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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
TPG RE Finance Trust, Inc. is the larger business by last-quarter revenue ($35.0M vs $28.1M, roughly 1.2× ARS Pharmaceuticals, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -147.1%, a 162.8% gap on every dollar of revenue. On growth, TPG RE Finance Trust, Inc. posted the faster year-over-year revenue change (0.9% 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.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
SPRY vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $35.0M |
| Net Profit | $-41.3M | $4.0M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | 11.6% |
| Net Margin | -147.1% | 15.6% |
| Revenue YoY | -67.6% | 0.9% |
| Net Profit YoY | -182.8% | -62.8% |
| EPS (diluted) | $-0.41 | $0.01 |
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 | $35.0M | ||
| Q3 25 | $32.5M | $37.8M | ||
| Q2 25 | $15.7M | $36.2M | ||
| Q1 25 | $8.0M | $37.0M | ||
| Q4 24 | $86.6M | $34.7M | ||
| Q3 24 | $2.1M | $40.1M | ||
| Q2 24 | $500.0K | $39.3M | ||
| Q1 24 | $0 | $38.9M |
| Q4 25 | $-41.3M | $4.0M | ||
| Q3 25 | $-51.2M | $22.0M | ||
| Q2 25 | $-44.9M | $20.6M | ||
| Q1 25 | $-33.9M | $13.7M | ||
| Q4 24 | $49.9M | $10.7M | ||
| Q3 24 | $-19.1M | $22.2M | ||
| Q2 24 | $-12.5M | $24.7M | ||
| Q1 24 | $-10.3M | $16.7M |
| Q4 25 | -147.6% | 11.6% | ||
| Q3 25 | -163.7% | 58.4% | ||
| Q2 25 | -302.9% | 57.3% | ||
| Q1 25 | -466.3% | 37.2% | ||
| Q4 24 | 54.5% | 30.3% | ||
| Q3 24 | -1051.6% | 55.4% | ||
| Q2 24 | -3068.0% | 63.1% | ||
| Q1 24 | — | 44.0% |
| Q4 25 | -147.1% | 15.6% | ||
| Q3 25 | -157.4% | 58.1% | ||
| Q2 25 | -285.6% | 57.0% | ||
| Q1 25 | -425.7% | 37.0% | ||
| Q4 24 | 57.7% | 43.3% | ||
| Q3 24 | -925.0% | 55.3% | ||
| Q2 24 | -2503.2% | 62.9% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | $-0.41 | $0.01 | ||
| Q3 25 | $-0.52 | $0.23 | ||
| Q2 25 | $-0.46 | $0.21 | ||
| Q1 25 | $-0.35 | $0.12 | ||
| Q4 24 | $0.52 | $0.09 | ||
| Q3 24 | $-0.20 | $0.23 | ||
| Q2 24 | $-0.13 | $0.26 | ||
| Q1 24 | $-0.11 | $0.17 |
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 | $87.6M |
| Total DebtLower is stronger | $96.4M | $3.3B |
| Stockholders' EquityBook value | $114.3M | $1.1B |
| Total Assets | $327.7M | $4.4B |
| Debt / EquityLower = less leverage | 0.84× | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $87.6M | ||
| Q3 25 | $288.2M | $93.6M | ||
| Q2 25 | $240.1M | $165.8M | ||
| Q1 25 | $275.7M | $363.0M | ||
| Q4 24 | $314.0M | $190.2M | ||
| Q3 24 | $204.6M | $226.3M | ||
| Q2 24 | $218.7M | $259.2M | ||
| Q1 24 | $223.6M | $203.1M |
| Q4 25 | $96.4M | $3.3B | ||
| Q3 25 | $96.2M | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $0 | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $114.3M | $1.1B | ||
| Q3 25 | $147.7M | $1.1B | ||
| Q2 25 | $192.3M | $1.1B | ||
| Q1 25 | $229.0M | $1.1B | ||
| Q4 24 | $256.8M | $1.1B | ||
| Q3 24 | $201.0M | $1.1B | ||
| Q2 24 | $215.2M | $1.1B | ||
| Q1 24 | $223.9M | $1.1B |
| Q4 25 | $327.7M | $4.4B | ||
| Q3 25 | $372.8M | $4.1B | ||
| Q2 25 | $313.5M | $4.2B | ||
| Q1 25 | $327.3M | $4.0B | ||
| Q4 24 | $351.2M | $3.7B | ||
| Q3 24 | $217.6M | $3.7B | ||
| Q2 24 | $222.0M | $3.7B | ||
| Q1 24 | $227.6M | $3.8B |
| Q4 25 | 0.84× | 3.10× | ||
| Q3 25 | 0.65× | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | 0.00× | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $90.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $90.4M | ||
| Q3 25 | $-47.0M | $21.8M | ||
| Q2 25 | $-39.6M | $24.7M | ||
| Q1 25 | $-40.7M | $19.1M | ||
| Q4 24 | $42.0M | $112.1M | ||
| Q3 24 | $-14.5M | $23.7M | ||
| Q2 24 | $-7.3M | $25.6M | ||
| Q1 24 | $-6.7M | $37.4M |
| 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 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | 0.84× | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
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% |
TRTX
Segment breakdown not available.
