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As used in this Annual Report, unless the context indicates or otherwise requires, ARS, ARS Pharma, the company, we, us, our, and other similar terms refer to ARS Pharmaceuticals, Inc., a Delaware corporation and its consolidated subsidiaries. neffy and EURneffy are trademarks of ours that we use in this Annual Report. This Annual Report also includes trademarks, trade names, and service marks …
The business is unprofitable at the operating level (-212.92% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.5% YoY. Margins deteriorated 209.5pp alongside, both lines moving the wrong way.
Free cash flow declined 1418% versus the prior year, cash generation momentum has weakened. ROIC dropped from -1.00% to -60.65%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$99M
▼ -5.5% YoY
Net Income (TTM)
-$198M
▼ -2241.8% YoY
Op. Margin
-204.49%
▼ -209.5pp YoY
ROIC
-79.18%
▼ -59.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$175M
▼ -1418.5% YoY
Op. Cash Flow (TTM)
-$175M
▼ -1361.2% YoY
Net Debt
-$104M
Net Cash Position
Cash & Equiv.
$201M
3Y CAGR: +300.1%
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