ARS Pharmaceuticals, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $84.3M | $89.1M | $30,000 | $1.3M | $5.5M |
| Cost of revenue | — | — | $0 | — | — |
| Selling, general & administrative | $230.1M | $71.7M | $47.3M | $603,000 | — |
| Research and development | $13.2M | $19.6M | $20.3M | $18.4M | $20.3M |
| Operating expenses | $263.7M | $92.2M | $67.5M | $36.8M | $25.0M |
| Operating income | -$179.4M | -$3.1M | -$67.5M | -$35.5M | -$19.5M |
| Pretax income | -$171.4M | $8.3M | -$54.4M | — | — |
| Income tax expense | -$80,000 | $288,000 | $0 | $0 | $0 |
| Net income | -$171.3M | $8.0M | -$54.4M | -$34.7M | -$20.2M |
| Balance Sheet | |||||
| Cash and equivalents | $41.3M | $50.8M | $71.0M | $210.5M | $60.1M |
| Current assets | $284.9M | $334.3M | $231.7M | $277.7M | $60.7M |
| Total assets | $327.7M | $351.2M | $233.2M | $281.4M | $61.4M |
| Current liabilities | $39.1M | $23.4M | $2.4M | $5.4M | $8.2M |
| Total liabilities | $213.4M | $94.4M | $2.4M | $8.5M | $16.7M |
| Stockholders' equity | $114.3M | $256.8M | $230.8M | $272.9M | -$31.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$170.9M | $13.5M | -$59.3M | -$40.1M | -$17.6M |
| Depreciation and amortization | $1.4M | $79,000 | $73,000 | $319,000 | $213,000 |
| Stock-based compensation | $22.1M | $14.5M | $9.2M | $5.8M | $2.8M |
| Capital expenditure | $339,000 | $563,000 | $175,000 | $199,000 | $55,000 |
| Free cash flow | -$171.2M | $13.0M | -$59.4M | -$40.3M | -$17.6M |
Shares outstanding 99.3M · Free float 46.3%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.