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SPRY — ARS Pharmaceuticals Inc.

SPRY (ARS Pharmaceuticals Inc.) stock: $2.79, $277.5M market cap, $138.3M cash, $261.0M EV, $331.9M fully diluted market cap. Lead program: Neffy (Allergic Reactions), Phase 4. Data from Fully Diluted's biotech stocks database.

What they do

We believe neffy ’s “no needle, no injection” approach addresses a significant unmet need in the use of epinephrine. There are approximately 40 million people in the U.S. who experience Type I allergic reactions. Of this group, approximately 20 million people are reported to have been diagnosed and experienced severe Type I allergic reactions that may lead to anaphylaxis, and approximately 6.5 million of those were prescribed an epinephrine autoinjector.

Source: 10-K FY2025 via SEC EDGAR

Share price
$2.79
Market cap
$277.5M
Cash
$138.3M
Enterprise value
$261.0M

Balance sheet

Cash$138.3M
Debt$121.8M
Net cash$16.5M
Enterprise value$261.0M
Basic shares100.5M shares
Fully diluted shares119.0M shares
Fully diluted market cap$331.9M
Cash per share$1.38
Quarterly burn$60.9M
Cash runway2.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common
99.4M
Pre-funded warrants
0.0M
Options
16.7M
RSUs
0.0M
Warrants
0.0M
Converts
0.0M
Conv preferred
0.0M
ESPP reserve
2.7M
FDSO
119.0M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ARS-2 (neffy) · Est. Feb 14, 2027 · quarter midpoint · guided in 8 wks

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