Cassava Sciences Financials

SAVA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

Cassava Sciences passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

4.80x

For every $1 of reported earnings, Cassava Sciences generates $4.80 in operating cash flow (-$116.9M OCF vs -$24.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Cassava Sciences (SAVA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$140.3M

YoY-34.4%

Cassava Sciences's EBITDA was -$140.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.4% from the prior year.

Free Cash Flow

-$117.0M

YoY-42.0%

Cassava Sciences generated -$117.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 42.0% from the prior year.

Net Income

-$24.3M

YoY+75.0%

Cassava Sciences reported -$24.3M in net income in fiscal year 2024. This represents an increase of 75.0% from the prior year.

EPS (Diluted)

$-1.46

YoY+37.1%

Cassava Sciences earned $-1.46 per diluted share (EPS) in fiscal year 2024. This represents an increase of 37.1% from the prior year.

Cash & Debt

$128.6M

YoY+6.1%

5Y CAGR+41.0%

10Y CAGR+12.2%

Cassava Sciences held $128.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

48M

YoY+14.1%

5Y CAGR+17.2%

Cassava Sciences had 48M shares outstanding in fiscal year 2024. This represents an increase of 14.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$69.6M

YoY-22.1%

10Y CAGR+25.3%

Cassava Sciences invested $69.6M in research and development in fiscal year 2024. This represents a decrease of 22.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$103K

YoY-75.1%

5Y CAGR+41.7%

10Y CAGR+2.6%

Cassava Sciences invested $103K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 75.1% from the prior year.

SAVA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$69.6M-22.1%	$89.4M+31.4%	$68.0M+174.2%	$24.8M	N/A	N/A
SG&A Expenses	$71.8M+334.3%	$16.5M+37.9%	$12.0M+48.8%	$8.1M+115.4%	$3.7M+10.3%	$3.4M
Operating Income	-$141.4M-33.5%	-$106.0M-32.4%	-$80.0M-143.5%	-$32.9M-409.9%	-$6.4M-30.0%	-$5.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$24.3M+75.0%	-$97.2M-27.5%	-$76.2M-135.4%	-$32.4M-411.3%	-$6.3M-36.8%	-$4.6M
EPS (Diluted)	$-1.46+37.1%	$-2.32-22.1%	$-1.90	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.0M-77.6%	$17.7M	N/A	$23.6M	N/A	$18.5M	N/A	N/A
SG&A Expenses	$7.9M-38.9%	$12.9M	N/A	$4.3M	N/A	$2.8M	N/A	$1.7M
Operating Income	-$11.9M+61.3%	-$30.6M	N/A	-$27.9M	N/A	-$21.3M	N/A	-$9.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	N/A	$0	N/A	$0	N/A	$0
Net Income	-$10.8M+61.3%	-$27.9M	N/A	-$25.7M	N/A	-$20.3M	N/A	-$9.6M
EPS (Diluted)	$-0.22+62.1%	$-0.58	N/A	$-0.61	N/A	$-0.48	N/A	N/A

SAVA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$157.5M+3.9%	$151.7M-35.4%	$234.8M-12.0%	$266.8M+182.9%	$94.3M+301.5%	$23.5M
Current Assets	$136.5M+5.3%	$129.6M-38.6%	$211.2M-13.6%	$244.5M+160.1%	$94.0M+302.6%	$23.3M
Cash & Equivalents	$128.6M+6.1%	$121.1M-39.7%	$201.0M-13.9%	$233.4M+149.6%	$93.5M+305.1%	$23.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.8M-16.7%	$14.2M+94.6%	$7.3M-43.3%	$12.9M+512.7%	$2.1M+51.4%	$1.4M
Current Liabilities	$11.8M-17.2%	$14.2M+101.0%	$7.1M-43.6%	$12.5M+572.1%	$1.9M+34.5%	$1.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$145.7M+6.0%	$137.5M-39.6%	$227.5M-10.4%	$253.9M+175.4%	$92.2M+317.2%	$22.1M
Retained Earnings	-$405.1M-6.4%	-$380.8M-34.3%	-$283.6M-36.8%	-$207.3M-18.5%	-$174.9M-3.8%	-$168.6M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Total Assets	$129.7M-17.6%	$157.5M+3.9%	$151.7M-12.1%	$172.5M-26.5%	$234.8M+13.3%	$207.3M-22.3%	$266.8M-2.7%	$274.2M
Current Assets	$108.9M-20.2%	$136.5M+5.3%	$129.6M-13.7%	$150.2M-28.9%	$211.2M+15.3%	$183.3M-25.0%	$244.5M-3.0%	$251.9M
Cash & Equivalents	$106.1M-17.5%	$128.6M+6.1%	$121.1M-14.9%	$142.3M-29.2%	$201.0M+15.1%	$174.7M-25.2%	$233.4M-3.3%	$241.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$48.2M+307.2%	$11.8M-16.7%	$14.2M-18.5%	$17.4M+138.7%	$7.3M-14.8%	$8.6M-33.4%	$12.9M+92.5%	$6.7M
Current Liabilities	$48.0M+308.9%	$11.8M-17.2%	$14.2M-18.5%	$17.4M+146.6%	$7.1M-15.0%	$8.3M-33.7%	$12.5M+98.1%	$6.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$81.6M-44.0%	$145.7M+6.0%	$137.5M-11.4%	$155.1M-31.8%	$227.5M+14.5%	$198.7M-21.7%	$253.9M-5.1%	$267.6M
Retained Earnings	-$483.5M-19.4%	-$405.1M-6.4%	-$380.8M-5.8%	-$359.9M-26.9%	-$283.6M-7.2%	-$264.4M-27.5%	-$207.3M-7.3%	-$193.1M

SAVA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$116.9M-42.6%	-$82.0M-5.8%	-$77.5M-156.7%	-$30.2M-461.1%	-$5.4M-114.1%	-$2.5M
Capital Expenditures	$103K-75.1%	$414K-84.7%	$2.7M-87.8%	$22.2M	N/A	$18K
Free Cash Flow	-$117.0M-42.0%	-$82.4M-2.8%	-$80.2M-53.1%	-$52.4M	N/A	-$2.5M
Investing Cash Flow	-$103K+75.1%	-$414K+84.7%	-$2.7M+87.8%	-$22.2M-6270.6%	$360K+2100.0%	-$18K
Financing Cash Flow	$124.5M+4762.1%	$2.6M-94.6%	$47.8M-75.1%	$192.3M+154.9%	$75.4M+1199.5%	$5.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Operating Cash Flow	-$6.2M+89.8%	-$61.3M-174.5%	-$22.3M+15.9%	-$26.5M-24.4%	-$21.3M+1.1%	-$21.6M-169.8%	-$8.0M+45.9%	-$14.8M
Capital Expenditures	$80K+40.4%	$57K+39.0%	$41K+86.4%	$22K+106.6%	-$335K-129.0%	$1.2M+1056.0%	$100K-99.5%	$22.0M
Free Cash Flow	-$6.3M+89.7%	-$61.3M-174.3%	-$22.4M+15.8%	-$26.6M-22.6%	-$21.7M+4.6%	-$22.7M-180.8%	-$8.1M+78.0%	-$36.8M
Investing Cash Flow	-$80K-40.4%	-$57K-39.0%	-$41K-86.4%	-$22K-106.6%	$335K+129.0%	-$1.2M-1056.0%	-$100K+99.5%	-$22.0M
Financing Cash Flow	$0-100.0%	$918K-19.7%	$1.1M+146.3%	$464K-99.0%	$47.3M+34707.4%	$136K	$0-100.0%	$75K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAVA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-15.4%+48.7pp	-64.1%-31.6pp	-32.5%-20.3pp	-12.1%-5.4pp	-6.7%+13.0pp	-19.7%
Current Ratio	11.62+2.5	9.13-20.8	29.91+10.4	19.51-30.9	50.40+33.6	16.83
Debt-to-Equity	0.08-0.0	0.10+0.1	0.03-0.0	0.05+0.0	0.02-0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	3.3%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-8.3%+4.2pp	-12.5%	N/A	-14.9%	N/A	-9.8%	N/A	-3.5%
Current Ratio	2.27-9.4	11.62+2.5	9.13+0.5	8.62-21.3	29.91+7.8	22.06+2.6	19.51-20.3	39.82
Debt-to-Equity	0.59+0.5	0.08-0.0	0.100.0	0.11+0.1	0.03-0.0	0.040.0	0.05+0.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Cassava Sciences profitable?

No, Cassava Sciences (SAVA) reported a net income of -$24.3M in fiscal year 2024.

What is Cassava Sciences's earnings per share (EPS)?

Cassava Sciences (SAVA) reported diluted earnings per share of $-1.46 for fiscal year 2024. This represents a 37.1% 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.

What is Cassava Sciences's EBITDA?

Cassava Sciences (SAVA) had EBITDA of -$140.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Cassava Sciences's free cash flow?

Cassava Sciences (SAVA) generated -$117.0M in free cash flow during fiscal year 2024. This represents a -42.0% 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 Cassava Sciences's operating cash flow?

Cassava Sciences (SAVA) generated -$116.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Cassava Sciences's total assets?

Cassava Sciences (SAVA) had $157.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Cassava Sciences's capital expenditures?

Cassava Sciences (SAVA) invested $103K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Cassava Sciences spend on research and development?

Cassava Sciences (SAVA) invested $69.6M in research and development during fiscal year 2024.

How many shares does Cassava Sciences have outstanding?

Cassava Sciences (SAVA) had 48M shares outstanding as of fiscal year 2024.

What is Cassava Sciences's current ratio?

Cassava Sciences (SAVA) had a current ratio of 11.62 as of fiscal year 2024, which is generally considered healthy.

What is Cassava Sciences's debt-to-equity ratio?

Cassava Sciences (SAVA) had a debt-to-equity ratio of 0.08 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cassava Sciences's return on assets (ROA)?

Cassava Sciences (SAVA) had a return on assets of -15.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Cassava Sciences's cash runway?

Based on fiscal year 2024 data, Cassava Sciences (SAVA) had $128.6M in cash against an annual operating cash burn of $116.9M. This gives an estimated cash runway of approximately 13 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.

What is Cassava Sciences's Piotroski F-Score?

Cassava Sciences (SAVA) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cassava Sciences's earnings high quality?

Cassava Sciences (SAVA) has an earnings quality ratio of 4.80x, 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.