TakeoverPE & activists

SPRYARS Pharmaceuticals, Inc.

Pharmaceutical Preparations · $336M market cap · 158 employees

0.7×

Less likely than average to be taken private

Top 27% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • 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
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$2M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 6, 2022DEFM14A—$1.2463%

Key numbers

Revenue
$84MFY2021: $6MFY2022: $1MFY2023: $30KFY2024: $89MFY2025: $84M
5.5% YoY
Operating margin
-212.9%FY2021: -353.3%FY2022: -2698.8%FY2023: -225066.7%FY2024: -3.5%FY2025: -212.9%
6057% YoY
EBITDA
−$178MFY2021: −$19MFY2022: −$35MFY2023: −$67MFY2024: −$3MFY2025: −$178M
5828% YoY
Net debt / EBITDA
—
$89M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$6M$1M$30K$89M$84M 5.5% FY2021: $6MFY2022: $1MFY2023: $30KFY2024: $89MFY2025: $84M
Operating income−$19M−$36M−$68M−$3M−$179M 5721% FY2021: −$19MFY2022: −$36MFY2023: −$68MFY2024: −$3MFY2025: −$179M
Net income−$20M−$35M−$54M$8M−$171M 2242% FY2021: −$20MFY2022: −$35MFY2023: −$54MFY2024: $8MFY2025: −$171M
Operating cash flow−$18M−$40M−$59M$14M−$171M 1361% FY2021: −$18MFY2022: −$40MFY2023: −$59MFY2024: $14MFY2025: −$171M
Capex$55K$199K$175K$563K$339K 40% FY2021: $55KFY2022: $199KFY2023: $175KFY2024: $563KFY2025: $339K
Stock-based comp$3M$6M$9M$15M$22M 52% FY2021: $3MFY2022: $6MFY2023: $9MFY2024: $15MFY2025: $22M

13D filers

FiledFilerFormStakeIntent
Oct 1, 2025RA CAPITAL MANAGEMENT, L.P.SCHEDULE 13D/A11.1%Passive
Aug 1, 2025Flynn James ESCHEDULE 13D/A7.8%Passive
Jul 22, 2025Flynn James ESCHEDULE 13D/A4.4%Passive
Jul 2, 2025Flynn James ESCHEDULE 13D/A9.9%Passive
Mar 24, 2025Flynn James ESCHEDULE 13D/A10.7%Passive
Jun 17, 2024Pratik Shah Living Trust dated June 15, 2011SC 13D/A5.4%Passive
Jun 11, 2024Pratik Shah Living Trust dated June 15, 2011SC 13D/A6.8%Passive
Mar 29, 2024RA CAPITAL MANAGEMENT, L.P.SC 13D/A11.3%Passive
Sep 25, 2023RA CAPITAL MANAGEMENT, L.P.SC 13D/A9.9%Passive
Sep 1, 2023Bell Robert G.SC 13D/A4.5%Passive

Insider trading

−$2Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $2M · 5 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$10M$10M213—
FY2024$7M$15M193—