What is Cassava Sciences's earnings per share (EPS)?

Cassava Sciences (SAVA) reported diluted earnings per share of $-1.88 for fiscal year 2025. This represents a -28.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Cassava Sciences Financials

SAVA

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Cassava Sciences (SAVA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Piotroski F-Score Weak

1/9

Cassava Sciences passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.35x

For every $1 of reported earnings, Cassava Sciences generates $0.35 in operating cash flow (-$32.3M OCF vs -$91.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$94.5M

YoY+32.7%

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.

Net Income

-$91.0M

YoY-273.7%

Cassava Sciences reported -$91.0M in net income in fiscal year 2025. This represents a decrease of 273.7% from the prior year.

EPS (Diluted)

$-1.88

YoY-28.8%

Cassava Sciences earned $-1.88 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$32.8M

YoY+71.9%

Cassava Sciences generated -$32.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 71.9% from the prior year.

Cash & Debt

$95.5M

YoY-25.7%

5Y CAGR+0.4%

10Y CAGR+11.8%

Cassava Sciences held $95.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

48M

YoY+0.2%

5Y CAGR+6.5%

Cassava Sciences had 48M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-122.3%

YoY-105.6pp

5Y CAGR-115.4pp

10Y CAGR-74.1pp

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.

Capital Allocation

R&D Spending

$26.6M

YoY-61.8%

10Y CAGR+11.3%

Cassava Sciences invested $26.6M in research and development in fiscal year 2025. This represents a decrease of 61.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$581K

YoY+464.1%

10Y CAGR+11.5%

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.

SAVA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$26.6M-61.8%	$69.6M-22.1%	$89.4M+31.4%	$68.0M+174.2%	$24.8M	N/A
SG&A Expenses	$68.8M-4.2%	$71.8M+334.3%	$16.5M+37.9%	$12.0M+48.8%	$8.1M+115.4%	$3.7M
Operating Income	-$95.4M+32.6%	-$141.4M-33.5%	-$106.0M-32.4%	-$80.0M-143.5%	-$32.9M-409.9%	-$6.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$91.0M-273.7%	-$24.3M+75.0%	-$97.2M-27.5%	-$76.2M-135.4%	-$32.4M-411.3%	-$6.3M
EPS (Diluted)	$-1.88-28.8%	$-1.46+37.1%	$-2.32-22.1%	$-1.90	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$4.0M-22.7%	$5.1M-62.6%	$13.7M	N/A	$17.7M+16.3%	$15.2M-6.4%	$16.2M
SG&A Expenses	N/A	$7.9M-80.4%	$40.3M+268.8%	$10.9M	N/A	$12.9M-72.0%	$46.2M+1148.4%	$3.7M
Operating Income	N/A	-$11.9M+73.9%	-$45.4M-84.6%	-$24.6M	N/A	-$30.6M+50.1%	-$61.4M-208.0%	-$19.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	N/A	$0	$0	$0
Net Income	N/A	-$10.8M+75.6%	-$44.2M-89.0%	-$23.4M	N/A	-$27.9M-554.0%	$6.2M-75.4%	$25.0M
EPS (Diluted)	N/A	$-0.22+76.1%	$-0.92-91.7%	$-0.48	N/A	$-0.58-546.2%	$0.13+130.2%	$-0.43

SAVA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$118.4M-24.9%	$157.5M+3.9%	$151.7M-35.4%	$234.8M-12.0%	$266.8M+182.9%	$94.3M
Current Assets	$97.7M-28.4%	$136.5M+5.3%	$129.6M-38.6%	$211.2M-13.6%	$244.5M+160.1%	$94.0M
Cash & Equivalents	$95.5M-25.7%	$128.6M+6.1%	$121.1M-39.7%	$201.0M-13.9%	$233.4M+149.6%	$93.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$44.0M+271.6%	$11.8M-16.7%	$14.2M+94.6%	$7.3M-43.3%	$12.9M+512.7%	$2.1M
Current Liabilities	$43.8M+273.1%	$11.8M-17.2%	$14.2M+101.0%	$7.1M-43.6%	$12.5M+572.1%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$74.4M-48.9%	$145.7M+6.0%	$137.5M-39.6%	$227.5M-10.4%	$253.9M+175.4%	$92.2M
Retained Earnings	-$496.1M-22.5%	-$405.1M-6.4%	-$380.8M-34.3%	-$283.6M-36.8%	-$207.3M-18.5%	-$174.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$118.4M-8.8%	$129.7M-4.2%	$135.4M-3.9%	$140.9M-10.5%	$157.5M-29.6%	$223.8M-8.1%	$243.6M+56.4%	$155.7M
Current Assets	$97.7M-10.3%	$108.9M-5.1%	$114.8M-4.4%	$120.2M-12.0%	$136.5M-32.6%	$202.5M-8.8%	$222.1M+65.8%	$134.0M
Cash & Equivalents	$95.5M-10.0%	$106.1M-5.6%	$112.4M-4.2%	$117.3M-8.7%	$128.6M-13.7%	$149.0M-28.1%	$207.3M+66.9%	$124.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$44.0M-8.7%	$48.2M+1.6%	$47.4M+256.0%	$13.3M+12.6%	$11.8M-79.3%	$57.1M+4.6%	$54.6M-29.2%	$77.1M
Current Liabilities	$43.8M-8.8%	$48.0M+1.5%	$47.3M+257.6%	$13.2M+12.7%	$11.8M-79.4%	$57.0M+4.5%	$54.6M-29.2%	$77.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$74.4M-8.8%	$81.6M-7.3%	$88.0M-31.1%	$127.6M-12.4%	$145.7M-12.6%	$166.6M-11.8%	$189.0M+140.4%	$78.6M
Retained Earnings	-$496.1M-2.6%	-$483.5M-2.3%	-$472.7M-10.3%	-$428.5M-5.8%	-$405.1M-7.3%	-$377.5M-8.0%	-$349.6M+1.7%	-$355.7M

SAVA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$32.3M+72.4%	-$116.9M-42.6%	-$82.0M-5.8%	-$77.5M-156.7%	-$30.2M-461.1%	-$5.4M
Capital Expenditures	$581K+464.1%	$103K-75.1%	$414K-84.7%	$2.7M-87.8%	$22.2M	N/A
Free Cash Flow	-$32.8M+71.9%	-$117.0M-42.0%	-$82.4M-2.8%	-$80.2M-53.1%	-$52.4M	N/A
Investing Cash Flow	-$581K-464.1%	-$103K+75.1%	-$414K+84.7%	-$2.7M+87.8%	-$22.2M-6270.6%	$360K
Financing Cash Flow	-$239K-100.2%	$124.5M+4762.1%	$2.6M-94.6%	$47.8M-75.1%	$192.3M+154.9%	$75.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$9.7M-56.7%	-$6.2M-25.8%	-$4.9M+56.4%	-$11.3M+81.5%	-$61.3M-234.9%	-$18.3M-0.3%	-$18.2M+4.6%	-$19.1M
Capital Expenditures	$501K+526.3%	$80K	$0	$0-100.0%	$57K+235.3%	$17K-41.4%	$29K	$0
Free Cash Flow	-$10.2M-62.7%	-$6.3M-27.4%	-$4.9M+56.4%	-$11.3M+81.5%	-$61.3M-234.9%	-$18.3M-0.2%	-$18.3M+4.5%	-$19.1M
Investing Cash Flow	-$501K-526.3%	-$80K	$0	$0+100.0%	-$57K-235.3%	-$17K+41.4%	-$29K	$0
Financing Cash Flow	-$329K	$0	$0-100.0%	$90K-90.2%	$918K	$0-100.0%	$101.4M+357.5%	$22.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAVA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
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%
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%
Current Ratio	2.23-9.4	11.62+2.5	9.13-20.8	29.91+10.4	19.51-30.9	50.40
Debt-to-Equity	0.59+0.5	0.08-0.0	0.10+0.1	0.03-0.0	0.05+0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-13.3%+37.0pp	-50.3%-31.9pp	-18.3%	N/A	-16.8%-20.0pp	3.3%-28.6pp	31.9%
Return on Assets	N/A	-8.3%+24.3pp	-32.7%-16.1pp	-16.6%	N/A	-12.5%-15.0pp	2.5%-13.6pp	16.1%
Current Ratio	2.23-0.0	2.27-0.2	2.43-6.7	9.08-2.5	11.62+8.1	3.55-0.5	4.07+2.3	1.74
Debt-to-Equity	0.590.0	0.59+0.1	0.54+0.4	0.10+0.0	0.08-0.3	0.34+0.1	0.29-0.7	0.98
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) generated -$32.3M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Cassava Sciences have outstanding?

Cassava Sciences (SAVA) had 48M shares outstanding as of 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 cash runway?

Based on fiscal year 2025 data, Cassava Sciences (SAVA) had $95.5M in cash against an annual operating cash burn of $32.3M. This gives an estimated cash runway of approximately 36 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Cassava Sciences's Piotroski F-Score?

Cassava Sciences (SAVA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 7–9 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) has an earnings quality ratio of 0.35x, considered low quality (accrual-driven). 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.