vs
ARS Pharmaceuticals, Inc.（SPRY）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是ARS Pharmaceuticals, Inc.的1.7倍（$47.1M vs $28.1M），STEM, INC.净利率更高（-33.9% vs -147.1%，领先113.2%），STEM, INC.同比增速更快（-15.6% vs -67.6%）
ARS Pharmaceuticals是一家处于后期研发阶段的生物制药企业，专注于开发和商业化严重过敏反应创新疗法，核心产品为无需注射的肾上腺素鼻腔递送制剂，主要面向北美市场，服务存在致命过敏风险的成人及儿童患者群体。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
SPRY vs STEM — 直观对比
营收规模更大
STEM
是对方的1.7倍
$28.1M
营收增速更快
STEM
高出52.0%
-67.6%
净利率更高
STEM
高出113.2%
-147.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $28.1M | $47.1M |
| 净利润 | $-41.3M | $-16.0M |
| 毛利率 | — | 48.9% |
| 营业利润率 | -147.6% | -17.7% |
| 净利率 | -147.1% | -33.9% |
| 营收同比 | -67.6% | -15.6% |
| 净利润同比 | -182.8% | 68.8% |
| 每股收益（稀释后） | $-0.41 | $-4.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SPRYSTEM
| 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 |
净利润SPRYSTEM
| 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 |
毛利率SPRYSTEM
| 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% |
营业利润率SPRYSTEM
| 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% |
净利率SPRYSTEM
| 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% |
每股收益（稀释后）SPRYSTEM
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $245.0M | $48.9M |
| 总债务越低越好 | $96.4M | — |
| 股东权益账面价值 | $114.3M | $-249.4M |
| 总资产 | $327.7M | $308.9M |
| 负债/权益比越低杠杆越低 | 0.84× | — |
8季度趋势，按日历期对齐
现金及短期投资SPRYSTEM
| 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 |
总债务SPRYSTEM
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SPRYSTEM
| 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 |
总资产SPRYSTEM
| 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 |
负债/权益比SPRYSTEM
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-43.5M | $8.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流SPRYSTEM
| 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 |
自由现金流SPRYSTEM
| 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 | — |
自由现金流率SPRYSTEM
| 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 | — | — |
资本支出强度SPRYSTEM
| 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 | — | — |
现金转化率SPRYSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
STEM
暂无分部数据
