Revenue volatility remains high, with a 36.1% year-over-year decline in 2025Q2 and operating margins deteriorating to -24.2% as R&D spending continues to dwarf top-line results.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 560K | 674K | 743K | 810K | 853K | 763K | 2.03M | 3.82M | 844.75K | 169.5K | 164.72K | 0 | 0 | 0 | 469K |
| Revenue Growth % | -16.04% | -9.29% | -8.27% | -5.04% | 11.8% | -62.45% | -46.81% | 352.21% | 398.38% | 2.9% | - | - | - | -100% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 560K | 674K | 743K | 810K | 853K | 763K | 2.03M | 3.82M | 844.75K | 169.5K | 164.72K | 0 | 0 | 0 | 469K |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | 100% |
| Gross Profit Growth % | - | -9.29% | -8.27% | -5.04% | 11.8% | -62.45% | -46.81% | 352.21% | 398.38% | 2.9% | - | - | - | -100% | - |
| Operating Expenses | 9.49M | 8.8M | 8.94M | 10.91M | 13.7M | 14.9M | 14.04M | 9.23M | 8.22M | 8.8M | 6.58M | 7.13M | 8.99M | 6M | 5.27M |
| OpEx % of Revenue | - | 1306.23% | 1202.96% | 1346.42% | 1605.51% | 1953.08% | 690.9% | 241.73% | 973.13% | 5193.72% | 3994.56% | - | - | - | 1123.25% |
| Selling, General & Admin | 3.59M | 3.05M | 2.96M | 3.14M | 3.85M | 2.95M | 3.06M | 3.16M | 2.95M | 2.7M | 2.7M | 2.94M | 4.52M | 2.48M | 1.86M |
| SG&A % of Revenue | - | 452.08% | 397.71% | 388.02% | 450.76% | 386.76% | 150.74% | 82.7% | 349.08% | 1590.8% | 1639.04% | - | - | - | 396.69% |
| Research & Development | 5.91M | 5.76M | 5.98M | 7.76M | 9.85M | 11.95M | 10.98M | 6.08M | 5.27M | 6.08M | 3.86M | 4.16M | 4.42M | 3.52M | 3.41M |
| R&D % of Revenue | - | 854.15% | 805.25% | 958.4% | 1154.75% | 1566.32% | 540.16% | 159.03% | 624.05% | 3585.9% | 2340.9% | - | - | - | 726.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.07K | 28.86K | 24.08K | 31.84K | 52.84K | 0 | 0 |
| Operating Income | -8.93M | -8.13M | -8.2M | -10.1M | -12.84M | -14.14M | -12.01M | -5.41M | -7.38M | -8.63M | -6.42M | -7.13M | -8.99M | -5.99M | -4.78M |
| Operating Margin % | -1595.36% | -1206.23% | -1102.96% | -1246.42% | -1505.51% | -1853.08% | -590.9% | -141.73% | -873.13% | -5093.72% | -3894.56% | - | - | - | -1018.32% |
| Operating Income Growth % | - | 0.79% | 18.83% | 21.38% | 9.17% | -17.76% | -121.78% | 26.6% | 14.57% | -34.59% | 10.06% | 20.67% | -50.03% | -25.49% | - |
| EBITDA | -8.91M | -8.12M | -8.18M | -10.08M | -12.83M | -14.13M | -11.99M | -5.4M | -7.36M | -8.62M | -6.4M | -7.12M | -8.97M | -5.97M | -4.72M |
| EBITDA Margin % | -1590.18% | -1205.19% | -1100.94% | -1244.69% | -1503.87% | -1851.51% | -590.21% | -141.36% | -870.78% | -5082.83% | -3884.61% | - | - | - | -1006.11% |
| EBITDA Growth % | -14.39% | 0.7% | 18.87% | 21.41% | 9.2% | -17.79% | -122.09% | 26.59% | 14.62% | -34.64% | 10.14% | 20.66% | -50.33% | -26.52% | - |
| D&A (Non-Cash Add-back) | 29K | 7K | 15K | 14K | 14K | 12K | 14K | 14K | 19.85K | 18.46K | 16.39K | 12.07K | 16.65K | 23.02K | 57.28K |
| EBIT | -8.93M | -8.13M | -8.2M | -10.1M | -12.84M | -14.14M | -12.01M | -6.14M | -6.4M | -8.36M | -6.42M | -6.28M | -8.83M | -5.85M | -7.39M |
| Net Interest Income | 176K | 277K | 492K | 206K | 6K | -343K | -376K | 33K | 41K | 61.74K | 1.35M | -3.34K | 10.34K | 6.16K | 377.56K |
| Interest Income | 176K | 291K | 506K | 222K | 24K | 44K | 72K | 51K | 69K | 89.09K | 1.92M | 11.56K | 26.42K | 13.38K | 438.52K |
| Interest Expense | 0 | 14K | 14K | 16K | 18K | 387K | 448K | 18K | 28K | 27.35K | 564.34K | 14.89K | 16.08K | 7.23K | 377.56K |
| Other Income/Expense | 135K | 250K | 561K | -77K | 227K | -304K | -618K | -1.15M | 781K | 269.86K | 1.35M | 840.28K | 146.16K | 137.58K | -2.63M |
| Pretax Income | -8.8M | -7.88M | -7.63M | -10.17M | -12.62M | -14.44M | -12.63M | -6.57M | -4.95M | -6.99M | -5.06M | -6.29M | -8.85M | -5.86M | -7.42M |
| Pretax Margin % | -1571.07% | -1169.14% | -1027.46% | -1255.93% | -1478.9% | -1892.92% | -621.31% | -171.91% | -586.07% | -4125.31% | -3072.01% | - | - | - | -1581.85% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 29.92K | 29.12K | 4.36K | 5.91K | 2.58K | 2.94K | 50.18K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.06% | -0.6% | -0.42% | -0.09% | -0.09% | -0.03% | -0.05% | -0.68% |
| Net Income | -8.8M | -7.88M | -7.63M | -10.17M | -12.6M | -14.44M | -12.63M | -6.57M | -4.97M | -6.9M | -4.8M | -6.1M | -8.34M | -5.57M | -6.7M |
| Net Margin % | -1571.07% | -1169.14% | -1027.46% | -1255.93% | -1476.55% | -1892.92% | -621.31% | -172.02% | -588.18% | -4069.33% | -2912.29% | - | - | - | -1428.52% |
| Net Income Growth % | -19.38% | -3.22% | 24.96% | 19.23% | 12.8% | -14.4% | -92.13% | -32.25% | 27.96% | -43.79% | 21.38% | 26.85% | -49.68% | 16.82% | - |
| Net Income (Continuing) | -8.8M | -7.88M | -7.63M | -10.17M | -12.62M | -14.44M | -12.63M | -6.57M | -6.43M | -8.39M | -5.06M | -6.1M | -8.34M | -5.57M | -7.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.58K | 129.11K | 374.94K | 660.16K | 535.07K | 583.55K |
| EPS (Diluted) | -0.77 | -1.08 | -1.80 | -3.75 | -8.25 | -12.69 | -45.00 | -51.00 | -57.00 | -90.00 | -81.00 | -105.00 | -183.00 | -168.00 | -216.00 |
| EPS Growth % | 36.17% | 40% | 52% | 54.55% | 34.99% | 71.8% | 11.76% | 10.53% | 36.67% | -11.11% | 22.86% | 42.62% | -8.93% | 22.22% | - |
| EPS (Basic) | - | -1.08 | -1.80 | -3.75 | -9.00 | -12.69 | -45.00 | -51.00 | -57.00 | -90.00 | -81.00 | -105.00 | -183.00 | -168.00 | -216.00 |
| Diluted Shares Outstanding | 11.37M | 7.25M | 4.26M | 2.72M | 1.84M | 1.19M | 286.37K | 129.67K | 108.42K | 92.31K | 76.51K | 58.49K | 45.71K | 33.5K | 31.18K |
| Basic Shares Outstanding | 11.38M | 7.25M | 4.26M | 2.72M | 1.53M | 1.14M | 286.37K | 129.67K | 108.42K | 92.31K | 76.51K | 58.48K | 45.71K | 33.5K | 31.18K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial filings, Can-Fite's quarterly revenue has trended downward to $101,000 in 2025Q2, representing a 36.1% year-over-year decline, which underscores the inherent instability of a business model reliant solely on sporadic, project-based licensing milestones rather than recurring commercial product sales or sustainable market demand.
The revenue trajectory suggests a lack of commercial momentum, as the company remains entirely dependent on the timing of clinical milestones. Investors should interpret these fluctuations as a signal of operational uncertainty rather than a reflection of underlying product market penetration.
Based on the company's income statement, R&D expenses consistently dwarf top-line figures, with $1.5 million in quarterly research spending significantly exceeding the $101,000 in revenue, highlighting a cost structure that is fundamentally disconnected from the current ability to generate self-sustaining cash flows from operations.
The high fixed-cost burden associated with late-stage clinical trials creates a persistent drag on the income statement. Management's expense discipline appears constrained by the mandatory nature of these development costs, which are essential for the company's long-term viability but currently exacerbate the net loss position.
According to the provided data, the company's operating margin has deteriorated to -24.2% in 2025Q2, indicating that the firm lacks the necessary operating leverage to scale its income statement effectively while it continues to absorb heavy overhead costs without a corresponding increase in recurring revenue streams.
The inability to achieve positive operating income suggests that the current business model is not yet optimized for efficiency. This structural imbalance warrants further investigation into whether future milestone payments can realistically offset the ongoing burn rate or if the company will remain perpetually reliant on external financing.
As indicated by the consistent net losses and the recurring issuance of equity to fund operations, the quality of earnings is severely impacted by the necessity of shareholder dilution, which serves as the primary mechanism for covering the company's ongoing operational deficits and research-related cash requirements.
The persistent negative EPS figures, coupled with the reliance on stock-based compensation and potential future equity raises, suggest that current shareholders face significant dilution risk. Analysts should monitor the impact of these financing activities on the per-share value, as the reported net income does not reflect a sustainable operational performance.
Quick answers to the most common questions about buying CANF stock.
For fiscal year 2024, Can-Fite BioPharma Ltd. (CANF) reported total revenue of $0.7M. This represents a 43.7% increase compared to $0.5M in 2011.
Can-Fite BioPharma Ltd. (CANF) reported a net loss of $7.9M for the fiscal year ending 2024.
Can-Fite BioPharma Ltd. (CANF) reported an operating income of $-8.1M, resulting in an operating profit margin of -1206.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Can-Fite BioPharma Ltd. (CANF) generated $0.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.