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Side-by-side financial comparison of Open Lending Corp (LPRO) 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 $19.3M, roughly 1.5× Open Lending Corp). On growth, Open Lending Corp posted the faster year-over-year revenue change (134.0% vs -67.6%).
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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.
LPRO vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $19.3M | $28.1M |
| Net Profit | — | $-41.3M |
| Gross Margin | 76.0% | — |
| Operating Margin | 3.9% | -147.6% |
| Net Margin | — | -147.1% |
| Revenue YoY | 134.0% | -67.6% |
| Net Profit YoY | — | -182.8% |
| EPS (diluted) | $-0.00 | $-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 | $19.3M | $28.1M | ||
| Q3 25 | $24.2M | $32.5M | ||
| Q2 25 | $25.3M | $15.7M | ||
| Q1 25 | $24.4M | $8.0M | ||
| Q4 24 | $-56.9M | $86.6M | ||
| Q3 24 | $23.5M | $2.1M | ||
| Q2 24 | $26.7M | $500.0K | ||
| Q1 24 | $30.7M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-7.6M | $-51.2M | ||
| Q2 25 | $1.0M | $-44.9M | ||
| Q1 25 | $617.0K | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | $1.4M | $-19.1M | ||
| Q2 24 | $2.9M | $-12.5M | ||
| Q1 24 | $5.1M | $-10.3M |
| Q4 25 | 76.0% | — | ||
| Q3 25 | 78.0% | — | ||
| Q2 25 | 78.2% | — | ||
| Q1 25 | 75.1% | — | ||
| Q4 24 | 111.0% | — | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 78.6% | — | ||
| Q1 24 | 81.3% | — |
| Q4 25 | 3.9% | -147.6% | ||
| Q3 25 | -31.9% | -163.7% | ||
| Q2 25 | 4.6% | -302.9% | ||
| Q1 25 | 3.1% | -466.3% | ||
| Q4 24 | 138.0% | 54.5% | ||
| Q3 24 | 7.9% | -1051.6% | ||
| Q2 24 | 14.9% | -3068.0% | ||
| Q1 24 | 23.8% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | -31.3% | -157.4% | ||
| Q2 25 | 4.1% | -285.6% | ||
| Q1 25 | 2.5% | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | 6.1% | -925.0% | ||
| Q2 24 | 10.9% | -2503.2% | ||
| Q1 24 | 16.5% | — |
| Q4 25 | $-0.00 | $-0.41 | ||
| Q3 25 | $-0.06 | $-0.52 | ||
| Q2 25 | $0.01 | $-0.46 | ||
| Q1 25 | $0.01 | $-0.35 | ||
| Q4 24 | $-1.20 | $0.52 | ||
| Q3 24 | $0.01 | $-0.20 | ||
| Q2 24 | $0.02 | $-0.13 | ||
| Q1 24 | $0.04 | $-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 | $176.6M | $245.0M |
| Total DebtLower is stronger | $84.8M | $96.4M |
| Stockholders' EquityBook value | $75.0M | $114.3M |
| Total Assets | $236.7M | $327.7M |
| Debt / EquityLower = less leverage | 1.13× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $176.6M | $245.0M | ||
| Q3 25 | $222.1M | $288.2M | ||
| Q2 25 | $230.7M | $240.1M | ||
| Q1 25 | $236.2M | $275.7M | ||
| Q4 24 | $243.2M | $314.0M | ||
| Q3 24 | $250.2M | $204.6M | ||
| Q2 24 | $248.0M | $218.7M | ||
| Q1 24 | $247.0M | $223.6M |
| Q4 25 | $84.8M | $96.4M | ||
| Q3 25 | $134.4M | $96.2M | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | $137.9M | — | ||
| Q4 24 | $139.7M | $0 | ||
| Q3 24 | $141.5M | — | ||
| Q2 24 | $143.3M | — | ||
| Q1 24 | $143.2M | — |
| Q4 25 | $75.0M | $114.3M | ||
| Q3 25 | $72.8M | $147.7M | ||
| Q2 25 | $78.9M | $192.3M | ||
| Q1 25 | $79.8M | $229.0M | ||
| Q4 24 | $78.1M | $256.8M | ||
| Q3 24 | $220.5M | $201.0M | ||
| Q2 24 | $216.8M | $215.2M | ||
| Q1 24 | $211.5M | $223.9M |
| Q4 25 | $236.7M | $327.7M | ||
| Q3 25 | $287.7M | $372.8M | ||
| Q2 25 | $296.7M | $313.5M | ||
| Q1 25 | $304.2M | $327.3M | ||
| Q4 24 | $296.4M | $351.2M | ||
| Q3 24 | $395.7M | $217.6M | ||
| Q2 24 | $382.8M | $222.0M | ||
| Q1 24 | $380.6M | $227.6M |
| Q4 25 | 1.13× | 0.84× | ||
| Q3 25 | 1.84× | 0.65× | ||
| Q2 25 | 1.72× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.79× | 0.00× | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.66× | — | ||
| Q1 24 | 0.68× | — |
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 | $-3.2M | $-43.5M |
| Free Cash FlowOCF − Capex | $-3.3M | — |
| FCF MarginFCF / Revenue | -16.8% | — |
| Capex IntensityCapex / Revenue | 0.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $-43.5M | ||
| Q3 25 | $-5.7M | $-47.0M | ||
| Q2 25 | $848.0K | $-39.6M | ||
| Q1 25 | $-3.8M | $-40.7M | ||
| Q4 24 | $17.6M | $42.0M | ||
| Q3 24 | $11.4M | $-14.5M | ||
| Q2 24 | $-1.4M | $-7.3M | ||
| Q1 24 | $11.0M | $-6.7M |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | $837.0K | $-39.6M | ||
| Q1 25 | $-3.9M | $-40.8M | ||
| Q4 24 | $17.4M | $41.7M | ||
| Q3 24 | $11.3M | $-14.6M | ||
| Q2 24 | $-1.5M | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | -16.8% | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | 3.3% | -252.2% | ||
| Q1 25 | -15.9% | -512.1% | ||
| Q4 24 | -30.6% | 48.2% | ||
| Q3 24 | 48.0% | -706.3% | ||
| Q2 24 | -5.5% | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | 0.3% | 0.0% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | -0.3% | 0.3% | ||
| Q3 24 | 0.5% | 6.8% | ||
| Q2 24 | 0.2% | 7.6% | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.82× | — | ||
| Q1 25 | -6.22× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | 7.92× | — | ||
| Q2 24 | -0.48× | — | ||
| Q1 24 | 2.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPRO
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
