Filing Flows › ARS Pharmaceuticals (SPRY) › Q4 2025
ARS Pharmaceuticals (SPRY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 9, 2026
ARS Pharmaceuticals (SPRY) reported revenue of $28.1M for the fourth quarter 2025 (Q4 2025), -68% from a year earlier and -14% from the quarter before. Operating margin was -147.6%, net loss $41.3M (147.1% of revenue).
ARS Pharmaceuticals, Q4 2025: revenue $28.1M (-68% year over year), operating margin -147.6%, net loss $41.3M, operating cash flow −$43.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.1M | -14% | -68% |
| Operating profit | −$41.5M | — | — |
| Net earnings | −$41.3M | — | — |
| Operating cash flow | −$43.5M | — | — |
What changed
Revenue was $28.1M in Q4 2025, down 68% year over year and down 14% from the previous quarter. Product was the largest line at 72% of revenue.
Operating costs exceeded revenue by $41.5M, an operating margin of -147.6%. Total costs grew 77% against a revenue fall of 68%. The fastest-growing cost line was Other operating costs (+611%). The quarter ended with a net loss of $41.3M, narrower than the previous quarter's $51.2M loss.
Operating cash flow was −$43.5M. Non-cash charges added back $417K of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items used $8.3M.
Questions
What was ARS Pharmaceuticals' revenue in the fourth quarter 2025?
ARS Pharmaceuticals (SPRY) reported revenue of $28.1M for the fourth quarter 2025 (Q4 2025), -68% from a year earlier and -14% from the quarter before.
Was ARS Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $41.5M (-147.6% of revenue) and net loss $41.3M.