SPRY (ARS Pharmaceuticals) Net-Net Working Capital : $1.92 (As of Mar. 2025)

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What is ARS Pharmaceuticals Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

ARS Pharmaceuticals's Net-Net Working Capital for the quarter that ended in Mar. 2025 was $1.92.

The industry rank for ARS Pharmaceuticals's Net-Net Working Capital or its related term are showing as below:

SPRY's Price-to-Net-Net-Working-Capital is ranked worse than
67.76% of 881 companies
in the Biotechnology industry
Industry Median: 4.12 vs SPRY: 8.02

ARS Pharmaceuticals Net-Net Working Capital Historical Data

The historical data trend for ARS Pharmaceuticals's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

ARS Pharmaceuticals Net-Net Working Capital Chart

ARS Pharmaceuticals Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Net-Net Working Capital

-0.17

-0.35

2.83

2.34

2.33

ARS Pharmaceuticals Quarterly Data
	Dec20	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Net-Net Working Capital	Get a 7-Day Free Trial										2.28	2.19	1.94	2.33	1.92

Competitive Comparison of ARS Pharmaceuticals's Net-Net Working Capital

For the Biotechnology subindustry, ARS Pharmaceuticals's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

ARS Pharmaceuticals's Price-to-Net-Net-Working-Capital Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, ARS Pharmaceuticals's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where ARS Pharmaceuticals's Price-to-Net-Net-Working-Capital falls into.

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ARS Pharmaceuticals Net-Net Working Capital Calculation

ARS Pharmaceuticals's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2024 is calculated as

	Net-Net Working Capital		(A: Dec. 2024 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(314.022	+	0.75 * 8.175	+	0.5 * 5.212	-	94.355
-	0	-	0)	/	97.954
=	2.33

ARS Pharmaceuticals's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2025 is calculated as

	Net-Net Working Capital		(Q: Mar. 2025 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(275.727	+	0.75 * 9.303	+	0.5 * 7.27	-	98.344
-	0	-	0)	/	98.130
=	1.92

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

ARS Pharmaceuticals (NAS:SPRY) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

ARS Pharmaceuticals Net-Net Working Capital Related Terms

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ARS Pharmaceuticals Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » ARS Pharmaceuticals Inc (NAS:SPRY) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

11682 El Camino Real, Suite 120, San Diego, CA, USA, 92130

Website

https://www.ars-pharma.com

ARS Pharmaceuticals Inc is a biopharmaceutical company focused on the development of novel, potentially first-in-class product candidate, neffy for the emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is a proprietary composition of epinephrine with an absorption enhancer called Intravail, which allows neffy to provide injection-like absorption of epinephrine at a low dose, in a small, easy-to-carry, easy-to-use, rapidly administered and reliable nasal spray.

Executives

Brent L Saunders	director	2000 GALLOPING HILL ROAD, C/O SCHERING PLOUGH CORP, KENILWORTH NJ 07033
Alexander A Fitzpatrick	officer: Chief Legal Officer	9605 SCRANTON ROAD, SUITE 200, SAN DIEGO CA 92121
Kathleen D. Scott	officer: Chief Financial Officer	C/O CONATUS PHARMACEUTICALS INC., 16745 WEST BERNARDO DRIVE, SUITE 200, SAN DIEGO CA 92127
Laura Shawver	director, officer: Chief Executive Officer	1255 CRESCENT GREEN DRIVE, SUITE 250, CARY NC 27518
Eric Karas	officer: Chief Commercial Officer	C/O ARS PHARMACEUTICALS, INC., 11682 EL CAMINO REAL, SUITE 120, SAN DIEGO CA 92130
Richard E Lowenthal	director, 10 percent owner, officer: President and CEO	12481 HIGH BLUFF DRIVE, SUITE 200, SAN DIEGO CA 92130
Sarina Tanimoto	10 percent owner, officer: Chief Medical Officer	C/O ARS PHARMACEUTICALS, INC., 11682 EL CAMINO REAL, SUITE 120, SAN DIEGO CA 92130
Justin Chakma	officer: Chief Business Officer	C/O ARS PHARMACEUTICALS, INC., 11682 EL CAMINO REAL, SUITE 120, SAN DIEGO CA 92130
Brian Dorsey	officer: Chief Operating Officer	C/O SOMAXON PHARMACEUTICALS, INC., 10935 VISTA SORRENTO PARKWAY, SUITE 250, SAN DIEGO CA 92130
James E Flynn	director, 10 percent owner, other: Director by deputization	780 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017
Peter A. Thompson	director	C/O ANTHERA PHARMACEUTICALS, INC., 25801 INDUSTRIAL BOULEVARD, SUITE B, HAYWARD CA 94545
Orbimed Advisors Llc	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Ra Capital Healthcare Fund Lp	director	200 BERKELEY STREET, 18TH FLOOR, BOSTON MA 02116
Orbimed Capital Gp Vi Llc	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Pratik Shah Living Trust Dated June 15, 2011	10 percent owner	C/O ARS PHARMACEUTICALS, INC., 11682 EL CAMINO REAL, SUITE 120, SAN DIEGO CA 92130