Filing Flows › ARS Pharmaceuticals (SPRY) › Q2 2025
ARS Pharmaceuticals (SPRY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
ARS Pharmaceuticals (SPRY) reported revenue of $15.7M for the second quarter 2025 (Q2 2025), up 31-fold from a year earlier and +97% from the quarter before. Operating margin was -302.9%, net loss $44.9M (285.6% of revenue).
ARS Pharmaceuticals, Q2 2025: revenue $15.7M (31× year over year), operating margin -302.9%, net loss $44.9M, operating cash flow −$39.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.7M | +97% | 31× |
| Operating profit | −$47.6M | — | — |
| Net earnings | −$44.9M | — | — |
| Operating cash flow | −$39.6M | — | — |
What changed
Revenue was $15.7M in Q2 2025, up 3043% year over year and up 97% from the previous quarter. Product was the largest line at 81% of revenue. Revenue Under Collaboration Agreements added $2.1M year over year (up 419%), 14% of the total change.
Operating costs exceeded revenue by $47.6M, an operating margin of -302.9%. Total costs grew 300% against revenue growth of 3043%. The fastest-growing cost line was SG&A (+507%). The quarter ended with a net loss of $44.9M, wider than the previous quarter's $33.9M loss.
Operating cash flow was −$39.6M. Non-cash charges added back $279K of depreciation and amortization and $5.4M of share-based compensation. Capital expenditures of $51K exceeded it, leaving free cash flow of −$39.6M.
Questions
What was ARS Pharmaceuticals' revenue in the second quarter 2025?
ARS Pharmaceuticals (SPRY) reported revenue of $15.7M for the second quarter 2025 (Q2 2025), up 31-fold from a year earlier and +97% from the quarter before.
Was ARS Pharmaceuticals profitable in the second quarter 2025?
Operating loss was $47.6M (-302.9% of revenue) and net loss $44.9M.