Casi Pharmaceuticals Inc (CASI) Financials
Newest figures come from the 10-K 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 coexists with deepening losses and a balance sheet increasingly dependent on external financing.
Revenue fell to$20.7M by FY2025 while gross margin recovered to48.7% ; the margin rebound was not enough to offset the smaller revenue base. Operating loss widened to$45.0M even as operating cash flow was-$20.8M , showing that the earnings deterioration was accompanied by substantial cash use rather than being mainly a non-cash accounting effect.
By FY2025, liabilities of
Operating cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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, and counted as zero in the overall score.
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 31/100 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 35/100 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 17/100 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 42/100 among other emerging companies.
Not available for Casi Pharmaceuticals Inc, and counted as zero in the overall score.
Casi Pharmaceuticals Inc scores -47.47, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.3M) relative to total liabilities ($62.9M). 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
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Casi Pharmaceuticals Inc held $5.6M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
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.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
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 | Q4'2510-K | Q4'2410-K | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|
| Total Assets | $25.6M-52.2% | $53.7M-28.7% | $75.3M-21.8% | $96.2M-30.4% | $138.3M |
| Current Assets | $13.5M-66.0% | $39.6M-33.3% | $59.3M-19.2% | $73.4M+18.5% | $62.0M |
| Cash & Equivalents | $5.6M-58.2% | $13.5M-21.2% | $17.1M-63.7% | $47.1M+21.7% | $38.7M |
| Inventory | $1.6M-69.6% | $5.3M-66.9% | $15.9M+158.7% | $6.1M+221.9% | $1.9M |
| Accounts Receivable | $4.1M-73.3% | $15.3M+60.7% | $9.6M-26.4% | $13.0M+32.3% | $9.8M |
| Total Liabilities | $62.9M+21.4% | $51.8M+1.4% | $51.1M-1.1% | $51.7M+70.3% | $30.3M |
| Current Liabilities | $49.7M+36.3% | $36.5M+117.9% | $16.7M-1.6% | $17.0M+29.0% | $13.2M |
| Non-Current Liabilities | $13.3M-13.7% | $15.4M-55.3% | $34.4M-0.8% | $34.7M+102.0% | $17.2M |
| Long-Term Debt | N/A | N/A | $18.9M | N/A | N/A |
| Total Equity | -$37.3M-2114.2% | $1.9M-92.3% | $24.2M-45.8% | $44.6M-47.3% | $84.5M |
| Retained Earnings | -$748.1M-6.9% | -$700.1M-5.9% | -$660.8M-3.7% | -$637.2M-5.2% | -$605.6M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-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.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
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.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: Shareholder equity is negative (-$37.3M), which causes debt-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 | 21/100 |
| LakeShore Biopharma Co., Ltd LSB | FY2025 | $85.7M | -$13.9M | -16.3% | $25.8M | 48/100 |
| AN2 Therapeutics, Inc. ANTX | FY2025 | N/A | -$35.2M | N/A | $225.7M | — |
| Estrella Immunopharma ESLA | FY2025 | N/A | -$13.1M | N/A | $27.9M | — |
| Klotho Neurosciences, Inc. KLTO | FY2025 | N/A | -$10.6M | N/A | $56.7M | — |
| Xilio Therapeutics, Inc. XLO | FY2025 | $43.8M | -$35.0M | -80.0% | $58.6M | 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 income 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. This represents a 29.5% change compared to the previous fiscal year. 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 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 21 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite 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. 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.