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Side-by-side financial comparison of FRANKLIN STREET PROPERTIES CORP (FSP) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $26.0M, roughly 1.1× FRANKLIN STREET PROPERTIES CORP). FRANKLIN STREET PROPERTIES CORP runs the higher net margin — -28.1% vs -147.1%, a 119.0% gap on every dollar of revenue. On growth, FRANKLIN STREET PROPERTIES CORP posted the faster year-over-year revenue change (-8.2% vs -67.6%).
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset 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.
FSP vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.0M | $28.1M |
| Net Profit | $-7.3M | $-41.3M |
| Gross Margin | 59.4% | — |
| Operating Margin | -27.9% | -147.6% |
| Net Margin | -28.1% | -147.1% |
| Revenue YoY | -8.2% | -67.6% |
| Net Profit YoY | 14.1% | -182.8% |
| EPS (diluted) | $-0.06 | $-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 | $26.0M | $28.1M | ||
| Q3 25 | $27.3M | $32.5M | ||
| Q2 25 | $26.7M | $15.7M | ||
| Q1 25 | $27.1M | $8.0M | ||
| Q4 24 | $28.4M | $86.6M | ||
| Q3 24 | $29.7M | $2.1M | ||
| Q2 24 | $30.8M | $500.0K | ||
| Q1 24 | $31.2M | $0 |
| Q4 25 | $-7.3M | $-41.3M | ||
| Q3 25 | $-8.3M | $-51.2M | ||
| Q2 25 | $-7.9M | $-44.9M | ||
| Q1 25 | $-21.4M | $-33.9M | ||
| Q4 24 | $-8.5M | $49.9M | ||
| Q3 24 | $-15.6M | $-19.1M | ||
| Q2 24 | $-21.0M | $-12.5M | ||
| Q1 24 | $-7.6M | $-10.3M |
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 59.9% | — | ||
| Q1 25 | 62.8% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 61.0% | — | ||
| Q2 24 | 64.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -27.9% | -147.6% | ||
| Q3 25 | -30.5% | -163.7% | ||
| Q2 25 | -29.2% | -302.9% | ||
| Q1 25 | -78.9% | -466.3% | ||
| Q4 24 | -29.9% | 54.5% | ||
| Q3 24 | -52.4% | -1051.6% | ||
| Q2 24 | -68.0% | -3068.0% | ||
| Q1 24 | -24.0% | — |
| Q4 25 | -28.1% | -147.1% | ||
| Q3 25 | -30.5% | -157.4% | ||
| Q2 25 | -29.5% | -285.6% | ||
| Q1 25 | -79.1% | -425.7% | ||
| Q4 24 | -30.0% | 57.7% | ||
| Q3 24 | -52.6% | -925.0% | ||
| Q2 24 | -68.2% | -2503.2% | ||
| Q1 24 | -24.2% | — |
| Q4 25 | $-0.06 | $-0.41 | ||
| Q3 25 | $-0.08 | $-0.52 | ||
| Q2 25 | $-0.08 | $-0.46 | ||
| Q1 25 | $-0.21 | $-0.35 | ||
| Q4 24 | $-0.09 | $0.52 | ||
| Q3 24 | $-0.15 | $-0.20 | ||
| Q2 24 | $-0.20 | $-0.13 | ||
| Q1 24 | $-0.07 | $-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 | $30.6M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $607.0M | $114.3M |
| Total Assets | $892.9M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.6M | $245.0M | ||
| Q3 25 | $31.4M | $288.2M | ||
| Q2 25 | $29.4M | $240.1M | ||
| Q1 25 | $30.2M | $275.7M | ||
| Q4 24 | $41.1M | $314.0M | ||
| Q3 24 | $40.9M | $204.6M | ||
| Q2 24 | $30.2M | $218.7M | ||
| Q1 24 | $34.2M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $607.0M | $114.3M | ||
| Q3 25 | $615.3M | $147.7M | ||
| Q2 25 | $624.7M | $192.3M | ||
| Q1 25 | $633.4M | $229.0M | ||
| Q4 24 | $655.9M | $256.8M | ||
| Q3 24 | $665.4M | $201.0M | ||
| Q2 24 | $682.1M | $215.2M | ||
| Q1 24 | $703.9M | $223.9M |
| Q4 25 | $892.9M | $327.7M | ||
| Q3 25 | $901.0M | $372.8M | ||
| Q2 25 | $903.2M | $313.5M | ||
| Q1 25 | $916.4M | $327.3M | ||
| Q4 24 | $946.9M | $351.2M | ||
| Q3 24 | $981.5M | $217.6M | ||
| Q2 24 | $1.0B | $222.0M | ||
| Q1 24 | $1.0B | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $3.8M | $-43.5M |
| Free Cash FlowOCF − Capex | $-12.7M | — |
| FCF MarginFCF / Revenue | -48.6% | — |
| Capex IntensityCapex / Revenue | 63.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $-43.5M | ||
| Q3 25 | $8.3M | $-47.0M | ||
| Q2 25 | $-2.9M | $-39.6M | ||
| Q1 25 | $-5.5M | $-40.7M | ||
| Q4 24 | $9.0M | $42.0M | ||
| Q3 24 | $14.5M | $-14.5M | ||
| Q2 24 | $-648.0K | $-7.3M | ||
| Q1 24 | $-7.1M | $-6.7M |
| Q4 25 | $-12.7M | — | ||
| Q3 25 | $3.0M | $-47.2M | ||
| Q2 25 | $-5.7M | $-39.6M | ||
| Q1 25 | $-9.9M | $-40.8M | ||
| Q4 24 | $-16.2M | $41.7M | ||
| Q3 24 | $8.6M | $-14.6M | ||
| Q2 24 | $-5.1M | $-7.3M | ||
| Q1 24 | $-15.8M | $-6.8M |
| Q4 25 | -48.6% | — | ||
| Q3 25 | 11.0% | -145.4% | ||
| Q2 25 | -21.5% | -252.2% | ||
| Q1 25 | -36.7% | -512.1% | ||
| Q4 24 | -57.2% | 48.2% | ||
| Q3 24 | 29.1% | -706.3% | ||
| Q2 24 | -16.7% | -1463.4% | ||
| Q1 24 | -50.8% | — |
| Q4 25 | 63.0% | 0.0% | ||
| Q3 25 | 19.4% | 0.6% | ||
| Q2 25 | 10.7% | 0.3% | ||
| Q1 25 | 16.4% | 1.1% | ||
| Q4 24 | 88.9% | 0.3% | ||
| Q3 24 | 19.6% | 6.8% | ||
| Q2 24 | 14.6% | 7.6% | ||
| Q1 24 | 28.1% | — |
| 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
FSP
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
