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Cassava Sciences (FLNA) Financials

Cassava Sciences logo
$0.89 -0.04 (-4.43%)
As of 07/24/2026 04:00 PM Eastern
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Annual Income Statements for Cassava Sciences

Annual Income Statements for Cassava Sciences

This table shows Cassava Sciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -14 -15 -12 -6.56 -4.63 -6.33 -32 -76 -97 -68 -91
Consolidated Net Income / (Loss)		 -14 -15 -12 -6.56 -4.63 -6.33 -32 -76 -97 -24 -91
Net Income / (Loss) Continuing Operations		 -14 -15 -12 -6.56 -4.63 -6.33 -32 -76 -97 -24 -91
Total Pre-Tax Income 		-14 -15 -12 -6.56 -4.63 -6.33 -32 -77 -98 -24 -91
Total Operating Income		 -14 -15 -12 -6.66 -4.96 -6.45 -33 -80 -106 -141 -95
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 14 15 12 6.66 4.96 6.45 33 80 106 141 95
Selling, General & Admin Expense		 5.10 5.78 4.33 3.69 3.39 3.74 8.06 12 17 72 69
Research & Development Expense		 9.10 9.18 7.62 2.97 1.57 3.05 25 68 89 70 27
Total Other Income / (Expense), net		 0.06 0.11 0.04 0.11 0.33 0.11 0.43 2.78 7.83 117 4.62
Interest & Investment Income		 0.06 0.11 0.04 0.11 0.33 0.11 - 2.78 7.83 8.51 4.62
Other Income / (Expense), net		 - - - - - 0.00 0.43 0.00 0.00 109 0.00
Other Gains / (Losses), net		 - - - - - - - 1.00 0.91 - -0.20
Basic Earnings per Share		 ($0.31) ($2.28) ($1.82) ($0.61) ($0.27) ($0.24) ($0.82) ($1.90) ($2.32) ($0.53) ($1.88)
Weighted Average Basic Shares Outstanding		 45.36M 6.52M 6.54M 10.68M 17.41M 26.11M 39.41M 40.20M 41.93M 46.33M 48.30M
Diluted Earnings per Share		 ($0.31) ($2.28) ($1.82) ($0.61) ($0.27) ($0.24) - ($1.90) ($2.32) ($1.46) ($1.88)
Weighted Average Diluted Shares Outstanding		 45.36M 6.52M 6.54M 10.68M 17.41M 26.11M 39.41M -36.04M -55.29M 46.60M -42.68M
Weighted Average Basic & Diluted Shares Outstanding		 45.36M 6.52M 6.54M 10.68M 17.41M 26.11M 39.41M 40.20M 43.23M 48.31M 48.31M

Quarterly Income Statements for Cassava Sciences

This table shows Cassava Sciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -26 -21 -19 6.16 -28 -28 -23 -44 -11 -13 -10
Consolidated Net Income / (Loss)		 -26 -21 25 6.16 -28 -28 -23 -44 -11 -13 -10
Net Income / (Loss) Continuing Operations		 -26 -21 23 6.16 -28 -36 -23 -44 -11 -13 -10
Total Pre-Tax Income 		-26 -21 23 6.06 -28 -36 -23 -44 -11 -13 -10
Total Operating Income		 -28 -23 -20 -61 -31 -29 -25 -45 -12 -14 -11
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 28 23 20 61 31 29 25 45 12 14 11
Selling, General & Admin Expense		 4.28 4.06 3.70 46 13 8.96 11 40 7.91 9.70 6.62
Research & Development Expense		 24 19 16 15 18 21 14 5.12 3.96 3.85 4.54
Total Other Income / (Expense), net		 2.01 1.58 43 67 2.62 -6.46 1.27 1.21 1.17 0.97 0.79
Interest & Investment Income		 2.01 1.58 - 2.32 2.62 - 1.27 1.21 1.17 0.97 0.79
Other Gains / (Losses), net		 0.22 0.29 - 0.10 0.06 - -0.08 -0.05 -0.11 0.04 0.05
Basic Earnings per Share		 ($0.61) ($0.50) $0.58 $0.13 ($0.58) ($0.66) ($0.48) ($0.92) ($0.22) ($0.26) ($0.21)
Weighted Average Basic Shares Outstanding		 42.00M 41.93M 43.00M 46.20M 47.98M 46.33M 48.31M 48.31M 48.31M 48.30M 48.31M
Weighted Average Diluted Shares Outstanding		 16.35M -55.29M 44.10M 52.36M 20.03M 46.60M 48.31M 4.08M 37.50M -42.68M 48.31M
Weighted Average Basic & Diluted Shares Outstanding		 42.17M 43.23M 47.98M 47.98M 48.11M 48.31M 48.31M 48.31M 48.31M 48.31M 48.31M

Annual Cash Flow Statements for Cassava Sciences

This table details how cash moves in and out of Cassava Sciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -9.29 -15 -6.14 9.33 3.27 70 140 -32 -80 7.44 -33
Net Cash From Operating Activities		 -9.05 -12 -8.24 -4.77 -2.51 -5.38 -30 -78 -82 -117 -32
Net Cash From Continuing Operating Activities		 -9.05 -12 -8.24 -4.77 -2.51 -5.38 -30 -78 -82 -117 -32
Net Income / (Loss) Continuing Operations		 -14 -15 -12 -6.56 -4.63 -6.33 -32 -76 -97 -24 -91
Consolidated Net Income / (Loss)		 -14 -15 -12 -6.56 -4.63 -6.33 -32 -76 -97 -24 -91
Depreciation Expense		 0.05 0.06 0.07 0.07 0.06 0.02 0.31 0.80 1.08 0.95 0.90
Amortization Expense		 - - - - - 0.00 0.22 0.50 0.45 0.18 0.03
Non-Cash Adjustments To Reconcile Net Income		 3.45 4.33 2.97 2.39 1.30 0.64 3.87 1.54 5.33 -92 18
Changes in Operating Assets and Liabilities, net		 1.59 -1.77 0.64 -0.67 0.76 0.29 -2.22 -4.11 8.34 -1.23 40
Net Cash From Investing Activities		 -0.19 -2.17 2.10 0.00 -0.02 0.36 -22 -2.71 -0.41 -0.10 -0.58
Net Cash From Continuing Investing Activities		 -0.19 -2.17 2.10 0.00 -0.02 0.36 -22 -2.71 -0.41 -0.10 -0.58
Purchase of Property, Plant & Equipment		 -0.20 -0.08 - - -0.02 0.00 -22 -2.71 -0.41 -0.10 -0.58
Net Cash From Financing Activities		 -0.05 -0.28 0.00 14 5.81 75 192 48 2.56 124 -0.24
Net Cash From Continuing Financing Activities		 -0.05 -0.28 0.00 14 5.81 75 192 48 2.56 124 -0.24
Repurchase of Common Equity		 - - - - -0.06 - - - 0.00 0.00 -0.33
Other Financing Activities, net		 0.00 -0.21 - - 5.87 5.20 2.52 0.48 2.56 124 0.09

Quarterly Cash Flow Statements for Cassava Sciences

This table details how cash moves in and out of Cassava Sciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -26 -21 3.03 83 -18 -60 -11 -4.95 -6.30 -11 -8.93
Net Cash From Operating Activities		 -27 -22 -19 -18 -18 -61 -11 -4.95 -6.22 -9.75 -8.88
Net Cash From Continuing Operating Activities		 -27 -22 -19 -18 -18 -61 -11 -4.95 -6.22 -9.75 -8.88
Net Income / (Loss) Continuing Operations		 -26 -21 25 6.16 -28 -28 -23 -44 -11 -13 -10
Consolidated Net Income / (Loss)		 -26 -21 25 6.16 -28 -28 -23 -44 -11 -13 -10
Depreciation Expense		 0.27 0.27 0.31 0.30 0.26 0.23 0.22 0.22 0.13 0.33 0.24
Non-Cash Adjustments To Reconcile Net Income		 1.23 -2.18 -42 -63 6.56 5.64 6.86 4.29 1.98 4.37 4.31
Changes in Operating Assets and Liabilities, net		 -2.50 0.43 -2.54 38 2.83 -40 4.99 35 2.48 -1.95 -3.10
Net Cash From Investing Activities		 -0.02 -0.04 0.00 -0.03 -0.02 -0.06 0.00 - -0.08 -0.50 0.00
Net Cash From Continuing Investing Activities		 -0.02 -0.04 0.00 -0.03 -0.02 -0.06 0.00 - -0.08 -0.50 0.00
Net Cash From Financing Activities		 0.46 1.14 22 101 - 0.92 0.09 - - -0.33 -0.05
Net Cash From Continuing Financing Activities		 0.46 1.14 22 101 - 0.92 0.09 - - -0.33 -0.05
Repurchase of Common Equity		 - - - - - - 0.00 - - - -0.05
Other Financing Activities, net		 0.46 1.14 22 101 - 0.92 0.09 - - - 0.00

Annual Balance Sheets for Cassava Sciences

This table presents Cassava Sciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 32 19 11 20 23 94 267 235 152 158 118
Total Current Assets		 32 19 11 20 23 94 244 211 130 137 98
Cash & Equivalents		 31 17 10 20 23 94 233 201 121 129 96
Prepaid Expenses		 - - - - - - 11 10 8.50 7.96 2.21
Plant, Property, & Equipment, net		 0.22 0.23 0.16 0.09 0.05 0.01 21 23 22 21 21
Total Noncurrent Assets		 0.01 0.00 0.01 0.01 0.09 0.30 1.68 0.74 0.18 0.00 0.00
Total Liabilities & Shareholders' Equity		 32 19 11 20 23 94 267 235 152 158 118
Total Liabilities		 2.55 0.67 1.13 0.51 1.39 2.10 13 7.30 14 12 44
Total Current Liabilities		 2.55 0.67 1.13 0.51 1.39 1.87 13 7.06 14 12 44
Accounts Payable		 1.03 0.30 0.42 0.29 0.45 0.91 7.13 4.02 11 7.65 42
Accrued Expenses		 0.89 0.03 0.40 0.16 0.78 0.72 2.80 2.28 3.04 2.44 0.36
Current Employee Benefit Liabilities		 0.62 0.34 0.31 0.06 0.06 0.08 1.88 0.17 0.20 1.36 1.63
Other Current Liabilities		 - - - - 0.10 0.15 0.73 0.60 0.39 0.30 0.20
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.00 0.24 0.33 0.23 0.00 0.08 0.12
Other Noncurrent Operating Liabilities		 - 0.00 0.00 0.00 0.00 0.24 0.33 0.23 0.00 0.08 0.12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 29 19 9.70 20 22 92 254 228 137 146 74
Total Preferred & Common Equity		 29 19 9.70 20 22 92 254 228 137 146 74
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 29 19 9.70 20 22 92 254 228 137 146 74
Common Stock		 160 164 167 184 191 267 461 511 518 551 570
Retained Earnings		 -131 -145 -157 -164 -169 -175 -207 -284 -381 -405 -496

Quarterly Balance Sheets for Cassava Sciences

This table presents Cassava Sciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 197 173 156 244 224 141 135 130 108
Total Current Assets		 175 150 134 222 203 120 115 109 88
Cash & Equivalents		 168 142 124 207 149 117 112 106 87
Prepaid Expenses		 6.10 7.83 9.83 15 14 2.82 2.44 2.83 1.39
Plant, Property, & Equipment, net		 22 22 22 21 21 21 21 21 20
Total Noncurrent Assets		 0.39 0.27 0.12 0.08 0.07 0.00 0.00 0.00 0.00
Total Liabilities & Shareholders' Equity		 197 173 156 244 224 141 135 130 108
Total Liabilities		 18 17 77 55 57 13 47 48 40
Total Current Liabilities		 18 17 77 55 57 13 47 48 40
Accounts Payable		 10 9.49 9.60 53 52 8.19 43 46 39
Accrued Expenses		 7.04 7.34 1.80 1.60 2.54 4.08 3.79 1.37 0.61
Current Employee Benefit Liabilities		 0.22 0.19 0.23 0.22 1.95 0.86 0.56 0.36 0.25
Other Current Liabilities		 0.29 0.39 65 0.23 0.30 0.11 0.16 0.23 0.08
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.08 0.08 0.08 0.12 0.11
Other Noncurrent Operating Liabilities		 0.00 0.00 - - 0.08 0.08 0.08 0.12 0.11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 179 155 79 189 167 128 88 82 68
Total Preferred & Common Equity		 179 155 79 189 167 128 88 82 68
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 179 155 79 189 167 128 88 82 68
Common Stock		 514 515 434 539 544 556 561 565 575
Retained Earnings		 -334 -360 -356 -350 -378 -429 -473 -484 -506

Annual Metrics And Ratios for Cassava Sciences

This table displays calculated financial ratios and metrics derived from Cassava Sciences' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 45,756,117.00 46,141,935.00 6,595,509.00 17,219,300.00 17,219,300.00 25,578,673.00 40,016,792.00 40,068,890.00 42,174,062.00 - 48,307,896.00
DEI Adjusted Shares Outstanding		 6,536,588.00 6,591,705.00 6,595,509.00 17,219,300.00 17,219,300.00 25,578,673.00 40,016,792.00 40,068,890.00 42,174,062.00 - 48,307,896.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.16 -2.25 -1.81 -0.38 -0.27 -0.25 -0.81 -1.90 -2.31 - -1.88
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -9.94 -10 -8.36 -4.66 -3.47 -4.51 -23 -56 -74 -99 -67
Return On Investment Capital (ROIC_SIMPLE)		 -33.85% - - - - - - -24.62% -53.95% -67.95% -89.75%
Earnings before Interest and Taxes (EBIT)		 -14 -15 -12 -6.66 -4.96 -6.45 -32 -80 -106 -33 -95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -14 -15 -12 -6.59 -4.90 -6.42 -32 -79 -104 -32 -94
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.54 -12 -7.66 -5.26 -2.67 -4.19 -45 -62 -64 -100 -29
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -1.93 -0.08 -0.78 -0.18 -0.98 -1.31 20 27 16 17 -21
Increase / (Decrease) in Invested Capital		 -1.40 1.86 -0.70 0.60 -0.80 -0.32 22 6.05 -10 0.80 -38
Book Value per Share		 $0.64 $0.40 $1.47 $1.14 $1.28 $3.60 $6.35 $5.68 $3.26 $3.03 $1.54
Tangible Book Value per Share		 $0.64 $0.40 $1.47 $1.14 $1.28 $3.60 $6.32 $5.66 $3.26 $3.03 $1.54
Total Capital		 29 19 9.70 20 22 92 254 228 137 146 74
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -31 -19 -10 -20 -23 -94 -233 -201 -121 -129 -96
Capital Expenditures (CapEx)		 0.20 0.08 0.00 0.00 0.02 -0.36 22 2.71 0.41 0.10 0.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.16 -0.31 -0.95 -0.28 -1.12 -1.38 -1.49 3.15 -5.70 -3.79 -42
Debt-free Net Working Capital (DFNWC)		 29 18 9.53 20 22 92 232 204 115 125 54
Net Working Capital (NWC)		 29 18 9.53 20 22 92 232 204 115 125 54
Net Nonoperating Expense (NNE)		 4.20 4.38 3.55 1.89 1.16 1.82 9.38 20 23 -75 24
Net Nonoperating Obligations (NNO)		 -31 -19 -10 -20 -23 -94 -233 -201 -121 -129 -96
Total Depreciation and Amortization (D&A)		 0.05 0.06 0.07 0.07 0.06 0.02 0.53 1.30 1.53 1.13 0.94
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.17) ($2.28) ($1.82) ($0.61) ($0.27) ($0.24) ($0.82) ($1.90) ($2.32) ($0.53) ($1.88)
Adjusted Weighted Average Basic Shares Outstanding		 6.54M 6.52M 6.60M 17.22M 24.73M 39.90M 40.02M 41.74M 41.93M 46.33M 48.30M
Adjusted Diluted Earnings per Share		 ($2.17) ($2.28) ($1.82) ($0.61) ($0.27) ($0.24) ($0.82) ($1.90) $0.00 ($1.46) ($1.88)
Adjusted Weighted Average Diluted Shares Outstanding		 6.54M 6.52M 6.60M 17.22M 24.73M 39.90M 40.02M 41.74M 43.23M 46.60M -42.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.28) ($1.82) ($0.61) ($0.27) ($0.24) ($0.82) ($1.90) $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 6.54M 6.52M 6.54M 10.68M 17.41M 26.11M 39.41M 40.20M 43.23M 48.31M 48.31M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.94 -10 -8.36 -4.66 -3.47 -4.75 -23 -56 -74 -99 -67
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Cassava Sciences

This table displays calculated financial ratios and metrics derived from Cassava Sciences' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 41,969,994.00 42,174,062.00 42,174,062.00 47,976,166.00 47,976,166.00 - 48,307,896.00 48,307,896.00 48,307,896.00 48,307,896.00 48,307,896.00
DEI Adjusted Shares Outstanding		 41,969,994.00 42,174,062.00 42,174,062.00 47,976,166.00 47,976,166.00 - 48,307,896.00 48,307,896.00 48,307,896.00 48,307,896.00 48,307,896.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.61 -0.50 -0.44 0.13 -0.58 - -0.48 -0.92 -0.22 -0.26 -0.21
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Growth		 -31.93% -5.34% 190.26% 114.24% -10.47% -29.17% -203.34% -1,217.62% 61.37% - 55.16%
EBIT Growth		 -31.91% -5.09% 187.76% 113.00% -9.84% -28.29% -205.67% -1,313.69% 61.27% - 54.58%
NOPAT Growth		 -30.61% -8.85% -7.41% -204.82% -9.84% -29.39% 13.66% 48.25% 61.27% - 54.58%
Net Income Growth		 -26.63% -9.33% 203.18% 123.34% -8.94% -31.92% -193.45% -818.51% 61.32% - 55.86%
EPS Growth		 0.00% 0.00% 25.86% 120.63% 4.92% -16.00% -11.63% -807.69% 62.07% - 0.00%
Operating Cash Flow Growth		 -23.11% -4.67% -44.30% 8.45% 31.04% -174.53% 40.73% 72.88% 66.00% - 21.68%
Free Cash Flow Firm Growth		 36.54% 72.18% 648.07% -224.26% 266.21% -272.18% -273.25% 20.16% -144.84% - 128.61%
Invested Capital Growth		 -46.94% -38.43% -375.56% -267.81% -275.00% 4.89% 122.58% -33.25% -9.73% - -279.16%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 3.17% 18.39% 205.10% -82.86% -851.21% 4.57% 15.91% -85.40% 74.04% - 17.35%
EBIT Q/Q Growth		 3.12% 18.26% 202.10% -83.93% -918.80% 4.53% 15.91% -84.63% 73.87% - 17.59%
NOPAT Q/Q Growth		 3.12% 18.26% -24.96% -208.03% 65.09% 3.71% 16.62% -84.63% 73.87% - 17.59%
Net Income Q/Q Growth		 2.75% 18.45% 219.71% -75.42% -553.99% 1.24% 15.20% -88.97% 75.56% - 17.61%
EPS Q/Q Growth		 3.17% 18.03% 14.00% 130.23% -546.15% 0.00% 17.24% -91.67% 76.09% - 0.00%
Operating Cash Flow Q/Q Growth		 -33.16% 15.88% 14.29% 4.63% -0.30% -234.85% 81.50% 56.36% -25.75% - 8.92%
Free Cash Flow Firm Q/Q Growth		 17.11% 29.95% 832.18% -176.28% 142.49% -256.86% -240.83% 64.85% 76.14% - -27.28%
Invested Capital Q/Q Growth		 16.95% 27.94% -379.04% 59.81% -21.96% 176.68% -39.94% -337.25% -0.43% - 12.64%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Tax Burden Percent		 99.14% 98.63% 107.63% 101.63% 99.78% 76.77% 100.35% 100.10% 101.07% - 99.54%
Interest Burden Percent		 92.81% 93.07% 100.00% 161.93% 91.45% 122.95% 94.85% 97.33% 90.16% - 92.94%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 -53.94% -53.27% -33.90% -8.35% -10.98% -17.19% -70.60% -88.95% -85.44% - -79.59%
Cash Return on Invested Capital (CROIC)		 -334.48% -298.57% 0.00% 0.00% 0.00% -596.56% -1,537.02% 0.00% 0.00% - 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 -53.94% -53.27% -33.90% -8.35% -10.98% -17.19% -70.60% -88.95% -85.44% - -79.59%
Return on Equity Simple (ROE_SIMPLE)		 -61.52% 0.00% -60.95% 0.00% 0.00% 0.00% -57.04% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -20 -16 -20 -61 -21 -21 -17 -32 -8.30 -9.49 -7.82
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 -3.87% -3.08% 28.87% 35.96% -3.93% -5.57% -5.13% -7.79% -1.70% - -2.47%
Return On Investment Capital (ROIC_SIMPLE)		 - -11.60% -25.36% -32.49% -12.86% -14.17% -13.49% -36.12% -10.18% -12.75% -11.47%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 -28 -23 23 3.74 -31 -29 -25 -45 -12 -14 -11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -27 -22 24 4.04 -30 -29 -24 -45 -12 -13 -11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.50 6.91 10.89 3.14 8.47 0.78 0.57 0.99 1.72 - 1.20
Price to Tangible Book Value (P/TBV)		 4.51 6.91 10.90 3.14 8.48 0.78 0.57 0.99 1.72 - 1.20
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 43.56 50.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -0.90 -0.88 -1.10 -1.02 -1.03 -0.88 -1.17 -1.15 -1.19 - -1.04
Leverage Ratio		 1.07 1.06 1.32 1.20 1.23 1.09 1.44 1.37 1.42 - 1.27
Compound Leverage Factor		 1.00 0.99 1.32 1.94 1.13 1.34 1.36 1.33 1.28 - 1.18
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 21.53 37.03 4.39 5.38 12.80 2.50 -0.66 -4.29 -3.21 - -5.13
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.62 9.13 1.74 4.07 3.55 11.62 9.08 2.43 2.27 - 2.19
Quick Ratio		 8.17 8.53 1.61 3.80 2.61 10.94 8.86 2.37 2.21 - 2.16
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.22 -5.76 42 -32 14 -21 -73 -26 -6.13 29 21
Operating Cash Flow to CapEx		 -120,590.91% -54,429.27% 0.00% -62,900.00% -107,623.53% -107,482.46% 0.00% 0.00% -7,776.25% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13 16 -46 -18 -22 17 10 -24 -25 -21 -18
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Increase / (Decrease) in Invested Capital		 -11 -10 -62 -29 -35 0.80 56 -6.09 -2.17 -38 -29
Enterprise Value (EV)		 556 828 732 385 1,223 -15 -45 -25 34 - -4.93
Market Capitalization		 698 949 856 593 1,412 114 72 87 141 - 82
Book Value per Share		 $3.70 $3.26 $1.83 $3.94 $3.47 $3.03 $2.64 $1.82 $1.69 $1.54 $1.41
Tangible Book Value per Share		 $3.69 $3.26 $1.83 $3.94 $3.47 $3.03 $2.64 $1.82 $1.69 $1.54 $1.41
Total Capital		 155 137 79 189 167 146 128 88 82 74 68
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -142 -121 -124 -207 -189 -129 -117 -112 -106 -96 -87
Capital Expenditures (CapEx)		 0.02 0.04 0.00 0.03 0.02 0.06 0.00 0.00 0.08 0.50 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9.58 -5.70 -67 -40 -43 -3.79 -10 -45 -45 -42 -39
Debt-free Net Working Capital (DFNWC)		 133 115 57 168 146 125 107 67 61 54 48
Net Working Capital (NWC)		 133 115 57 168 146 125 107 67 61 54 48
Net Nonoperating Expense (NNE)		 6.14 4.97 -45 -68 6.51 6.96 6.19 12 2.51 3.05 2.51
Net Nonoperating Obligations (NNO)		 -142 -121 -124 -207 -189 -129 -117 -112 -106 -96 -87
Total Depreciation and Amortization (D&A)		 0.39 0.36 0.31 0.30 0.26 0.26 0.22 0.22 0.13 0.33 0.24
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.61) ($0.50) $0.58 $0.13 ($0.58) ($0.66) ($0.48) ($0.92) ($0.22) ($0.26) ($0.21)
Adjusted Weighted Average Basic Shares Outstanding		 42.00M 41.93M 43.00M 46.20M 47.98M 46.33M 48.26M 48.31M 48.31M 48.30M 48.31M
Adjusted Diluted Earnings per Share		 $0.00 ($0.50) ($0.43) $0.13 ($0.58) ($0.58) ($0.48) ($0.92) ($0.22) ($0.26) $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 42.17M -55.29M 44.10M 52.36M 20.03M 46.60M 24.86M 4.08M 37.50M -42.68M 48.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.17M 43.23M 47.98M 47.98M 48.11M 48.31M 48.31M 48.31M 48.31M 48.31M 48.31M
Normalized Net Operating Profit after Tax (NOPAT)		 -20 -16 -14 -43 -21 -21 -17 -32 -8.30 -9.49 -7.82
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - -0.49%

Financials Breakdown Chart

Key Financial Trends

Cassava Sciences’ latest quarter shows a company still in heavy cash-burn mode, but with a very large cash balance that gives it some runway. The company reported no revenue in Q1 2026, posted another operating loss, and continued to consume cash. At the same time, its balance sheet still shows substantial liquidity relative to near-term liabilities.

  • Cash remains substantial: Cassava Sciences ended Q1 2026 with $86.6 million in cash and equivalents, giving it a meaningful cushion despite ongoing losses.
  • Current assets still exceed current liabilities: Total current assets were $88.0 million versus $40.1 million of current liabilities, suggesting the company can cover near-term obligations for now.
  • Interest income helped offset losses: The company earned $0.8 million in interest and investment income in Q1 2026, which partially reduced the pre-tax loss.
  • R&D spending remains active: Research and development expense was $4.5 million in Q1 2026, indicating continued investment in the pipeline.
  • Quarterly losses improved versus late 2025: Net loss narrowed to $10.3 million in Q1 2026 from $12.5 million in Q4 2025 and $10.8 million in Q3 2025, though the company is still unprofitable.
  • Operating cash burn was lower than recent periods: Cash used in operations was $8.9 million in Q1 2026, better than the $9.7 million burn in Q4 2025.
  • No revenue again: Cassava Sciences reported $0 in revenue, so all spending is still being funded by cash reserves rather than operations.
  • Operating expenses remain elevated: SG&A was $6.6 million and R&D was $4.5 million, leading to $11.2 million in quarterly operating expenses.
  • Still posting operating losses: Operating loss came in at $11.2 million in Q1 2026, reflecting the lack of revenue and ongoing R&D spend.
  • Cash balance is trending down sharply over the past year: Cash and equivalents fell from $117.3 million in Q1 2025 to $86.6 million in Q1 2026, with sustained quarterly burn continuing to erode liquidity.

Longer-term trend: Over the last four years, Cassava Sciences has consistently operated without revenue and has relied on its balance sheet to fund research and overhead. Cash declined materially from the 2024 highs, while quarterly net losses have remained significant. The company still has cash on hand, but the pattern points to continued dilution or additional financing risk if it does not generate operating progress soon.

07/25/26 03:14 PM ETAI Generated. May Contain Errors.

Cassava Sciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cassava Sciences' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cassava Sciences' net income appears to be on an upward trend, with a most recent value of -$90.97 million in 2025, rising from -$14.15 million in 2015. The previous period was -$24.34 million in 2024. See where experts think Cassava Sciences is headed by visiting Cassava Sciences' forecast page.

Cassava Sciences' total operating income in 2025 was -$95.39 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $95.39 million

Over the last 10 years, Cassava Sciences' total revenue changed from $0.00 in 2015 to $0.00 in 2025, a change of 0.0%.

Cassava Sciences' total liabilities were at $43.95 million at the end of 2025, a 271.6% increase from 2024, and a 1,622.9% increase since 2015.

In the past 10 years, Cassava Sciences' cash and equivalents has ranged from $10.48 million in 2017 to $233.44 million in 2021, and is currently $95.50 million as of their latest financial filing in 2025.

Over the last 10 years, Cassava Sciences' book value per share changed from 0.64 in 2015 to 1.54 in 2025, a change of 140.0%.


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Financial statements for NASDAQ:FLNA last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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