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CSTL

Castle Biosciences, Inc.

CSTL

Castle Biosciences, Inc. • NASDAQ
$39.95 ▲ 0.03% (+0.01)
Market Cap $1.17 B
52w High $40.61
52w Low $14.59
Dividend Yield 0%
P/E -90.8
Volume 127.90K
Outstanding Shares 29.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $83.043M ▼ $71.143M ▼ $-501K ▼ -0.603% ▼ $-0.017 ▼ $5.245M ▲
Q2-2025 $86.188M ▼ $72.813M ▼ $4.523M ▲ 5.248% ▲ $0.16 ▲ $3.292M ▼
Q1-2025 $87.988M ▲ $99.533M ▲ $-25.848M ▼ -29.377% ▼ $-0.9 ▼ $3.51M ▼
Q4-2024 $86.311M ▲ $66.078M ▲ $9.59M ▲ 11.111% ▲ $0.34 ▲ $13.745M ▲
Q3-2024 $85.782M $65.094M $2.269M 2.645% $0.082 $12.024M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $287.542M ▲ $562.786M ▲ $95.74M ▲ $467.046M ▲
Q2-2025 $275.93M ▲ $544.729M ▲ $89.353M ▲ $455.376M ▲
Q1-2025 $275.151M ▼ $501.715M ▼ $61.409M ▼ $440.306M ▼
Q4-2024 $293.13M ▲ $531.235M ▲ $75.4M ▲ $455.835M ▲
Q3-2024 $279.785M $514.565M $73.51M $441.055M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-501K ▼ $22.631M ▲ $-18.389M ▲ $-919K ▼ $3.323M ▲ $7.797M ▼
Q2-2025 $4.523M ▲ $20.821M ▲ $-28.378M ▼ $101K ▲ $-7.456M ▲ $11.558M ▲
Q1-2025 $-25.848M ▼ $-6.036M ▼ $-22.431M ▼ $-1.553M ▲ $-30.02M ▼ $-10.776M ▼
Q4-2024 $9.59M ▲ $24.365M ▲ $5.77M ▲ $-5.385M ▼ $24.75M ▲ $16.798M ▼
Q3-2024 $2.269M $23.338M $-14.789M $838K $9.387M $16.96M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Dermatologic
Dermatologic
 $60.00M ▲$60.00M ▲$60.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily each year, showing that adoption of Castle’s tests continues to expand. Gross margin remains high, which is typical for specialized diagnostics and suggests good pricing power and efficient lab operations. Historically, the company spent heavily on growth and research, which kept operating results in the red for several years. More recently, those losses have narrowed and tipped into a small profit, indicating improving scale and cost control. Earnings per share have moved from meaningful losses to a modest profit, but the business still appears to be in a growth and reinvestment phase rather than a mature, profit-maximizing stage.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a growth-focused diagnostics company. Total assets have inched up over time, supported by ongoing investment in the business. Cash levels, which were once very high, have been drawn down as the company funded operations and expansion, but there is still a meaningful cash cushion. Debt remains low relative to the size of the business, limiting financial risk from interest and repayments. Shareholders’ equity has generally trended upward, reflecting accumulated capital raised and a gradual strengthening of the company’s financial base.

Cash Flow

Cash Flow Cash generation has improved from a period of consistent operating cash burn to more recently producing cash from operations. Free cash flow has followed a similar path, shifting from negative to positive as revenue scaled and costs became more efficient. Capital spending has increased but remains modest, suggesting the company is investing in its lab and technology infrastructure without overextending. Overall, the cash flow picture is moving in the right direction, but the business is still sensitive to growth investments and reimbursement dynamics.

Competitive Edge

Competitive Edge Castle occupies a specialized niche in molecular diagnostics, focused on dermatology and certain gastrointestinal conditions, where it has been an early mover. Its tests address very specific clinical questions—such as predicting melanoma risk or Barrett’s esophagus progression—that are not yet crowded with direct competitors. The company’s moat is supported by extensive clinical data, close relationships with dermatologists and gastroenterologists, and proprietary algorithms that are difficult to copy. However, it operates in a fast-evolving field with well-funded peers in broader oncology and diagnostics, so maintaining its lead will require sustained execution and evidence generation.

Innovation and R&D

Innovation and R&D Innovation is a core strength. Castle has built its business around gene expression profiling, artificial intelligence, and spatial biology, and has accumulated a large body of peer-reviewed studies backing the utility of its tests. It continues to invest in new products for inflammatory skin diseases, expanded gastrointestinal offerings, and an emerging multi-omics platform that combines several advanced technologies. The company is also exploring applications in areas like Alzheimer’s disease, which, if successful, could open much larger markets. The main risk is execution: turning promising science into widely adopted, reimbursed tests takes time, capital, and continued clinical validation.

Summary

Castle Biosciences is transitioning from a high-growth, loss-making diagnostics developer toward a more balanced profile with growing revenue, improving margins, and emerging profitability. Its financial position appears reasonably healthy, with low debt and a decent cash buffer, though past cash burn highlights the importance of continued revenue growth and reimbursement support. The company’s competitive edge is rooted in specialized tests, strong clinical evidence, and proprietary technology, but it operates in a competitive and rapidly changing sector. Its innovation pipeline is broad and ambitious, offering meaningful upside potential if new tests are successfully launched and adopted. Overall, this is a story of a specialized diagnostics company moving from early-stage build-out into a more mature, scaling phase, with both clear opportunities and typical growth-stage risks.

NEWS

November 17, 2025 · 7:00 AM UTC

Castle Biosciences Earns a Houston Chronicle Top Workplaces Award for the Fifth Consecutive Year

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November 14, 2025 · 7:00 AM UTC

New Data Confirms Performance of DecisionDx®-Melanoma to Identify Patients with Less Than Five Percent Risk of Sentinel Lymph Node Positivity

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November 11, 2025 · 7:00 AM UTC

Castle Biosciences to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 3, 2025 · 4:07 PM UTC

Castle Biosciences Reports Third Quarter 2025 Results

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November 3, 2025 · 4:05 PM UTC

Castle Biosciences Launches AdvanceAD-Tx™ to Help Guide Systemic Treatment Decision Making in Patients with Moderate-to-Severe Atopic Dermatitis

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