SPRYARS Pharmaceuticals, Inc.

Pharmaceutical Preparations

Revenue: $84M; 5.5% YoY
Operating margin: -212.9%; 6057% YoY
EBITDA: −$178M; 5828% YoY
Market cap: $336M
Employees: 158; $533K revenue each
Net debt / EBITDA: —; $89M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
26% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
58% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$533K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$336M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6M	$1M	$30K	$89M	$84M	5.5%
Operating income	−$19M	−$36M	−$68M	−$3M	−$179M	5721%
Net income	−$20M	−$35M	−$54M	$8M	−$171M	2242%
Operating cash flow	−$18M	−$40M	−$59M	$14M	−$171M	1361%
Capex	$55K	$199K	$175K	$563K	$339K	40%
Stock-based comp	$3M	$6M	$9M	$15M	$22M	52%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 6, 2022	DEFM14A	—	$1.24	63%
Aug 11, 2022	PREM14A	—	—	—

13D filers

Filed	Filer	Form	Stake	Intent
Oct 1, 2025	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	11.1%	Passive
Aug 1, 2025	Flynn James E	SCHEDULE 13D/A	7.8%	Passive
Jul 22, 2025	Flynn James E	SCHEDULE 13D/A	4.4%	Passive
Jul 2, 2025	Flynn James E	SCHEDULE 13D/A	9.9%	Passive
Mar 24, 2025	Flynn James E	SCHEDULE 13D/A	10.7%	Passive
Jun 17, 2024	Pratik Shah Living Trust dated June 15, 2011	SC 13D/A	5.4%	Passive
Jun 11, 2024	Pratik Shah Living Trust dated June 15, 2011	SC 13D/A	6.8%	Passive
Mar 29, 2024	RA CAPITAL MANAGEMENT, L.P.	SC 13D/A	11.3%	Passive
Sep 25, 2023	RA CAPITAL MANAGEMENT, L.P.	SC 13D/A	9.9%	Passive
Sep 1, 2023	Bell Robert G.	SC 13D/A	4.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$10M	213	—
FY2024	$7M	$15M	193	—