Persistent negative free cash flow, with quarterly outflows frequently exceeding $10 million, underscores a precarious liquidity profile that relies heavily on depleting cash reserves.
| Cash from Operations | -36.4M | -47.98M | -28.94M | -50.92M | -14.43M | -32.58M | -11.03M | -18.76M |
| Operating CF Margin % | - | - | -193.33% | -6349.75% | -32.28% | -12157.84% | -228.75% | -274.06% |
| Operating CF Growth % | -64.43% | -65.79% | 43.17% | -252.89% | 55.71% | -195.46% | 41.21% | - |
| Net Income | -52.31M | -66.46M | -61.18M | -73.45M | 5.32M | -51.11M | -17.93M | -20.82M |
| Depreciation & Amortization | 4.67M | 5.84M | 5.8M | 5.43M | 4.32M | 602K | 208K | 346.86K |
| Stock-Based Compensation | -140K | 468K | 4.71M | 5.05M | 9.88M | 16.49M | 3.63M | 0 |
| Deferred Taxes | -168.98K | -175K | -44K | -3.08M | -4.34M | -119K | 0 | 0 |
| Other Non-Cash Items | 11.76M | 12.7M | 19.18M | 8.94M | -24.09M | 8.74M | 1.15M | -1.23M |
| Working Capital Changes | -209.16K | -359.84K | 2.6M | 6.17M | -5.52M | -7.18M | 1.92M | 2.94M |
| Change in Receivables | 2.17M | 6.42M | -2.35M | 5.67M | -4.67M | -3.05M | 774K | -963.16K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -401.47K | -2.2M | 898K | -3.38M | 1.14M | -3.53M | 586K | 2.98M |
| Cash from Investing | 475.48K | 416K | -892K | -5.41M | -5.75M | -12.91M | -293K | 1.93M |
| Capital Expenditures | 419.05K | -37K | -892K | -5.41M | -6.14M | -1.15M | -293K | -128.35K |
| CapEx % of Revenue | - | - | 5.96% | 674.94% | 13.73% | 427.61% | 6.08% | 1.88% |
| Acquisitions | 1.43K | 454.06K | 0 | 0 | 0 | -11.77M | 0 | 2.06M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 55K | -1.06K | 0 | 0 | 388K | 0 | 0 | 0 |
| Cash from Financing | 0 | 2K | 2.16M | 1.87M | 325K | 222.74M | 41.44M | 1 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -159K | 0 | 41.24M | 0 |
| Equity Issued (Net) | 0 | 2K | 2.16M | 2.04M | 484K | 228.01M | 0 | 1 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -4 | 0 | -163K | 0 | -5.27M | 194K | 0 |
| Net Change in Cash | -33.39M | -40.55M | -29.69M | -52.3M | -19.67M | 170.79M | 31.83M | 11.43M |
| Free Cash Flow | -36.43M | -48.02M | -29.83M | -56.34M | -20.57M | -33.73M | -11.32M | -18.89M |
| FCF Margin % | - | - | -199.29% | -7024.69% | -46.01% | -12585.45% | -234.83% | -275.93% |
| FCF Growth % | -11.72% | -60.95% | 47.05% | -173.9% | 39.02% | -197.93% | 40.06% | - |
| FCF per Share | -0.89 | -1.18 | -0.76 | -1.47 | -0.54 | -0.91 | -1.43 | -2.42 |
| FCF Conversion (FCF/Net Income) | 0.70x | 0.72x | 0.47x | 0.69x | -2.70x | 0.64x | 0.62x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 1.84M | 2K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 152K | 0 | 0 |
Clinical trial funding exhaustion
According to recent quarterly filings, the company exhibits a consistent disconnect between net losses and operating cash flow, with OCF/NI ratios frequently deviating from parity, suggesting that non-cash items and working capital adjustments are primary drivers of the reported cash burn rather than pure operational efficiency.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not fully reflective of the actual cash outflow required to sustain clinical operations. Investors should monitor whether this divergence narrows as the company matures, as current figures suggest a reliance on non-cash adjustments to mitigate the appearance of operational volatility.
As reported in financial statements, Barinthus maintains a persistent negative free cash flow trajectory, with quarterly outflows often exceeding $10 million, underscoring the company's status as a pre-revenue entity entirely dependent on its existing cash reserves to fund the advancement of its T-cell redirection platform.
The absence of positive free cash flow is a structural reality for a clinical-stage biotech, yet the magnitude of these outflows warrants caution regarding the company's long-term runway. The lack of a clear path to self-funding suggests that the current cash burn is likely to continue until significant clinical milestones are achieved or external partnerships are secured.
Based on reported figures, working capital fluctuations have historically introduced significant noise into the cash flow statement, with a notable $15.2 million inflow in 2024Q4 masking the underlying operational cash burn that characterizes the company's current phase of development and clinical trial management.
These erratic swings in working capital suggest that the company's cash position is highly sensitive to the timing of vendor payments and potential milestone-related accruals. Analysts should look past these temporary balance sheet movements to focus on the core operational burn rate, which remains the most critical indicator of financial health.
Data from recent quarterly reports indicates that stock-based compensation and depreciation expenses are consistently added back to net income, which may obscure the true economic cost of maintaining the company's research infrastructure and talent base during this critical clinical development period.
While these adjustments are standard accounting practice, they effectively hide the true cash cost of human capital and asset utilization. Investors should be wary of relying solely on adjusted cash flow metrics, as the underlying cash burn remains a significant hurdle that must be addressed through future financing or commercial success.
Quick answers to the most common questions about buying BRNS stock.
Barinthus Biotherapeutics plc (BRNS) generated $-48.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Barinthus Biotherapeutics plc (BRNS) reported negative free cash flow of $48.0M in 2025, indicating capital requirements exceeded cash from operations.
Barinthus Biotherapeutics plc (BRNS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.