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ARS Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$33.7M in Q3 2026 · −$183M over twelve months

Operating cash flow−$33.7M
Free cash flow−$33.7M

Analysis

In Q3 2026, ARS Pharmaceuticals generated −$33.7M of operating cash flow. That is $13.5M more than in Q3 2025 (−$47.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$183M; the largest uses were operating cash flow ($183M); besides operations, cash came from other investing ($117M), net borrowing (+) / repaid (−) ($24.2M); the cash balance fell by $33.9M.

Operating cash flow was −$33.7M against net income of −$35.6M. The largest differences: stock-based pay +$8.1M, receivables −$5.9M, inventory −$2.3M.

Free cash flow

ARS Pharmaceuticals: free cash flow by quarterARS Pharmaceuticals: free cash flow by quarter$41.7MQ4 2024−$40.8MQ1 2025−$39.6MQ2 2025−$47.2MQ3 2025−$43.5MQ4 2025−$44.9MQ1 2026−$60.9MQ2 2026−$33.7MQ3 2026
Operating cash flow less capital spending.
ARS Pharmaceuticals: operating cash flow against capital spendingARS Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending$42.0M$302KQ4 2024−$40.7M$91KQ1 2025−$39.6M$51KQ2 2025−$47.0M$197KQ3 2025−$43.5M$0Q4 2025−$44.9M$0Q1 2026−$60.9M$0Q2 2026−$33.7M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$33.7M, Capital spending $0.

Capital allocation, year by year

ARS Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearARS Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$17.6MFY2021: Net borrowing −$1.8MFY2021: Shares issued $169KFY2021: Capital spending −$55K$169KFY2021FY2022: Operating cash flow −$40.1MFY2022: Net borrowing −$8.7MFY2022: Shares issued $570KFY2022: Capital spending −$199K$570KFY2022FY2023: Operating cash flow −$59.3MFY2023: Shares issued $6.9MFY2023: Capital spending −$175K$6.9MFY2023FY2024: Operating cash flow $13.5MFY2024: Shares issued $3.0MFY2024: Capital spending −$563K$16.6MFY2024FY2025: Operating cash flow −$171MFY2025: Net borrowing $96.3MFY2025: Shares issued $5.7MFY2025: Capital spending −$339K$102MFY2025
Over these 5 years operating cash flow totalled −$274M; the largest uses were operating cash flow ($288M) and net borrowing ($10.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$138M
Debt$122M
Net cash$16.5M
Cash runway9 months

ARS Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$183M a year at the current rate against $138M of cash and investments: a runway of about 9 months before any new financing.

Where the cash came from and went

ARS Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026ARS Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$33.7MOther financing$25.2MOther investing$23.4MCash drawn (+) / kept (−)−$17.5MShares issued$2.6M
ARS Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026ARS Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$183MOther investing$117MCash drawn (+) / kept (−)$33.9MNet borrowing (+) / repaid (−)$24.2MShares issued$5.2MOther financing$2.8M

From profit to cash

ARS Pharmaceuticals: net income to operating cash flow, Q3 2026ARS Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$35.6MDepreciation & amortization$415KStock-based pay$8.1MOther non-cash$172KReceivables−$5.9MInventory−$2.3MPayables$1.2MDeferred revenue−$92KPrepaid and other assets$639KOperating cash flow−$33.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$33.7M——$2.6M−$17.5M−$33.7M
Q2 2026−$60.9M——$786K$16.2M−$60.9M
Q1 2026−$44.9M——$62K$17.0M−$44.9M
Q4 2025−$43.5M—−$732K$1.8M$18.2M−$43.5M
Q3 2025−$47.0M−$197K—$479K−$8.0M−$47.2M
Q2 2025−$39.6M−$51K—$2.7M−$11.7M−$39.6M
Q1 2025−$40.7M−$91K—$725K$11.0M−$40.8M
Q4 2024$42.0M−$302K—$1.5M−$11.2M$41.7M

ARS Pharmaceuticals: income statement and cash flow

ARS Pharmaceuticals, Q3 2026: revenue $37.7M (+16% year over year), operating margin -90.6%. The chart follows the revenue to costs, profit and cash.

ARS Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.