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Side-by-side financial comparison of IRONWOOD PHARMACEUTICALS INC (IRWD) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
IRONWOOD PHARMACEUTICALS INC is the larger business by last-quarter revenue ($47.7M vs $28.1M, roughly 1.7× ARS Pharmaceuticals, Inc.). IRONWOOD PHARMACEUTICALS INC runs the higher net margin — -4.8% vs -147.1%, a 142.4% gap on every dollar of revenue. On growth, IRONWOOD PHARMACEUTICALS INC posted the faster year-over-year revenue change (-47.3% vs -67.6%).
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
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.
IRWD vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.7M | $28.1M |
| Net Profit | $-2.3M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 14.3% | -147.6% |
| Net Margin | -4.8% | -147.1% |
| Revenue YoY | -47.3% | -67.6% |
| Net Profit YoY | -200.9% | -182.8% |
| EPS (diluted) | $0.01 | $-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 | $47.7M | $28.1M | ||
| Q3 25 | $122.1M | $32.5M | ||
| Q2 25 | $85.2M | $15.7M | ||
| Q1 25 | $41.1M | $8.0M | ||
| Q4 24 | $90.5M | $86.6M | ||
| Q3 24 | $91.6M | $2.1M | ||
| Q2 24 | $94.4M | $500.0K | ||
| Q1 24 | $74.9M | $0 |
| Q4 25 | $-2.3M | $-41.3M | ||
| Q3 25 | $40.1M | $-51.2M | ||
| Q2 25 | $23.6M | $-44.9M | ||
| Q1 25 | $-37.4M | $-33.9M | ||
| Q4 24 | $2.3M | $49.9M | ||
| Q3 24 | $3.6M | $-19.1M | ||
| Q2 24 | $-860.0K | $-12.5M | ||
| Q1 24 | $-4.2M | $-10.3M |
| Q4 25 | 14.3% | -147.6% | ||
| Q3 25 | 61.8% | -163.7% | ||
| Q2 25 | 53.2% | -302.9% | ||
| Q1 25 | -70.7% | -466.3% | ||
| Q4 24 | 34.8% | 54.5% | ||
| Q3 24 | 28.0% | -1051.6% | ||
| Q2 24 | 26.5% | -3068.0% | ||
| Q1 24 | 14.7% | — |
| Q4 25 | -4.8% | -147.1% | ||
| Q3 25 | 32.8% | -157.4% | ||
| Q2 25 | 27.7% | -285.6% | ||
| Q1 25 | -90.9% | -425.7% | ||
| Q4 24 | 2.5% | 57.7% | ||
| Q3 24 | 4.0% | -925.0% | ||
| Q2 24 | -0.9% | -2503.2% | ||
| Q1 24 | -5.6% | — |
| Q4 25 | $0.01 | $-0.41 | ||
| Q3 25 | $0.23 | $-0.52 | ||
| Q2 25 | $0.14 | $-0.46 | ||
| Q1 25 | $-0.23 | $-0.35 | ||
| Q4 24 | $0.03 | $0.52 | ||
| Q3 24 | $0.02 | $-0.20 | ||
| Q2 24 | $-0.01 | $-0.13 | ||
| Q1 24 | $-0.03 | $-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 | $215.5M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $-261.8M | $114.3M |
| Total Assets | $396.9M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.5M | $245.0M | ||
| Q3 25 | $140.4M | $288.2M | ||
| Q2 25 | $92.9M | $240.1M | ||
| Q1 25 | $108.5M | $275.7M | ||
| Q4 24 | $88.6M | $314.0M | ||
| Q3 24 | $88.2M | $204.6M | ||
| Q2 24 | $105.5M | $218.7M | ||
| Q1 24 | $121.5M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | $199.5M | $96.2M | ||
| Q2 25 | $199.3M | — | ||
| Q1 25 | $199.2M | — | ||
| Q4 24 | $199.0M | $0 | ||
| Q3 24 | $198.8M | — | ||
| Q2 24 | $198.6M | — | ||
| Q1 24 | $398.3M | — |
| Q4 25 | $-261.8M | $114.3M | ||
| Q3 25 | $-264.2M | $147.7M | ||
| Q2 25 | $-308.2M | $192.3M | ||
| Q1 25 | $-334.1M | $229.0M | ||
| Q4 24 | $-301.3M | $256.8M | ||
| Q3 24 | $-311.3M | $201.0M | ||
| Q2 24 | $-321.7M | $215.2M | ||
| Q1 24 | $-330.5M | $223.9M |
| Q4 25 | $396.9M | $327.7M | ||
| Q3 25 | $396.1M | $372.8M | ||
| Q2 25 | $342.9M | $313.5M | ||
| Q1 25 | $327.2M | $327.3M | ||
| Q4 24 | $350.9M | $351.2M | ||
| Q3 24 | $389.5M | $217.6M | ||
| Q2 24 | $395.6M | $222.0M | ||
| Q1 24 | $438.8M | $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 | $74.6M | $-43.5M |
| Free Cash FlowOCF − Capex | $74.6M | — |
| FCF MarginFCF / Revenue | 156.3% | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $127.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.6M | $-43.5M | ||
| Q3 25 | $47.6M | $-47.0M | ||
| Q2 25 | $-15.1M | $-39.6M | ||
| Q1 25 | $20.0M | $-40.7M | ||
| Q4 24 | $15.2M | $42.0M | ||
| Q3 24 | $9.9M | $-14.5M | ||
| Q2 24 | $33.5M | $-7.3M | ||
| Q1 24 | $45.0M | $-6.7M |
| Q4 25 | $74.6M | — | ||
| Q3 25 | $47.6M | $-47.2M | ||
| Q2 25 | $-15.1M | $-39.6M | ||
| Q1 25 | $19.9M | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | $9.9M | $-14.6M | ||
| Q2 24 | $33.4M | $-7.3M | ||
| Q1 24 | $44.9M | $-6.8M |
| Q4 25 | 156.3% | — | ||
| Q3 25 | 39.0% | -145.4% | ||
| Q2 25 | -17.7% | -252.2% | ||
| Q1 25 | 48.4% | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | 10.8% | -706.3% | ||
| Q2 24 | 35.4% | -1463.4% | ||
| Q1 24 | 60.0% | — |
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | 0.0% | 0.3% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.1% | 7.6% | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | -0.64× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.74× | 0.84× | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRWD
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
