Operational sustainability is hindered by consistent negative free cash flow, with quarterly outflows frequently exceeding $12 million, necessitating reliance on external financing.
| Cash from Operations | -50.25M | -50.59M | -58.04M | -46.21M | -19.36M | -18.81M | -43.67M | -31.95M | -20.25M | -12.79M | -9.24M | -6.69M |
| Operating CF Margin % | - | -1390.24% | -1361.87% | -2543.2% | -12333.76% | -72.39% | -183.1% | -437.92% | -8581.36% | -2516.73% | -2315.04% | -526.02% |
| Operating CF Growth % | 40.36% | 12.84% | -25.61% | -138.64% | -2.94% | 56.93% | -36.68% | -57.77% | -58.4% | -38.41% | -38.05% | - |
| Net Income | -101.42M | -127.08M | -282.71M | -267.63M | -16.89M | -29.2M | -44.84M | -39.61M | -27.9M | -25.98M | -12.09M | -5.89M |
| Depreciation & Amortization | 5.46M | 5.92M | 6.86M | 4.69M | 1.53M | 2.34M | 1.87M | 1.61M | 1.08M | 551K | 345K | 147K |
| Stock-Based Compensation | 5.37M | 8.19M | 10.75M | 0 | 4M | 2.09M | 4.97M | 9.18M | 4.38M | 12.09M | 948K | 692K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -948K | -692K |
| Other Non-Cash Items | 46.54M | 60.06M | 206.68M | 215.76M | -5.12M | -1.53M | 0 | 0 | 11K | 12.42M | 948K | 692K |
| Working Capital Changes | -4.35M | 2.32M | 383K | 961K | -2.88M | 7.49M | -5.68M | -3.12M | 2.17M | 552K | 1.56M | -1.64M |
| Change in Receivables | -753K | 538K | -512K | 1.7M | 0 | 4.89M | -3.77M | -1.12M | 0 | 110K | 107K | 25K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.38M | 1.21M | -2.59M | 0 | 667K | -162K | 192K |
| Change in Payables | -1.56M | 720K | -188K | 2K | -229K | -360K | -148K | 259K | -193K | 665K | 53K | -28K |
| Cash from Investing | -359K | -578K | -808K | 55.06M | -1.52M | 11.2M | -13.48M | -2.97M | -1.8M | -779K | -10.42M | -665K |
| Capital Expenditures | -402K | -578K | -808K | -4.32M | -1.52M | -497K | -1.79M | -2.97M | -1.85M | -779K | -10.42M | -665K |
| CapEx % of Revenue | 9.38% | 15.88% | 18.96% | 237.81% | 968.15% | 1.91% | 7.49% | 40.69% | 782.63% | 153.35% | 2612.53% | 52.28% |
| Acquisitions | 43K | 0 | 0 | 59.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 11.7M | -11.7M | 0 | 50K | 0 | 0 | 0 |
| Cash from Financing | 57.34M | 46.65M | 40.6M | 20.32M | 9.99M | 3.74M | 15.41M | -330K | 60.67M | 65.2M | 0 | 31.74M |
| Debt Issued (Net) | -1.22M | -1.11M | -879K | -194K | -376K | -364K | 1.16M | 139K | 1.24M | 6.96M | 0 | 0 |
| Equity Issued (Net) | 59.55M | 47.9M | 43.9M | 18.76M | 11.54M | 4.38M | 15M | 344K | 57.71M | 58.24M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -110K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -230K | 0 | 0 | 0 |
| Other Financing | -991K | -142K | -2.42M | 1.76M | -1.17M | -274K | -751K | -813K | 1.73M | 0 | 0 | 31.85M |
| Net Change in Cash | 6.74M | -4.51M | -18.27M | 29.17M | -10.89M | -3.87M | -41.75M | -35.18M | 38.62M | 51.64M | -19.66M | 24.38M |
| Free Cash Flow | -50.65M | -51.17M | -58.85M | -50.53M | -20.88M | -19.31M | -45.46M | -34.92M | -22.1M | -13.56M | -19.66M | -7.36M |
| FCF Margin % | -1181.8% | -1406.13% | -1380.83% | -2781.01% | -13301.91% | -74.3% | -190.59% | -478.62% | -9363.98% | -2670.08% | -4927.57% | -578.3% |
| FCF Growth % | 11.54% | 13.05% | -16.47% | -141.96% | -8.16% | 57.53% | -30.18% | -58.02% | -62.92% | 31.01% | -167.28% | - |
| FCF per Share | -0.08 | -0.11 | -2.53 | -4.90 | -0.04 | -0.03 | -0.07 | -0.05 | -0.04 | -0.03 | -0.04 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.40x | 0.23x | 0.17x | 1.15x | 0.64x | 0.97x | 0.81x | 0.73x | 0.49x | 0.76x | 1.14x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 1.43M | 1.46M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
According to reported financial data, the persistent gap between net income and operating cash flow, evidenced by OCF/NI ratios fluctuating between 0.08 and 0.69, suggests that accounting losses significantly overstate the actual cash outflow, yet the underlying cash burn remains fundamentally unsustainable for current operations.
The wide variance in the OCF/NI ratio indicates that non-cash charges and accruals are heavily influencing the bottom line, complicating the assessment of true operational efficiency. Investors should monitor this divergence as it suggests that the company's reported net losses may not fully capture the severity of the cash-based operational deficit.
As reported in financial statements, CBUS consistently generates negative free cash flow, with quarterly outflows frequently exceeding $12 million, which highlights a structural inability to fund its research-heavy business model through internal operations rather than external capital infusions or dilutive equity financing.
The consistent negative FCF margins, which have reached as low as -25.2%, underscore the company's reliance on external funding to sustain its R&D pipeline. This trajectory suggests that the firm remains in a high-risk phase where cash preservation is secondary to the pursuit of technical milestones.
Based on the provided data, capital expenditures remain modest relative to revenue, with CapEx/Rev ratios showing significant volatility from 4.6% to 41.8%, suggesting that the company's primary cash drain is operational R&D rather than heavy investment in physical infrastructure or asset replacement.
The relatively low absolute level of CapEx indicates that the company is not currently burdened by heavy maintenance requirements, which may be a byproduct of its platform-based licensing model. However, this also implies that the firm's primary value creation is tied to intangible intellectual property rather than tangible production capacity.
As indicated by quarterly filings, working capital changes have been erratic, swinging from a $4.5 million inflow in 2025Q1 to a $3.7 million outflow in 2023Q4, which suggests that the timing of milestone payments and vendor obligations creates unpredictable fluctuations in the company's available cash.
These swings in working capital appear to be driven by the lumpy nature of milestone-based revenue recognition and the timing of R&D-related payables. Such volatility warrants further investigation, as it complicates the company's ability to forecast its liquidity runway with any degree of certainty.
Based on reported figures, stock-based compensation consistently adds back millions to the cash flow statement, with quarterly amounts reaching $2.7 million, which effectively obscures the true economic cost of talent acquisition and retention in the company's highly competitive biotechnology labor market.
By treating SBC as a non-cash add-back, the company's operating cash flow figures may appear more resilient than they are on an economic basis. Investors should consider the dilutive impact of this compensation strategy, as it represents a real cost to shareholders that is not fully reflected in the cash flow statement.
Quick answers to the most common questions about buying CBUS stock.
Cibus, Inc. (CBUS) generated $-50.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cibus, Inc. (CBUS) reported negative free cash flow of $51.2M in 2025, indicating capital requirements exceeded cash from operations.
Cibus, Inc. (CBUS) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.