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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Whitestone REIT (WSR). Click either name above to swap in a different company.
Whitestone REIT is the larger business by last-quarter revenue ($43.9M vs $28.1M, roughly 1.6× ARS Pharmaceuticals, Inc.). Whitestone REIT runs the higher net margin — 52.0% vs -147.1%, a 199.1% gap on every dollar of revenue. On growth, Whitestone REIT posted the faster year-over-year revenue change (7.5% 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.
Whitestone REIT is a publicly traded real estate investment trust that acquires, owns, manages and redevelops open-air community shopping centers, primarily located in high-growth metropolitan areas across the southwestern and southeastern United States. Its property portfolio is largely anchored by daily necessity, service-focused retail tenants that cater to regular local consumer demand.
SPRY vs WSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $43.9M |
| Net Profit | $-41.3M | $22.8M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | 53.0% |
| Net Margin | -147.1% | 52.0% |
| Revenue YoY | -67.6% | 7.5% |
| Net Profit YoY | -182.8% | 31.7% |
| EPS (diluted) | $-0.41 | $0.43 |
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 | $43.9M | ||
| Q3 25 | $32.5M | $41.0M | ||
| Q2 25 | $15.7M | $37.9M | ||
| Q1 25 | $8.0M | $38.0M | ||
| Q4 24 | $86.6M | $40.8M | ||
| Q3 24 | $2.1M | $38.6M | ||
| Q2 24 | $500.0K | $37.6M | ||
| Q1 24 | $0 | $37.2M |
| Q4 25 | $-41.3M | $22.8M | ||
| Q3 25 | $-51.2M | $18.3M | ||
| Q2 25 | $-44.9M | $5.1M | ||
| Q1 25 | $-33.9M | $3.7M | ||
| Q4 24 | $49.9M | $17.3M | ||
| Q3 24 | $-19.1M | $7.6M | ||
| Q2 24 | $-12.5M | $2.6M | ||
| Q1 24 | $-10.3M | $9.3M |
| Q4 25 | -147.6% | 53.0% | ||
| Q3 25 | -163.7% | 45.5% | ||
| Q2 25 | -302.9% | 13.8% | ||
| Q1 25 | -466.3% | 10.2% | ||
| Q4 24 | 54.5% | 43.3% | ||
| Q3 24 | -1051.6% | 20.3% | ||
| Q2 24 | -3068.0% | 7.2% | ||
| Q1 24 | — | 25.9% |
| Q4 25 | -147.1% | 52.0% | ||
| Q3 25 | -157.4% | 44.7% | ||
| Q2 25 | -285.6% | 13.3% | ||
| Q1 25 | -425.7% | 9.7% | ||
| Q4 24 | 57.7% | 42.5% | ||
| Q3 24 | -925.0% | 19.7% | ||
| Q2 24 | -2503.2% | 6.9% | ||
| Q1 24 | — | 25.1% |
| Q4 25 | $-0.41 | $0.43 | ||
| Q3 25 | $-0.52 | $0.35 | ||
| Q2 25 | $-0.46 | $0.10 | ||
| Q1 25 | $-0.35 | $0.07 | ||
| Q4 24 | $0.52 | $0.34 | ||
| Q3 24 | $-0.20 | $0.15 | ||
| Q2 24 | $-0.13 | $0.05 | ||
| Q1 24 | $-0.11 | $0.18 |
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 | $4.9M |
| Total DebtLower is stronger | $96.4M | $649.4M |
| Stockholders' EquityBook value | $114.3M | $458.1M |
| Total Assets | $327.7M | $1.2B |
| Debt / EquityLower = less leverage | 0.84× | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $4.9M | ||
| Q3 25 | $288.2M | $6.8M | ||
| Q2 25 | $240.1M | $5.3M | ||
| Q1 25 | $275.7M | $5.6M | ||
| Q4 24 | $314.0M | $5.2M | ||
| Q3 24 | $204.6M | $2.5M | ||
| Q2 24 | $218.7M | $3.2M | ||
| Q1 24 | $223.6M | $6.2M |
| Q4 25 | $96.4M | $649.4M | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | $632.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $114.3M | $458.1M | ||
| Q3 25 | $147.7M | $439.5M | ||
| Q2 25 | $192.3M | $427.5M | ||
| Q1 25 | $229.0M | $431.0M | ||
| Q4 24 | $256.8M | $438.2M | ||
| Q3 24 | $201.0M | $419.5M | ||
| Q2 24 | $215.2M | $418.3M | ||
| Q1 24 | $223.9M | $421.6M |
| Q4 25 | $327.7M | $1.2B | ||
| Q3 25 | $372.8M | $1.1B | ||
| Q2 25 | $313.5M | $1.2B | ||
| Q1 25 | $327.3M | $1.1B | ||
| Q4 24 | $351.2M | $1.1B | ||
| Q3 24 | $217.6M | $1.1B | ||
| Q2 24 | $222.0M | $1.1B | ||
| Q1 24 | $227.6M | $1.1B |
| Q4 25 | 0.84× | 1.42× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | 1.44× | ||
| 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 | $50.8M |
| Free Cash FlowOCF − Capex | — | $50.5M |
| FCF MarginFCF / Revenue | — | 114.9% |
| Capex IntensityCapex / Revenue | 0.0% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 2.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $50.8M | ||
| Q3 25 | $-47.0M | $18.0M | ||
| Q2 25 | $-39.6M | $13.8M | ||
| Q1 25 | $-40.7M | $3.1M | ||
| Q4 24 | $42.0M | $58.2M | ||
| Q3 24 | $-14.5M | $16.4M | ||
| Q2 24 | $-7.3M | $12.3M | ||
| Q1 24 | $-6.7M | $11.5M |
| Q4 25 | — | $50.5M | ||
| Q3 25 | $-47.2M | — | ||
| Q2 25 | $-39.6M | — | ||
| Q1 25 | $-40.8M | — | ||
| Q4 24 | $41.7M | $58.0M | ||
| Q3 24 | $-14.6M | — | ||
| Q2 24 | $-7.3M | — | ||
| Q1 24 | $-6.8M | — |
| Q4 25 | — | 114.9% | ||
| Q3 25 | -145.4% | — | ||
| Q2 25 | -252.2% | — | ||
| Q1 25 | -512.1% | — | ||
| Q4 24 | 48.2% | 142.1% | ||
| Q3 24 | -706.3% | — | ||
| Q2 24 | -1463.4% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | 0.7% | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 7.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.22× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 2.74× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | 0.84× | 3.36× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | — | 4.73× | ||
| Q1 24 | — | 1.23× |
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% |
WSR
Segment breakdown not available.
