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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and STEM, INC. (STEM). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $28.1M, roughly 1.7× ARS Pharmaceuticals, Inc.). STEM, INC. runs the higher net margin — -33.9% vs -147.1%, a 113.2% gap on every dollar of revenue. On growth, STEM, INC. posted the faster year-over-year revenue change (-15.6% vs -67.6%).
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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
SPRY vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $47.1M |
| Net Profit | $-41.3M | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | -147.6% | -17.7% |
| Net Margin | -147.1% | -33.9% |
| Revenue YoY | -67.6% | -15.6% |
| Net Profit YoY | -182.8% | 68.8% |
| EPS (diluted) | $-0.41 | $-4.40 |
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 | $28.1M | $47.1M | ||
| Q3 25 | $32.5M | $38.2M | ||
| Q2 25 | $15.7M | $38.4M | ||
| Q1 25 | $8.0M | $32.5M | ||
| Q4 24 | $86.6M | $55.8M | ||
| Q3 24 | $2.1M | $29.3M | ||
| Q2 24 | $500.0K | $34.0M | ||
| Q1 24 | $0 | $25.5M |
| Q4 25 | $-41.3M | $-16.0M | ||
| Q3 25 | $-51.2M | $-23.8M | ||
| Q2 25 | $-44.9M | $202.5M | ||
| Q1 25 | $-33.9M | $-25.0M | ||
| Q4 24 | $49.9M | $-51.1M | ||
| Q3 24 | $-19.1M | $-148.3M | ||
| Q2 24 | $-12.5M | $-582.3M | ||
| Q1 24 | $-10.3M | $-72.3M |
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | -147.6% | -17.7% | ||
| Q3 25 | -163.7% | -33.6% | ||
| Q2 25 | -302.9% | -34.8% | ||
| Q1 25 | -466.3% | -65.0% | ||
| Q4 24 | 54.5% | -84.4% | ||
| Q3 24 | -1051.6% | -493.2% | ||
| Q2 24 | -3068.0% | -1705.5% | ||
| Q1 24 | — | -267.0% |
| Q4 25 | -147.1% | -33.9% | ||
| Q3 25 | -157.4% | -62.2% | ||
| Q2 25 | -285.6% | 527.8% | ||
| Q1 25 | -425.7% | -76.9% | ||
| Q4 24 | 57.7% | -91.6% | ||
| Q3 24 | -925.0% | -506.3% | ||
| Q2 24 | -2503.2% | -1712.6% | ||
| Q1 24 | — | -283.9% |
| Q4 25 | $-0.41 | $-4.40 | ||
| Q3 25 | $-0.52 | $-2.84 | ||
| Q2 25 | $-0.46 | $-1.79 | ||
| Q1 25 | $-0.35 | $-0.15 | ||
| Q4 24 | $0.52 | $-15.29 | ||
| Q3 24 | $-0.20 | $-18.24 | ||
| Q2 24 | $-0.13 | $-71.81 | ||
| Q1 24 | $-0.11 | $-0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $245.0M | $48.9M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $-249.4M |
| Total Assets | $327.7M | $308.9M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $48.9M | ||
| Q3 25 | $288.2M | $43.1M | ||
| Q2 25 | $240.1M | $40.8M | ||
| Q1 25 | $275.7M | $58.6M | ||
| Q4 24 | $314.0M | $56.3M | ||
| Q3 24 | $204.6M | $75.4M | ||
| Q2 24 | $218.7M | $89.6M | ||
| Q1 24 | $223.6M | $112.8M |
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $114.3M | $-249.4M | ||
| Q3 25 | $147.7M | $-235.7M | ||
| Q2 25 | $192.3M | $-214.1M | ||
| Q1 25 | $229.0M | $-417.5M | ||
| Q4 24 | $256.8M | $-398.4M | ||
| Q3 24 | $201.0M | $-344.1M | ||
| Q2 24 | $215.2M | $-203.2M | ||
| Q1 24 | $223.9M | $371.6M |
| Q4 25 | $327.7M | $308.9M | ||
| Q3 25 | $372.8M | $362.6M | ||
| Q2 25 | $313.5M | $379.2M | ||
| Q1 25 | $327.3M | $405.1M | ||
| Q4 24 | $351.2M | $437.4M | ||
| Q3 24 | $217.6M | $537.8M | ||
| Q2 24 | $222.0M | $691.5M | ||
| Q1 24 | $227.6M | $1.3B |
| 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 | $-43.5M | $8.2M |
| 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 | $-43.5M | $8.2M | ||
| Q3 25 | $-47.0M | $11.4M | ||
| Q2 25 | $-39.6M | $-21.3M | ||
| Q1 25 | $-40.7M | $8.5M | ||
| Q4 24 | $42.0M | $-14.7M | ||
| Q3 24 | $-14.5M | $-9.4M | ||
| Q2 24 | $-7.3M | $-11.9M | ||
| Q1 24 | $-6.7M | $-621.0K |
| 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 | — | -0.11× | ||
| 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
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
STEM
Segment breakdown not available.
