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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and VersaBank (VBNK). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $26.7M, roughly 1.1× VersaBank). VersaBank runs the higher net margin — 30.3% vs -147.1%, a 177.4% gap on every dollar of revenue. On growth, VersaBank posted the faster year-over-year revenue change (31.2% 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.
VersaBank is a Canada-based digital-first financial institution offering commercial lending, high-interest deposit accounts and customized financial services for SMEs, retail clients and institutional partners across North America. It operates no physical branches, using secure digital infrastructure to deliver efficient, cost-effective banking experiences.
SPRY vs VBNK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $26.7M |
| Net Profit | $-41.3M | $8.1M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | — |
| Net Margin | -147.1% | 30.3% |
| Revenue YoY | -67.6% | 31.2% |
| Net Profit YoY | -182.8% | 35.9% |
| EPS (diluted) | $-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.
| Q1 26 | — | $26.7M | ||
| Q4 25 | $28.1M | — | ||
| Q3 25 | $32.5M | $23.1M | ||
| Q2 25 | $15.7M | $22.0M | ||
| Q1 25 | $8.0M | $20.3M | ||
| Q4 24 | $86.6M | — | ||
| Q3 24 | $2.1M | $19.7M | ||
| Q2 24 | $500.0K | $20.8M |
| Q1 26 | — | $8.1M | ||
| Q4 25 | $-41.3M | — | ||
| Q3 25 | $-51.2M | $4.8M | ||
| Q2 25 | $-44.9M | $6.2M | ||
| Q1 25 | $-33.9M | $5.9M | ||
| Q4 24 | $49.9M | — | ||
| Q3 24 | $-19.1M | $7.1M | ||
| Q2 24 | $-12.5M | $8.6M |
| Q1 26 | — | — | ||
| Q4 25 | -147.6% | — | ||
| Q3 25 | -163.7% | — | ||
| Q2 25 | -302.9% | — | ||
| Q1 25 | -466.3% | — | ||
| Q4 24 | 54.5% | — | ||
| Q3 24 | -1051.6% | — | ||
| Q2 24 | -3068.0% | — |
| Q1 26 | — | 30.3% | ||
| Q4 25 | -147.1% | — | ||
| Q3 25 | -157.4% | 20.8% | ||
| Q2 25 | -285.6% | 28.3% | ||
| Q1 25 | -425.7% | 29.3% | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -925.0% | 35.9% | ||
| Q2 24 | -2503.2% | 41.5% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.41 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.46 | — | ||
| Q1 25 | $-0.35 | — | ||
| Q4 24 | $0.52 | — | ||
| Q3 24 | $-0.20 | — | ||
| Q2 24 | $-0.13 | — |
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 | $458.4M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $396.4M |
| Total Assets | $327.7M | $4.5B |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $458.4M | ||
| Q4 25 | $245.0M | — | ||
| Q3 25 | $288.2M | $336.0M | ||
| Q2 25 | $240.1M | $248.3M | ||
| Q1 25 | $275.7M | $282.3M | ||
| Q4 24 | $314.0M | — | ||
| Q3 24 | $204.6M | $181.0M | ||
| Q2 24 | $218.7M | $145.1M |
| Q1 26 | — | — | ||
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $396.4M | ||
| Q4 25 | $114.3M | — | ||
| Q3 25 | $147.7M | $385.5M | ||
| Q2 25 | $192.3M | $385.7M | ||
| Q1 25 | $229.0M | $380.5M | ||
| Q4 24 | $256.8M | — | ||
| Q3 24 | $201.0M | $298.6M | ||
| Q2 24 | $215.2M | $292.1M |
| Q1 26 | — | $4.5B | ||
| Q4 25 | $327.7M | — | ||
| Q3 25 | $372.8M | $4.0B | ||
| Q2 25 | $313.5M | $3.7B | ||
| Q1 25 | $327.3M | $3.6B | ||
| Q4 24 | $351.2M | — | ||
| Q3 24 | $217.6M | $3.3B | ||
| Q2 24 | $222.0M | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $40.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | 5.03× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.6M | ||
| Q4 25 | $-43.5M | — | ||
| Q3 25 | $-47.0M | — | ||
| Q2 25 | $-39.6M | — | ||
| Q1 25 | $-40.7M | $-65.0M | ||
| Q4 24 | $42.0M | — | ||
| Q3 24 | $-14.5M | — | ||
| Q2 24 | $-7.3M | — |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | 5.03× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -10.94× | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
VBNK
Segment breakdown not available.
