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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Claros Mortgage Trust, Inc. is the larger business by last-quarter revenue ($46.7M vs $28.1M, roughly 1.7× ARS Pharmaceuticals, Inc.). ARS Pharmaceuticals, Inc. runs the higher net margin — -147.1% vs -468.9%, a 321.8% gap on every dollar of revenue. On growth, Claros Mortgage Trust, Inc. posted the faster year-over-year revenue change (-22.4% vs -67.6%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
CMTG vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $28.1M |
| Net Profit | $-219.2M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | -468.9% | -147.1% |
| Revenue YoY | -22.4% | -67.6% |
| Net Profit YoY | -117.7% | -182.8% |
| EPS (diluted) | $-1.56 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $46.7M | $28.1M | ||
| Q3 25 | $46.1M | $32.5M | ||
| Q2 25 | $51.6M | $15.7M | ||
| Q1 25 | $43.4M | $8.0M | ||
| Q4 24 | $60.2M | $86.6M | ||
| Q3 24 | $64.9M | $2.1M | ||
| Q2 24 | $64.5M | $500.0K | ||
| Q1 24 | $58.8M | $0 |
| Q4 25 | $-219.2M | $-41.3M | ||
| Q3 25 | $-9.5M | $-51.2M | ||
| Q2 25 | $-181.7M | $-44.9M | ||
| Q1 25 | $-78.6M | $-33.9M | ||
| Q4 24 | $-100.7M | $49.9M | ||
| Q3 24 | $-56.2M | $-19.1M | ||
| Q2 24 | $-11.6M | $-12.5M | ||
| Q1 24 | $-52.8M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | -1051.6% | ||
| Q2 24 | — | -3068.0% | ||
| Q1 24 | — | — |
| Q4 25 | -468.9% | -147.1% | ||
| Q3 25 | -20.7% | -157.4% | ||
| Q2 25 | -351.9% | -285.6% | ||
| Q1 25 | -181.3% | -425.7% | ||
| Q4 24 | -167.2% | 57.7% | ||
| Q3 24 | -86.7% | -925.0% | ||
| Q2 24 | -17.9% | -2503.2% | ||
| Q1 24 | -89.7% | — |
| Q4 25 | $-1.56 | $-0.41 | ||
| Q3 25 | $-0.07 | $-0.52 | ||
| Q2 25 | $-1.30 | $-0.46 | ||
| Q1 25 | $-0.56 | $-0.35 | ||
| Q4 24 | $-0.72 | $0.52 | ||
| Q3 24 | $-0.40 | $-0.20 | ||
| Q2 24 | $-0.09 | $-0.13 | ||
| Q1 24 | $-0.39 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $173.2M | $245.0M |
| Total DebtLower is stronger | $3.2B | $96.4M |
| Stockholders' EquityBook value | $1.5B | $114.3M |
| Total Assets | $4.7B | $327.7M |
| Debt / EquityLower = less leverage | 2.06× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $245.0M | ||
| Q3 25 | $339.5M | $288.2M | ||
| Q2 25 | $209.2M | $240.1M | ||
| Q1 25 | $127.8M | $275.7M | ||
| Q4 24 | $99.1M | $314.0M | ||
| Q3 24 | $113.9M | $204.6M | ||
| Q2 24 | $148.2M | $218.7M | ||
| Q1 24 | $232.5M | $223.6M |
| Q4 25 | $3.2B | $96.4M | ||
| Q3 25 | $3.7B | $96.2M | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.9B | $0 | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | $1.5B | $114.3M | ||
| Q3 25 | $1.7B | $147.7M | ||
| Q2 25 | $1.8B | $192.3M | ||
| Q1 25 | $1.9B | $229.0M | ||
| Q4 24 | $2.0B | $256.8M | ||
| Q3 24 | $2.1B | $201.0M | ||
| Q2 24 | $2.2B | $215.2M | ||
| Q1 24 | $2.2B | $223.9M |
| Q4 25 | $4.7B | $327.7M | ||
| Q3 25 | $5.4B | $372.8M | ||
| Q2 25 | $5.8B | $313.5M | ||
| Q1 25 | $6.7B | $327.3M | ||
| Q4 24 | $7.0B | $351.2M | ||
| Q3 24 | $7.3B | $217.6M | ||
| Q2 24 | $7.6B | $222.0M | ||
| Q1 24 | $7.8B | $227.6M |
| Q4 25 | 2.06× | 0.84× | ||
| Q3 25 | 2.09× | 0.65× | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.44× | 0.00× | ||
| Q3 24 | 2.44× | — | ||
| Q2 24 | 2.46× | — | ||
| Q1 24 | 2.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-30.5M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-30.5M | $-43.5M | ||
| Q3 25 | $8.8M | $-47.0M | ||
| Q2 25 | $-5.8M | $-39.6M | ||
| Q1 25 | $-35.8M | $-40.7M | ||
| Q4 24 | $84.5M | $42.0M | ||
| Q3 24 | $39.2M | $-14.5M | ||
| Q2 24 | $5.5M | $-7.3M | ||
| Q1 24 | $21.5M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
