What is Casi Pharmaceuticals Inc's earnings per share (EPS)?

Casi Pharmaceuticals Inc (CASIF) reported diluted earnings per share of $-2.59 for fiscal year 2025. This represents a -1.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Casi Pharmaceuticals Inc Financials

CASIF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Casi Pharmaceuticals Inc (CASIF) financial statements, including the 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).

Rhea AI CASIF FY2024 2026-04-22

CASIF is now defined by a shrinking gross-profit pool colliding with a largely fixed overhead base.

Gross margin fell to 39.1% in FY2024 while SG&A plus R&D still absorbed about $32.5M, so the company lost the contribution profit that once helped cover overhead. Because capex remained minimal, the wider operating deficit points to a weaker underlying sales mix or cost position, not a reinvestment surge.

The losses are not mainly noncash: operating cash flow was -$29.2M against a net loss of -$39.3M. With capex at just $223K, the business is asset-light but cash-hungry; most of the burn comes from day-to-day operations, not expansion projects.

The balance-sheet cushion is now very thin: liabilities of $51.8M nearly matched assets of $53.7M in FY2024. That left only $1.9M of equity and a current ratio near 1.1x, which means ongoing losses have much less room to be absorbed internally.

Financial Health Signals

Financial health score pending refresh

We are recalculating Casi Pharmaceuticals Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-47.47

Casi Pharmaceuticals Inc scores -47.47, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.9M) 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.

Piotroski F-Score Partial

3/8

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.

Earnings Quality Low Quality

0.43x

For every $1 of reported earnings, Casi Pharmaceuticals Inc generates $0.43 in operating cash flow (-$20.8M OCF vs -$48.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$20.7M

YoY-27.4%

5Y CAGR+6.5%

Casi Pharmaceuticals Inc generated $20.7M in revenue in fiscal year 2025. This represents a decrease of 27.4% from the prior year.

EBITDA

-$43.8M

YoY-14.3%

Casi Pharmaceuticals Inc's EBITDA was -$43.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.3% from the prior year.

Net Income

-$48.1M

YoY-22.4%

Casi Pharmaceuticals Inc reported -$48.1M in net income in fiscal year 2025. This represents a decrease of 22.4% from the prior year.

EPS (Diluted)

$-2.59

YoY-1.2%

Casi Pharmaceuticals Inc earned $-2.59 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$20.8M

YoY+29.5%

Casi Pharmaceuticals Inc generated -$20.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 29.5% from the prior year.

Cash & Debt

$5.6M

YoY-58.2%

Casi Pharmaceuticals Inc held $5.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

21M

YoY+32.7%

Casi Pharmaceuticals Inc had 21M shares outstanding in fiscal year 2025. This represents an increase of 32.7% from the prior year.

Margins & Returns

Gross Margin

48.6%

YoY+9.6pp

5Y CAGR+11.4pp

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.

Operating Margin

-217.3%

YoY-78.5pp

5Y CAGR+131.3pp

Casi Pharmaceuticals Inc's operating margin was -217.3% in fiscal year 2025, reflecting core business profitability. This is down 78.5 percentage points from the prior year.

Net Margin

-232.0%

YoY-94.5pp

5Y CAGR+86.9pp

Casi Pharmaceuticals Inc's net profit margin was -232.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 94.5 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$6.3M

YoY-29.3%

5Y CAGR-11.3%

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.

Share Buybacks

N/A

Capital Expenditures

$16K

YoY-92.8%

5Y CAGR-59.7%

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.

CASIF Income Statement

Metric	FY25	FY24	FY23	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	-$45.0M-13.6%	-$39.6M-58.0%	-$25.1M+26.3%	-$34.0M+18.0%	-$41.5M+21.3%	-$52.8M
Interest Expense	N/A	N/A	$614K	$0-100.0%	$3K-6.5%	$3K
Income Tax	N/A	$0+100.0%	-$81K-104.1%	$2.0M	$0	$0
Net Income	-$48.1M-22.4%	-$39.3M-45.6%	-$27.0M+34.3%	-$41.0M-11.9%	-$36.7M+24.1%	-$48.3M
EPS (Diluted)	$-2.59-1.2%	$-2.56-26.7%	$-2.02+32.9%	$-3.01-11.9%	$-2.69+38.4%	$-4.37

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

CASIF Balance Sheet

Metric	FY25	FY24	FY23	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
Goodwill	N/A	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
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	-$748.1M-6.9%	-$700.1M-5.9%	-$660.8M-3.7%	-$637.2M-5.2%	-$605.6M	N/A

Metric	Q4'25	Q4'24	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
Goodwill	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
Current Liabilities	$49.7M+36.3%	$36.5M+117.9%	$16.7M-1.6%	$17.0M+29.0%	$13.2M
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

CASIF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$20.8M+29.0%	-$29.2M-46.4%	-$20.0M+5.3%	-$21.1M+21.4%	-$26.8M-3.7%	-$25.9M
Capital Expenditures	$16K-92.8%	$223K+9.3%	$204K-96.4%	$5.6M-37.3%	$8.9M+496.7%	$1.5M
Free Cash Flow	-$20.8M+29.5%	-$29.4M-46.0%	-$20.2M+24.5%	-$26.7M+25.4%	-$35.8M-30.7%	-$27.4M
Investing Cash Flow	$951K-91.5%	$11.2M+216.2%	-$9.7M-131.0%	$31.2M+250.6%	-$20.7M+0.1%	-$20.7M
Financing Cash Flow	$11.3M-27.1%	$15.4M+1801.7%	-$907K+72.2%	-$3.3M-111.0%	$29.6M-37.1%	$47.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$278K-91.5%	$3.3M	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

CASIF Financial Ratios

Metric	FY25	FY24	FY23	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%-78.5pp	-138.8%-64.8pp	-74.0%+4.9pp	-79.0%+58.7pp	-137.6%+211.0pp	-348.6%
Net Margin	-232.0%-94.5pp	-137.6%-58.0pp	-79.6%+15.6pp	-95.1%+26.4pp	-121.5%+197.4pp	-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	0.27-0.8	1.09-2.5	3.55-0.8	4.32-0.4	4.70	N/A
Debt-to-Equity	-1.69-29.7	28.00+27.2	0.78-0.4	1.16+0.8	0.36	N/A
FCF Margin	-100.3%+2.9pp	-103.2%-43.6pp	-59.5%+2.4pp	-61.9%+56.7pp	-118.6%+62.2pp	-180.9%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.27-0.8	1.09-2.5	3.55-0.8	4.32-0.4	4.70
Debt-to-Equity	-1.69-29.7	28.00+27.2	0.78-0.4	1.16+0.8	0.36
FCF Margin	N/A	N/A	N/A	N/A	N/A

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.

Frequently Asked Questions

What is Casi Pharmaceuticals Inc's annual revenue?

Casi Pharmaceuticals Inc (CASIF) 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 (CASIF) 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 (CASIF) reported a net income of -$48.1M in fiscal year 2025, with a net profit margin of -232.0%.

What is Casi Pharmaceuticals Inc's EBITDA?

Casi Pharmaceuticals Inc (CASIF) 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 (CASIF) 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 operating margin?

Casi Pharmaceuticals Inc (CASIF) had an operating margin of -217.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Casi Pharmaceuticals Inc's net profit margin?

Casi Pharmaceuticals Inc (CASIF) had a net profit margin of -232.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Casi Pharmaceuticals Inc's free cash flow?

Casi Pharmaceuticals Inc (CASIF) generated -$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 (CASIF) generated -$20.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Casi Pharmaceuticals Inc's total assets?

Casi Pharmaceuticals Inc (CASIF) 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 (CASIF) 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 (CASIF) invested $6.3M in research and development during fiscal year 2025.

How many shares does Casi Pharmaceuticals Inc have outstanding?

Casi Pharmaceuticals Inc (CASIF) had 21M shares outstanding as of fiscal year 2025.

What is Casi Pharmaceuticals Inc's current ratio?

Casi Pharmaceuticals Inc (CASIF) 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 debt-to-equity ratio?

Casi Pharmaceuticals Inc (CASIF) had a debt-to-equity ratio of -1.69 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Casi Pharmaceuticals Inc's return on assets (ROA)?

Casi Pharmaceuticals Inc (CASIF) had a return on assets of -187.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Casi Pharmaceuticals Inc's cash runway?

Based on fiscal year 2025 data, Casi Pharmaceuticals Inc (CASIF) had $5.6M in cash against an annual operating cash burn of $20.8M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Casi Pharmaceuticals Inc's debt-to-equity ratio negative or unusual?

Casi Pharmaceuticals Inc (CASIF) has negative shareholder equity of -$37.3M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 (CASIF) 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 (CASIF) 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 (CASIF) has an earnings quality ratio of 0.43x, considered low quality (accrual-driven). 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.