Cassava Sciences Financials
This page shows Cassava Sciences (SAVA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
Cassava Sciences’ cost structure flipped from research-led burn to overhead-led burn, tightening a once-ample cash cushion.
FY2025’s accounting loss and cash burn diverged sharply: net loss was$91.0M , but operating cash outflow was only$32.3M , after an FY2024 in which cash burn hit$116.9M despite a much smaller$24.3M net loss. That makes cash use and expense mix more informative than headline earnings alone, because reported profit is being moved around by non-cash or timing effects across years.
The spending mix changed materially: R&D fell from
The balance sheet is still cash-backed, but far less padded: cash ended FY2025 at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cassava Sciences'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.
Cassava Sciences carries a low D/E ratio of 0.59, meaning only $0.59 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Cassava Sciences's current ratio of 2.23 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.
Cassava Sciences generates a -122.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -16.7% the prior year.
Cassava Sciences passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Cassava Sciences generates $0.35 in operating cash flow (-$32.3M OCF vs -$91.0M 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
Earnings & Revenue
Cassava Sciences's EBITDA was -$94.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.7% from the prior year.
Cassava Sciences reported -$91.0M in net income in fiscal year 2025. This represents a decrease of 273.7% from the prior year.
Cassava Sciences earned $-1.88 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.8% from the prior year.
Cash & Balance Sheet
Cassava Sciences generated -$32.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 71.9% from the prior year.
Cassava Sciences held $95.5M in cash against $0 in long-term debt as of fiscal year 2025.
Cassava Sciences had 48M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Cassava Sciences's ROE was -122.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 105.6 percentage points from the prior year.
Capital Allocation
Cassava Sciences invested $26.6M in research and development in fiscal year 2025. This represents a decrease of 61.8% from the prior year.
Cassava Sciences invested $581K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 464.1% from the prior year.
SAVA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $4.5M | N/A | $4.0M-22.7% | $5.1M-62.6% | $13.7M | N/A | $17.7M+16.3% | $15.2M |
| SG&A Expenses | $6.6M | N/A | $7.9M-80.4% | $40.3M+268.8% | $10.9M | N/A | $12.9M-72.0% | $46.2M |
| Operating Income | -$11.2M | N/A | -$11.9M+73.9% | -$45.4M-84.6% | -$24.6M | N/A | -$30.6M+50.1% | -$61.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$10.3M | N/A | -$10.8M+75.6% | -$44.2M-89.0% | -$23.4M | N/A | -$27.9M-554.0% | $6.2M |
| EPS (Diluted) | N/A | N/A | $-0.22+76.1% | $-0.92-91.7% | $-0.48 | N/A | $-0.58-546.2% | $0.13 |
SAVA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $108.4M-8.4% | $118.4M-8.8% | $129.7M-4.2% | $135.4M-3.9% | $140.9M-10.5% | $157.5M-29.6% | $223.8M-8.1% | $243.6M |
| Current Assets | $88.0M-10.0% | $97.7M-10.3% | $108.9M-5.1% | $114.8M-4.4% | $120.2M-12.0% | $136.5M-32.6% | $202.5M-8.8% | $222.1M |
| Cash & Equivalents | $86.6M-9.3% | $95.5M-10.0% | $106.1M-5.6% | $112.4M-4.2% | $117.3M-8.7% | $128.6M-13.7% | $149.0M-28.1% | $207.3M |
| 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 | $40.2M-8.5% | $44.0M-8.7% | $48.2M+1.6% | $47.4M+256.0% | $13.3M+12.6% | $11.8M-79.3% | $57.1M+4.6% | $54.6M |
| Current Liabilities | $40.1M-8.5% | $43.8M-8.8% | $48.0M+1.5% | $47.3M+257.6% | $13.2M+12.7% | $11.8M-79.4% | $57.0M+4.5% | $54.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $68.1M-8.4% | $74.4M-8.8% | $81.6M-7.3% | $88.0M-31.1% | $127.6M-12.4% | $145.7M-12.6% | $166.6M-11.8% | $189.0M |
| Retained Earnings | -$506.4M-2.1% | -$496.1M-2.6% | -$483.5M-2.3% | -$472.7M-10.3% | -$428.5M-5.8% | -$405.1M-7.3% | -$377.5M-8.0% | -$349.6M |
SAVA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.9M+8.9% | -$9.7M-56.7% | -$6.2M-25.8% | -$4.9M+56.4% | -$11.3M+81.5% | -$61.3M-234.9% | -$18.3M-0.3% | -$18.2M |
| Capital Expenditures | N/A | $501K+526.3% | $80K | $0 | $0-100.0% | $57K+235.3% | $17K-41.4% | $29K |
| Free Cash Flow | N/A | -$10.2M-62.7% | -$6.3M-27.4% | -$4.9M+56.4% | -$11.3M+81.5% | -$61.3M-234.9% | -$18.3M-0.2% | -$18.3M |
| Investing Cash Flow | N/A | -$501K-526.3% | -$80K | $0 | $0+100.0% | -$57K-235.3% | -$17K+41.4% | -$29K |
| Financing Cash Flow | -$51K+84.5% | -$329K | $0 | $0-100.0% | $90K-90.2% | $918K | $0-100.0% | $101.4M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -15.2% | N/A | -13.3%+37.0pp | -50.3%-31.9pp | -18.3% | N/A | -16.8%-20.0pp | 3.3% |
| Return on Assets | -9.5% | N/A | -8.3%+24.3pp | -32.7%-16.1pp | -16.6% | N/A | -12.5%-15.0pp | 2.5% |
| Current Ratio | 2.19-0.0 | 2.23-0.0 | 2.27-0.2 | 2.43-6.7 | 9.08-2.5 | 11.62+8.1 | 3.55-0.5 | 4.07 |
| Debt-to-Equity | 0.590.0 | 0.590.0 | 0.59+0.1 | 0.54+0.4 | 0.10+0.0 | 0.08-0.3 | 0.34+0.1 | 0.29 |
| 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 -$91.0M in fiscal year 2025.
What is Cassava Sciences's EBITDA?
Cassava Sciences (SAVA) had EBITDA of -$94.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cassava Sciences's return on equity (ROE)?
Cassava Sciences (SAVA) has a return on equity of -122.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cassava Sciences's free cash flow?
Cassava Sciences (SAVA) generated -$32.8M in free cash flow during fiscal year 2025. This represents a 71.9% 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 -$32.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cassava Sciences's total assets?
Cassava Sciences (SAVA) had $118.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cassava Sciences's capital expenditures?
Cassava Sciences (SAVA) invested $581K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cassava Sciences spend on research and development?
Cassava Sciences (SAVA) invested $26.6M in research and development during fiscal year 2025.
What is Cassava Sciences's current ratio?
Cassava Sciences (SAVA) had a current ratio of 2.23 as of fiscal year 2025, which is generally considered healthy.
What is Cassava Sciences's debt-to-equity ratio?
Cassava Sciences (SAVA) had a debt-to-equity ratio of 0.59 as of fiscal year 2025, 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 -76.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cassava Sciences's cash runway?
Based on fiscal year 2025 data, Cassava Sciences (SAVA) had $95.5M in cash against an annual operating cash burn of $32.3M. This gives an estimated cash runway of approximately 36 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 1 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 to 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 0.35x, 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.
How financially healthy is Cassava Sciences?
Cassava Sciences (SAVA) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.