Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ARS Pharmaceuticals, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
5.51
1.32
0.03
89.1
84.3
Cost of revenue
0
Gross profit
0.03
Research and development
24.6
20.3
18.4
20.3
19.6
13.2
Selling, general and administrative
0.6
47.3
71.7
230
General and administrative
8.34
4.69
18.5
47.3
Operating expenses
32.9
25
36.8
67.6
92.2
264
Operating income
-32.9
-19.5
-35.5
-67.5
-3.08
-179
Other non-operating income
-0.79
0.83
13.2
11.4
8.07
Pre-tax income
-54.4
8.29
-171
Income tax
0
0
0
0
0.29
-0.08
Net income
-32.9
-20.2
-34.7
-54.4
8
-171
EBITDA
-32.3
-19.2
-35.2
-67.4
-3
-178
EPS, basic
-3.10
-0.70
-0.87
-0.57
0.08
-1.74
EPS, diluted
-3.10
-0.70
-0.87
-0.57
0.08
-1.74
Shares, basic (weighted)
10.6
28.9
40
95.2
96.9
98.6
Shares, diluted (weighted)
10.6
28.9
40
95.2
102
98.6
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
387
60.1
211
71
50.8
41.3
Short-term investments
0
63.9
157
263
204
Receivables
0
8.18
25.3
Inventory
0
10.5
31.4
Other current assets
4.09
0.67
3.32
3.37
6.89
6.19
Total current assets
391
60.7
278
232
334
285
Property, plant and equipment
1.62
0.07
0.33
0.57
1.07
2.47
Lease right-of-use assets
2.18
0.62
0.45
0.25
0.04
Intangible assets
0
7.37
14.5
Long-term investments
0
64.8
Other non-current assets
0
Total assets
395
61.4
281
233
351
328
Accounts payable
2.58
1.79
1.66
0.76
9.87
5.73
Accrued liabilities
5.28
11.7
2.29
1.28
Deferred revenue
1.46
0.28
0
0.56
0.61
Total current liabilities
9.6
8.19
5.44
2.39
23.4
39.1
Long-term debt
4.93
0
Lease liabilities
2.33
0.48
0.25
0.04
0
Total liabilities
11.9
16.7
8.55
2.43
94.4
213
Total debt
0
96.4
Paid-in capital
480
11
349
362
380
409
Retained earnings
-96.7
-42.3
-76.9
-131
-123
-295
Other comprehensive income
0
0
0.41
0.05
0.22
0.13
Shareholders' equity
-14.1
-31.3
273
231
257
114
Total equity
-14.1
-31.3
273
231
257
114
Total liabilities and equity
395
61.4
281
233
351
328
Shares outstanding
127
30.4
93.9
96.4
98
99.3
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-32.9
-20.2
-34.7
-54.4
8
-171
Depreciation and amortization
0.64
0.21
0.32
0.1
0.08
1.37
Stock-based compensation
2.64
2.83
5.84
9.24
14.5
22.1
Deferred income tax
0
0
0
Change in receivables
0
-8.18
-17.2
Change in inventory
0
-5.95
-22
Change in payables
1.79
0.97
-10.3
-2.78
16.4
18.9
Cash from operations
-31.2
-17.6
-40.1
-59.3
13.5
-171
Capital expenditures
-0.92
-0.06
-0.2
-0.18
-0.56
-0.34
Purchases of investments
0
-65.1
0
-272
-356
-242
Cash from investing
-0.92
-0.06
-0.2
-87.2
-106
56.8
Debt issued
0
96.3
Cash from financing
409
53.2
191
6.9
72.4
105
Net change in cash
35.5
150
-140
-20.2
-9.5
Free cash flow
-32.1
-17.6
-40.3
-59.4
13
-171
Interest paid
0
2.45
Income taxes paid
0.2
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.08 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-185.0%
Operating income / revenue.
EBITDA margin
-183.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-184.2%
Net income / revenue.
FCF margin
-168.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-168.0%
Cash from operations / revenue.
Return on equity (ROE)
-1,722.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-86.3%
Net income / average total assets.
Return on invested capital (ROIC)
-169.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
13.0%
Research and development expense / revenue.
SG&A / revenue
243.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
26.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
1.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-5.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
300.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
-2,242.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-2,275.0%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-1,361.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-1,418.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-55.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-25.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-6.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
5.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-3.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
-3.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
35.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
56.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.48x
Current assets / current liabilities.
Quick ratio
3.13x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.36x
(Cash + short-term investments) / current liabilities.
Debt / equity
7.73x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
38.7%
Total debt / total assets.
Liabilities / assets
95.0%
Total liabilities / total assets.
Net debt
-$47.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.18
Revenue / diluted weighted shares.
FCF per share
-$1.98
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.98
Cash from operations / diluted weighted shares.
Book value per share
$0.13
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.47x
Market cap / revenue.
P/B
32.4x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
3.07x
Enterprise value / revenue.
FCF yield
-48.5%
Free cash flow / market cap.
Earnings yield
-53.1%
Net income / market cap (the inverse of P/E).
What was ARS Pharmaceuticals, Inc.'s revenue in fiscal 2025?
ARS Pharmaceuticals, Inc. reported revenue of $84.3M for fiscal 2025, 5.5% lower than the year before.
Was ARS Pharmaceuticals, Inc. profitable in fiscal 2025?
No. It reported a net loss of $171.3M.
How much free cash flow did ARS Pharmaceuticals, Inc. generate in fiscal 2025?
Cash from operations of $170.9M minus capital expenditures of $339.0K left free cash flow of -$171.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.