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Side-by-side financial comparison of CS Disco, Inc. (LAW) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
CS Disco, Inc. is the larger business by last-quarter revenue ($41.2M vs $28.1M, roughly 1.5× ARS Pharmaceuticals, Inc.). CS Disco, Inc. runs the higher net margin — -20.7% vs -147.1%, a 126.5% gap on every dollar of revenue. On growth, CS Disco, Inc. posted the faster year-over-year revenue change (11.3% vs -67.6%).
CS Disco, Inc. is a leading legal technology provider that develops cloud-based software solutions for legal practitioners. Its core offerings include e-discovery, document review, case management, and legal workflow automation tools, serving law firms, corporate legal teams, and government legal departments primarily in North America.
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.
LAW vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $41.2M | $28.1M |
| Net Profit | $-8.5M | $-41.3M |
| Gross Margin | 75.1% | — |
| Operating Margin | -22.4% | -147.6% |
| Net Margin | -20.7% | -147.1% |
| Revenue YoY | 11.3% | -67.6% |
| Net Profit YoY | 66.3% | -182.8% |
| EPS (diluted) | $-0.13 | $-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 | $41.2M | $28.1M | ||
| Q3 25 | $40.9M | $32.5M | ||
| Q2 25 | $38.1M | $15.7M | ||
| Q1 25 | $36.7M | $8.0M | ||
| Q4 24 | $37.0M | $86.6M | ||
| Q3 24 | $36.3M | $2.1M | ||
| Q2 24 | $36.0M | $500.0K | ||
| Q1 24 | $35.6M | $0 |
| Q4 25 | $-8.5M | $-41.3M | ||
| Q3 25 | $-13.7M | $-51.2M | ||
| Q2 25 | $-10.8M | $-44.9M | ||
| Q1 25 | $-11.4M | $-33.9M | ||
| Q4 24 | $-25.2M | $49.9M | ||
| Q3 24 | $-9.2M | $-19.1M | ||
| Q2 24 | $-10.8M | $-12.5M | ||
| Q1 24 | $-10.6M | $-10.3M |
| Q4 25 | 75.1% | — | ||
| Q3 25 | 75.5% | — | ||
| Q2 25 | 74.6% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 74.2% | — | ||
| Q3 24 | 73.1% | — | ||
| Q2 24 | 74.2% | — | ||
| Q1 24 | 75.1% | — |
| Q4 25 | -22.4% | -147.6% | ||
| Q3 25 | -35.3% | -163.7% | ||
| Q2 25 | -31.0% | -302.9% | ||
| Q1 25 | -34.4% | -466.3% | ||
| Q4 24 | -70.6% | 54.5% | ||
| Q3 24 | -30.0% | -1051.6% | ||
| Q2 24 | -34.4% | -3068.0% | ||
| Q1 24 | -34.7% | — |
| Q4 25 | -20.7% | -147.1% | ||
| Q3 25 | -33.4% | -157.4% | ||
| Q2 25 | -28.4% | -285.6% | ||
| Q1 25 | -31.1% | -425.7% | ||
| Q4 24 | -68.1% | 57.7% | ||
| Q3 24 | -25.3% | -925.0% | ||
| Q2 24 | -30.1% | -2503.2% | ||
| Q1 24 | -29.7% | — |
| Q4 25 | $-0.13 | $-0.41 | ||
| Q3 25 | $-0.22 | $-0.52 | ||
| Q2 25 | $-0.18 | $-0.46 | ||
| Q1 25 | $-0.19 | $-0.35 | ||
| Q4 24 | $-0.43 | $0.52 | ||
| Q3 24 | $-0.15 | $-0.20 | ||
| Q2 24 | $-0.18 | $-0.13 | ||
| Q1 24 | $-0.17 | $-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 | $114.6M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $128.1M | $114.3M |
| Total Assets | $173.6M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.6M | $245.0M | ||
| Q3 25 | $113.5M | $288.2M | ||
| Q2 25 | $114.5M | $240.1M | ||
| Q1 25 | $118.8M | $275.7M | ||
| Q4 24 | $129.1M | $314.0M | ||
| Q3 24 | $126.8M | $204.6M | ||
| Q2 24 | $130.0M | $218.7M | ||
| Q1 24 | $148.7M | $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 | $128.1M | $114.3M | ||
| Q3 25 | $130.6M | $147.7M | ||
| Q2 25 | $137.9M | $192.3M | ||
| Q1 25 | $142.2M | $229.0M | ||
| Q4 24 | $147.5M | $256.8M | ||
| Q3 24 | $167.3M | $201.0M | ||
| Q2 24 | $170.9M | $215.2M | ||
| Q1 24 | $193.2M | $223.9M |
| Q4 25 | $173.6M | $327.7M | ||
| Q3 25 | $174.8M | $372.8M | ||
| Q2 25 | $164.9M | $313.5M | ||
| Q1 25 | $168.0M | $327.3M | ||
| Q4 24 | $180.3M | $351.2M | ||
| Q3 24 | $194.4M | $217.6M | ||
| Q2 24 | $198.0M | $222.0M | ||
| Q1 24 | $217.3M | $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 | $762.0K | $-43.5M |
| Free Cash FlowOCF − Capex | $255.0K | — |
| FCF MarginFCF / Revenue | 0.6% | — |
| Capex IntensityCapex / Revenue | 1.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-18.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $762.0K | $-43.5M | ||
| Q3 25 | $-979.0K | $-47.0M | ||
| Q2 25 | $-4.2M | $-39.6M | ||
| Q1 25 | $-10.5M | $-40.7M | ||
| Q4 24 | $2.1M | $42.0M | ||
| Q3 24 | $-2.9M | $-14.5M | ||
| Q2 24 | $-650.0K | $-7.3M | ||
| Q1 24 | $-7.3M | $-6.7M |
| Q4 25 | $255.0K | — | ||
| Q3 25 | $-2.0M | $-47.2M | ||
| Q2 25 | $-5.2M | $-39.6M | ||
| Q1 25 | $-11.0M | $-40.8M | ||
| Q4 24 | $1.5M | $41.7M | ||
| Q3 24 | $-3.7M | $-14.6M | ||
| Q2 24 | $-1.3M | $-7.3M | ||
| Q1 24 | $-8.0M | $-6.8M |
| Q4 25 | 0.6% | — | ||
| Q3 25 | -5.0% | -145.4% | ||
| Q2 25 | -13.6% | -252.2% | ||
| Q1 25 | -30.1% | -512.1% | ||
| Q4 24 | 4.1% | 48.2% | ||
| Q3 24 | -10.3% | -706.3% | ||
| Q2 24 | -3.6% | -1463.4% | ||
| Q1 24 | -22.5% | — |
| Q4 25 | 1.2% | 0.0% | ||
| Q3 25 | 2.6% | 0.6% | ||
| Q2 25 | 2.5% | 0.3% | ||
| Q1 25 | 1.4% | 1.1% | ||
| Q4 24 | 1.5% | 0.3% | ||
| Q3 24 | 2.4% | 6.8% | ||
| Q2 24 | 1.8% | 7.6% | ||
| Q1 24 | 1.9% | — |
| 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
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
