Free cash flow remains consistently negative, with quarterly outflows averaging approximately $5.8 million over the last ten quarters, necessitating ongoing reliance on dilutive financing.
| Cash from Operations | -24.28M | -22.73M | -23.86M | -24.1M | -27.64M | -18.95M | -17.77M | -17.2M | -12.2M | -7.32M | -3.76M | -423.51K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -51.45% | 4.72% | 0.99% | 12.8% | -45.84% | -6.64% | -3.33% | -40.93% | -66.62% | -94.53% | -788.98% | - |
| Net Income | -30.33M | -33.56M | -21.76M | -29.77M | -29.02M | -15.89M | -17.36M | -13.21M | -11.88M | -9.8M | -3.93M | -748.36K |
| Depreciation & Amortization | 66K | 90K | 126K | 127K | 130K | 164K | 200K | 199K | 68K | 18K | 6.16K | 0 |
| Stock-Based Compensation | 1.26M | 1.66M | 1.73M | 1.98M | 2.27M | 2.37M | 1.68M | 1.54M | 1.14M | 707K | 411.47K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -6.73M | -2.34M | 0 | 0 | -1.39M | 0 | 0 |
| Other Non-Cash Items | 3.75M | 8.52M | -4.18M | 1.94M | -1.24M | 96K | 85K | -3.59M | -3.15M | 2.6M | 423.8K | 2.06K |
| Working Capital Changes | 980K | 555K | 231K | 1.62M | 224K | 1.04M | -41K | -2.14M | 1.61M | 542K | -256.18K | 322.79K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.72M | 1.33M | -468K | 403K | 731K | 235K | -1.02M | 907K | 436K | 411K | -41.13M | 0 |
| Cash from Investing | 0 | 0 | -13K | -124K | -67K | -19K | -374K | -51K | -417K | -28K | -121.11K | 0 |
| Capital Expenditures | 0 | 0 | -13K | -124K | -67K | -19K | -376K | -52K | -417K | -28K | -21.47K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | -99.64K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 |
| Cash from Financing | 26.9M | 27.28M | 4.63M | 4.65M | -23K | 74.72M | 22.55M | 20.85M | 12.04M | 10.06M | 8.87M | 451.6K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -304.94K | 450K |
| Equity Issued (Net) | 26.9M | 27.29M | 4.66M | 4.17M | -23K | 74.68M | 22.56M | 19.29M | 12.03M | 6.07M | 9.17M | 1.6K |
| Dividends Paid | -1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.76M | -8K | -25K | 485K | 0 | 40K | -12K | 1.56M | 20K | 3.99M | -61 | 0 |
| Net Change in Cash | 2.6M | 4.6M | -19.27M | -19.59M | -27.76M | 55.73M | 4.44M | 3.6M | -580K | 2.71M | 4.98M | 28.09K |
| Free Cash Flow | -24.28M | -22.73M | -23.88M | -24.23M | -27.71M | -18.97M | -18.15M | -17.25M | -12.62M | -7.35M | -3.79M | -423.51K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -11.79% | 4.77% | 1.44% | 12.56% | -46.05% | -4.54% | -5.2% | -36.69% | -71.65% | -94.17% | -794.05% | - |
| FCF per Share | -0.59 | -1.92 | -173.36 | -306.55 | -363.22 | -264.69 | -691.18 | -953.14 | -1096.15 | -890.83 | -866.84 | -167.39 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.68x | 1.10x | 0.81x | 0.95x | 1.19x | 1.02x | 1.30x | 1.03x | 0.75x | 0.96x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 5K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 15K | 24K | 19K | 21K | 0 | 0 | 0 |
Clinical trial liquidity dependence
As reported in financial statements, the relationship between net income and operating cash flow is frequently decoupled, with OCF/NI ratios fluctuating wildly due to non-operating gains, such as the 2025Q4 period where net income reached $15.6 million despite a persistent $5.4 million operating cash outflow.
The lack of correlation between net income and cash flow suggests that accounting adjustments, likely related to warrant revaluations, are obscuring the underlying cash burn. Investors should monitor this divergence, as it indicates that reported earnings provide little insight into the actual liquidity requirements of the clinical development program.
Based on the company's reported figures, free cash flow remains consistently negative, with quarterly outflows averaging approximately $5.8 million over the last ten quarters, reflecting a business model that is entirely dependent on external financing to sustain its ongoing research and development activities.
The absence of positive free cash flow is expected for a pre-revenue biotech, yet the stability of this burn rate highlights the lack of operational flexibility. This trajectory suggests that the company remains highly sensitive to capital market conditions, as there is no internal cash generation to offset clinical costs.
According to recent SEC filings, working capital changes have been erratic, swinging from a $3.2 million inflow in 2023Q4 to a $1.7 million outflow in 2025Q3, which complicates the predictability of the company's short-term cash requirements and overall liquidity management strategy.
These fluctuations appear to be driven by the timing of clinical trial payments and vendor obligations rather than operational efficiency. Such volatility warrants further investigation, as it may indicate lumpy cash outflows that could unexpectedly accelerate the depletion of the company's limited cash reserves.
Based on the provided data, stock-based compensation consistently averages between $350,000 and $490,000 per quarter, serving as a critical mechanism to preserve cash while compensating personnel in an environment where traditional cash-based salary growth would otherwise accelerate the company's already significant cash burn rate.
While this practice conserves immediate liquidity, it represents a persistent dilution risk for shareholders that is not fully captured in the headline cash flow statement. Analysts should interpret this as a structural necessity for talent retention that effectively shifts the cost of operations from the balance sheet to the equity base.
Quick answers to the most common questions about buying MBRX stock.
Moleculin Biotech, Inc. (MBRX) generated $-22.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Moleculin Biotech, Inc. (MBRX) reported negative free cash flow of $22.7M in 2025, indicating capital requirements exceeded cash from operations.
Moleculin Biotech, Inc. (MBRX) 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.