Persistent negative free cash flow, often exceeding $1.5 million per quarter, highlights a critical liquidity burn that threatens the company's long-term operational viability.
| Cash from Operations | -6.46M | -6.05M | -7.82M | -8.31M | -7.74M | -4.37M | -508.71K | -1.69M |
| Operating CF Margin % | - | - | - | - | -3108.57% | - | - | - |
| Operating CF Growth % | 2.07% | 22.59% | 5.94% | -7.39% | -77.28% | -758.4% | 69.9% | - |
| Net Income | -6.9M | -6.85M | -7.72M | -9.95M | -9.3M | -3.49M | -1.16M | -819.84K |
| Depreciation & Amortization | 168.35K | 170.68K | 199.1K | 780.96K | 306.37K | 145.72K | 157.04K | 142.97K |
| Stock-Based Compensation | -1.49K | 6 | 20.09K | 189.25K | 433K | 68.46K | 7.37K | 14.81K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 170.66K | 0 | 0 |
| Other Non-Cash Items | 46K | 42.94K | 312.03K | 3.09K | 237.45K | 222.01K | -111.1K | -849.78K |
| Working Capital Changes | 232.51K | 581.28K | -633.19K | 666.73K | 578.54K | -1.49M | 596.26K | -178.28K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 645 | -645 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 84.76K | 38.75K | -103.88K |
| Change in Payables | -299.24K | 69.13K | -346.35K | -235.76K | 298.88K | -79.15K | 345.8K | -25.21K |
| Cash from Investing | -189.05K | -173.74K | -306.78K | -704.17K | -1.2M | -23.95K | 0 | -6.02K |
| Capital Expenditures | -192.72K | -173.74K | -306.78K | -704.17K | -1.2M | -23.95K | 0 | -6.02K |
| CapEx % of Revenue | - | - | - | - | 481.56% | - | - | - |
| Acquisitions | 3.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 7.22M | 7.09M | 10.22M | 1.11M | 8.07K | 22.53M | 1.33M | 1.51M |
| Debt Issued (Net) | -4.09K | -4.03K | -4.81K | -4.81K | -801 | 4.2M | 270K | -265K |
| Equity Issued (Net) | 7.68M | 7.09M | 12.07M | 159.84K | 8.88K | 18.86M | 1.06M | 1.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -17.67K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -464.67K | 0 | -1.84M | 956.53K | 0 | -513.47K | 0 | 100K |
| Net Change in Cash | 568.35K | 862.93K | 2.09M | -7.91M | -8.93M | 18.14M | 816.35K | -184.34K |
| Free Cash Flow | -6.65M | -6.23M | -8.13M | -9.02M | -8.94M | -4.39M | -508.71K | -1.7M |
| FCF Margin % | - | - | - | - | -3590.13% | - | - | - |
| FCF Growth % | 4.66% | 23.37% | 9.89% | -0.86% | -103.63% | -763.11% | 70.01% | - |
| FCF per Share | -14.81 | -13.87 | -177.25 | -263.18 | -283.78 | -139.72 | -25.65 | -85.51 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.88x | 1.01x | 0.84x | 0.83x | 1.17x | 0.45x | 2.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 53.24K | 46.07K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and regulatory risk
According to the last ten quarters of financial data, BJDX consistently reports negative operating cash flow, with the OCF/NI ratio fluctuating between 0.64 and 1.26, indicating that cash outflows are fundamentally decoupled from accounting losses due to the company's pre-revenue developmental status.
The volatility in the OCF/NI ratio suggests that working capital adjustments are the primary driver of period-to-period cash variance rather than operational efficiency. Investors should note that without revenue, the conversion of net income to cash is essentially a measure of how quickly the company exhausts its remaining capital reserves.
Based on reported quarterly filings, the company has maintained a persistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $1.5 million, reflecting the heavy capital requirements necessary to sustain clinical trial operations and technology licensing obligations.
The absence of positive FCF margins is expected for a pre-revenue diagnostic firm, yet the consistency of these outflows highlights the lack of a self-sustaining business model. This trajectory implies that the company remains entirely dependent on external financing to bridge the gap until commercialization.
As reported in financial statements, working capital changes have been highly erratic, swinging from a $626.4K inflow in 2025Q1 to a $944.6K outflow in 2024Q3, which complicates the assessment of the company's underlying cash burn rate.
These fluctuations likely reflect the timing of payments to suppliers and the management of licensing obligations rather than operational scaling. Analysts should monitor these swings closely, as they may temporarily obscure the true underlying rate at which the company consumes its limited cash runway.
Data from recent filings suggests that the cash flow statement provides a limited view of the company's financial health, as the lack of revenue renders traditional metrics like capital intensity and cash conversion cycles largely irrelevant to the firm's current survival.
The reliance on stock-based compensation and potential capitalized licensing costs warrants further investigation, as these items may be masking the true cash cost of product development. Investors should focus on the absolute cash balance rather than traditional cash flow metrics to gauge the proximity of the next dilutive financing event.
Quick answers to the most common questions about buying BJDX stock.
Bluejay Diagnostics, Inc. (BJDX) generated $-6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bluejay Diagnostics, Inc. (BJDX) reported negative free cash flow of $6.2M in 2025, indicating capital requirements exceeded cash from operations.
Bluejay Diagnostics, Inc. (BJDX) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.