Recent News
On August 13, 2025 ARS Pharmaceuticals announced second-quarter 2025 results: $15.7M total revenue, including $12.8M in U.S. net product revenue for neffy, 93% commercial coverage, and increased prescriptions driving commercial momentum. The release noted EURneffy approval in the U.K. and a Germany launch. On August 4, 2025 the company scheduled a conference call for the Q2 results on August 13, 2025. On August 28, 2025 ARS disclosed planned investor presentations at the Cantor Global Healthcare Conference (Sept. 3) and the Stifel Immunology and Inflammation Summit (Sept. 15).
Technical Analysis
Directional indicators show bullish pressure: ADX at 50.9 signals a very strong trend, DI+ registered a dip-and-reversal (bullish) at 10.98, and DI– fell to 34.18 (decreasing, bullish). That combination suggests directional strength favors upward moves, which could align with WMDST’s under-valued assessment in the near term.
MACD sits at -1.24 with the signal at -1.35 and the MACD trend increasing; MACD has crossed above its signal line, indicating bullish momentum emergence even while the oscillator remains below zero. This pattern points to early-stage momentum that may accelerate if follow-through appears.
MRO equals -27.88 (negative), indicating the market price lies below the reference target and therefore carries potential for an increase; the negative MRO magnitude implies meaningful upside reversion potential relative to that target.
RSI at 35.73 and trending lower signals weakening price momentum and proximity to oversold territory, which tempers immediate upside and suggests any rally could encounter short-term corrective pressure before a sustained move.
Price closed at $9.63 beneath the 12-day EMA ($10.13), the 20-day average ($9.98), and substantially below the 50-day ($14.14) and 200-day ($13.55) averages; that alignment creates medium-term resistance above current levels. Price sits near the lower Bollinger band (~$9.59), indicating limited immediate downside room. Ichimoku components (Tenkan $10.07, Kijun $12.23, Senkou A $16.47, Senkou B $16.09) lie above price and therefore act as overhead resistance. SuperTrend upper boundary at $11.16 provides a defined near-term resistance level price must overcome to shift the moving-average bias.
Volume averaged recently below the 10-day mean (current volume 1.24M vs. 10-day avg 2.47M), and short-term beta (42-day) at 0.36 signals muted sensitivity to market swings; lower volume suggests any breakout requires higher participation to sustain gains.
Fundamental Analysis
Top-line and product traction: total revenue reached $15,717,000 with gross profit of $10,733,000; year-over-year revenue growth measured +97.13% while quarter-over-quarter revenue change registered -206.98%.
Profitability and margins: gross margin equals 68.29%, below the industry peer mean of 77.85% and industry peer median of 80.10%. Operating (EBIT) margin equals -302.95%, which sits below the industry peer mean of -74.85% and the industry peer median of 23.76%, reflecting heavy operating expense load versus revenue.
Cash flow and liquidity: cash and short-term investments total $240,130,000 while operating cash flow stands at -$39,592,000 and free cash flow at -$39,643,000 (free cash flow yield -2.61%, below the industry peer mean of -0.335%). Current liquidity metrics remain strong on a balance-sheet basis: current ratio 6.17 and quick ratio 5.98, while debt levels stay minimal (total debt $1,661,000; debt-to-assets 0.53%).
R&D and operating structure: research and development expense $4,035,000 against total operating expenses $63,331,000, consistent with a commercial-stage biopharma balancing launch investment and product commercialization costs. Reported EPS came at -$0.46, beating the -$0.51 estimate by $0.05 (9.80% surprise).
Valuation: WMDST values the stock as under-valued. Key inputs that support that view include rapid year-over-year revenue growth, a large cash position relative to operating deficits, and early commercial uptake for neffy; offsetting considerations include deeply negative operating margin and negative free cash flow yield versus industry peer averages.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-13 |
| NEXT REPORT DATE: | 2025-11-12 |
| CASH FLOW | Begin Period Cash Flow | $ 39.9 M |
| Operating Cash Flow | $ -39.59 M | |
| Capital Expenditures | $ -51.00 K | |
| Change In Working Capital | $ -1.05 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 11.7 M | |
| End Period Cash Flow | $ 51.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 15.7 M | |
| Forward Revenue | $ 1.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 5.0 M | |
| Depreciation | $ 279.0 K | |
| Depreciation and Amortization | $ -1.19 M | |
| Research and Development | $ 4.0 M | |
| Total Operating Expenses | $ 63.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 10.7 M | |
| EBITDA | $ -47.61 M | |
| EBIT | $ -47.61 M | |
| Operating Income | $ -47.61 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -44.88 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -44.88 M | |
| Net Income From Continuing Operations | $ -44.88 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.51 | |
| EPS Actual | $ -0.46 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 9.804 % | |
| Forward EPS | $ -0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 313.5 M | |
| Intangible Assets | $ 13.2 M | |
| Net Tangible Assets | $ 179.2 M | |
| Total Current Assets | $ 281.4 M | |
| Cash and Short-Term Investments | $ 240.1 M | |
| Cash | $ 51.5 M | |
| Net Receivables | $ 25.1 M | |
| Inventory | $ 8.7 M | |
| Long-Term Investments | $ 13.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 15.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 45.6 M | |
| Net Debt | — | |
| Total Debt | $ 1.7 M | |
| Total Liabilities | $ 121.2 M | |
| EQUITY | ||
| Total Equity | $ 192.3 M | |
| Retained Earnings | $ -202.13 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.95 | |
| Shares Outstanding | 98.698 M | |
| Revenue Per-Share | $ 0.16 | |
| VALUATION | Market Capitalization | $ 1.5 B |
| Enterprise Value | $ 1.3 B | |
| Enterprise Multiple | -26.887 | |
| Enterprise Multiple QoQ | -2.02 % | |
| Enterprise Multiple YoY | -42.049 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 14.143 mean: 5.504 SPRY: -26.887 low: -68.907 |
|
| EV/R | 81.453 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.63 | |
| Asset To Liability | 2.587 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.005 | |
| Debt To Assets QoQ | 2309.091 % | |
| Debt To Assets YoY | 268.056 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.195 median: 0.062 SPRY: 0.005 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | 2600.0 % | |
| Debt To Equity YoY | 479.866 % | |
| Debt To Equity IPRWA | high: 1.577 mean: 0.256 median: 0.059 SPRY: 0.009 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.896 | |
| Price To Book QoQ | 39.531 % | |
| Price To Book YoY | 82.73 % | |
| Price To Book IPRWA | high: 16.592 SPRY: 7.896 median: 6.295 mean: 5.273 low: -9.599 |
|
| Price To Earnings (P/E) | -35.642 | |
| Price To Earnings QoQ | -5.534 % | |
| Price To Earnings YoY | -51.711 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -11.102 median: -18.972 SPRY: -35.642 low: -73.374 |
|
| PE/G Ratio | -1.134 | |
| Price To Sales (P/S) | 96.626 | |
| Price To Sales QoQ | -40.548 % | |
| Price To Sales YoY | -94.806 % | |
| Price To Sales IPRWA | high: 517.227 SPRY: 96.626 mean: 56.19 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -76.187 | |
| Forward PE/G | -2.424 | |
| Forward P/S | 925.069 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.289 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.049 | |
| Asset Turnover Ratio QoQ | 108.766 % | |
| Asset Turnover Ratio YoY | 2109.91 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 SPRY: 0.049 low: -0.001 |
|
| Receivables Turnover | 0.913 | |
| Receivables Turnover Ratio QoQ | 0.072 % | |
| Receivables Turnover Ratio YoY | 14.035 % | |
| Receivables Turnover Ratio IPRWA | high: 7.487 median: 1.422 mean: 1.41 SPRY: 0.913 low: 0.012 |
|
| Inventory Turnover | 0.623 | |
| Inventory Turnover Ratio QoQ | 255.234 % | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | high: 2.946 SPRY: 0.623 mean: 0.606 median: 0.415 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 99.944 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -52.111 | |
| Cash Conversion Cycle Days QoQ | -339.098 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 1258.184 median: 205.05 mean: 203.238 SPRY: -52.111 low: -1350.846 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.067 | |
| CapEx To Revenue | -0.003 | |
| CapEx To Depreciation | -0.183 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 192.3 M | |
| Net Invested Capital | $ 192.3 M | |
| Invested Capital | $ 192.3 M | |
| Net Tangible Assets | $ 179.2 M | |
| Net Working Capital | $ 235.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 5.266 | |
| Current Ratio | 6.172 | |
| Current Ratio QoQ | -43.894 % | |
| Current Ratio YoY | -81.196 % | |
| Current Ratio IPRWA | high: 25.128 SPRY: 6.172 mean: 3.945 median: 2.52 low: 0.021 |
|
| Quick Ratio | 5.98 | |
| Quick Ratio QoQ | -44.304 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 14.041 SPRY: 5.98 mean: 2.967 median: 2.158 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.035 | |
| Cost Of Debt | 341.878 % | |
| Interest Coverage Ratio | -12.69 | |
| Interest Coverage Ratio QoQ | 28.074 % | |
| Interest Coverage Ratio YoY | 210.391 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.494 median: 2.742 SPRY: -12.69 low: -1465.352 |
|
| Operating Cash Flow Ratio | -1.138 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 819.665 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.23 % | |
| Revenue Growth | 97.128 % | |
| Revenue Growth QoQ | -206.98 % | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | high: 269.352 % SPRY: 97.128 % mean: 20.514 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 31.429 % | |
| Earnings Growth QoQ | -118.334 % | |
| Earnings Growth YoY | 72.858 % | |
| Earnings Growth IPRWA | high: 155.0 % SPRY: 31.429 % median: 11.33 % mean: 2.321 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 68.289 % | |
| Gross Margin QoQ | -20.851 % | |
| Gross Margin YoY | -29.161 % | |
| Gross Margin IPRWA | high: 100.0 % median: 80.103 % mean: 77.845 % SPRY: 68.289 % low: -77.751 % |
|
| EBIT Margin | -302.946 % | |
| EBIT Margin QoQ | -35.03 % | |
| EBIT Margin YoY | -90.126 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % mean: -74.846 % SPRY: -302.946 % low: -5123.44 % |
|
| Return On Sales (ROS) | -302.946 % | |
| Return On Sales QoQ | -35.03 % | |
| Return On Sales YoY | -90.126 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % mean: -78.669 % SPRY: -302.946 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -39.64 M | |
| Free Cash Flow Yield | -2.61 % | |
| Free Cash Flow Yield QoQ | -17.169 % | |
| Free Cash Flow Yield YoY | 231.639 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.335 % SPRY: -2.61 % low: -74.318 % |
|
| Free Cash Growth | -2.914 % | |
| Free Cash Growth QoQ | -98.528 % | |
| Free Cash Growth YoY | -137.775 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % mean: 3.876 % SPRY: -2.914 % low: -183.577 % |
|
| Free Cash To Net Income | 0.883 | |
| Cash Flow Margin | -330.203 % | |
| Cash Flow To Earnings | 1.156 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -14.009 % | |
| Return On Assets QoQ | 40.02 % | |
| Return On Assets YoY | 151.598 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.358 % SPRY: -14.009 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -17.775 % | |
| Return On Equity (ROE) | -0.233 | |
| Return On Equity QoQ | 57.445 % | |
| Return On Equity YoY | 301.341 % | |
| Return On Equity IPRWA | high: 1.141 median: 0.04 mean: 0.008 SPRY: -0.233 low: -1.572 |
|
| DuPont ROE | -21.309 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |