ARS Pharmaceuticals, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
SPRY$3.57+13.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(129,974) | $(41,936) |
| Non-cash adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 16,358 | 10,271 |
| Depreciation and amortization expense | 950 | 50 |
| Accretion on investments, net of amortization | (4,520) | (5,710) |
| Provision for inventory reserve | 2,160 | — |
| Other non-cash items | 186 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (28,382) | (773) |
| Inventories | (12,269) | (183) |
| Prepaid expenses and other assets | 372 | 1,060 |
| Donation of equipment | — | 30 |
| Accounts payable and accrued liabilities | 27,945 | 8,749 |
| Operating lease right-of-use asset and lease liability, net | 88 | (14) |
| Contract liability | (295) | — |
| Net cash and cash equivalents used in operating activities | (127,381) | (28,456) |
| Cash flows from investing activities: | ||
| Purchases of short-term investments, available-for-sale | (193,147) | (192,580) |
| Maturities of short-term investments, available-for-sale | 232,000 | 191,000 |
| Payments of milestone obligations under license agreements | (5,860) | (2,500) |
| Purchases of property and equipment | (339) | (261) |
| Net cash and cash equivalents provided by (used in) investing activities | 32,654 | (4,341) |
| Cash flows from financing activities: | ||
| Proceeds from term loan, net of issuance costs | 97,750 | — |
| Payment of term loan issuance costs to third parties | (761) | — |
| Proceeds from milestone obligations met under license agreements recognized as an increase to the financing liability | 2,577 | — |
| Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan | 3,901 | 1,483 |
| Net cash and cash equivalents provided by financing activities | 103,467 | 1,483 |
| Net increase (decrease) in cash and cash equivalents | 8,740 | (31,314) |
| Cash and cash equivalents at beginning of period | 50,817 | 70,971 |
| Cash and cash equivalents at end of period | $59,557 | $39,657 |
| Supplemental cash flow information: | ||
| Intangible assets included in accounts payable and accrued liabilities | $2,000 | $5,000 |
| Right-of-use asset obtained in exchange for operating lease obligations | $1,630 | $— |
| Debt issuance costs included in accounts payable and accrued liabilities | $763 | $— |
| Purchases of property and equipment in accounts payable | $— | $87 |
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