | · | $0 | · | · | |
| R&D Expense | $13M | $20M | $20M | $18M | $20M | |
| SG&A Expense | $230M | $72M | $47M | $603.0K | $5M | |
| Operating Expenses | $264M | $92M | $68M | $37M | $25M | |
| Operating Income | $-179M | $-3M | $-68M | $-36M | $-19M | |
| Other Non-op | $8M | $11M | $13M | $974.0K | $-789.0K | |
| Pretax Income | $-171M | $8M | $-54M | · | · | |
| Income Tax | $-80.0K | $288.0K | $0 | $0 | $0 | |
| Net Income | $-171M | $8M | $-54M | $-35M | $-20M | |
| EPS (Basic) | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-0.70 | |
| EPS (Diluted) | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-0.70 | |
| Shares (Basic) | 98,566,481 | 96,936,661 | 95,215,322 | 39,956,043 | 28,872,242 | |
| Shares (Diluted) | 98,566,481 | 102,390,828 | 95,215,322 | 39,956,043 | 28,872,242 | |
| EBITDA | $-179M | $-3M | $-68M | $-35M | $-90M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $41M | $51M | $71M | $211M | $60M | |
| Short-term Investments | $204M | $263M | $157M | $64M | $0 | |
| Receivables | $25M | $8M | $0 | · | · | |
| Inventory | $31M | $11M | $0 | · | · | |
| Prepaid Expense | $6M | $7M | $3M | $3M | $667.0K | |
| Current Assets | $285M | $334M | $232M | $278M | $61M | |
| PP&E (Net) | $2M | $1M | $574.0K | $329.0K | $72.0K | |
| PP&E (Gross) | · | · | $695.0K | $377.0K | $86.0K | |
| Accum. Depreciation | · | $200.0K | $121.0K | $48.0K | $14.0K | |
| Intangibles | $14M | $7M | $0 | · | · | |
| Other Non-current Assets | · | · | · | $0 | · | |
| Total Assets | $328M | $351M | $233M | $281M | $61M | |
| Accounts Payable | $6M | $10M | $759.0K | $2M | $2M | |
| Accrued Liabilities | · | · | · | · | $12M | |
| Short-term Debt | · | · | · | $0 | $3M | |
| Current Liabilities | $39M | $23M | $2M | $5M | $8M | |
| Capital Leases | · | $0 | $37.0K | $251.0K | $480.0K | |
| Total Liabilities | $213M | $94M | $2M | $9M | $17M | |
| Long-term Debt | $96M | $0 | · | · | · | |
| Total Debt | · | · | · | $0 | · | |
| Common Stock | $10.0K | $10.0K | $10.0K | $9.0K | $3.0K | |
| Paid-in Capital | $409M | $380M | $362M | $349M | $11M | |
| Retained Earnings | $-295M | $-123M | $-131M | $-77M | $-42M | |
| AOCI | $125.0K | $220.0K | $49.0K | $407.0K | $0 | |
| Stockholders' Equity | $114M | $257M | $231M | $273M | $-31M | |
| Liabilities + Equity | $328M | $351M | $233M | $281M | $61M | |
| Shares Outstanding | 99,290,926 | 97,954,172 | 96,414,963 | 93,943,316 | 30,369,413 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $1M | $79.0K | $100.0K | $319.0K | $213.0K | |
| Stock-based Comp | $22M | $15M | $9M | $6M | $3M | |
| Deferred Tax | $0 | $0 | $0 | · | · | |
| Amort. of Intangibles | $800.0K | $100.0K | · | · | · | |
| Other Non-cash | · | · | · | $-12M | · | |
| Operating Cash Flow | $-171M | $14M | $-59M | $-40M | $-18M | |
| CapEx | $339.0K | $563.0K | $175.0K | $199.0K | $55.0K | |
| Investing Cash Flow | $57M | $-106M | $-87M | $-199.0K | $-55.0K | |
| Financing Cash Flow | $105M | $72M | $7M | $191M | $53M | |
| Net Change in Cash | $-10M | $-20M | $-140M | $150M | $36M | |
| Taxes Paid | $200.0K | · | · | · | · | |
| Free Cash Flow | $-171M | $13M | $-59M | $-40M | $-68M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | -212.9% | -3.5% | -225066.7% | -2698.8% | -84513.2% | |
| Net Margin | -203.3% | 9.0% | -181216.7% | -2635.4% | -84413.2% | |
| Pretax Margin | -203.4% | 9.3% | · | · | · | |
| EBITDA Margin | -212.9% | -3.5% | -225066.7% | -2674.5% | -84513.2% | |
| ROA | -50.5% | 2.7% | -21.1% | -20.2% | -24.6% | |
| ROE | -111.8% | 3.5% | -23.2% | -31.1% | -27.7% | |
| ROIC | -157.0% | -1.2% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 7.3 | 14.3 | 96.9 | 51.0 | 17.6 | |
| Quick Ratio | 6.9 | 13.7 | 95.5 | 50.4 | 17.1 | |
| Debt / Equity | · | · | · | 0.0 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.3 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 5.0 | 21.8 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $1.15 | $2.62 | $2.39 | $2.90 | $8.94 | |
| Revenue / Share | $0.85 | $0.87 | $0.00 | $0.03 | · | |
| Cash Flow / Share | $-1.73 | $0.13 | $-0.62 | $-1.00 | · | |
| Cash / Share | $0.42 | $0.52 | $0.74 | $2.24 | $7.24 | |
| EPS (TTM) | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-0.70 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -5.5% | 297063.3% | -97.7% | -76.1% | · | |
| Revenue CAGR 3Y | 300.1% | 153.0% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $84M | $89M | $30.0K | $1M | $6M | |
| Net Income TTM | $-171M | $8M | $-54M | $-35M | $-20M | |
| Market Cap | $1.16B | $1.03B | $528M | $801M | $234M | |
| Enterprise Value | · | · | · | $527M | · | |
| P/E | -6.7 | 131.9 | -9.6 | -9.8 | -9.5 | |
| P/S | 13.7 | 11.6 | 17611.8 | 608.9 | 42.5 | |
| P/B | 10.1 | 4.0 | 2.3 | 2.9 | 0.7 | |
| P / Tangible Book | 11.6 | 4.1 | 2.3 | 2.9 | · | |
| P / Cash Flow | -6.8 | 76.3 | -8.9 | -20.0 | -3.5 | |
| P / FCF | -6.8 | 79.6 | -8.9 | -19.9 | -3.4 | |
| EV / EBITDA | · | · | · | -15.0 | · | |
| EV / FCF | · | · | · | -13.1 | · | |
| EV / Revenue | · | · | · | 400.4 | · | |
| Earnings Yield | -14.9% | 0.76% | -10.4% | -10.2% | -10.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34M | $23M | $28M | $33M | $16M | $8M | $87M | $2M | $500.0K | $0 | $0 | $0 | $10.0K | $20.0K | $0 | $189.0K | |
| R&D Expense | $5M | $4M | $3M | $3M | $4M | $3M | $3M | $4M | $7M | $5M | $3M | $3M | $7M | $7M | $5M | $4M | |
| SG&A Expense | $78M | $72M | $60M | $75M | $54M | $41M | $35M | $19M | $9M | $8M | $32M | $15M | $181.0K | $337.0K | $-7M | $3M | |
| Operating Expenses | $95M | $83M | $70M | $86M | $63M | $45M | $39M | $24M | $16M | $13M | $10M | $18M | $21M | $19M | $15M | $7M | |
| Operating Income | $-61M | $-60M | $-41M | $-53M | $-48M | $-37M | $47M | $-22M | $-15M | $-13M | $-10M | $-18M | $-21M | $-19M | $-15M | $-7M | |
| Other Non-op | $-874.0K | $-473.0K | $61.0K | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $1M | $47.0K | |
| Net Income | $-62M | $-61M | $-41M | $-51M | $-45M | $-34M | $50M | $-19M | $-13M | $-10M | $-7M | $-15M | $-17M | $-15M | $-14M | $-7M | |
| EPS (Basic) | $-0.63 | $-0.61 | $-0.41 | $-0.52 | $-0.46 | $-0.35 | $0.52 | $-0.20 | $-0.13 | $-0.11 | $-0.07 | $-0.16 | $-0.18 | $-0.16 | $-0.21 | $-0.21 | |
| EPS (Diluted) | $-0.63 | $-0.61 | $-0.41 | $-0.52 | $-0.46 | $-0.35 | $0.52 | $-0.20 | $-0.13 | $-0.11 | $-0.07 | $-0.16 | $-0.18 | $-0.16 | $-0.21 | $-0.21 | |
| Shares (Basic) | 99,312,526 | 99,296,408 | · | 98,807,600 | 98,361,771 | 98,060,636 | · | 97,032,331 | 96,827,687 | 96,486,480 | · | 95,576,627 | 94,911,268 | 94,227,313 | · | 30,755,123 | |
| Shares (Diluted) | 99,312,526 | 99,296,408 | · | 98,807,600 | 98,361,771 | 98,060,636 | · | 97,032,331 | 96,827,687 | 96,486,480 | · | 95,576,627 | 94,911,268 | 94,227,313 | · | 30,755,123 | |
| EBITDA | $-61M | · | · | $-53M | $-48M | $-37M | · | · | $-15M | $-13M | · | $-18M | $-21M | $-19M | · | $-19M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8M | $24M | $41M | $60M | $52M | $40M | $51M | $40M | $37M | $56M | $71M | $61M | $119M | $88M | $211M | $203M | |
| Short-term Investments | $136M | $177M | $204M | $229M | $189M | $236M | $263M | $165M | $182M | $168M | $157M | $181M | $133M | $177M | $64M | $63M | |
| Receivables | $47M | $29M | $25M | $36M | $25M | $9M | $8M | $773.0K | · | · | $0 | · | · | · | · | · | |
| Inventory | $31M | $32M | $31M | $21M | $22M | $7M | $11M | $715.0K | · | · | $0 | · | · | · | · | · | |
| Prepaid Expense | $9M | $7M | $6M | $6M | $7M | $12M | $7M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | |
| Current Assets | $212M | $245M | $285M | $339M | $281M | $304M | $334M | $209M | $221M | $226M | $232M | $244M | $255M | $267M | $278M | $271M | |
| PP&E (Net) | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $843.0K | $636.0K | $616.0K | $574.0K | $617.0K | $594.0K | $584.0K | $329.0K | $15.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | $748.0K | · | $726.0K | $682.0K | $652.0K | $377.0K | · | |
| Accum. Depreciation | · | · | · | · | · | · | · | $171.0K | $150.0K | $132.0K | $121.0K | $109.0K | $88.0K | $68.0K | $48.0K | · | |
| Intangibles | $14M | $14M | $14M | $15M | $13M | $7M | $7M | $8M | · | · | $0 | · | · | · | · | · | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | · | · | $690.0K | $138.0K | · | · | · | |
| Total Assets | $249M | $288M | $328M | $373M | $313M | $327M | $351M | $218M | $222M | $228M | $233M | $249M | $259M | $271M | $281M | $271M | |
| Accounts Payable | $5M | $5M | $6M | $8M | $16M | $4M | $10M | $8M | $3M | $839.0K | $759.0K | $3M | $2M | $3M | $2M | $126.0K | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | |
| Current Liabilities | $61M | $50M | $39M | $51M | $46M | $28M | $23M | $17M | $7M | $4M | $2M | $11M | $10M | $10M | $5M | $4M | |
| Capital Leases | · | · | · | $949.0K | $1M | · | · | $0 | $0 | $0 | $37.0K | $92.0K | $146.0K | $199.0K | $251.0K | $0 | |
| Total Liabilities | $237M | $226M | $213M | $225M | $121M | $98M | $94M | $17M | $7M | $4M | $2M | $11M | $10M | $10M | $9M | $4M | |
| Long-term Debt | $97M | $97M | $96M | $96M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Common Stock | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $9.0K | $9.0K | $9.0K | $9.0K | $4.0K | |
| Paid-in Capital | $430M | $417M | $409M | $401M | $394M | $386M | $380M | $374M | $369M | $366M | $362M | $362M | $358M | $353M | $349M | $517M | |
| Retained Earnings | $-418M | $-355M | $-295M | $-253M | $-202M | $-157M | $-123M | $-173M | $-154M | $-142M | $-131M | $-124M | $-109M | $-92M | $-77M | $-248M | |
| AOCI | $-140.0K | $-96.0K | $125.0K | $-7.0K | $-46.0K | $72.0K | $220.0K | $339.0K | $-145.0K | $-124.0K | $49.0K | $-161.0K | $-180.0K | $68.0K | $407.0K | $-2M | |
| Stockholders' Equity | $13M | $61M | $114M | $148M | $192M | $229M | $257M | $201M | $215M | $224M | $231M | $237M | $249M | $261M | $273M | $267M | |
| Liabilities + Equity | $249M | $288M | $328M | $373M | $313M | $327M | $351M | $218M | $222M | $228M | $233M | $249M | $259M | $271M | $281M | $271M | |
| Shares Outstanding | 99,437,865 | 99,300,137 | 99,290,926 | 98,844,178 | 98,697,658 | 98,129,804 | 97,954,172 | 97,147,442 | 96,939,797 | 96,574,049 | 96,414,963 | 95,796,254 | 95,322,953 | 94,448,028 | 93,943,316 | 35,882,653 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $416.0K | $397.0K | $417.0K | $391.0K | $279.0K | $280.0K | $29.0K | $100.0K | $18.0K | $11.0K | $0 | $100.0K | · | · | · | · | |
| Stock-based Comp | $12M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $3M | $2M | $3M | $2M | $2M | $5M | $-9M | |
| Amort. of Intangibles | $300.0K | $300.0K | $499.9K | $200.0K | $100.0K | $100.0K | $100.0K | $0 | $0 | $0 | · | · | · | · | · | · | |
| Operating Cash Flow | $-61M | $-45M | $-43M | $-47M | $-40M | $-41M | $42M | $-14M | $-7M | $-7M | $-17M | $-13M | $-17M | $-12M | $-20M | $15M | |
| CapEx | $0 | $0 | $0 | $197.0K | $51.0K | $91.0K | $302.0K | $140.0K | $38.0K | $83.0K | $-91.0K | $43.0K | $30.0K | $193.0K | $126.0K | $-545.0K | |
| Investing Cash Flow | $42M | $28M | $24M | $-45M | $49M | $29M | $-102M | $17M | $-13M | $-9M | $26M | $-47M | $45M | $-112M | $-126.0K | $545.0K | |
| Financing Cash Flow | $3M | $159.0K | $1M | $100M | $3M | $725.0K | $71M | $680.0K | $545.0K | $258.0K | $2M | $921.0K | $3M | $1M | $194M | $-3M | |
| Net Change in Cash | $-16M | $-17M | $-18M | $8M | $12M | $-11M | $11M | $3M | $-19M | $-15M | $10M | $-58M | $31M | $-123M | $173M | $-7M | |
| Free Cash Flow | · | · | · | · | · | $-41M | · | · | · | $-7M | · | · | · | $-13M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -182.6% | · | · | -163.7% | -302.9% | -466.3% | · | · | -3068.0% | · | · | · | -206030.0% | -93565.0% | · | -1761.8% | |
| Net Margin | -185.2% | · | · | -157.4% | -285.6% | -425.7% | · | · | -2503.2% | · | · | · | -173700.0% | -74805.0% | · | -1661.8% | |
| EBITDA Margin | -182.6% | · | · | -163.7% | -302.9% | -466.3% | · | · | -3068.0% | · | · | · | -206030.0% | -93565.0% | · | -1761.8% | |
| ROA | -22.1% | · | · | -17.3% | -16.8% | -12.2% | · | · | -5.2% | -4.1% | · | -5.7% | -6.3% | -5.1% | · | -5.7% | |
| ROE | -60.9% | · | · | -29.3% | -22.0% | -15.0% | · | · | -5.4% | -4.2% | · | -5.9% | -6.6% | -5.4% | · | -6.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | · | · | 6.7 | 6.2 | 11.0 | · | · | 32.8 | 60.9 | · | 21.9 | 25.4 | 27.2 | · | 67.9 | |
| Quick Ratio | 3.1 | · | · | 6.4 | 5.8 | 10.3 | · | · | 32.5 | 60.2 | · | 21.6 | 25.1 | 26.9 | · | 66.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | · | 0.1 | 0.1 | 0.0 | · | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 0.9 | · | · | 1.7 | 1.3 | 1.7 | · | · | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.13 | · | · | $1.49 | $1.95 | $2.33 | · | · | $2.22 | $2.32 | · | $2.48 | $2.61 | $2.77 | · | $7.44 | |
| Revenue / Share | $0.34 | · | · | $0.33 | $0.16 | $0.08 | · | · | $0.01 | $0.00 | · | $0.00 | $0.00 | $0.00 | · | $0.03 | |
| Cash Flow / Share | · | · | · | · | · | $-0.42 | · | · | · | $-0.07 | · | · | · | $-0.13 | · | · | |
| Cash / Share | $0.08 | · | · | $0.60 | $0.52 | $0.41 | · | · | $0.38 | $0.58 | · | $0.63 | $1.25 | $0.93 | · | $5.66 | |
| EPS (TTM) | $-2.17 | $-1.94 | · | $-0.81 | $-0.49 | $-0.16 | · | $-0.60 | $-0.47 | $-0.52 | · | $-0.71 | $-0.76 | $-0.79 | · | $0.53 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $117M | $79M | · | $143M | $112M | $97M | · | $3M | $500.0K | $10.0K | · | $30.0K | $219.0K | $673.0K | · | · | |
| Net Income TTM | $-215M | $-191M | · | $-80M | $-48M | $-16M | · | $-57M | $-45M | $-50M | · | $-62M | $-53M | $-42M | · | $26M | |
| Market Cap | $796M | · | · | $993M | $1.72B | $1.23B | · | · | $825M | $987M | · | $362M | $639M | $615M | · | $189M | |
| P/E | -3.7 | -4.1 | · | -12.4 | -35.6 | -78.6 | · | -24.2 | -18.1 | -19.7 | · | -5.3 | -8.8 | -8.2 | · | 10.0 | |
| P/S | 6.8 | · | · | 7.0 | 15.3 | 12.7 | · | · | 1649.9 | 98698.7 | · | 12070.3 | 2916.3 | 913.6 | · | · | |
| P/B | 63.7 | · | · | 6.7 | 9.0 | 5.4 | · | · | 3.8 | 4.4 | · | 1.5 | 2.6 | 2.4 | · | 0.7 | |
| P / Tangible Book | · | 16.9 | · | 7.5 | 9.6 | 5.6 | · | 7.3 | 3.8 | 4.4 | · | 1.5 | 2.6 | 2.4 | · | 0.7 | |
| P / Cash Flow | · | · | · | · | · | -30.3 | · | · | · | -147.1 | · | · | · | -49.5 | · | · | |
| Earnings Yield | -27.1% | -24.2% | · | -8.1% | -2.8% | -1.3% | · | -4.1% | -5.5% | -5.1% | · | -18.8% | -11.3% | -12.1% | · | 10.0% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $84M | $89M | $30.0K | $1M | $6M |
| Operating Margin % | -212.9% | -3.5% | -225066.7% | -2698.8% | -84513.2% |
| Net Income | $-171M | $8M | $-54M | $-35M | $-20M |
| Diluted EPS | $-1.74 | $0.08 | $-0.57 | $-0.87 | $-0.70 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | · | 0.0 | · |
| Current Ratio | 7.3 | 14.3 | 96.9 | 51.0 | 17.6 |
| Quick Ratio | 6.9 | 13.7 | 95.5 | 50.4 | 17.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-171M | $13M | $-59M | $-40M | $-68M |
Institutional owners (13F) 222 filers · $746.7M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
222
Value held
$746.7M
New positions
38
Exited positions
30
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 38 (-5 vs prior Q) | 30 (+7 vs prior Q) | 73 (+10 vs prior Q) | 56 (0 vs prior Q) | -4.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $86,996,426 | 10,860,977 | 11.65% | Shares |
| Rubric Capital Management LP | $68,412,297 | 8,540,861 | 9.16% | Shares |
| ORBIMED ADVISORS LLC | $66,390,965 | 8,288,510 | 8.89% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $60,105,534 | 7,503,812 | 8.05% | Shares |
| BlackRock, Inc. | $42,543,666 | 5,311,319 | 5.70% | Shares |
| VANGUARD GROUP INC | $40,881,877 | 3,509,174 | 5.48% | Shares |
| Tyro Capital Management LLC | $35,719,289 | 4,459,337 | 4.78% | Shares |
| Aberdeen Group plc | $33,406,738 | 4,170,629 | 4.47% | Shares |
| SR One Capital Management, LP | $32,143,353 | 4,012,903 | 4.30% | Shares |
| STATE STREET CORP | $29,882,290 | 3,730,623 | 4.00% | Shares |
| Capital World Investors | $22,066,997 | 2,754,931 | 2.96% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $20,453,759 | 2,553,528 | 2.74% | Shares |
| MILLENNIUM MANAGEMENT LLC | $19,231,505 | 2,400,937 | 2.58% | Shares |
| UBS Group AG | $15,536,629 | 1,939,654 | 2.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $13,612,279 | 1,699,017 | 1.82% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $12,828,047 | 1,601,504 | 1.72% | Shares |
| GENERAL AMERICAN INVESTORS CO INC | $9,075,698 | 1,133,046 | 1.22% | Shares |
| Third Point LLC | $8,010,000 | 1,000,000 | 1.07% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $5,383,833 | 672,139 | 0.72% | Shares |
| Tejara Capital Ltd | $4,862,382 | 607,039 | 0.65% | Shares |
| ADAR1 Capital Management, LLC | $4,814,002 | 600,999 | 0.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,540,300 | 566,829 | 0.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,416,842 | 551,416 | 0.59% | Shares |
| NORTHERN TRUST CORP | $4,398,003 | 549,064 | 0.59% | Shares |
| LEVIN CAPITAL STRATEGIES, L.P. | $4,397,210 | 548,965 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $4,253,814 | 531,063 | 0.57% | Shares |
| Empire Life Investments Inc. | $3,779,567 | 471,856 | 0.51% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,731,388 | 464,681 | 0.50% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,710,681 | 463,256 | 0.50% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,692,618 | 461,001 | 0.49% | Shares |
| FIL Ltd | $3,649,156 | 455,575 | 0.49% | Shares |
| JPMORGAN CHASE & CO | $3,109,986 | 363,316 | 0.42% | Shares |
| GOLDMAN SACHS GROUP INC | $3,049,967 | 380,770 | 0.41% | Shares |
| Eversept Partners, LP | $3,019,826 | 377,007 | 0.40% | Shares |
| K2 PRINCIPAL FUND, L.P. | $3,004,807 | 375,132 | 0.40% | Shares |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV | $2,991,663 | 373,491 | 0.40% | Shares |
| FMR LLC | $2,796,806 | 349,164 | 0.37% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,551,850 | 318,583 | 0.34% | Shares |
| Trexquant Investment LP | $2,296,731 | 286,733 | 0.31% | Shares |
| Jump Financial, LLC | $2,044,152 | 255,200 | 0.27% | Shares |
| MORGAN STANLEY | $1,835,091 | 229,100 | 0.25% | Shares |
| FAS Wealth Partners, Inc. | $1,718,202 | 214,507 | 0.23% | Shares |
| Quinn Opportunity Partners LLC | $1,401,750 | 175,000 | 0.19% | Shares |
| Bank of New York Mellon Corp | $1,346,769 | 168,136 | 0.18% | Shares |
| DAFNA Capital Management LLC | $1,315,923 | 164,285 | 0.18% | Shares |
| Nuveen, LLC | $1,292,350 | 161,342 | 0.17% | Shares |
| Ishara Investments LP | $1,149,355 | 143,490 | 0.15% | Shares |
| Engineers Gate Manager LP | $1,116,746 | 139,419 | 0.15% | Shares |
| Steward Partners Investment Advisory, LLC | $1,030,086 | 128,600 | 0.14% | Shares |
| BARCLAYS PLC | $1,011,352 | 126,261 | 0.14% | Shares |
Activists & 5%+ owners 8 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×4 filings | Oct. 1, 2025 | 11.10% | Amendment | · | SEC |
| Deerfield Mgmt III, L.P., Deerfield Private Design Fund III, L.P., Deerfield Mgmt IV, L.P., Deerfield Private Design Fund IV, L.P., Deerfield Management Company, L.P., James E. Flynn ×5 filings | Aug. 1, 2025 | 7.75% | Amendment | · | SEC |
| The Pratik Shah Living Trust dated June 15, 2011(1) ×3 filings | June 17, 2024 | · | Initial filing | · | SEC |
| Robert G. Bell ×2 filings | Sept. 1, 2023 | · | Initial filing | · | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP VI LLC, OrbiMed Capital LLC ×2 filings | Nov. 30, 2022 | · | Initial filing | · | SEC |
| Richard E. Lowenthal, M.S., MSEL | Nov. 18, 2022 | · | Initial filing | · | SEC |
| Sarina Tanimoto, M.D., M.B.A. | Nov. 18, 2022 | · | Initial filing | · | SEC |
| U.S. Venture Partners XII, L.P. (“USVP XII”), U.S. Venture Partners XII-A, L.P. (“USVP XII-A”), Presidio Management Group XII, L.L.C. (“PMG XII”), Casey M. Tansey, Jonathan D. Root ×2 filings | Jan. 27, 2022 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 28 insiders · 11 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kathleen D. Scott | Chief Financial Officer | Jan. 2, 2026 A | 10,042 | 0 | 0 | $0 |
| Jonathan Piazza | Chief Financial Officer | May 2, 2022 A | 69,225 | 0 | 0 | $0 |
| Donn Casale | President | July 1, 2026 A | · | 0 | 0 | $0 |
| Valerie Odegard | President and CSO | May 2, 2022 A | 61,639 | 0 | 0 | $0 |
| Margaret Ekins Smith | Chief Commercial Officer | Sept. 1, 2026 A | · | 0 | 0 | $0 |
| Eric Karas | Chief Commercial Officer | June 12, 2026 M | 12,176 | 0 | 1 | $-250,000 |
| Alexander A Fitzpatrick | Chief Legal Officer | June 12, 2026 S | 90,910 | 0 | 1 | $-33,550 |
| Sarina Tanimoto | CHIEF MEDICAL OFFICER | Jan. 2, 2026 A | 1,247,447 | 0 | 0 | $0 |
| Justin Chakma | Chief Business Officer | Jan. 2, 2026 A | 0 | 0 | 2 | $-1,475,627 |
| Naomi Hunder | Chief Medical Officer | May 2, 2022 A | 54,427 | 0 | 0 | $0 |
| Russ Hawkinson | Sr. Vice President of Finance | May 2, 2022 A | 37,251 | 0 | 0 | $0 |
| Michael Kelly | Director | June 24, 2026 A | 83,225 | 0 | 0 | $0 |
| Rajeev Dadoo | Director | June 24, 2026 A | 3,009,677 | 0 | 0 | $0 |
| Pratik Shah | Director | June 24, 2026 A | 4,474,554 | 0 | 0 | $0 |
| Saqib Islam | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Laura Shawver | Director | June 24, 2026 A | 210,346 | 0 | 0 | $0 |
| Peter A. Thompson | Director | June 24, 2026 A | 0 | 0 | 0 | $0 |
| Brent L Saunders | Director | June 24, 2026 A | 0 | 0 | 0 | $0 |
| Phillip M Schneider | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Maria Koehler | Director | June 10, 2022 A | · | 0 | 0 | $0 |
| Andrew Kenneth William Powell | Director | June 10, 2022 A | · | 0 | 0 | $0 |
| Robert Hershberg | Director | June 10, 2022 A | · | 0 | 0 | $0 |
| Vickie L Capps | Director | June 10, 2022 A | 61,576 | 0 | 0 | $0 |
| Jonathan D Root | Director | June 10, 2022 A | 2,364 | 0 | 0 | $0 |
| Thilo Schroeder | Director | Dec. 8, 2020 C | 1,910,029 | 0 | 0 | $0 |
| Alexandria Venture Investments, LLC | 10% owner | Dec. 8, 2020 C | 699,412 | 0 | 0 | $0 |
| Brian Dorsey | · | Jan. 2, 2026 A | 10,789 | 0 | 1 | $-190,122 |
| Richard E Lowenthal | · | Jan. 2, 2026 A | 1,196,494 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 23 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| LABU · Direxion Shares ETF Trust | 0.08% | 77,714 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.05% | 3,668 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 66,043 SH | Aug. 19, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.03% | 7,035 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.02% | 471,221 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.02% | 1,062 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 578,426 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,579,276 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 29,426 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 745,809 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 354,157 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 142,140 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.00% | 22,392 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 2,851 SH | Sept. 10, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 39,569 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 2,672 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 81,645 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 17,862 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,749,763 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,489 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 2,495 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 13,569 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 52,056 SH | Sept. 11, 2026 | Daily |
SPRY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 10 analysts
BUY
Median target
$22.50
+452.8%
5 50.0%
Strong Buy
4 40.0%
Buy
1 10.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-10-02Mean target $22.50 +452.8%
← Below all targets
Current price $4.07
Low$15.00
Mean$22.50
High$30.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SPRY | $1.16B | -6.7 | -5.5% | -203.3% | -111.8% | · |
| DMAC | $428M | · | · | · | -78.7% | · |
| TECX | $391M | -5.2 | · | · | -27.7% | · |
| MYGN | $575M | -1.6 | -1.6% | -44.4% | -96.8% | 69.9% |
| EDIT | $201M | -1.1 | 25.4% | -395.0% | -688.8% | · |
| EIKN | · | · | · | · | · | · |
| RCEL | $105M | -2.0 | 11.5% | -67.8% | 328.9% | 82.1% |
| GALT | $271M | -8.7 | · | · | 25.0% | · |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 13, 2026