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ARS Pharmaceuticals vs Heron Therapeutics: SPRY and HRTX compared
ARS Pharmaceuticals is the larger company: $37.7M of revenue in its latest quarter (Q3 2026) against $37.7M for Heron Therapeutics (Q2 2026). ARS Pharmaceuticals is growing faster (+16% against +1% a year earlier). Heron Therapeutics is more profitable, with an operating margin of -5.4% against -90.6%.
Where the money goes: SPRY and HRTX
ARS Pharmaceuticals (SPRY) · Q3 2026
ARS Pharmaceuticals, Q3 2026: revenue $37.7M (+16% year over year), operating margin -90.6%, net loss $35.6M, operating cash flow −$33.7M. The chart follows the revenue to costs, profit and cash.
Heron Therapeutics (HRTX) · Q2 2026
Heron Therapeutics, Q2 2026: revenue $37.7M (+1% year over year), operating margin -5.4%, net loss $5.5M, operating cash flow −$2.2M. The chart follows the revenue to costs, profit and cash.
| ARS Pharmaceuticals (SPRY) | Heron Therapeutics (HRTX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $37.7M | $37.7M |
| Revenue growth, Y/Y | +16% | +1% |
| Operating margin | -90.6% | -5.4% |
| Net earnings | −$35.6M | −$5.5M |
| Net margin | -94.4% | -14.6% |
| Operating cash flow | −$33.7M | −$2.2M |
Where the revenue comes from
ARS Pharmaceuticals
- Product: $33.4M (89%)
- Revenue Under Supply Agreements: $2.6M (7%)
- Revenue Under Collaboration Agreements: $1.7M (4%)
Heron Therapeutics
- CINVANTI: $21.8M (58%)
- ZYNRELEF: $11.1M (29%)
- Aponvie: $4.3M (11%)
- SUSTOL: $540K (1%)
Questions
Which is bigger, ARS Pharmaceuticals or Heron Therapeutics?
ARS Pharmaceuticals is the larger company: $37.7M of revenue in its latest quarter (Q3 2026) against $37.7M for Heron Therapeutics (Q2 2026).
Is ARS Pharmaceuticals or Heron Therapeutics growing faster?
ARS Pharmaceuticals is growing faster (+16% against +1% a year earlier).
Which is more profitable, ARS Pharmaceuticals or Heron Therapeutics?
Heron Therapeutics is more profitable, with an operating margin of -5.4% against -90.6%.
More: ARS Pharmaceuticals earnings · how ARS Pharmaceuticals makes money · Heron Therapeutics earnings · how Heron Therapeutics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.