Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
ARS Pharmaceuticals, Inc.SPRY · healthcare
GradeTortoiseC/Don the C/D boundary of 371 graded peers; percentile 60.5, sampling error 2.5 points; lower is stronger
Rank225 of 371
ProfitabilityD/Epercentile 81.0
SolvencyCpercentile 50.8
Growth and financingA/Bpercentile 22.5
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $327.7M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningsshort runway
Inputs computable7 of 14
Graded fromfilings received through Mar 9, 2026214 days before the rescan; every figure keyed to the SEC receipt date
Last close$4.572026-10-08; market equity $454.0M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$5$10NovDecJanFebMarAprMayJunJulAugSepOctC/D$4.56
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2022nonen/aQ3
Aug 21, 2026C/D59.6Q3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 9, 2026; the document on sec.gov.

As used in this Annual Report, unless the context indicates or otherwise requires, “ARS,” “ARS Pharma,” the “company,” “we,” “us,” “our,” and other similar terms refer to ARS Pharmaceuticals, Inc., a Delaware corporation and its consolidated subsidiaries. neffy and EURneffy are trademarks of ours that we use in this Annual Report. This Annual Report also includes trademarks, trade names, and service marks that are the property of other organizations.

Warnings [top]

Short runway. cash runway is 0.5 months[3]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 81.0
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
a prior annual debt, equity, and cash observation is required
Accruals ratio(0.1%)[1,4-6](6.6%)81.08112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 50.8
Twelve-month failure probability0.67%0.07%86.22482026-06-30
Altman Z double-prime(1.13)[1,7-12](0.31)41.77562025-12-31
Net debt to EBITDAnot computable1.82x
required facts have no common fiscal period end
Interest coveragenot computable(4.51x)
one or more required annual facts are missing
Current ratio7.28x[7-8]2.96x24.68392025-12-31
Growth and financing, sleeve percentile 22.5
Revenue growth, three-year compound300.1%[2,13-15]10.0%0.74152025-12-31
Free cash flow growth, three-year compoundnot computable10.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable37.1%
NOPAT must exceed $100,000
Asset growth, three years5.2%[1,6,16-17]2.1%40.47042025-12-31
Net share issuance, one year1.2%[18-19]2.5%26.46342026-03-04

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.034; sampling error 2.5 percentile points on 371 peers.

Among 371 Peers [top]

ABCDEJNJ, Johnson & Johnson; C, percentile 44.9; market equity $618.1BJNJLLY, ELI Lilly & Co.; C, percentile 55.7; market equity $1.1TLLYABBV, AbbVie Inc.; D, percentile 63.2; market equity $481.4BABBVGILD, Gilead Sciences, Inc.; D/E, percentile 78.9; market equity $182.4BGILDMRK, Merck & Co., Inc.; D/E, percentile 80.8; market equity $351.3BMRKAMGN, Amgen Inc.; E, percentile 85.1; market equity $220.3BAMGNSPRY 60.5strongerweaker

Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.

RankCompanyPercentileLetterWarnings
220Cryoport, Inc. (CYRX)

Cryoport, Inc. (CYRX)

C/Don the C/D boundary; percentile 59.2

Nasdaq · Pharmaceutical Preparations

market equity $856.0M; last close $16.91

Warnings: late filer; 9 of 14 inputs

59.2C/Dlate filer
221GeneDx Holdings Corp. (WGS)

GeneDx Holdings Corp. (WGS)

C/Don the C/D boundary; percentile 59.5

Nasdaq · Services-Health Services

market equity $2.0B; last close $67.69

Warnings: fortress balance sheet; 10 of 14 inputs

59.5C/Dfortress balance sheet
222Trulieve Cannabis Corp. (TRLV)

Trulieve Cannabis Corp. (TRLV)

C/Don the C/D boundary; percentile 59.7

NYSE · Medicinal Chemicals & Botanical Products

market equity $2.0B; last close $10.40

Warnings: fortress balance sheet; 7 of 14 inputs

59.7C/Dfortress balance sheet
223Labcorp Holdings Inc. (LH)

Labcorp Holdings Inc. (LH)

C/Don the C/D boundary; percentile 60.0

NYSE · Services-Medical Laboratories

market equity $25.5B; last close $314.20

No active warnings; 10 of 14 inputs

60.0C/D
224Perspective Therapeutics, Inc. (CATX)

Perspective Therapeutics, Inc. (CATX)

C/Don the C/D boundary; percentile 60.3

NYSE · Pharmaceutical Preparations

market equity $309.4M; last close $2.71

Warnings: dilution, fortress balance sheet; 7 of 14 inputs

60.3C/Ddilution, fortress balance sheet
225ARS Pharmaceuticals, Inc. (SPRY)

ARS Pharmaceuticals, Inc. (SPRY)

C/Don the C/D boundary; percentile 60.5

Nasdaq · Pharmaceutical Preparations

market equity $453.5M; last close $4.57

Warnings: short runway; 7 of 14 inputs

60.5C/Dshort runway
226Twist Bioscience Corp. (TWST)

Twist Bioscience Corp. (TWST)

C/Don the C/D boundary; percentile 60.8

Nasdaq · Biological Products, (No Diagnostic Substances)

market equity $9.5B; last close $152.02

Warnings: fortress balance sheet; 9 of 14 inputs

60.8C/Dfortress balance sheet
227Teva Pharmaceutical Industries Ltd. (TEVA)

Teva Pharmaceutical Industries Ltd. (TEVA)

C/Don the C/D boundary; percentile 61.1

NYSE · Pharmaceutical Preparations

market equity $45.7B; last close $39.22

No active warnings; 9 of 14 inputs

61.1C/D
228Beam Therapeutics Inc. (BEAM)

Beam Therapeutics Inc. (BEAM)

C/Don the C/D boundary; percentile 61.4

Nasdaq · Biological Products, (No Diagnostic Substances)

market equity $2.5B; last close $24.59

No active warnings; 7 of 14 inputs

61.4C/D
229Akebia Therapeutics, Inc. (AKBA)

Akebia Therapeutics, Inc. (AKBA)

C/Don the C/D boundary; percentile 61.6

Nasdaq · Pharmaceutical Preparations

market equity $225.8M; last close $0.82

Warnings: fortress balance sheet; 9 of 14 inputs

61.6C/Dfortress balance sheet
230Mannkind Corp. (MNKD)

Mannkind Corp. (MNKD)

C/Don the C/D boundary; percentile 61.9

Nasdaq · Pharmaceutical Preparations

market equity $1.1B; last close $3.42

No active warnings; 10 of 14 inputs

61.9C/D
Peer policyLetterPercentilePeers
all graded filers, equal sleevesD73.92204
sector peers, equal sleeves (the grade)C/D60.5371
same exchange, equal sleevesD67.21219
sector peers, equal inputsB36.5371

Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(40.3%)8.0%17hotter than 17 of 100 peers
Distance from 52-week high(65.1%)(31.4%)14closer to its high than 14 of 100 peers
EBIT to enterprise value(33.1%)(1.5%)18pricier than 82 of 100 peers
Free cash flow yield(37.8%)(1.0%)15pricier than 85 of 100 peers
Book value to price0.030.2815pricier than 85 of 100 peers
Sales to price0.190.3138pricier than 62 of 100 peers
Composite equity issuance, five yearsnot computable20.3%a share count from five years earlier is required
Relative strength against the sector, log excess return(0.73)(0.14)17ahead of 17 of 100 peers

Inputs: market equity $453.5M; EBIT -$179.4M; free cash flow -$171.2M; book equity $12.5M; sales $84.3M; debt $96.7M; cash $8.2M[20].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(48.8%)✗ fail[4,6]
Operating cash flow above zero-$170.9M✗ fail[5]
Return on assets improved(52.2 pts)✗ fail[4,6,16,21]
Operating cash flow exceeds net income$432,000✓ pass[4-5]
Long-term leverage felln/a[1,6,16,22]
Current ratio improved(698.4 pts)✗ fail[7-8,23-24]
No new shares issued1.2%✗ fail[18-19]
Gross margin improvedn/a
Asset turnover improved(14.2 pts)✗ fail[2,6,13,16]
Cash, filings, liquidity
Cash and equivalents$8.2M[3]
Operating cash flow, four quarters-$196.4M[3,5,25-28]
Months of runway0.5
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volume$7.8M
63 sessions
Days since newest grade input214

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$327.7M2025-12-312026-03-0910-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$84.3M2025-12-312026-03-0910-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$8.2M2026-06-302026-08-1310-Qfiling · viewer · series
4net incomeus-gaap:NetIncomeLoss-$171.3M2025-12-312026-03-0910-Kfiling · viewer · series
5operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$170.9M2025-12-312026-03-0910-Kfiling · viewer · series
6assetsus-gaap:Assets$351.2M2024-12-312026-03-0910-Kfiling · viewer · series
7current assetsus-gaap:AssetsCurrent$284.9M2025-12-312026-03-0910-Kfiling · viewer · series
8current liabilitiesus-gaap:LiabilitiesCurrent$39.1M2025-12-312026-03-0910-Kfiling · viewer · series
9retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$294.6M2025-12-312026-03-0910-Kfiling · viewer · series
10operating incomeus-gaap:OperatingIncomeLoss-$179.4M2025-12-312026-03-0910-Kfiling · viewer · series
11book equityus-gaap:StockholdersEquity$114.3M2025-12-312026-03-0910-Kfiling · viewer · series
12liabilitiesus-gaap:Liabilities$213.4M2025-12-312026-03-0910-Kfiling · viewer · series
13revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$89.1M2024-12-312026-03-0910-Kfiling · viewer · series
14revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$30,0002023-12-312025-03-2010-Kfiling · viewer · series
15revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$1.3M2022-12-312024-03-2110-Kfiling · viewer · series
16assetsus-gaap:Assets$233.2M2023-12-312025-03-2010-Kfiling · viewer · series
17assetsus-gaap:Assets$281.4M2022-12-312024-03-2110-Kfiling · viewer · series
18shares outstandingdei:EntityCommonStockSharesOutstanding99,297,3072026-03-042026-03-0910-Kfiling · viewer · series
19shares outstandingdei:EntityCommonStockSharesOutstanding98,119,8042025-03-172025-03-2010-Kfiling · viewer · series
20shares outstandingdei:EntityCommonStockSharesOutstanding99,447,3432026-08-112026-08-1310-Qfiling · viewer · series
21net incomeus-gaap:NetIncomeLoss$8.0M2024-12-312026-03-0910-Kfiling · viewer · series
22long term debtus-gaap:LongTermDebt$96.4M2025-12-312026-03-0910-Kfiling · viewer · series
23current assetsus-gaap:AssetsCurrent$334.3M2024-12-312026-03-0910-Kfiling · viewer · series
24current liabilitiesus-gaap:LiabilitiesCurrent$23.4M2024-12-312026-03-0910-Kfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$105.9M2026-06-302026-08-1310-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$44.9M2026-03-312026-05-1510-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$127.4M2025-09-302025-11-1010-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$80.3M2025-06-302026-08-1310-Qfiling · viewer · series

Limitations [top]

Grade boundary. Percentile 60.5 is 0.5 points from the nearest band edge; sampling error is 2.5 points.

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026