Filing Flows › ARS Pharmaceuticals (SPRY) › Q3 2025
ARS Pharmaceuticals (SPRY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
ARS Pharmaceuticals (SPRY) reported revenue of $32.5M for the third quarter 2025 (Q3 2025), up 16-fold from a year earlier and +107% from the quarter before. Operating margin was -163.7%, net loss $51.2M (157.4% of revenue).
ARS Pharmaceuticals, Q3 2025: revenue $32.5M (16× year over year), operating margin -163.7%, net loss $51.2M, operating cash flow −$47.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.5M | +107% | 16× |
| Operating profit | −$53.2M | — | — |
| Net earnings | −$51.2M | — | — |
| Operating cash flow | −$47.0M | — | — |
What changed
Revenue was $32.5M in Q3 2025, up 1472% year over year and up 107% from the previous quarter. Product was the largest line at 96% of revenue. Product added $30.7M year over year (up 5411%), 101% of the total change. Revenue Under Collaboration Agreements declined 96%.
Operating costs exceeded revenue by $53.2M, an operating margin of -163.7%. Total costs grew 260% against revenue growth of 1472%. The fastest-growing cost line was Other operating costs (+7213%). The quarter ended with a net loss of $51.2M, wider than the previous quarter's $44.9M loss.
Operating cash flow was −$47.0M. Non-cash charges added back $391K of depreciation and amortization and $5.7M of share-based compensation. Capital expenditures of $197K exceeded it, leaving free cash flow of −$47.2M.
Questions
What was ARS Pharmaceuticals' revenue in the third quarter 2025?
ARS Pharmaceuticals (SPRY) reported revenue of $32.5M for the third quarter 2025 (Q3 2025), up 16-fold from a year earlier and +107% from the quarter before.
Was ARS Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $53.2M (-163.7% of revenue) and net loss $51.2M.