CASI Pharmaceuticals (CASI) Financials
Newest figures come from the 20-F for FY2025, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CASI SEC filings page.
CASI Pharmaceuticals, Inc. (CASI) reported $20.7M in revenue for fiscal year 2025, down 27.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Shrinking revenue now sits beside deeper operating losses and a balance sheet where liabilities exceed assets.
The FY2025 gross-margin rebound to48.6% occurred while revenue fell27.4% , indicating improved product-level economics without volume support. SG&A rose19.9% while operating loss reached$45.0M , so the margin improvement did not create scale-driven operating leverage and instead points toward cost-of-revenue or mix effects.
By FY2025, liabilities equaled
CASI reported a net loss of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CASI Pharmaceuticals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for CASI Pharmaceuticals, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
CASI Pharmaceuticals, Inc. had 21M shares outstanding at the end of fiscal year 2025, against 15M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and CASI Pharmaceuticals, Inc. scores 32/100 among other emerging companies.
CASI Pharmaceuticals, Inc. spent $6.3M on research and development in fiscal year 2025, which was 9.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and CASI Pharmaceuticals, Inc. scores 36/100 among other emerging companies.
CASI Pharmaceuticals, Inc. reported revenue of $20.7M in fiscal year 2025, against $28.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and CASI Pharmaceuticals, Inc. scores 18/100 among other emerging companies.
CASI Pharmaceuticals, Inc.'s operations used $20.8M of cash in fiscal year 2025, against $29.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and CASI Pharmaceuticals, Inc. scores 45/100 among other emerging companies.
Not available for CASI Pharmaceuticals, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
CASI Pharmaceuticals, Inc. scores -47.47, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $748.1M against total assets of $25.6M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
CASI Pharmaceuticals, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
CASI Pharmaceuticals, Inc. reported a net loss of $48.1M while operations used $20.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
CASI Pharmaceuticals, Inc. generated $20.7M in revenue in fiscal year 2025. This represents a decrease of 27.4% from the prior year.
CASI Pharmaceuticals, Inc.'s EBITDA was -$43.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
CASI Pharmaceuticals, Inc. reported a net loss of $48.1M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
CASI Pharmaceuticals, Inc. earned -$2.59 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
CASI Pharmaceuticals, Inc. recorded an outflow of $20.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
CASI Pharmaceuticals, Inc. held $5.6M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
CASI Pharmaceuticals, Inc.'s gross margin was 48.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 9.6 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
CASI Pharmaceuticals, Inc. invested $6.3M in research and development in fiscal year 2025. This represents a decrease of 29.3% from the prior year.
CASI Pharmaceuticals, Inc. spent $278K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
CASI Pharmaceuticals, Inc. invested $16K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 92.8% from the prior year.
CASI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $20.7M-27.4% | $28.5M-15.8% | $33.9M-21.4% | $43.1M+42.9% | $30.2M+99.2% | $15.1M |
| Cost of Revenue | $10.6M-38.8% | $17.4M+25.8% | $13.8M-12.6% | $15.8M+26.0% | $12.6M+32.1% | $9.5M |
| Gross Profit | $10.1M-9.6% | $11.1M-44.4% | $20.1M-26.5% | $27.3M+54.9% | $17.6M+212.6% | $5.6M |
| R&D Expenses | $6.3M-29.3% | $8.9M-9.6% | $9.9M-38.4% | $16.0M+10.9% | $14.4M+25.7% | $11.5M |
| SG&A Expenses | $28.3M+19.9% | $23.6M-7.1% | $25.4M+8.3% | $23.4M-1.1% | $23.7M+20.5% | $19.7M |
| Operating Income | -$45.0Mn/m | -$39.6Mn/m | -$25.1Mn/m | -$34.0Mn/m | -$41.5Mn/m | -$52.8M |
| EBITDA | -$43.8Mn/m | -$38.3Mn/m | -$22.6Mn/m | -$32.8Mn/m | -$41.0Mn/m | -$52.2M |
| Interest Expense | N/A | N/A | $614Kn/m | $0-100.0% | $3K-6.5% | $3K |
| Income Tax | -$81Kn/m | $0n/m | -$81K-104.1% | $2.0Mn/m | $0n/m | $0 |
| Net Income | -$48.1Mn/m | -$39.3Mn/m | -$27.0Mn/m | -$41.0Mn/m | -$36.7Mn/m | -$48.3M |
| EPS (Basic) | -$2.59n/m | -$2.56n/m | -$2.02n/m | -$3.01n/m | -$2.69n/m | -$4.37 |
| EPS (Diluted) | -$2.59n/m | -$2.56n/m | -$2.02n/m | -$3.01n/m | -$2.69n/m | -$4.37 |
| Diluted Shares (Avg) | 19M+20.8% | 15M+14.8% | 13M-2.1% | 14M+0.3% | 14M+23.2% | 11M |
CASI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $25.6M-52.2% | $53.7M-28.7% | $75.3M-21.8% | $96.2M-30.4% | $138.3M | N/A |
| Current Assets | $13.5M-66.0% | $39.6M-33.3% | $59.3M-19.2% | $73.4M+18.5% | $62.0M | N/A |
| Cash & Equivalents | $5.6M-58.2% | $13.5M-21.2% | $17.1M-63.7% | $47.1M+21.7% | $38.7M | N/A |
| Inventory | $1.6M-69.6% | $5.3M-66.9% | $15.9M+158.7% | $6.1M+221.9% | $1.9M | N/A |
| Accounts Receivable | $4.1M-73.3% | $15.3M+60.7% | $9.6M-26.4% | $13.0M+32.3% | $9.8M | N/A |
| Long-Term Investments | $1.7M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $62.9M+21.4% | $51.8M+1.4% | $51.1M-1.1% | $51.7M+70.3% | $30.3M | N/A |
| Current Liabilities | $49.7M+36.3% | $36.5M+117.9% | $16.7M-1.6% | $17.0M+29.0% | $13.2M | N/A |
| Non-Current Liabilities | $13.3M-13.7% | $15.4M-55.3% | $34.4M-0.8% | $34.7M+102.0% | $17.2M | N/A |
| Long-Term Debt | N/A | N/A | $18.9M | N/A | N/A | N/A |
| Total Equity | -$37.3M-2114.2% | $1.9M-92.3% | $24.2M-45.8% | $44.6M-47.3% | $84.5M+3.6% | $81.5M |
| Retained Earnings | -$748.1Mn/m | -$700.1Mn/m | -$660.8Mn/m | -$637.2Mn/m | -$605.6M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Goodwill.
CASI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.8Mn/m | -$29.2Mn/m | -$20.0Mn/m | -$21.1Mn/m | -$26.8Mn/m | -$25.9M |
| Depreciation & Amortization | $1.2M-7.7% | $1.3M-48.0% | $2.5M+108.3% | $1.2M+140.0% | $500K-16.7% | $600K |
| Stock-Based Compensation | $3.0M+128.6% | $1.3M-81.9% | $7.2M+3.0% | $7.0M-9.8% | $7.8M-0.7% | $7.8M |
| Capital Expenditures | $16K-92.8% | $223K+9.3% | $204K-96.4% | $5.6M-37.3% | $8.9M+496.7% | $1.5M |
| Free Cash Flow | -$20.8Mn/m | -$29.4Mn/m | -$20.2Mn/m | -$26.7Mn/m | -$35.8Mn/m | -$27.4M |
| Investing Cash Flow | $951K-91.5% | $11.2Mn/m | -$9.7M-131.0% | $31.2Mn/m | -$20.7Mn/m | -$20.7M |
| Financing Cash Flow | $11.3M-27.1% | $15.4Mn/m | -$907Kn/m | -$3.3M-111.0% | $29.6M-37.1% | $47.2M |
| Share Buybacks | $278K | N/A | $278K-91.5% | $3.3M | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
CASI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 48.6%+9.6pp | 39.1%-20.1pp | 59.2%-4.1pp | 63.3%+4.9pp | 58.4%+21.2pp | 37.2% |
| Operating Margin | -217.3% | -138.8% | -74.0%+4.9pp | -79.0% | -137.6% | -348.6% |
| Net Margin | -232.0% | -137.6% | -79.6%+15.6pp | -95.1% | -121.5% | -318.9% |
| Return on Equity | N/A | -2120.9%-2009.3pp | -111.6%-19.6pp | -92.0%-48.6pp | -43.4%+15.8pp | -59.2% |
| Return on Assets | -187.4%-114.2pp | -73.1%-37.3pp | -35.8%+6.8pp | -42.6%-16.1pp | -26.5% | N/A |
| Current Ratio | 0.27-0.8x | 1.09-2.5x | 3.55-0.8x | 4.32-0.4x | 4.70 | N/A |
| Debt-to-Equity | N/A | N/A | 0.78 | N/A | N/A | N/A |
| Liabilities-to-Equity | N/A | 28.00+25.9x | 2.11+1.0x | 1.16+0.8x | 0.36 | N/A |
| Asset Turnover | 0.81+0.3x | 0.53+0.1x | 0.450.0x | 0.45+0.2x | 0.22 | N/A |
| FCF Margin | -100.3% | -103.2% | -59.5%+2.4pp | -61.9% | -118.6% | -180.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$37.3M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.27), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| CASI Pharmaceuticals, Inc. CASI | FY2025 | $20.7M | -$48.1M | N/A | $4.3M | 33/100 |
| AN2 Therapeutics, Inc. ANTX | FY2025 | N/A | -$35.2M | N/A | $145.7M | — |
| Estrella Immunopharma, Inc. ESLA | FY2025 | N/A | -$13.1M | N/A | $40.6M | — |
| Xilio Therapeutics, Inc. XLO | FY2025 | $43.8M | -$35.0M | -80.0% | $52.7M | 87/100 |
Where CASI Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is CASI Pharmaceuticals, Inc.'s annual revenue?
CASI Pharmaceuticals, Inc. (CASI) reported $20.7M in total revenue for fiscal year 2025. This represents a -27.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CASI Pharmaceuticals, Inc.'s revenue growing?
CASI Pharmaceuticals, Inc. (CASI) revenue declined by 27.4% year-over-year, from $28.5M to $20.7M in fiscal year 2025.
Is CASI Pharmaceuticals, Inc. profitable?
No, CASI Pharmaceuticals, Inc. (CASI) reported a net loss of $48.1M in fiscal year 2025.
What is CASI Pharmaceuticals, Inc.'s EBITDA?
CASI Pharmaceuticals, Inc. (CASI) had EBITDA of -$43.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is CASI Pharmaceuticals, Inc.'s gross margin?
CASI Pharmaceuticals, Inc. (CASI) had a gross margin of 48.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is CASI Pharmaceuticals, Inc.'s free cash flow?
CASI Pharmaceuticals, Inc. (CASI) recorded an outflow of $20.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CASI Pharmaceuticals, Inc.'s operating cash flow?
CASI Pharmaceuticals, Inc. (CASI) recorded an outflow of $20.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are CASI Pharmaceuticals, Inc.'s total assets?
CASI Pharmaceuticals, Inc. (CASI) had $25.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are CASI Pharmaceuticals, Inc.'s capital expenditures?
CASI Pharmaceuticals, Inc. (CASI) invested $16K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does CASI Pharmaceuticals, Inc. spend on research and development?
CASI Pharmaceuticals, Inc. (CASI) invested $6.3M in research and development during fiscal year 2025.
What is CASI Pharmaceuticals, Inc.'s current ratio?
CASI Pharmaceuticals, Inc. (CASI) had a current ratio of 0.27 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is CASI Pharmaceuticals, Inc.'s return on assets (ROA)?
CASI Pharmaceuticals, Inc. (CASI) had a return on assets of -187.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is CASI Pharmaceuticals, Inc.'s debt-to-equity ratio negative or not reported?
CASI Pharmaceuticals, Inc. (CASI) has negative shareholder equity of -$37.3M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is CASI Pharmaceuticals, Inc.'s Altman Z-Score?
CASI Pharmaceuticals, Inc. (CASI) has an Altman Z-Score of -47.47, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is CASI Pharmaceuticals, Inc.'s Piotroski F-Score?
CASI Pharmaceuticals, Inc. (CASI) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CASI Pharmaceuticals, Inc.'s earnings high quality?
CASI Pharmaceuticals, Inc. (CASI) reported a net loss of $48.1M while operations used $20.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is CASI Pharmaceuticals, Inc.?
CASI Pharmaceuticals, Inc. (CASI) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For CASI Pharmaceuticals, Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.