Liquidity is under severe pressure, with cash and equivalents declining to $44.7 million in 2026Q1 from a peak of $176.9 million in 2023Q4, reflecting a consistent pattern of negative free cash flow.
| Cash from Operations | -56.25M | -70.37M | -119.89M | -96.59M | -62.42M | -35.44M | -4.46M | -1.28M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 203.43% | 41.31% | -24.12% | -54.75% | -76.13% | -694.75% | -248.63% | - |
| Net Income | -44.95M | -61.8M | -138.43M | -117.25M | -81.83M | -41.57M | -5.32M | -1.2M |
| Depreciation & Amortization | 960K | 1.41M | 0 | 1.51M | 691K | 953K | 132K | 0 |
| Stock-Based Compensation | 2.57M | 9.52M | 19.09M | 14.13M | 10.34M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -10.99M | -15.8M | 4.59M | 2.69M | 715K | 6.75M | 322K | 0 |
| Working Capital Changes | -3.84M | -3.7M | -5.15M | 2.33M | 7.67M | -1.57M | 411K | -81K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.1M | -9.7M | 6.09M | 2.56M | 2.96M | 640K | 418K | -98K |
| Cash from Investing | 550K | 0 | -362K | -2.22M | 27.34M | -33.35M | -51K | 0 |
| Capital Expenditures | 0 | 0 | -362K | -3.37M | -1.03M | -3.17M | -51K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 550K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 64.53M | 67.9M | 1.67M | 163.8M | 1.24M | 153.19M | 65.97M | 1.44M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -36K | 36K | 0 |
| Equity Issued (Net) | 64.53M | 67.9M | 1.67M | 161.8M | 0 | 153.22M | 65.93M | 1.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3K | 0 | 0 | 2M | 1.24M | 0 | 0 | 0 |
| Net Change in Cash | 9.2M | -2.47M | -118.59M | 64.99M | -33.84M | 84.04M | 61.46M | 161K |
| Free Cash Flow | -56.25M | -70.37M | -120.26M | -99.96M | -63.45M | -38.61M | -4.51M | -1.28M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 50.6% | 41.48% | -20.3% | -57.55% | -64.33% | -756.08% | -252.62% | - |
| FCF per Share | -0.78 | -1.35 | -3.33 | -2.93 | -2.17 | -1.62 | -0.42 | -0.12 |
| FCF Conversion (FCF/Net Income) | 1.25x | 1.14x | 0.87x | 0.82x | 0.76x | 0.85x | 0.84x | 1.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating significantly, including a notable -2.86 reading in 2025Q4 that highlights the disconnect between accounting profits and the underlying reality of cash consumption.
The wide variance between net income and operating cash flow suggests that non-operating items and accounting adjustments are heavily influencing the bottom line. Investors should monitor this divergence closely, as it indicates that reported earnings are not a reliable proxy for the company's actual ability to generate cash from its core clinical activities.
Based on reported figures, Biomea Fusion has consistently generated negative free cash flow, with quarterly outflows reaching as high as $32.7 million in 2024Q2, underscoring the company's reliance on external financing to sustain its intensive research and development pipeline throughout the observed ten-quarter period.
The trajectory of free cash flow remains firmly in negative territory, reflecting the high costs associated with advancing covalent small-molecule candidates. Without a clear path to revenue, this trend appears likely to continue, necessitating further capital raises that may dilute existing shareholders.
According to recent SEC filings, working capital changes have been erratic, swinging from a $7.1 million inflow in 2023Q4 to a $6.4 million outflow in 2024Q4, which suggests that the company's cash position is highly sensitive to the timing of clinical trial vendor payments and accruals.
The instability in working capital movements indicates that management is managing cash outflows tightly around clinical milestones. This volatility warrants further investigation, as it may mask the true underlying burn rate during periods of heavy trial enrollment or regulatory activity.
As detailed in historical cash flow data, stock-based compensation has been a recurring non-cash expense, peaking at $5.0 million in 2024Q1, which effectively masks the true economic cost of talent acquisition and retention required to maintain the company's proprietary FUSION platform.
While stock-based compensation is a standard practice in the biotech sector, its magnitude relative to the company's cash burn suggests that the true cost of operations is higher than the cash flow statement implies. Investors should adjust for these non-cash charges to better understand the company's actual cash runway.
Quick answers to the most common questions about buying BMEA stock.
Biomea Fusion, Inc. (BMEA) generated $-70.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Biomea Fusion, Inc. (BMEA) reported negative free cash flow of $70.4M in 2025, indicating capital requirements exceeded cash from operations.
Biomea Fusion, Inc. (BMEA) 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.