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 15 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’s story is cash preservation through spending cuts, but a shrinking liquidity cushion now matters more than the headline loss.
Earnings quality flipped between FY2024 and FY2025: net loss moved from-$24.3M to-$91.0M , yet operating cash flow improved from-$116.9M to-$32.3M . That reversal means FY2025 looked worse on the income statement than it did in cash terms, so the business consumed far less liquidity even as reported profit deteriorated.
FY2025’s expense mix shifted sharply: R&D fell to
The balance sheet is still liquid but no longer oversized: cash of
Financial Health Signals
Cassava Sciences does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Cassava Sciences passes 1 of 6 computable financial strength tests (3 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).
Cassava Sciences reported a net loss of $91.0M while operations used $32.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Cassava Sciences recorded an outflow of $32.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 71.9% from the prior year.
Cassava Sciences held $95.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
SAVA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $41.1M+277.6% | $10.9M-5.2% | $11.5M |
| R&D Expenses | N/A | $26.6M-61.8% | $69.6M-22.1% | $89.4M+31.4% | $68.0M+174.2% | $24.8M | N/A | N/A | $3.0M-61.0% | $7.6M-17.0% | $9.2M+0.8% | $9.1M+24.6% | $7.3M+48.6% | $4.9M-35.3% | $7.6M-8.4% | $8.3M |
| SG&A Expenses | N/A | $68.8M-4.2% | $71.8M+334.3% | $16.5M+37.9% | $12.0M+48.8% | $8.1M+115.4% | $3.7M+10.3% | $3.4M-8.2% | $3.7M-14.8% | $4.3M-25.0% | $5.8M+13.3% | $5.1M-0.5% | $5.1M+6.0% | $4.8M-32.7% | $7.2M+7.2% | $6.7M |
| Operating Income | N/A | -$95.4M+32.6% | -$141.4M-33.5% | -$106.0M-32.4% | -$80.0M-143.5% | -$32.9M-409.9% | -$6.4M-30.0% | -$5.0M+25.6% | -$6.7M+44.2% | -$11.9M+20.1% | -$15.0M-5.3% | -$14.2M-14.2% | -$12.4M-139.6% | $31.4M+904.8% | -$3.9M-10.9% | -$3.5M |
| Income Tax | N/A | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$73K | $0 | $0 |
| Net Income | N/A | -$91.0M-273.7% | -$24.3M+75.0% | -$97.2M-27.5% | -$76.2M-135.4% | -$32.4M-411.3% | -$6.3M-36.8% | -$4.6M+29.4% | -$6.6M+45.0% | -$11.9M+19.8% | -$14.8M-5.0% | -$14.1M-14.2% | -$12.4M-139.3% | $31.5M+1015.4% | -$3.4M-31.9% | -$2.6M |
| EPS (Diluted) | — | -$1.88 | -$1.46 | -$2.32-22.1% | -$1.90 | N/A | N/A | N/A | N/A | N/A | N/A | -$0.31-14.8% | -$0.27-138.6% | $0.70+975.0% | -$0.08-33.3% | -$0.06 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SAVA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $118.4M-24.9% | $157.5M+3.9% | $151.7M-35.4% | $234.8M-12.0% | $266.8M+182.9% | $94.3M+301.5% | $23.5M+16.6% | $20.1M+85.9% | $10.8M-43.9% | $19.3M-39.5% | $31.9M-22.0% | $40.9M-18.4% | $50.1M-11.9% | $56.9M-42.5% | $99.0M |
| Current Assets | $97.7M-28.4% | $136.5M+5.3% | $129.6M-38.6% | $211.2M-13.6% | $244.5M+160.1% | $94.0M+302.6% | $23.3M+16.5% | $20.0M+87.9% | $10.7M-44.1% | $19.1M-39.8% | $31.7M-22.4% | $40.8M-18.5% | $50.1M-11.3% | $56.5M-42.6% | $98.5M |
| Cash & Equivalents | $95.5M-25.7% | $128.6M+6.1% | $121.1M-39.7% | $201.0M-13.9% | $233.4M+149.6% | $93.5M+305.1% | $23.1M+16.5% | $19.8M+89.0% | $10.5M-36.9% | $16.6M-46.9% | $31.3M-22.9% | $40.6M-16.5% | $48.6M-1.6% | $49.4M-32.5% | $73.1M |
| Total Liabilities | $44.0M+271.6% | $11.8M-16.7% | $14.2M+94.6% | $7.3M-43.3% | $12.9M+512.7% | $2.1M+51.4% | $1.4M+171.4% | $511K-54.9% | $1.1M+70.2% | $665K-73.9% | $2.6M+200.1% | $850K-52.8% | $1.8M-95.9% | $43.7M-19.9% | $54.6M |
| Current Liabilities | $43.8M+273.1% | $11.8M-17.2% | $14.2M+101.0% | $7.1M-43.6% | $12.5M+572.1% | $1.9M+34.5% | $1.4M+171.4% | $511K-54.9% | $1.1M+70.2% | $665K-73.9% | $2.6M+200.1% | $850K-52.8% | $1.8M-82.0% | $10.0M-24.7% | $13.3M |
| Total Equity | $74.4M-48.9% | $145.7M+6.0% | $137.5M-39.6% | $227.5M-10.4% | $253.9M+175.4% | $92.2M+317.2% | $22.1M+12.6% | $19.6M+102.4% | $9.7M-48.0% | $18.6M-36.5% | $29.4M-26.7% | $40.1M-17.1% | $48.3M+267.7% | $13.1M-70.4% | $44.4M |
| Retained Earnings | -$496.1M-22.5% | -$405.1M-6.4% | -$380.8M-34.3% | -$283.6M-36.8% | -$207.3M-18.5% | -$174.9M-3.8% | -$168.6M-2.8% | -$164.0M-4.2% | -$157.4M-8.2% | -$145.5M-11.4% | -$130.6M-12.1% | -$116.5M-11.9% | -$104.1M+23.3% | -$135.7M-2.6% | -$132.2M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
SAVA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.8M | -$32.3M+72.4% | -$116.9M-42.6% | -$82.0M-5.8% | -$77.5M-156.7% | -$30.2M-461.1% | -$5.4M-114.1% | -$2.5M+47.3% | -$4.8M+42.1% | -$8.2M+32.7% | -$12.2M-35.1% | -$9.1M+5.2% | -$9.5M-37.5% | -$6.9M+3.1% | -$7.2M-2658.1% | -$260K |
| Capital Expenditures | N/A | $581K+464.1% | $103K-75.1% | $414K-84.7% | $2.7M-87.8% | $22.2M | N/A | $18K | N/A | N/A | $75K-61.5% | $195K+143.8% | $80K | N/A | N/A | N/A |
| Free Cash Flow | N/A | -$32.8M+71.9% | -$117.0M-42.0% | -$82.4M-2.8% | -$80.2M-53.1% | -$52.4M | N/A | -$2.5M | N/A | N/A | -$12.3M-33.1% | -$9.2M+4.0% | -$9.6M | N/A | N/A | N/A |
| Investing Cash Flow | N/A | -$581K-464.1% | -$103K+75.1% | -$414K+84.7% | -$2.7M+87.8% | -$22.2M-6270.6% | $360K+2100.0% | -$18K | N/A | $2.1M+197.0% | -$2.2M | N/A | N/A | N/A | $17.6M-70.6% | $59.9M |
| Financing Cash Flow | -$380K | -$239K-100.2% | $124.5M+4762.1% | $2.6M-94.6% | $47.8M-75.1% | $192.3M+154.9% | $75.4M+1199.5% | $5.8M-58.8% | $14.1M | N/A | -$284K | N/A | N/A | N/A | -$34.2M-493.4% | $8.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SAVA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 76.3%+112.1pp | -35.8%-5.2pp | -30.6% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 76.7%+108.3pp | -31.6%-8.9pp | -22.8% |
| Return on Equity | -122.3%-105.6pp | -16.7%+54.0pp | -70.7%-37.2pp | -33.5%-20.8pp | -12.8%-5.9pp | -6.9%+14.1pp | -21.0%+12.4pp | -33.4%+89.4pp | -122.8%-43.1pp | -79.7%-31.5pp | -48.2%-17.3pp | -30.9%-96.2pp | 65.3%+91.5pp | -26.2%-20.3pp | -5.9% |
| Return on Assets | -76.9%-61.4pp | -15.4%+48.7pp | -64.1%-31.6pp | -32.5%-20.3pp | -12.1%-5.4pp | -6.7%+13.0pp | -19.7%+12.8pp | -32.6%+77.4pp | -110.0%-33.0pp | -76.9%-32.6pp | -44.3%-14.0pp | -30.3%-93.2pp | 63.0%+69.0pp | -6.1%-3.4pp | -2.6% |
| Current Ratio | 2.23-9.4x | 11.62+2.5x | 9.13-20.8x | 29.91+10.4x | 19.51-30.9x | 50.40+33.6x | 16.83-22.4x | 39.22+29.8x | 9.42-19.3x | 28.68+16.3x | 12.42-35.6x | 48.03+20.2x | 27.82+22.2x | 5.65-1.8x | 7.42 |
| Debt-to-Equity | 0.59+0.5x | 0.080.0x | 0.10+0.1x | 0.030.0x | 0.050.0x | 0.020.0x | 0.060.0x | 0.03-0.1x | 0.12+0.1x | 0.04-0.1x | 0.09+0.1x | 0.020.0x | 0.04-3.3x | 3.33+2.1x | 1.23 |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
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Where Cassava Sciences Ranks
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) recorded an outflow of $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) recorded an outflow of $32.3M in operating cash flow during fiscal year 2025, representing cash used by 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 Piotroski F-Score?
Cassava Sciences (SAVA) has a Piotroski F-Score of 1 out of 6 computable signals; 3 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 Cassava Sciences's earnings high quality?
Cassava Sciences (SAVA) reported a net loss of $91.0M while operations used $32.3M 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.