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Side-by-side financial comparison of ON24 INC. (ONTF) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ON24 INC. is the larger business by last-quarter revenue ($34.6M vs $28.1M, roughly 1.2× ARS Pharmaceuticals, Inc.). ON24 INC. runs the higher net margin — -18.8% vs -147.1%, a 128.4% gap on every dollar of revenue. On growth, ON24 INC. posted the faster year-over-year revenue change (-5.6% vs -67.6%).
ON24 Inc., a San Francisco-based company, is a cloud-based platform that develops and sells web-based webinar, virtual conferencing, content hub, and landing page applications as a service for marketing and sales teams in B2B organizations. In 2023 it expanded its offerings to include generative AI services.
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.
ONTF vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $34.6M | $28.1M |
| Net Profit | $-6.5M | $-41.3M |
| Gross Margin | 74.9% | — |
| Operating Margin | -23.5% | -147.6% |
| Net Margin | -18.8% | -147.1% |
| Revenue YoY | -5.6% | -67.6% |
| Net Profit YoY | 26.8% | -182.8% |
| EPS (diluted) | $-0.15 | $-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 | $34.6M | $28.1M | ||
| Q3 25 | $34.6M | $32.5M | ||
| Q2 25 | $35.3M | $15.7M | ||
| Q1 25 | $34.7M | $8.0M | ||
| Q4 24 | $36.7M | $86.6M | ||
| Q3 24 | $36.3M | $2.1M | ||
| Q2 24 | $37.3M | $500.0K | ||
| Q1 24 | $37.7M | $0 |
| Q4 25 | $-6.5M | $-41.3M | ||
| Q3 25 | $-6.4M | $-51.2M | ||
| Q2 25 | $-7.3M | $-44.9M | ||
| Q1 25 | $-8.7M | $-33.9M | ||
| Q4 24 | $-8.9M | $49.9M | ||
| Q3 24 | $-11.4M | $-19.1M | ||
| Q2 24 | $-11.2M | $-12.5M | ||
| Q1 24 | $-10.7M | $-10.3M |
| Q4 25 | 74.9% | — | ||
| Q3 25 | 74.7% | — | ||
| Q2 25 | 75.1% | — | ||
| Q1 25 | 73.8% | — | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 74.3% | — | ||
| Q2 24 | 74.5% | — | ||
| Q1 24 | 74.1% | — |
| Q4 25 | -23.5% | -147.6% | ||
| Q3 25 | -23.1% | -163.7% | ||
| Q2 25 | -26.0% | -302.9% | ||
| Q1 25 | -30.1% | -466.3% | ||
| Q4 24 | -32.1% | 54.5% | ||
| Q3 24 | -36.7% | -1051.6% | ||
| Q2 24 | -35.0% | -3068.0% | ||
| Q1 24 | -33.1% | — |
| Q4 25 | -18.8% | -147.1% | ||
| Q3 25 | -18.4% | -157.4% | ||
| Q2 25 | -20.6% | -285.6% | ||
| Q1 25 | -25.1% | -425.7% | ||
| Q4 24 | -24.2% | 57.7% | ||
| Q3 24 | -31.4% | -925.0% | ||
| Q2 24 | -29.9% | -2503.2% | ||
| Q1 24 | -28.4% | — |
| Q4 25 | $-0.15 | $-0.41 | ||
| Q3 25 | $-0.15 | $-0.52 | ||
| Q2 25 | $-0.17 | $-0.46 | ||
| Q1 25 | $-0.21 | $-0.35 | ||
| Q4 24 | $-0.21 | $0.52 | ||
| Q3 24 | $-0.27 | $-0.20 | ||
| Q2 24 | $-0.27 | $-0.13 | ||
| Q1 24 | $-0.26 | $-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 | $37.0M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $139.4M | $114.3M |
| Total Assets | $228.4M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $37.0M | $245.0M | ||
| Q3 25 | $47.2M | $288.2M | ||
| Q2 25 | $37.7M | $240.1M | ||
| Q1 25 | $26.8M | $275.7M | ||
| Q4 24 | $14.9M | $314.0M | ||
| Q3 24 | $11.0M | $204.6M | ||
| Q2 24 | $15.5M | $218.7M | ||
| Q1 24 | $18.3M | $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 | $139.4M | $114.3M | ||
| Q3 25 | $144.3M | $147.7M | ||
| Q2 25 | $150.0M | $192.3M | ||
| Q1 25 | $153.7M | $229.0M | ||
| Q4 24 | $159.4M | $256.8M | ||
| Q3 24 | $164.9M | $201.0M | ||
| Q2 24 | $170.8M | $215.2M | ||
| Q1 24 | $174.4M | $223.9M |
| Q4 25 | $228.4M | $327.7M | ||
| Q3 25 | $224.8M | $372.8M | ||
| Q2 25 | $235.1M | $313.5M | ||
| Q1 25 | $245.8M | $327.3M | ||
| Q4 24 | $251.0M | $351.2M | ||
| Q3 24 | $250.9M | $217.6M | ||
| Q2 24 | $259.0M | $222.0M | ||
| Q1 24 | $269.2M | $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 | $-1.1M | $-43.5M |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -6.4% | — |
| Capex IntensityCapex / Revenue | 3.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.1M | $-43.5M | ||
| Q3 25 | $2.5M | $-47.0M | ||
| Q2 25 | $2.6M | $-39.6M | ||
| Q1 25 | $3.4M | $-40.7M | ||
| Q4 24 | $985.0K | $42.0M | ||
| Q3 24 | $295.0K | $-14.5M | ||
| Q2 24 | $1.4M | $-7.3M | ||
| Q1 24 | $2.1M | $-6.7M |
| Q4 25 | $-2.2M | — | ||
| Q3 25 | $2.2M | $-47.2M | ||
| Q2 25 | $2.1M | $-39.6M | ||
| Q1 25 | $1.9M | $-40.8M | ||
| Q4 24 | $424.0K | $41.7M | ||
| Q3 24 | $143.0K | $-14.6M | ||
| Q2 24 | $898.0K | $-7.3M | ||
| Q1 24 | $1.1M | $-6.8M |
| Q4 25 | -6.4% | — | ||
| Q3 25 | 6.2% | -145.4% | ||
| Q2 25 | 5.9% | -252.2% | ||
| Q1 25 | 5.6% | -512.1% | ||
| Q4 24 | 1.2% | 48.2% | ||
| Q3 24 | 0.4% | -706.3% | ||
| Q2 24 | 2.4% | -1463.4% | ||
| Q1 24 | 2.9% | — |
| Q4 25 | 3.3% | 0.0% | ||
| Q3 25 | 1.1% | 0.6% | ||
| Q2 25 | 1.4% | 0.3% | ||
| Q1 25 | 4.2% | 1.1% | ||
| Q4 24 | 1.5% | 0.3% | ||
| Q3 24 | 0.4% | 6.8% | ||
| Q2 24 | 1.3% | 7.6% | ||
| Q1 24 | 2.8% | — |
| 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
ONTF
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
