MeritValue

CASI Pharmaceuticals, Inc.

CASIFdata completeness 100%6 fiscal years on file
The thesis, from the filings

CASI Pharmaceuticals, Inc. earns about -195% on invested capital, but has diluted owners by 36% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$30M1$38M2$33.9M2$28.5M2$20.7M3
Net income−$36.7M4−$41M5−$27M6−$39.3M6−$48.1M6
Operating cash flow−$26.8M7−$21.1M8−$20M9−$29.2M9−$20.8M9
Capital expenditure$8.95M10$5.61M11$204,00012$223,00012$16,00012
Free cash flow (derived)−$35.8M7−$26.7M8−$20.2M9−$29.4M9−$20.8M9
Total debt——$18.9M13$18.4M14$19.2M14
Cash & equivalents$38.7M15$47.1M16$17.1M17$13.5M18$5.63M18
Diluted shares13.6M13.6M13.4M15.3M18.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$20.11
your share of equity
Profit it earned you last year
−$25.92
Free cash flow it threw off
−$11.2
Debt you’d be carrying
$10.35

10 shares is a claim on −$20.11 of net worth that earned you −$25.92 and generated −$11.2 of cash last year, against $10.35 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-195% avg · 5y
FY21 -62%FY22 —FY23 -78%FY24 -444%FY25 —

It earned an average -195% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 5y

Share count is up 36% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001558370-24-004190 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001558370-25-004086 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-12-31 · accession 0001104659-26-061632 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001558370-24-004190 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001558370-25-004086 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-061632 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001558370-24-004190 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001558370-25-004086 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-061632 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001558370-24-004190 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001558370-25-004086 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-061632 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001558370-25-004086 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2024-12-31 · accession 0001104659-26-061632 (LongTermDebtCurrent)
  15. 20-F · period ending 2021-12-31 · accession 0001558370-23-006757 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2022-12-31 · accession 0001558370-24-004190 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-12-31 · accession 0001558370-25-004086 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-12-31 · accession 0001104659-26-061632 (CashAndCashEquivalentsAtCarryingValue)