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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $28.1M, roughly 2.0× ARS Pharmaceuticals, Inc.). ARS Pharmaceuticals, Inc. runs the higher net margin — -147.1% vs -246.8%, a 99.6% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% 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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
SPRY vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $57.2M |
| Net Profit | $-41.3M | $-141.2M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | -70.5% |
| Net Margin | -147.1% | -246.8% |
| Revenue YoY | -67.6% | 7.6% |
| Net Profit YoY | -182.8% | -2774.3% |
| EPS (diluted) | $-0.41 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $32.5M | $56.3M | ||
| Q2 25 | $15.7M | $52.6M | ||
| Q1 25 | $8.0M | $50.0M | ||
| Q4 24 | $86.6M | $53.2M | ||
| Q3 24 | $2.1M | $47.7M | ||
| Q2 24 | $500.0K | $50.5M | ||
| Q1 24 | $0 | $47.5M |
| Q4 25 | $-41.3M | $-141.2M | ||
| Q3 25 | $-51.2M | $-22.6M | ||
| Q2 25 | $-44.9M | $-27.2M | ||
| Q1 25 | $-33.9M | $-29.5M | ||
| Q4 24 | $49.9M | $-4.9M | ||
| Q3 24 | $-19.1M | $-5.3M | ||
| Q2 24 | $-12.5M | $-4.5M | ||
| Q1 24 | $-10.3M | $-4.1M |
| Q4 25 | -147.6% | -70.5% | ||
| Q3 25 | -163.7% | -55.6% | ||
| Q2 25 | -302.9% | -73.2% | ||
| Q1 25 | -466.3% | -82.0% | ||
| Q4 24 | 54.5% | -19.3% | ||
| Q3 24 | -1051.6% | -23.1% | ||
| Q2 24 | -3068.0% | -20.1% | ||
| Q1 24 | — | -19.5% |
| Q4 25 | -147.1% | -246.8% | ||
| Q3 25 | -157.4% | -40.1% | ||
| Q2 25 | -285.6% | -51.7% | ||
| Q1 25 | -425.7% | -58.9% | ||
| Q4 24 | 57.7% | -9.2% | ||
| Q3 24 | -925.0% | -11.2% | ||
| Q2 24 | -2503.2% | -9.0% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | $-0.41 | $-2.40 | ||
| Q3 25 | $-0.52 | $-0.38 | ||
| Q2 25 | $-0.46 | $-0.46 | ||
| Q1 25 | $-0.35 | $-0.50 | ||
| Q4 24 | $0.52 | $-0.09 | ||
| Q3 24 | $-0.20 | $-0.09 | ||
| Q2 24 | $-0.13 | $-0.08 | ||
| Q1 24 | $-0.11 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $327.2M |
| Total Assets | $327.7M | $488.9M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $84.9M | ||
| Q3 25 | $288.2M | $70.0M | ||
| Q2 25 | $240.1M | $81.0M | ||
| Q1 25 | $275.7M | $111.8M | ||
| Q4 24 | $314.0M | $102.3M | ||
| Q3 24 | $204.6M | $100.5M | ||
| Q2 24 | $218.7M | $103.0M | ||
| Q1 24 | $223.6M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $147.7M | $466.0M | ||
| Q2 25 | $192.3M | $486.3M | ||
| Q1 25 | $229.0M | $511.4M | ||
| Q4 24 | $256.8M | $538.5M | ||
| Q3 24 | $201.0M | $541.2M | ||
| Q2 24 | $215.2M | $542.5M | ||
| Q1 24 | $223.9M | $544.0M |
| Q4 25 | $327.7M | $488.9M | ||
| Q3 25 | $372.8M | $601.1M | ||
| Q2 25 | $313.5M | $624.7M | ||
| Q1 25 | $327.3M | $631.9M | ||
| Q4 24 | $351.2M | $656.2M | ||
| Q3 24 | $217.6M | $645.1M | ||
| Q2 24 | $222.0M | $651.4M | ||
| Q1 24 | $227.6M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-29.5M |
| FCF MarginFCF / Revenue | — | -51.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $-29.4M | ||
| Q3 25 | $-47.0M | $-31.6M | ||
| Q2 25 | $-39.6M | $-15.3M | ||
| Q1 25 | $-40.7M | $-33.1M | ||
| Q4 24 | $42.0M | $-1.8M | ||
| Q3 24 | $-14.5M | $-14.6M | ||
| Q2 24 | $-7.3M | $-6.9M | ||
| Q1 24 | $-6.7M | $7.6M |
| Q4 25 | — | $-29.5M | ||
| Q3 25 | $-47.2M | $-31.8M | ||
| Q2 25 | $-39.6M | $-15.6M | ||
| Q1 25 | $-40.8M | $-33.6M | ||
| Q4 24 | $41.7M | $-2.0M | ||
| Q3 24 | $-14.6M | $-14.7M | ||
| Q2 24 | $-7.3M | $-7.0M | ||
| Q1 24 | $-6.8M | $7.6M |
| Q4 25 | — | -51.6% | ||
| Q3 25 | -145.4% | -56.5% | ||
| Q2 25 | -252.2% | -29.6% | ||
| Q1 25 | -512.1% | -67.1% | ||
| Q4 24 | 48.2% | -3.8% | ||
| Q3 24 | -706.3% | -30.9% | ||
| Q2 24 | -1463.4% | -13.9% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | 0.0% | 0.2% | ||
| Q3 25 | 0.6% | 0.3% | ||
| Q2 25 | 0.3% | 0.6% | ||
| Q1 25 | 1.1% | 0.9% | ||
| Q4 24 | 0.3% | 0.4% | ||
| Q3 24 | 6.8% | 0.3% | ||
| Q2 24 | 7.6% | 0.2% | ||
| Q1 24 | — | 0.0% |
| 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
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
