SPRY on Nasdaq

Silverback Therapeutics

Logo: silverbacktx.com3

Biotech company.1

Price unavailable

Last updated Oct 19, 2026.

Overview

2016Founded1

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  • TickerSPRY on Nasdaq1
  • Industrybiotechnology industry1
  • HeadquartersSeattle1
  • Websitesilverbacktx.com
  • Incorporated inDE4
  • Business address11682 El Camino Real, Suite 300, San Diego, Ca 921304
  • Filer categoryNon-accelerated filer, Smaller reporting company4

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We are a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union (“EU”) and United Kingdom (“U.K.”) by the trade name EURneffy and in China by the trade name 优敏速 ) for needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is the first and only FDA and European Commission (“EC”)-approved needle-free epinephrine product, and also has approvals in the U.K., Japan, Australia, and China. 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 dosing conditions (includin…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-212.9%Operating margin6
-203.3%Net margin6
-5.5%Revenue growth, 20256
-149.9%Return on equity6
0.84×Debt to equity6
-$171.2MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 86% of the revenue Silverback Therapeutics broke down this way in fiscal 2025.

  1. Product$72.2M686%up 895% from 2024
  2. Revenue Under Collaboration Agreements$9.7M612%down 88% from 2024
  3. Revenue Under Supply Agreements$2.4M63%up 549% from 2024
Products and services by year
Products and services20242025
Product$7.3M$72.2M
Revenue Under Collaboration Agreements$81.5M$9.7M
Revenue Under Supply Agreements$365.0K$2.4M

Regions

United States brought in 86% of the revenue Silverback Therapeutics broke down this way in fiscal 2025.

  1. United States$72.2M686%up 895% from 2024
  2. Outside the United States$12.1M614%down 85% from 2024
Regions by year
Regions20242025
United States$7.3M$72.2M
Outside the United States$81.9M$12.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development5¢$13.2M
  • Selling, general and admin95¢$230.1M
  • Income tax0¢$80.0K

Out of $84.3M in revenue.6 The company lost money this year.

Financial statements

Revenue7896$84.3M in 2025+1431% since 2021
0$25.0M$50.0M$75.0M$100.0M2021: $5.5M$5.5M20212022: $1.3M$1.3M2022−76%2023: $30.0K$30.0K2023−98%2024: $89.1M$89.1M2024+297063%2025: $84.3M$84.3M2025−5%
Operating income107896-$179.4M in 2025+445% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$32.9M-$32.9M20202021: -$19.5M-$19.5M2021−41%2022: -$35.5M-$35.5M2022+83%2023: -$67.5M-$67.5M2023+90%2024: -$3.1M-$3.1M2024−95%2025: -$179.4M-$179.4M2025+5721%
Net income107896-$171.3M in 2025+420% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2020: -$32.9M-$32.9M20202021: -$20.2M-$20.2M2021−39%2022: -$34.7M-$34.7M2022+71%2023: -$54.4M-$54.4M2023+57%2024: $8.0M$8.0M20242025: -$171.3M-$171.3M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Total revenue$84.3M$89.1M
Cost of goods sold (including related party amounts of $4,781 and $241, respectively)$20.4M$977.0K
Selling, general and administrative (including related party amounts of $475 and $465, respectively)$230.1M$71.7M
Total operating expenses$263.7M$92.2M
Loss from operations-$179.4M-$3.1M
Interest income$10.7M$11.4M
Total other income, net$8.1M$11.4M
(Loss) income before income tax (benefit) expense-$171.4M$8.3M
Income tax (benefit) expense-$80.0K$288.0K
Net (loss) income-$171.3M$8.0M
Unrealized (losses) gains on available-for-sale securities-$95.0K$171.0K
Comprehensive (loss) income-$171.4M$8.2M
Net (loss) income per share, basic-$1.74$0.08
Net income (loss) per share, Diluted-$1.74$0.08
Weighted- average common shares outstanding, basic98.6M shares96.9M shares
Weighted Average Number of Shares Outstanding, Diluted98.6M shares102.4M shares
Research and development expenses related party amount$13.2M$19.6M
Interest expense related part amount$2.6M$0

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Leadership

Who has led Silverback Therapeutics, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Laura Shawver2020–2022
  2. Jeffrey C. Pepe2022
  3. Richard E. Lowenthal2022–now

President

  1. Valerie Odegard2020–2022
  2. Richard E. Lowenthal2022–2026
  3. Donn Casale2026–now

Chief financial officer

  1. Jonathan Piazza2020–2022
  2. Kathleen D. Scott2022–now

Chief operating officer

  1. Brian Dorsey2022–now
20202025
Board members and other officers (25)

Former names

  • Silverback Therapeutics, Inc.Apr 12, 2016 to Nov 8, 20224

Timeline

  1. Nov 10, 2022New chief executive Richard E. Lowenthal becomes CEO14
  2. Sep 8, 2022New chief executive Jeffrey C. Pepe becomes CEO13
  3. Dec 3, 2020New chief executive Laura Shawver becomes CEO15
  4. 2016Founded Founded1

Filings

447 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 58 major events, 223 insider forms, 36 large holders, 109 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 1, 2026144 EDGAR
  3. Sep 30, 2026144 EDGAR
  4. Sep 11, 2026144 EDGAR
  5. Sep 11, 2026144 EDGAR
  6. Sep 4, 2026144 EDGAR
  7. Sep 3, 2026144 EDGAR
  8. Sep 2, 20264 EDGAR
  9. Sep 2, 2026144 EDGAR
  10. Sep 1, 2026144 EDGAR
  11. Aug 31, 2026144 EDGAR
  12. Aug 20, 2026144 EDGAR
  13. Aug 20, 2026144 EDGAR
  14. Aug 19, 2026144 EDGAR
  15. Aug 19, 2026144 EDGAR
  16. Aug 18, 2026144 EDGAR
  17. Aug 18, 2026144 EDGAR
  18. Aug 17, 20263 EDGAR
  19. Aug 13, 202610-Q EDGAR
  20. Aug 13, 20268-K EDGAR

The 447 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

139 open-market trades by officers, directors and large owners since October 2021: 11 buys and 128 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 12, 2026Karas EricChief Commercial OfficerSale25,000$10.00$250.0KForm 4
Jun 12, 2026Fitzpatrick Alexander AChief Legal OfficerSale3,355$10.00$33.5KForm 4
Nov 13, 2025Dorsey BrianChief Operating OfficerSale21,828$8.71$190.1KForm 4
Nov 12, 2025Chakma JustinChief Business OfficerSale166,380$8.87$1.5MForm 4
Aug 21, 2025Lowenthal Richard EPRESIDENT AND CEOSale50,000$14.49$724.5KForm 4
Aug 21, 2025Scott Kathleen D.Chief Financial OfficerSale12,500$15.00$187.5KForm 4
Aug 20, 2025Tanimoto SarinaCHIEF MEDICAL OFFICERSale37,656$14.09$530.6KForm 4
Aug 19, 2025Tanimoto SarinaCHIEF MEDICAL OFFICERSale12,344$14.03$173.2KForm 4
Jul 1, 2025Karas EricChief Commercial OfficerSale15,000$16.99$254.8KForm 4
Jun 27, 2025Flynn James E10% ownerSale740,149$18.46$13.7MForm 4
Jun 18, 2025Karas EricChief Commercial OfficerSale15,000$16.00$240.0KForm 4
May 20, 2025Fitzpatrick Alexander AChief Legal OfficerSale102,969$14.10$1.5MForm 4
May 20, 2025SAUNDERS BRENT LDirectorSale120,000$14.25$1.7MForm 4
May 20, 2025Scott Kathleen D.Chief Financial OfficerSale50,000$14.10$705.0KForm 4
Apr 7, 2025Shawver LauraDirectorSale50,002$12.30$615.0KForm 4
Mar 20, 2025Karas EricChief Commercial OfficerSale10,000$14.00$140.0KForm 4
Mar 6, 2025Shawver LauraDirectorSale49,600$11.21$556.0KForm 4
Mar 5, 2025Shawver LauraDirectorSale400$11.00$4.4KForm 4
Feb 3, 2025Shawver LauraDirectorSale50,000$12.31$615.5KForm 4
Jan 6, 2025Shawver LauraDirectorSale50,000$11.10$555.0KForm 4

All 139 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Ra Capital Management, L.P.10,860,977$87.0M0.8%No change
Rubric Capital Management LP8,540,861$68.4M0.6%+540,861
Orbimed Advisors LLC8,288,510$66.4M1.3%No change
Deerfield Management Company, L.P.7,503,812$60.1M0.7%No change
BlackRock, Inc.5,311,319$42.5M0.0%+299,065
Tyro Capital Management LLC4,459,337$35.7M8.0%+1,490,738
Aberdeen Group plc4,170,629$33.4M0.0%+57,012
SR One Capital Management, LP4,012,903$32.1M3.1%No change
State Street Corp3,730,623$29.9M0.0%+85,657
Capital World Investors2,754,931$22.1M0.0%New
Vanguard Capital Management LLC2,553,528$20.5M0.0%+11,024
Millennium Management LLC2,400,937$19.2M0.0%−3,581,982
UBS Group AG1,939,654$15.5M0.0%−320,671
Geode Capital Management, LLC1,699,017$13.6M0.0%+172,193
Boothbay Fund Management, LLC1,601,504$12.8M0.2%+1,350,907
General American Investors Co Inc1,133,046$9.1M0.6%+405,892
Third Point LLC1,000,000$8.0M0.2%No change
Peregrine Capital Management LLC672,139$5.4M0.2%New
Tejara Capital Ltd607,039$4.9M2.0%+396,639
ADAR1 Capital Management, LLC600,999$4.8M0.2%−760,537
Pavaki Capital Management LLC579,600$4.6M2.6%+3,400
Vanguard Portfolio Management LLC566,829$4.5M0.0%+56,278
Charles Schwab Investment Management Inc551,416$4.4M0.0%+18,022
Northern Trust Corp549,064$4.4M0.0%+19,780
Levin Capital Strategies, L.P.548,965$4.4M0.3%−3,596

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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