We construct an equivariant coarse homology theory arising from the algebraic $K$-theory of spherical group rings and use this theory to derive split injectivity results for associated assembly maps. On the way, we prove that the fundamental structural theorems for Waldhausen's algebraic $K$-theory functor carry over to its nonconnective counterpart defined by Blumberg--Gepner--Tabuada. 41 pages
