Filings/SPRY/10-Q

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EDGAR
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KPIsSections20

Income flow

Headline metrics
Revenue — GREEN$56.3M+137.8% YoY
Gross margin — GREEN94.5%
Net income — GREEN-$123.0M-56.0% YoY
Net margin — GREEN-218.2%
Operating margin — RED-215.9%
Red flags5 red1 orange
Liquidity5
RED
Negative operating cash flowoperating_cf_burn
The company is burning cash from operations — sustainability depends on financing.
RED
Net margin -218.2%net_margin_sharply_negative
Net income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -187.9%cash_conversion_weak
CFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.1 yearscash_runway_low
At current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 3337%accumulated_deficit_high
Accumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 35.2%sbc_revenue_high
Stock-based compensation exceeds 25% of revenue — materially dilutive.
Income Statement
Income Statement
MetricValueFlag
EPS (diluted)$-1.24GREEN
Gross Margin94.5%GREEN
Net Income-$123.0MGREEN
Net Margin-218.2%GREEN
Operating Margin-215.9%RED
R&D % Revenue16.0%GREEN
Revenue$56.3MGREEN
Revenue (quarter)$33.7MGREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Broad Liquidity$143.8MGREEN
Cash$8.2MGREEN
Current Ratio3.48GREEN
Debt/Equity7.73GREEN
Total Assets$249.5MGREEN
Total Equity$12.5MGREEN
Cash Flow
Cash Flow
MetricValueFlag
Cash Conversion (CFO/Rev)-1.88GREEN
Free Cash Flow-$105.9MGREEN
Operating CF-$105.9MGREEN
SBC % Revenue35.2%GREEN

Sections in this filing

MD&A

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our unaudited condensed consolidated financial statements and related notes thereto included in “Item 1. Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q and the audited financial statements and related notes thereto as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”), on March 9, 2026. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. For a complete discussion of forward-looking statements, see the section above entitled “Special Note Regarding Forward-Looking Statements.” As a result of many factors, including those factors set forth under the caption “Item 1A. Risk Factors” of this Quarterly Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the “Risk Factors” section of this Quarterly Report to gain an understanding of the various factors that could cause actual results to differ materially from our forward-looking statements. Overview We are a biopharmaceutical company focused on the commercialization of neffy ® (also identified in the European Union (“EU”) and United Kingdom (“UK”) by the trade name EURneffy and in China by the trade name 优敏速 ) needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is the first and only needle-free epinephrine product approved by the U.S. Food and Drug Administration (“FDA”) and the European Commission, and also has approvals in the UK, Japan, Australia, China, and Canada. It is the first new delivery method for epinephrine in more than 35 years. neffy is a proprietary composition of epinephrine with an innovative absorption enhancer called Intravail, which allows neffy to safely provide intranasal delivery of epinephrine at a low dose within the exposures of approved injectable products across a range of