The firm continues to burn capital, evidenced by a $3.0M negative free cash flow in 2026Q1 and a dwindling cash reserve of only $1.0M as of the most recent reporting period.
| Cash from Operations | -6.21M | -4.92M | -265.19K | -653.11K | -1.41M | -260 |
| Operating CF Margin % | - | -79385.49% | - | - | - | - |
| Operating CF Growth % | -166.4% | -1756.62% | 59.4% | 53.64% | -541740.77% | - |
| Net Income | -11.76M | -24.48M | -1.31M | 4.46M | 3.34M | -28 |
| Depreciation & Amortization | 9.6M | 8.02M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 13.41K | 14.13M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.98M | -3.13M | 10.7K | -5.8M | -4.32M | 0 |
| Working Capital Changes | -1.08M | 533.38K | 1.03M | 687.06K | -432.44K | -232 |
| Change in Receivables | 1.03M | 0 | -36.5K | 0 | 0 | 0 |
| Change in Inventory | -369.97K | -253.16K | 0 | 0 | 0 | 0 |
| Change in Payables | -1.59M | -323.78K | 0 | -28.63K | 125.53K | 0 |
| Cash from Investing | 0 | 0 | 0 | 284.92M | -294.69M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -4.9M | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -13.78M | 284.92M | -289.79M | 0 |
| Cash from Financing | 10.72M | 5.92M | 257.64K | -284.76M | 296.59M | 260 |
| Debt Issued (Net) | -3.98M | 6.57M | 1.71M | 155.85K | -252.91K | 0 |
| Equity Issued (Net) | 8.69M | 265.83K | -13.44M | -284.76M | 297.14M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -13.78M | -284.92M | 0 | 0 |
| Other Financing | 6.02M | -907.5K | 11.98M | -155.85K | -298.54K | 260 |
| Net Change in Cash | 4.51M | 1M | -7.54K | -497.26K | 497.26K | 0 |
| Free Cash Flow | -6.21M | -4.92M | -265.19K | -653.11K | -1.41M | -260 |
| FCF Margin % | -17972.74% | -79385.49% | - | - | - | - |
| FCF Growth % | -2652.88% | -1756.62% | 59.4% | 53.64% | -541740.77% | - |
| FCF per Share | -4.15 | -3.29 | -0.38 | -1.36 | -1.57 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.53x | 0.20x | 0.02x | -0.15x | -0.42x | 0.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent insolvency and dilution
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from 0.11 to 994.04, suggesting that GAAP earnings provide almost no predictive utility for the company's actual cash-based operational reality.
The extreme volatility in the conversion ratio indicates that non-cash items and working capital swings are the primary drivers of reported figures rather than core business performance. Investors should monitor this divergence closely, as it suggests that the company's reported losses may not fully capture the underlying cash depletion occurring within the laboratory operations.
According to quarterly cash flow data, ASBP has consistently generated negative free cash flow, with the most recent period showing a $3.0M outflow, confirming that the firm remains in a deep cash-burning phase without any clear trajectory toward self-sustaining profitability or positive cash generation.
The lack of a positive FCF trend underscores the company's reliance on external financing to fund its ongoing research and administrative overhead. This trajectory appears unsustainable given the limited cash reserves, and it warrants investigation into whether the firm can reach a commercial inflection point before liquidity is fully exhausted.
Based on historical filings, working capital changes have been highly volatile, including a massive $260M swing in 2025Q4, which indicates that the company's cash position is subject to significant, non-recurring accounting adjustments that obscure the underlying efficiency of its day-to-day operational cash management.
These large, irregular fluctuations in working capital suggest that the company may be managing its payables or accruals in a way that creates temporary cash relief at the expense of long-term stability. Analysts should be wary of these movements, as they appear to be accounting artifacts rather than signs of improved operational efficiency.
Analysis of the cash flow statement reveals that stock-based compensation and significant depreciation adjustments, such as the $6.0M reported in 2025Q4, are being used to manage the optics of the company's burn rate, potentially masking the true cost of maintaining its current laboratory infrastructure.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the company is attempting to preserve its limited $1M cash balance through accounting maneuvers. This practice warrants further investigation, as it may be delaying the inevitable need for dilutive capital raises while failing to address the core structural deficit.
Quick answers to the most common questions about buying ASBP stock.
Aspire Biopharma Holdings, Inc. (ASBP) generated $-4.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aspire Biopharma Holdings, Inc. (ASBP) reported negative free cash flow of $4.9M in 2025, indicating capital requirements exceeded cash from operations.
Aspire Biopharma Holdings, Inc. (ASBP) 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.