Cash flow metrics reveal a severe and accelerating burn, with FCF deficits widening from negative $8.9M in Q1 2024 to negative $44.4M in Q2 2026, indicating operational cash consumption significantly exceeds accounting losses.
BridgeBio Oncology Therapeutics Inc. (BBOT) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -193.14M | -113.89M | -763.82K | -52.08M | 0 | 0 |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -52929.21% | -14811.1% | 98.53% | - | - | - |
| Net Income | -182.11M | -134.04M | 7.6M | -41.69K | -3.52K | -74 |
| Depreciation & Amortization | 872K | 610K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 10.17M | 5.87M | 271.57K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -37.8M | 7.23M | -8.53M | 26.69K | 3.52K | 74 |
| Working Capital Changes | 15.73M | 6.43M | -104.61K | 15K | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.94M | -1.84M | 172.51K | 0 | 0 | 0 |
| Cash from Investing | -166.35M | 73.33M | -184M | 0 | 0 | 0 |
| Capital Expenditures | -677K | -606K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 383.73M | 383.4M | 186.46M | 0 | 0 | 0 |
| Debt Issued (Net) | 373.46M | 0 | -209.85K | 0 | 0 | 0 |
| Equity Issued (Net) | 22.68M | 395.72M | 187.25M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.4M | -12.32M | -578.55K | 0 | 0 | 0 |
| Net Change in Cash | 53.4M | 342.84M | 1.7M | 225K | 0 | 0 |
| Free Cash Flow | -193.82M | -114.5M | -763.82K | -52.49M | 0 | 0 |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -204.12% | -14890.44% | 98.54% | - | - | - |
| FCF per Share | -2421.06 | -3.68 | -0.05 | -2.56 | - | - |
| FCF Conversion (FCF/Net Income) | 1.06x | 0.85x | 0.01x | 0.80x | - | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BBOT stock.
BridgeBio Oncology Therapeutics Inc. (BBOT) generated $-113.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BridgeBio Oncology Therapeutics Inc. (BBOT) reported negative free cash flow of $114.5M in 2025, indicating capital requirements exceeded cash from operations.
BridgeBio Oncology Therapeutics Inc. (BBOT) 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.
Key Metrics
Top Statement Risk
Unfunded cash burn with no revenue
Metrics are mathematically derived from official filings.
Negative Conversion Amplifies Cash Deficit
BBOT's operating cash flow consistently trails its net loss, indicating cash consumption exceeds accrual-based accounting losses, with the Q3 2025 OCF-to-Net-Income ratio of 1.58 a stark example. According to the data, this negative conversion worsened in recent quarters as the net loss expanded.
The persistent negative OCF/NI ratio below 1.0 in most quarters, particularly the 0.79 reading in Q2 2026, suggests that operating cash outflows are accelerating faster than the accrual-based net loss. For a pre-revenue biotech, this negative conversion typically signals significant cash outlays for clinical trials and operational scale-up that are not yet fully capitalized. This dynamic increases the company's reliance on external financing to fund its operations.
FCF Burn Accelerates Dramatically
Free cash flow burn has worsened markedly, expanding from a negative $8.9 million in Q1 2024 to negative $44.4 million in Q2 2026, reflecting the operational scaling described in the income statement analysis. As reported in the financial statements, the cash burn trajectory has steepened alongside rising R&D and SG&A expenses.
The FCF deficit has not only grown in absolute terms but appears to be accelerating, with the last two quarters showing the largest negative FCF figures in the 10-quarter history. This trajectory is consistent with a company significantly ramping investment in its pipeline and commercial infrastructure ahead of any revenue generation. The gap between the expanding net loss and the even larger FCF burn indicates a growing cash intensity to the business model during this pre-commercial phase.
Volatile Working Capital Swings
Working capital changes have been highly volatile, swinging from a $20.2 million cash inflow in Q1 2025 to a $10.4 million outflow in Q3 2025, suggesting inconsistent operational cash management. Based on reported figures, these large swings appear disconnected from the steady net loss, indicating potential lumpiness in payables or prepayments.
The erratic nature of the working capital changes, with both significant positive and negative swings quarter-to-quarter, makes it difficult to discern a stable operational trend. This volatility may reflect the timing of large payments to vendors or contract research organizations related to clinical programs, which are common in development-stage companies. For investors, this unpredictability adds another layer of uncertainty to forecasting future quarterly cash burn.
Minimal Capex vs. R&D Intensity
Capital expenditure is negligible relative to the massive operating losses, with Q2 2026 CapEx at just $47,000 versus a $56.5 million net loss. This indicates BBOT's cash consumption is overwhelmingly driven by operational expenses like R&D and SG&A rather than fixed-asset investment, as shown in the provided data.
The extremely low CapEx-to-Revenue ratio (not calculable due to zero revenue) underscores that this is not a capital-intensive manufacturing business at this stage. Instead, the cash burn is fueling intangible investments in research and talent. This structure means that a significant portion of the cash burn is likely expensed through the income statement rather than capitalized, directly impacting reported losses and conversion ratios.
No Capital Returns, Only Consumption
BBOT has paid zero dividends and executed zero share repurchases over the entire period, with all cash consumed by operations. According to recent filings, the company's sole use of cash is to fund its pre-commercial activities, confirming a complete focus on growth and survival.
The absence of any shareholder returns is expected for a clinical-stage biotech with negative cash flow. The critical implication is that 100% of the company's financing activities—whether equity, debt, or other sources—are directly channeled into funding the operating deficit. This creates a direct link between any future dilutive financing and the current cash burn rate, warranting close monitoring of the cash runway.
Cash Flow Obscures True Burn Rate
The cash flow statement may overstate the operational cash drain by not separating the cash portion of stock-based compensation, which totaled $7.2 million in Q2 2026. Furthermore, as reported in financial statements, the absence of capitalized costs related to in-process R&D could mean the true investment in drug candidates is higher than the expense line suggests.
While SBC is a non-cash expense on the income statement, its cash tax implications and the eventual cash cost of vesting are not transparent in the operating cash flow line. More significantly for a biotech, substantial R&D costs may be capitalized on the balance sheet for successful programs, a practice not detailed in the summary cash flow data. This accounting treatment could obscure the full extent of the cash invested in building the company's core intangible assets.