Revenue contraction and margin compression are evident, with 2025Q3 gross margins falling to 23.0% compared to historical averages near 60%.
| 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 |
|---|
| Sales/Revenue | 26.85M | 28.54M | 33.88M | 43.11M | 30.17M | 15.14M | 4.13M | 0 | 0 | 0 | 47.71K | 23.73K | 0 | 669.31K | 1.94M | 3.69M | 5.28M | 7.48M | 7.4M | 6.89M | 5.92M | 514K | 1.58M | 1.18M | 1.86M | 3.67M | 5M | 5.2M | 4.8M | 4.4M | 720K |
| Revenue Growth % | 21.72% | -15.77% | -21.41% | 42.89% | 99.25% | 266.52% | - | - | - | -100% | 101.09% | - | -100% | -65.52% | -47.45% | -30.11% | -29.33% | 1.1% | 7.27% | 16.5% | 1051.38% | -67.38% | 33.92% | -36.81% | -49.29% | -26.56% | -3.85% | 8.33% | 9.09% | 511.11% | 700% |
| Cost of Goods Sold | 17.23M | 17.39M | 13.83M | 15.83M | 12.56M | 9.51M | 3.94M | 1.67M | 117.78K | 66.45K | 6.27K | 7.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.08M | -900K | -700K | -300K | 7.4M | 0 |
| COGS % of Revenue | - | 60.94% | 40.81% | 36.72% | 41.62% | 62.8% | 95.26% | - | - | - | 13.15% | 31.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | -29.35% | -18% | -13.46% | -6.25% | 168.18% | - |
| Gross Profit | 9.61M | 11.15M | 20.05M | 27.28M | 17.61M | 5.63M | 196K | -1.67M | -117.78K | -66.45K | 41.44K | 16.26K | 0 | 669.31K | 1.94M | 3.69M | 5.28M | 7.48M | 7.4M | 6.89M | 5.92M | 514K | 1.58M | 1.18M | 1.86M | 4.75M | 5.9M | 5.9M | 5.1M | -3M | 720K |
| Gross Margin % | 35.8% | 39.06% | 59.19% | 63.28% | 58.38% | 37.2% | 4.74% | - | - | - | 86.85% | 68.53% | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 129.35% | 118% | 113.46% | 106.25% | -68.18% | 100% |
| Gross Profit Growth % | - | -44.41% | -26.5% | 54.9% | 212.64% | 2773.98% | 111.73% | -1318.7% | -77.24% | -260.36% | 154.85% | - | -100% | -65.52% | -47.45% | -30.11% | -29.33% | 1.1% | 7.27% | 16.5% | 1051.38% | -67.38% | 33.92% | -36.81% | -60.8% | -19.5% | 0% | 15.69% | 270% | -516.67% | 700% |
| Operating Expenses | 54.71M | 50.77M | 45.13M | 53.77M | 59.13M | 58.41M | 40.19M | 26.5M | 10.75M | 9.42M | 7.19M | 6.52M | 5.74M | 5.17M | 6.51M | 8.23M | 12.01M | 27.83M | 31.13M | 29.06M | 23.25M | 17.09M | 21.28M | 45.24M | 68.67M | 55.47M | 44.4M | 21.6M | 14.2M | 3.6M | 8.4M |
| OpEx % of Revenue | - | 177.9% | 133.22% | 124.74% | 195.99% | 385.8% | 972.82% | - | - | - | 15077.63% | 27487.84% | - | 772.93% | 335.36% | 222.78% | 227.21% | 372.25% | 420.87% | 421.57% | 392.79% | 3325.7% | 1350.34% | 3845.38% | 3688.31% | 1510.63% | 888% | 415.38% | 295.83% | 81.82% | 1166.67% |
| Selling, General & Admin | 44.42M | 41.44M | 41.84M | 37.77M | 38.41M | 27.48M | 30.44M | 18M | 3.16M | 4.78M | 3.12M | 3.76M | 2.99M | 2.8M | 3.05M | 3.4M | 4.1M | 7.76M | 7.39M | 7.39M | 5.92M | 6.57M | 7.02M | 13.93M | 15.82M | 12.67M | 8M | 5.8M | 4.9M | 3.4M | 2.46M |
| SG&A % of Revenue | - | 145.23% | 123.49% | 87.63% | 127.31% | 181.47% | 736.84% | - | - | - | 6535.61% | 15832.38% | - | 418.04% | 157.22% | 92% | 77.67% | 103.84% | 99.88% | 107.24% | 100.04% | 1278.35% | 445.75% | 1184.21% | 849.4% | 345.17% | 160% | 111.54% | 102.08% | 77.27% | 341.67% |
| Research & Development | 8.74M | 8.92M | 9.86M | 16M | 14.42M | 11.47M | 9.75M | 8.51M | 7.6M | 4.65M | 4.08M | 2.77M | 2.75M | 2.38M | 3.46M | 4.83M | 7.9M | 20.07M | 23.74M | 21.67M | 17.33M | 10.52M | 14.25M | 31.31M | 52.86M | 41.72M | 35.5M | 15.1M | 9M | 0 | 5.94M |
| R&D % of Revenue | - | 31.25% | 29.11% | 37.11% | 47.81% | 75.75% | 235.97% | - | - | - | 8542.03% | 11655.46% | - | 354.89% | 178.13% | 130.78% | 149.54% | 268.41% | 320.99% | 314.33% | 292.75% | 2047.35% | 904.59% | 2661.17% | 2838.91% | 1136.12% | 710% | 290.38% | 187.5% | - | 825% |
| Other Operating Expenses | 1.55M | 407K | -6.57M | 0 | 6.3M | 19.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 900K | 700K | 300K | 200K | 0 |
| Operating Income | -45.09M | -39.62M | -25.08M | -26.49M | -41.52M | -52.78M | -39.99M | -26.5M | -10.75M | 9.42M | 7.15M | 26.19M | 5.74M | 4.5M | -4.57M | -4.53M | 6.72M | 22.36M | 23.73M | 51.65M | 17.33M | 16.58M | 19.7M | 44.06M | 66.81M | 50.72M | -38.5M | 15.7M | -9.1M | 6.6M | -7.69M |
| Operating Margin % | -167.98% | -138.84% | -74.03% | -61.45% | -137.62% | -348.6% | -968.07% | - | - | - | 14990.78% | 110370% | - | 672.93% | -235.36% | -122.78% | 127.21% | 299% | 320.87% | 749.2% | 292.79% | 3225.7% | 1250.34% | 3745.38% | 3588.31% | 1381.28% | -770% | 301.92% | -189.58% | 150% | -1068.06% |
| Operating Income Growth % | - | -57.98% | 5.33% | 36.19% | 21.34% | -31.98% | -50.88% | -146.52% | -214.13% | 31.71% | -72.69% | 356.23% | 27.44% | 198.6% | -0.74% | -167.46% | -69.93% | -5.79% | -54.06% | 198.1% | 4.51% | -15.84% | -55.29% | -34.05% | 31.73% | 231.73% | -345.22% | 272.53% | -237.88% | 185.83% | -49.9% |
| EBITDA | -43.94M | -37.29M | -21.34M | -24.07M | -39.7M | -50.82M | -37.84M | -24.83M | -10.63M | 9.49M | 7.22M | 26.24M | 5.76M | 4.52M | -4.53M | -4.46M | 6.82M | 22.68M | 22.95M | 51.18M | 17.48M | 17.35M | 20.63M | 45.57M | 68.19M | 51.8M | -37.6M | 16.4M | -8.8M | 6.8M | -7.49M |
| EBITDA Margin % | -163.66% | -130.67% | -62.99% | -55.84% | -131.6% | -335.66% | -915.95% | - | - | - | 15134.1% | 110573.06% | - | 675.99% | -233.39% | -120.88% | 129.01% | 303.26% | 310.33% | 742.39% | 295.41% | 3376.24% | 1309.41% | 3873.61% | 3662.22% | 1410.63% | -752% | 315.38% | -183.33% | 154.55% | -1040.28% |
| EBITDA Growth % | -59.97% | -74.75% | 11.34% | 39.37% | 21.88% | -34.31% | -52.37% | -133.54% | -212.08% | 31.39% | -72.48% | 355.69% | 27.25% | 199.88% | -1.47% | -165.49% | -69.94% | -1.2% | -55.16% | 192.77% | 0.74% | -15.88% | -54.73% | -33.17% | 31.65% | 237.75% | -329.27% | 286.36% | -229.41% | 190.79% | -50.4% |
| D&A (Non-Cash Add-back) | 1.17M | 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 |
| EBIT | -42.54M | -37.2M | -25.28M | -26.49M | -35.22M | -33.31M | -39.58M | -27.46M | -10.76M | -9.42M | -7.12M | -26.17M | -5.74M | -4.5M | -4.56M | -4.53M | -6.72M | -20.36M | -23.73M | -22.17M | -17.33M | -16.58M | -19.7M | -44.06M | -66.81M | -50.72M | -38.48M | -15.7M | -9.1M | -6.4M | -7.73M |
| Net Interest Income | -504K | -332K | 614K | 127K | 321K | 866K | 1.06M | 39.99K | 1.01K | -26.09K | -81.53K | -26.58K | 1.66K | -10.04M | 0 | -540.22K | -1.49M | -2.22M | -793.39K | -156.79K | 0 | 0 | 0 | -390.94K | -344.97K | -241.45K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 132K | 539K | 614K | 189K | 321K | 866K | 1.06M | 48.2K | 15.98K | 7.72K | 922 | 1.48K | 1.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 636K | 871K | 0 | 62K | 0 | 0 | 0 | 8.21K | 14.98K | 33.81K | 82.45K | 28.06K | 0 | 10.04M | 0 | 540.22K | 1.49M | 2.22M | 793.39K | 156.79K | 0 | 0 | 0 | 390.94K | 344.97K | 241.45K | 0 | 0 | 0 | 0 | -20K |
| Other Income/Expense | -2.11M | 1.55M | -1.21M | -11.79M | 5.67M | 5.27M | -5.37M | -967.57K | -18.88K | -32.88K | -54.02K | -19.7M | 1.66K | -10.33M | 9.5K | -3.57M | -1.76M | -6.54M | -47.15M | -101.54M | 9.19K | 3.96M | -40.2M | -83.09M | -66.81M | -50.72M | 1.68M | -15.7M | 2.6M | -6.6M | -20K |
| Pretax Income | -47.2M | -38.07M | -26.29M | -38.28M | -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 | -12.62M | -12.62M | -16.31M | -12.62M | -19.49M | -39.02M | 90.66M | 52.88M | -36.8M | 17.9M | -6.5M | 8.4M | -7.71M |
| Pretax Margin % | -175.83% | -133.4% | -77.61% | -88.8% | -118.81% | -313.79% | -1098.09% | - | - | - | -15104.01% | -110432.45% | - | -2173.17% | -234.87% | -219.35% | -155.49% | -319.13% | -170.67% | -183.08% | -275.65% | -2455.65% | -1237.29% | -3316.83% | 4869.13% | 1440.24% | -736% | 344.23% | -135.42% | 190.91% | -1070.83% |
| Income Tax | 2.17M | 1.19M | -81K | 1.98M | 0 | 0 | 0 | 0 | 14.98K | 33.81K | 82.45K | 28.06K | 11.48M | -9.01M | -9.5K | 0 | 1.49M | 3.51M | -540.04K | 28.19M | -1.01M | -3.96M | -205.58K | 0 | -23.5M | -1.92M | -1.6M | -2.2M | 0 | -1.8M | -40K |
| Effective Tax Rate % | -4.61% | -3.12% | 0.31% | -5.17% | 0% | 0% | 0% | 0% | -0.14% | -0.36% | -1.14% | -0.11% | 200.06% | 61.93% | 0.21% | 0% | -18.19% | -14.69% | 4.28% | -223.32% | 6.22% | 31.36% | 1.05% | 0% | -25.92% | -3.64% | 4.35% | -12.29% | 0% | -21.43% | 0.52% |
| Net Income | -49.38M | -39.26M | -26.94M | -41.01M | -36.65M | -48.29M | -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 |
| Net Margin % | -183.93% | -137.57% | -79.51% | -95.14% | -121.5% | -318.92% | -1098.09% | - | - | - | -15104.01% | -110432.45% | - | -2173.17% | -234.87% | -219.35% | -155.49% | -319.13% | -303.03% | -723.62% | -275.65% | -2455.65% | -1237.29% | -3316.83% | -2326.02% | -1328.9% | -738% | -259.62% | -135.42% | -109.09% | -1070.83% |
| Net Income Growth % | -59.58% | -45.73% | 34.32% | -11.89% | 24.09% | -6.45% | -65.12% | -155.07% | -13.93% | -31.18% | 72.5% | -356.62% | 60.55% | -219.08% | 43.73% | 1.4% | 65.57% | -6.47% | 55.08% | -205.82% | -29.25% | 35.25% | 50.04% | 9.9% | 11.24% | -32.23% | -173.33% | -107.69% | -35.42% | 37.74% | -50.59% |
| Net Income (Continuing) | -49.38M | -39.26M | -26.21M | -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 |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 22.36M | 23.46M | 22.03M | 20.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.65K | 17.15K | 16.97K | 17.1K | 17.22K | 17.45K | 17.56K | 0 | 0 | 100K | 0 | 0 |
| EPS (Diluted) | -3.08 | -2.56 | -2.02 | -3.01 | -2.69 | -4.37 | -4.80 | -3.24 | -1.75 | -1.69 | -2.22 | -9.16 | -2.20 | -7.63 | -3.87 | -8.37 | -10.30 | -30.35 | -29.29 | -76.35 | -37.25 | -37.35 | -71.61 | -196.07 | -263.30 | -334.27 | -294.11 | -117.10 | -59.40 | -53.90 | -15.42 |
| EPS Growth % | -41.7% | -26.73% | 32.89% | -11.9% | 38.44% | 8.96% | -48.15% | -85.14% | -3.55% | 23.87% | 75.76% | -316.36% | 71.17% | -97.16% | 53.76% | 18.74% | 66.06% | -3.62% | 61.64% | -104.97% | 0.27% | 47.84% | 63.48% | 25.53% | 21.23% | -13.65% | -151.16% | -97.14% | -10.2% | -249.55% | -152.79% |
| EPS (Basic) | - | -2.56 | -2.02 | -3.01 | -2.69 | -4.37 | -4.80 | -3.24 | -1.75 | -1.69 | -2.22 | -9.16 | -2.20 | -7.63 | -3.87 | -8.37 | -10.30 | -30.35 | -29.29 | -76.35 | -37.25 | -37.35 | -71.61 | -196.07 | -263.30 | -334.27 | -294.11 | -117.10 | -59.40 | -53.90 | -15.42 |
| Diluted Shares Outstanding | 16.05M | 15.34M | 13.36M | 13.65M | 13.61M | 11.05M | 9.59M | 8.48M | 6.15M | 5.59M | 3.24M | 2.86M | 2.61M | 1.91M | 1.18M | 967.89K | 797.8K | 786.18K | 765.15K | 653.4K | 437.97K | 337.91K | 272.21K | 199.02K | 164.48K | 145.97K | 125.47K | 115.29K | 109.43K | 89.05K | 500K |
| Basic Shares Outstanding | 16.05M | 15.34M | 13.36M | 13.65M | 13.61M | 11.05M | 9.59M | 8.48M | 6.15M | 5.59M | 3.24M | 2.86M | 2.61M | 1.91M | 1.18M | 967.89K | 797.8K | 786.18K | 765.15K | 653.4K | 437.97K | 337.91K | 272.21K | 199.02K | 164.48K | 145.97K | 125.47K | 115.29K | 109.43K | 89.05K | 500K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and regulatory insolvency
As reported in recent financial statements, CASI's quarterly revenue plummeted to $3.1 million in 2025Q3, representing a sharp 60.5% year-over-year decline that suggests the company's flagship commercial product, EVOMELA, is facing significant market saturation or intensifying competitive pressures within the Chinese oncology landscape.
The volatility in top-line performance indicates a lack of predictable demand, likely exacerbated by the centralized procurement environment in China. Investors should monitor whether this downward trend reflects a permanent loss of market share or merely timing issues related to hospital tender cycles.
Based on the provided income statement data, gross margins deteriorated to 23.0% in 2025Q3, a significant retreat from the historical averages near 60% observed in 2023, suggesting that the company's pricing power is being eroded by either rising royalty obligations or aggressive competitive discounting.
This margin degradation is particularly concerning given the company's high fixed-cost base. It implies that the current commercial model may struggle to achieve the necessary scale to cover the costs of imported pharmaceutical formulations and associated licensing fees.
According to the company's quarterly filings, SG&A expenses consistently dwarf gross profits, with 2025Q3 operating expenses of $9.5 million against a gross profit of only $0.7 million, highlighting a structural inability to scale operations efficiently despite the company's specialized sales force infrastructure.
The persistent operating losses suggest that the current cost structure is misaligned with the revenue-generating capacity of the existing product portfolio. Without a substantial increase in volume or a reduction in overhead, the company appears to remain trapped in a cycle of high cash burn.
Analysis of the income statement suggests that CASI's reliance on in-licensing Western assets may be reaching a breaking point, as the company's $10.7 million operating loss in 2025Q3 underscores the difficulty of maintaining a US-based corporate structure while operating exclusively within the volatile Chinese market.
Short-sellers would likely focus on the widening gap between R&D investment and commercial output, which may indicate that the pipeline is not maturing fast enough to offset the decline in legacy products. The lack of a clear path to profitability warrants significant caution regarding the company's long-term viability.
Quick answers to the most common questions about buying CASI stock.
For fiscal year 2024, CASI Pharmaceuticals, Inc. (CASI) reported total revenue of $28.5M. This represents a 3863.5% increase compared to $0.7M in 1995.
CASI Pharmaceuticals, Inc. (CASI) reported a net loss of $39.3M for the fiscal year ending 2024.
CASI Pharmaceuticals, Inc. (CASI) reported an operating income of $-39.6M, resulting in an operating profit margin of -138.8%. This margin reflects the operational efficiency of the business before interest and taxes.
CASI Pharmaceuticals, Inc. (CASI) generated $11.1M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.