Operational liquidity remains under pressure, with the firm generating negative free cash flow that often exceeds $3 million per quarter, necessitating constant reliance on external funding.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -5.39M | -12.26M | -6.83M | -7.05M | -6.01M | -9.3M | -6.49M | -13.45M | -12.95M | -13.09M | -12.42M | -5.46M | -4.44M | -3.22M |
| Operating CF Margin % | - | - | -1791.6% | -1008.3% | -1039.45% | -2711.66% | -962.76% | -694.01% | -1309.71% | -989.12% | -903.35% | -3474.52% | -3017.69% | - |
| Operating CF Growth % | 56.01% | -79.62% | 3.15% | -17.31% | 35.4% | -43.33% | 51.75% | -3.84% | 1.02% | -5.35% | -127.7% | -22.97% | -37.94% | - |
| Net Income | -6.24M | -5.73M | -7.08M | -7.66M | -5.46M | -22.19M | -10.09M | -15.03M | -16.06M | -20.16M | -10.1M | -8.82M | -4.08M | -3.99M |
| Depreciation & Amortization | 184.86K | 254K | 283K | 343K | 403K | 1.22M | 1.28M | 1.11M | 1.17M | 4.35M | 736K | 321K | 246K | 194K |
| Stock-Based Compensation | 0 | 283K | 28K | 123K | 89K | -404K | -34K | 0 | 0 | 0 | 170K | 0 | 0 | 0 |
| Deferred Taxes | 0 | -250K | -406K | -832K | 469K | 13.2M | -1.78M | 0 | 0 | 0 | 1.43M | 0 | 0 | 0 |
| Other Non-Cash Items | -1.01M | -3.08M | 397K | 454K | -892K | 430K | 2.33M | -1.07M | 3.11M | 3.21M | -1.63M | 2.29M | -156K | 584K |
| Working Capital Changes | 1.68M | -3.74M | -49K | 520K | -617K | -1.56M | 1.8M | 1.54M | -1.17M | -479K | -1.6M | 761K | -442K | -169K |
| Change in Receivables | 2.57M | -5.97M | 365K | 7K | -487K | 493K | 725K | 1.03M | -968K | -242K | -1.54M | 761K | -442K | -169K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347K | -202K | -237K | -62K | 0 | 0 | 0 |
| Change in Payables | -892.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -658.25K | -598K | -265K | -220K | -278K | 2.57M | -3.81M | 9.04M | -1.47M | -1.2M | -1.53M | -907K | -50K | -298K |
| Capital Expenditures | -675.86K | -9K | -26K | -62K | -320K | -209K | -319K | -244K | -707K | -1.35M | -922K | -1.03M | -47K | -239K |
| CapEx % of Revenue | - | - | 6.82% | 8.87% | 55.36% | 60.93% | 47.33% | 12.59% | 71.49% | 101.81% | 67.05% | 656.05% | 31.97% | - |
| Acquisitions | 17.61K | 0 | 0 | 0 | 0 | 0 | -947K | 0 | 0 | 0 | -661K | 115K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -589K | -239K | -158K | 42K | 144K | 8K | 9.29M | -763K | 145K | 50K | 8K | -3K | -59K |
| Cash from Financing | 12.77M | 8.56M | 10.23M | 47K | 8.8M | 3.08M | 18.73M | -6.47M | 10.28M | 15.26M | -219K | 34.3M | 6.74M | -125K |
| Debt Issued (Net) | -440.14K | 245K | -188K | -178K | -215K | -6.18M | 3.86M | -5.88M | 4.68M | -239K | -214K | 544K | 1.05M | 0 |
| Equity Issued (Net) | 13.45M | 8.31M | 10.43M | 243K | 9.04M | 9.74M | 14.11M | 0 | 5.73M | 0 | 0 | 33.85M | 5.8M | 0 |
| Dividends Paid | 0 | 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 |
| Other Financing | -240.61K | 0 | -13K | -18K | -15K | -476K | 766K | -587K | -136K | 15.49M | -5K | -96K | -108K | -125K |
| Net Change in Cash | 6.97M | -4.3M | 3.13M | -7.22M | 2.51M | -3.38M | 8.59M | -10.86M | -4.4M | 1.43M | -14.15M | 27.94M | 2.25M | 133K |
| Free Cash Flow | -5.4M | -13.04M | -7.09M | -7.11M | -6.33M | -9.51M | -6.81M | -13.69M | -13.66M | -14.43M | -13.34M | -6.49M | -4.48M | -3.46M |
| FCF Margin % | - | - | -1860.63% | -1017.17% | -1094.81% | -2772.59% | -1010.09% | -706.6% | -1381.19% | -1090.93% | -970.4% | -4130.57% | -3049.66% | - |
| FCF Growth % | 58.6% | -83.88% | 0.3% | -12.36% | 33.46% | -39.69% | 50.28% | -0.25% | 5.36% | -8.17% | -105.75% | -44.66% | -29.75% | - |
| FCF per Share | -98.36 | -210.40 | -236300.00 | -999999.00 | -999999.00 | -999999.00 | - | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.86x | 2.14x | 0.96x | 0.92x | 1.10x | 0.42x | 0.64x | 1.30x | 1.11x | 2.12x | 1.23x | 0.62x | 1.09x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient capital for trials
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 0.76 to 3.08, suggesting that accruals and non-cash adjustments frequently distort the underlying reality of the company's cash-based operational performance.
The significant divergence between net losses and cash outflows indicates that standard accounting metrics provide a poor proxy for the actual burn rate. Investors should monitor these fluctuations closely, as they often reflect lumpy working capital movements rather than sustainable improvements in operational efficiency.
Based on Biodexa's reported figures, the company has consistently generated negative free cash flow, with quarterly outflows frequently exceeding $3 million, confirming that the firm remains entirely dependent on external financing to sustain its clinical development pipeline and general corporate overhead requirements.
The absence of positive free cash flow is a structural characteristic of the current development stage, yet the lack of a narrowing trend in these outflows warrants caution. Without a clear path to commercialization, the current trajectory suggests that cash depletion will remain the primary constraint on operational progress.
According to recent SEC filings, working capital changes have been highly inconsistent, ranging from a $2.4 million outflow in 2024Q4 to a $1.7 million inflow in 2025Q4, which complicates the assessment of the company's underlying cash burn and operational liquidity management.
These swings appear to be driven by the timing of clinical trial payments and potential R&D tax credit receipts rather than organic operational improvements. Analysts should treat these inflows as temporary liquidity events that do not fundamentally alter the company's long-term cash consumption profile.
As noted in historical financial disclosures, the cash flow statement is frequently impacted by non-cash adjustments such as stock-based compensation and depreciation, which, while standard for the sector, mask the true economic cost of maintaining the company's proprietary nanotechnology and microsphere development platforms.
The reliance on these adjustments to reconcile net income to operating cash flow suggests that the headline burn rate may understate the actual capital required to support the firm's R&D activities. Investors should be wary of the potential for future dilutive events to cover these underlying cash requirements.
Quick answers to the most common questions about buying BDRX stock.
Biodexa Pharmaceuticals Plc (BDRX) generated $-5.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Biodexa Pharmaceuticals Plc (BDRX) reported negative free cash flow of $5.4M in 2025, indicating capital requirements exceeded cash from operations.
Biodexa Pharmaceuticals Plc (BDRX) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.