Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Ars Pharmaceuticals, Inc. (SPRY)
A forensic read on Ars Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.2
Distress distance
Watch
Earnings quality
4
Forensic signals
-3.1
P / E (ttm)
-149.9%
ROE
$591M
Market cap
0.00%
Dividend yield
-5.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ars Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
136d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 43 to 136 FY2024→FY2025 (against revenue (COGS not disclosed); inventory +199% vs -5% in revenue). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2023 figure on file for inventory, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
110d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 33 to 110 days FY2024→FY2025 (receivables +210% vs revenue -5%). Deferred revenue grew +9% over the same period, which accounts for part of the balance but not for a day count that widened against the same quarters a year earlier. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Sep 2025 +69, Dec 2025 +74, Mar 2026 +9 days). In the latest of them the receivable balance grew +208% against sales +184%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +147% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +35.1%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$84.3M
Revenue Growth YoY-5.5%
Revenue CAGR (3yr)+300.0%
Net Margin-203.3%
Free Cash Flow-$171.2M
Return on Equity-149.9%
Debt / Equity0.84x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ars Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Ars Pharmaceuticals, Inc. (SPRY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
26% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 26% of revenue in FY2025 — about $0.22 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 14.1% a year and is falling.