Persistent cash burn remains a critical concern, as evidenced by ten consecutive quarters of negative free cash flow, with outflows peaking at $2.0 million in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Oct'13 | Oct'12 | Oct'09 |
|---|
| Cash from Operations | -2.57M | -2.69M | -4.12M | -9.56M | -3.57M | -1.23M | -426.93K | -3.25M | -4.1M | -3.33M | -7.33M | -3.55M | -2.76M | -6.12K | -447 | -4.87K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 105.77% | 34.76% | 56.83% | -167.9% | -190.33% | -187.77% | 86.87% | 20.8% | -23.27% | 54.56% | -106.66% | -28.67% | -44955.89% | -1268.23% | 90.82% | - |
| Net Income | -2.86M | -3.11M | -4.11M | -8.95M | -1.48M | -1.61M | -1.82M | -3.42M | -4.43M | -7.05M | -21.03M | -13.88M | -4.42M | -1.08M | -715 | -10.29K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 96 | 96 | 700 | 4.45K | 280 | 0 | 0 | 0 |
| Stock-Based Compensation | 118.57K | 256.36K | 188.82K | 152.6K | 266.63K | 207.03K | 60K | 49.69K | 516.64K | -584.03K | 3.46M | 3.7M | 256.64K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -277.75K | -716.79K | 0 | 6.09M | 498.87K | 909.46K | 0 | 0 | 0 |
| Other Non-Cash Items | 37.16K | -3.97K | -51.08K | -892.69K | -2.18M | 495.55K | 938.08K | 257.81K | 380.03K | 3.37M | 4.01M | 6.04M | 1.41M | 1.04M | 268 | 5.41K |
| Working Capital Changes | 132.85K | 165.45K | -150.25K | 132.92K | -168.37K | -320.49K | 399.68K | 143.78K | 145.54K | 938.74K | 144.48K | 87.98K | -903.32K | 35.25K | 0 | 0 |
| Change in Receivables | 2.09K | -9.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75 | -75 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 166.61K | 91.03K | 89.78K | 255.88K | 788.55K | -365.49K | 333K | -64.82K | -66.91K | 0 | 73.34K | 194.46K | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -504 | 25.48K | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -504 | -11.9K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.35M | 4.7M | 4.42M | 5.04M | 4.43M | 7.9M | 402.79K | 2.32M | 4.37M | 3.4M | 6.83M | 2M | 5.39M | 6K | 449 | 1.79K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.05M | 402.79K | 2.32M | 0 | 2.7M | 3.08M | 2M | 4.91M | 524.53K | 0 | 0 |
| Equity Issued (Net) | 4.35M | 4.7M | 2.62M | 5.04M | 4.43M | 6.86M | 0 | 0 | 4.37M | 700K | 2.5M | 0 | 480K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 5.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.25M | 0 | 0 | -518.54K | 449 | 1.79K |
| Net Change in Cash | 1.78M | 2.01M | 298.56K | -4.51M | 862.95K | 6.68M | -24.14K | -931.23K | 265.1K | 69.9K | -494.73K | -1.55M | 2.66M | -120 | 0 | -3.08K |
| Free Cash Flow | -2.57M | -2.69M | -4.12M | -9.56M | -3.57M | -1.23M | -426.93K | -3.25M | -4.1M | -3.33M | -7.33M | -3.55M | -2.77M | -525.37K | -447 | -4.87K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 31.44% | 34.76% | 56.83% | -167.9% | -190.33% | -187.77% | 86.87% | 20.8% | -23.27% | 54.56% | -106.63% | -28.14% | -426.78% | -117431.32% | 90.82% | - |
| FCF per Share | -1.43 | -2.29 | -2.72 | -36.32 | -74.84 | -28.49 | -8.35 | -63.58 | -2940.46 | -3080.57 | -7012.29 | -4485.44 | -6663.28 | -0.11 | -0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.87x | 1.00x | 1.07x | 2.40x | 0.76x | 0.23x | 0.95x | 0.93x | 0.47x | 0.28x | 0.26x | 0.62x | 0.01x | 0.63x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 717.97K | 821.96K | 516.38K | 751.31K | 544.71K | 72.01K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6K | 1.73K | 1.6K | 2.24K | 8.84K | 1.6K | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial statements, BBLG consistently records operating cash outflows that frequently exceed net losses, with an OCF/NI ratio reaching 1.51 in 2024Q1, indicating that the company's cash consumption is driven by more than just accounting-based net income deficits.
The persistent gap between net income and operating cash flow suggests that non-cash adjustments are insufficient to offset the actual cash requirements of the business. Investors should monitor this divergence, as it implies that the company's operational cash needs are more acute than the headline net loss figures might otherwise suggest.
Based on historical data, BBLG has maintained a negative free cash flow trajectory for ten consecutive quarters, with quarterly outflows peaking at $2.0 million in 2023Q4, reflecting the company's total dependence on external capital to fund its pre-commercial clinical development activities.
The absence of positive free cash flow is expected for a pre-revenue firm, yet the magnitude of these outflows relative to the remaining cash balance warrants caution. This trend suggests that the company is effectively consuming its limited liquidity to sustain operations without any offsetting internal cash generation.
According to quarterly filings, working capital changes have been highly erratic, swinging from a $514.5K outflow in 2023Q4 to a $340.9K inflow in 2024Q3, which highlights the unpredictable nature of cash management in a firm lacking a stable revenue base.
These fluctuations appear to be driven by the timing of clinical trial payments and vendor settlements rather than operational efficiency. Such volatility complicates cash forecasting and suggests that management's liquidity planning is subject to significant short-term operational pressures.
As indicated by the cash flow statements, stock-based compensation has been a recurring non-cash expense, reaching $100.8K in 2024Q4, which serves to mask the true economic cost of talent acquisition while the company simultaneously relies on external financing to survive.
The reliance on equity-based compensation suggests an attempt to preserve cash, yet this practice dilutes existing shareholders without addressing the underlying lack of commercial viability. Analysts should be wary of how these non-cash adjustments impact the perceived burn rate, as they do not alleviate the fundamental need for capital.
Quick answers to the most common questions about buying BBLG stock.
Bone Biologics Corporation (BBLG) generated $-2.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bone Biologics Corporation (BBLG) reported negative free cash flow of $2.7M in 2025, indicating capital requirements exceeded cash from operations.
Bone Biologics Corporation (BBLG) 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.