Persistent cash burn is highlighted by the absence of positive free cash flow over the last ten quarters, compounded by a lack of capital allocation flexibility.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Cash from Operations | 0 | -29.22M | -19.97M | -21.09M | -26.84M | -25.89M | -23.24M | -28.58M | -6.4M | -6.02M | -5.51M | -4M | -3.28M | -2.21M | -4.27M | -4.96M | -10.21M | -20.71M | -23.52M | -20.77M | -14.52M | -16.41M | -24.25M | -45.53M | -52.87M | -44.25M | -35.8M | -12.5M | -6.6M | -2.2M | -4.44M |
| Operating CF Margin % | - | -102.41% | -58.94% | -48.92% | -88.98% | -170.97% | -562.65% | - | - | - | -11555.6% | -16839.15% | - | -330.52% | -220.12% | -134.29% | -193.27% | -277.02% | -318.08% | -301.33% | -245.32% | -3191.94% | -1539.14% | -3870.37% | -2839.71% | -1205.07% | -716% | -240.38% | -137.5% | -50% | -616.67% |
| Operating CF Growth % | 0% | -46.36% | 5.32% | 21.44% | -3.69% | -11.37% | 18.69% | -346.47% | -6.29% | -9.24% | -37.99% | -21.97% | -48.08% | 48.22% | 13.86% | 51.44% | 50.7% | 11.95% | -13.23% | -43.1% | 11.51% | 32.34% | 46.74% | 13.88% | -19.5% | -23.6% | -186.4% | -89.39% | -200% | 50.45% | -2.07% |
| Net Income | -49.38M | -39.26M | -26.94M | -40.26M | -35.84M | -47.51M | -45.36M | -27.47M | -10.77M | -9.45M | -7.21M | -26.2M | -5.74M | -14.55M | -4.56M | -8.1M | -8.22M | -23.86M | -22.41M | -49.89M | -16.31M | -12.62M | -19.49M | -39.02M | -43.31M | -48.79M | -36.9M | -13.5M | -6.5M | -4.8M | -7.71M |
| Depreciation & Amortization | 0 | 2.33M | 3.74M | 2.42M | 1.81M | 1.96M | 2.15M | 1.67M | 117.78K | 66.45K | 68.38K | 48.18K | 17.39K | 20.46K | 38.12K | 70.36K | 95.11K | 319.23K | -779.15K | -469.13K | 155.02K | 773.77K | 930.77K | 1.51M | 1.38M | 1.08M | 900K | 700K | 300K | 200K | 200K |
| Stock-Based Compensation | 1.31M | 1.31M | 7.22M | 7.01M | 7.77M | 7.82M | 7.31M | 6.12M | 650.44K | 3M | 1.54M | 2.19M | 2.04M | 978.24K | 609.72K | 271.62K | 320.16K | 1.09M | 1.45M | 1.55M | 72.99K | 175K | 0 | 94.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -5.2M | -3.94M | 1.24M | 325.46K | 19.89K | -5.67K | -27.51K | -11.76K | -2.04M | 0 | 4.55M | 28.25K | 49.66K | -402.07K | -1.45M | -1.61M | -72.99K | -175K | 0 | -3.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 48.07M | 5.63M | 3.83M | 16.39M | 7.83M | 19.1M | 6.97M | 553.57K | 7.48K | 26.31K | 74.95K | 19.71M | 2.04M | 10.04M | -4.56M | 3.05M | 133.08K | 2.2M | 1.52M | 31.04M | -3.24K | -3.47M | 184.56K | 426.82K | -20.29M | 732.76K | 300K | 0 | 300K | 200K | -3.03M |
| Working Capital Changes | 0 | 771K | -7.82M | -6.65M | -3.22M | -3.32M | 4.45M | -9.78M | 3.57M | 348.04K | 36K | 273.73K | 400.88K | 1.29M | -352.12K | -275.79K | -2.59M | -56.6K | -1.85M | -1.4M | 1.64M | -1.09M | -5.87M | -5.41M | 9.35M | 2.74M | -100K | 300K | -700K | 2.2M | 6.1M |
| Change in Receivables | 0 | -5.21M | 2.83M | -3.17M | -5.16M | -3.35M | -1.29M | 0 | 0 | 0 | 23.73K | -23.73K | 669.31K | 1.26M | 817.71K | 536.41K | 593.25K | 21.45K | -56.55K | -72.28K | -472.65K | 178.2K | 0 | -132.13K | 0 | 0 | 0 | 0 | 0 | 0 | -2.5M |
| Change in Inventory | 0 | 5.83M | -9.74M | -4.23M | -551K | 3.19M | -4.41M | -283K | 0 | 0 | -4.63M | -10.16M | -15.01M | 77.63K | -2.78M | -5.42M | -264.73K | 1.1M | -43.33M | -47.94M | -30.33M | -34M | 0 | -7.21M | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M |
| Change in Payables | 0 | -1.72M | 1.15M | 1.07M | 1.49M | -1.54M | 4M | -1.1M | 849.37K | 180.53K | 129.47K | 352.17K | -102.39K | 51.52K | -897.67K | -617.6K | -1.53M | -1.05M | -1.4M | 346.67K | 3.94M | -2.25M | 0 | -5.78M | 0 | 0 | 0 | 0 | 0 | 0 | 200K |
| Cash from Investing | 0 | 11.24M | -9.67M | 31.16M | -20.69M | -20.72M | -28.06M | -21.77M | -934.7K | -64.79K | -25.4K | -466.33K | -42.98K | -48.39K | 77.31K | -1.59K | 7.5M | 10.84M | 12.56M | -12.95M | -4.4M | -11.27M | -2.84M | 2.38M | 21.42M | -1.64M | 2.4M | 20.4M | -8.7M | -20M | -210K |
| Capital Expenditures | 0 | -223K | -204K | -5.61M | -15.5M | -19.33M | -14.02M | -21.77M | -934.7K | -223.23K | -25.4K | -466.33K | -42.98K | -48.39K | -6K | -3.6K | -2.89K | -134.06K | -106.72K | -227.44K | -248.68K | -163.54K | -32.72K | -558.19K | -985.78K | -1.64M | -1.9M | -1.8M | -1M | -200K | -210K |
| CapEx % of Revenue | 0% | 0.78% | 0.6% | 13.02% | 51.38% | 127.65% | 339.39% | - | - | - | 53.23% | 1965.38% | - | 7.23% | 0.31% | 0.1% | 0.05% | 1.79% | 1.44% | 3.3% | 4.2% | 31.82% | 2.08% | 47.45% | 52.94% | 44.67% | 38% | 34.62% | 20.83% | 4.55% | 29.17% |
| Acquisitions | 0 | -1.37M | 0 | 138K | 10K | 0 | 20M | -20.64M | 0 | 158.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106.72K | -2.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 483K | -2.04M | 6.44M | 7.03M | -1.31M | -6.97M | 20.64M | 0 | 158.45K | -25.4K | -234.51K | -42.98K | -48.39K | 56.5K | 2K | -4.44K | 4.44K | -106.72K | 52.9K | 11K | 355.27K | -418.11K | 2.94M | 22.41M | 0 | -100K | -400K | -400K | -100K | 0 |
| Cash from Financing | 0 | 15.43M | -907K | -3.27M | 29.64M | 47.15M | 22.05M | 92.27M | 23.73M | 28.05M | 0 | 0 | 10.4M | 9.23M | 389.63K | 3.54M | -7.72M | -3.06M | 19.75M | 43.21M | 9.9M | 13.29M | 37.84M | 25.83M | 48.33M | 44.36M | 28.6M | 4.7M | 400K | 48.4M | 11.32M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -839K | 1.25M | -1.5M | 258K | 326K | 0 | 0 | 0 | 0 | -683.96K | -757.47K | -8.55M | -7.71M | -2.98M | 19.15M | -697.03K | 0 | 0 | -91.84K | 1.25M | 1.19M | -1.12M | 2.9M | 0 | -100K | -400K | 0 |
| Equity Issued (Net) | 0 | 15M | -169K | -3.27M | 32.5M | 45.1M | 182K | 87.99M | 23.87M | 28.15M | 0 | 0 | 10.79M | 0 | 1.31M | 13.09M | 0 | -76.95K | 750.27K | 43.91M | 9.9M | 13.29M | 37.93M | 19.41M | 47.14M | 45.48M | 25.7M | 4.7M | 500K | 48.8M | 0 |
| Dividends Paid | 0 | -718K | -738K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -278K | -3.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.65M | 0 | 0 | 0 | 0 | 0 | -76.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.83M | -3.8M | 0 | 0 | 0 | 10.94M |
| Other Financing | 0 | 1.15M | 0 | 0 | -2.02M | 805K | 23.36M | 4.02M | -462.84K | -96.51K | 0 | 0 | -388.87K | 9.91M | -164.96K | -1.01M | -10.31K | 0 | -153.01K | 0 | 0 | 0 | 1M | 5.16M | 0 | 0 | 0 | 0 | 0 | 0 | 11.32M |
| Net Change in Cash | -11.85M | -3.62M | -30.03M | 8.41M | -18.36M | 3.44M | -30.58M | 40.71M | 16.4M | 21.96M | -5.54M | -4.46M | 7.08M | 6.97M | -3.81M | -1.43M | -10.43M | -12.93M | 8.78M | 9.49M | -9.02M | -14.39M | 10.74M | -17.32M | 16.88M | -1.52M | -4.8M | 4.7M | 400K | 48.4M | 6.67M |
| Free Cash Flow | 0 | -29.46M | -22.21M | -26.7M | -42.34M | -45.21M | -37.26M | -50.36M | -7.34M | -6.25M | -5.54M | -4.46M | -3.32M | -2.26M | -4.28M | -4.96M | -10.22M | -20.85M | -23.63M | -21M | -14.77M | -16.57M | -24.28M | -46.09M | -53.86M | -45.89M | -37.7M | -14.3M | -7.6M | -2.4M | -4.65M |
| FCF Margin % | 0% | -103.25% | -65.55% | -61.94% | -140.35% | -298.61% | -902.03% | - | - | - | -11608.83% | -18804.53% | - | -337.75% | -220.43% | -134.39% | -193.33% | -278.81% | -319.52% | -304.63% | -249.52% | -3223.76% | -1541.22% | -3917.81% | -2892.66% | -1249.74% | -754% | -275% | -158.33% | -54.55% | -645.83% |
| FCF Growth % | - | -32.67% | 16.82% | 36.94% | 6.35% | -21.33% | 26% | -586.36% | -17.46% | -12.77% | -24.14% | -34.44% | -46.81% | 47.16% | 13.8% | 51.41% | 51% | 11.78% | -12.51% | -42.23% | 10.88% | 31.76% | 47.32% | 14.42% | -17.37% | -21.72% | -163.64% | -88.16% | -216.67% | 48.39% | -4.73% |
| FCF per Share | 0.00 | -1.92 | -1.66 | -1.96 | -3.11 | -4.09 | -3.88 | -5.94 | -1.19 | -1.12 | -1.71 | -1.56 | -1.27 | -1.19 | -3.63 | -5.13 | -12.80 | -26.52 | -30.88 | -32.14 | -33.72 | -49.04 | -89.21 | -231.60 | -327.45 | -314.36 | -300.48 | -124.04 | -69.45 | -26.95 | -9.30 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.74x | 0.74x | 0.51x | 0.73x | 0.54x | 0.51x | 1.04x | 0.59x | 0.64x | 0.77x | 0.15x | 0.57x | 0.15x | 0.94x | 0.61x | 1.24x | 0.87x | 1.05x | 0.42x | 0.89x | 1.30x | 1.24x | 1.17x | 1.22x | 0.91x | 0.97x | 0.93x | 1.02x | 0.46x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
According to the provided financial data, CASI has consistently reported negative net income over the last ten quarters without generating any positive operating cash flow, suggesting a fundamental inability to convert its commercial activities into tangible liquidity despite the presence of an active product portfolio.
The absence of reported operating cash flow across all periods indicates that the company's cash burn is likely driven by structural operating losses that are not being mitigated by working capital adjustments. Investors should monitor whether this lack of cash generation reflects an inability to collect receivables or simply the overwhelming weight of fixed operating costs.
As reported in quarterly filings, the company has failed to produce positive free cash flow in any of the last ten quarters, with net income losses reaching as high as $14.4 million, highlighting a trajectory that remains deeply entrenched in a cash-burning state.
The consistent failure to achieve positive free cash flow suggests that the current business model is not self-sustaining under existing commercial conditions. This trajectory implies that the company remains entirely dependent on external financing to fund its ongoing research and development and commercial infrastructure.
Based on the provided cash flow statements, the company has periodically utilized stock-based compensation, such as the $7.2 million recorded in 2023Q4, which serves to obscure the true magnitude of the cash burn by non-cash accounting adjustments that do not improve the underlying liquidity position.
While stock-based compensation is a standard tool for talent retention, its use in a company with no positive operating cash flow warrants further investigation into the dilution impact on shareholders. The reliance on these non-cash adjustments appears to be a mechanism to manage the optics of the income statement while the actual cash position remains under severe pressure.
As indicated by the lack of dividends, buybacks, or acquisitions in the provided data, CASI's capital deployment is entirely focused on survival, with all available resources directed toward covering operating losses rather than returning value to shareholders or pursuing strategic growth through inorganic means.
The absence of capital deployment activities suggests that management is currently in a defensive posture, prioritizing the preservation of the remaining $13.4 million cash balance. This lack of strategic investment may limit the company's ability to pivot or scale its pipeline, potentially leaving it vulnerable to competitive displacement.
Quick answers to the most common questions about buying CASI stock.
CASI Pharmaceuticals, Inc. (CASI) generated $-29.2M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
CASI Pharmaceuticals, Inc. (CASI) reported negative free cash flow of $29.5M in 2024, indicating capital requirements exceeded cash from operations.
CASI Pharmaceuticals, Inc. (CASI) spent $0.2M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, CASI Pharmaceuticals, Inc. (CASI) returned $0.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.