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Side-by-side financial comparison of RHYTHM PHARMACEUTICALS, INC. (RYTM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
RHYTHM PHARMACEUTICALS, INC. is the larger business by last-quarter revenue ($57.3M vs $28.1M, roughly 2.0× ARS Pharmaceuticals, Inc.). RHYTHM PHARMACEUTICALS, INC. runs the higher net margin — -83.0% vs -147.1%, a 64.2% gap on every dollar of revenue. On growth, RHYTHM PHARMACEUTICALS, INC. posted the faster year-over-year revenue change (36.9% vs -67.6%).
Rhythm Pharmaceuticals is a biopharmaceutical firm focused on developing and commercializing targeted therapies for rare genetic disorders causing severe unmanageable obesity, including POMC deficiency, LEPR deficiency, and Bardet-Biedl syndrome. It serves patients in North America and Europe who lack effective standard treatments for their chronic life-altering conditions.
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.
RYTM vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.3M | $28.1M |
| Net Profit | $-47.5M | $-41.3M |
| Gross Margin | 91.6% | — |
| Operating Margin | -82.2% | -147.6% |
| Net Margin | -83.0% | -147.1% |
| Revenue YoY | 36.9% | -67.6% |
| Net Profit YoY | -9.6% | -182.8% |
| EPS (diluted) | $-0.73 | $-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 | $57.3M | $28.1M | ||
| Q3 25 | $51.3M | $32.5M | ||
| Q2 25 | $48.5M | $15.7M | ||
| Q1 25 | $32.7M | $8.0M | ||
| Q4 24 | $41.8M | $86.6M | ||
| Q3 24 | $33.3M | $2.1M | ||
| Q2 24 | $29.1M | $500.0K | ||
| Q1 24 | $26.0M | $0 |
| Q4 25 | $-47.5M | $-41.3M | ||
| Q3 25 | $-52.9M | $-51.2M | ||
| Q2 25 | $-46.6M | $-44.9M | ||
| Q1 25 | $-49.5M | $-33.9M | ||
| Q4 24 | $-43.3M | $49.9M | ||
| Q3 24 | $-43.6M | $-19.1M | ||
| Q2 24 | $-32.3M | $-12.5M | ||
| Q1 24 | $-141.4M | $-10.3M |
| Q4 25 | 91.6% | — | ||
| Q3 25 | 89.3% | — | ||
| Q2 25 | 88.6% | — | ||
| Q1 25 | 88.8% | — | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | 88.5% | — | ||
| Q2 24 | 89.9% | — | ||
| Q1 24 | 89.2% | — |
| Q4 25 | -82.2% | -147.6% | ||
| Q3 25 | -102.6% | -163.7% | ||
| Q2 25 | -93.4% | -302.9% | ||
| Q1 25 | -143.7% | -466.3% | ||
| Q4 24 | -98.6% | 54.5% | ||
| Q3 24 | -132.0% | -1051.6% | ||
| Q2 24 | -139.2% | -3068.0% | ||
| Q1 24 | -538.7% | — |
| Q4 25 | -83.0% | -147.1% | ||
| Q3 25 | -103.1% | -157.4% | ||
| Q2 25 | -96.1% | -285.6% | ||
| Q1 25 | -151.4% | -425.7% | ||
| Q4 24 | -103.6% | 57.7% | ||
| Q3 24 | -131.2% | -925.0% | ||
| Q2 24 | -110.9% | -2503.2% | ||
| Q1 24 | -544.4% | — |
| Q4 25 | $-0.73 | $-0.41 | ||
| Q3 25 | $-0.82 | $-0.52 | ||
| Q2 25 | $-0.75 | $-0.46 | ||
| Q1 25 | $-0.81 | $-0.35 | ||
| Q4 24 | $-0.71 | $0.52 | ||
| Q3 24 | $-0.73 | $-0.20 | ||
| Q2 24 | $-0.55 | $-0.13 | ||
| Q1 24 | $-2.35 | $-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 | $388.9M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $139.1M | $114.3M |
| Total Assets | $480.2M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $388.9M | $245.0M | ||
| Q3 25 | $416.1M | $288.2M | ||
| Q2 25 | $291.0M | $240.1M | ||
| Q1 25 | $314.5M | $275.7M | ||
| Q4 24 | $320.6M | $314.0M | ||
| Q3 24 | $298.4M | $204.6M | ||
| Q2 24 | $319.1M | $218.7M | ||
| Q1 24 | $201.2M | $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 | $139.1M | $114.3M | ||
| Q3 25 | $148.8M | $147.7M | ||
| Q2 25 | $-11.9M | $192.3M | ||
| Q1 25 | $18.9M | $229.0M | ||
| Q4 24 | $21.7M | $256.8M | ||
| Q3 24 | $11.2M | $201.0M | ||
| Q2 24 | $39.3M | $215.2M | ||
| Q1 24 | $61.6M | $223.9M |
| Q4 25 | $480.2M | $327.7M | ||
| Q3 25 | $506.9M | $372.8M | ||
| Q2 25 | $372.7M | $313.5M | ||
| Q1 25 | $386.7M | $327.3M | ||
| Q4 24 | $392.3M | $351.2M | ||
| Q3 24 | $363.6M | $217.6M | ||
| Q2 24 | $381.8M | $222.0M | ||
| Q1 24 | $258.7M | $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 | $-25.4M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.4M | $-43.5M | ||
| Q3 25 | $-26.6M | $-47.0M | ||
| Q2 25 | $-23.3M | $-39.6M | ||
| Q1 25 | $-40.4M | $-40.7M | ||
| Q4 24 | $-18.8M | $42.0M | ||
| Q3 24 | $-25.2M | $-14.5M | ||
| Q2 24 | $-29.1M | $-7.3M | ||
| Q1 24 | $-40.7M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| 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
RYTM
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
