Persistent free cash flow burn, ranging from $10.2 million to $17.7 million per quarter, underscores the company's reliance on external capital to sustain its clinical-stage oncology programs.
Boundless Bio, Inc. (BOLD) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -56.25M | -46.66M | -60.84M | -46.85M | -39.6M | -23.25M | -107.98M | -84.51M | -49.02M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -22.14% | 23.31% | -29.85% | -18.33% | -70.32% | 78.47% | -27.77% | -72.41% | - |
| Net Income | -64.01M | -58.2M | -65.36M | -49.43M | -45.9M | -25.21M | -128.82M | -90.24M | -59.67M |
| Depreciation & Amortization | 2.16M | 1.25M | 1.09M | 957K | 942K | 682K | 7.46M | 3.75M | 1.58M |
| Stock-Based Compensation | 7.23M | 6.13M | 7.52M | 3.34M | 2.29M | 1.16M | 0 | 6.88M | 2M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.25M | -95.21M |
| Other Non-Cash Items | 8.72M | 698K | -2.4M | -915K | 2.21M | 959K | -279.73M | -30.57M | 7.07M |
| Working Capital Changes | -10.34M | 3.46M | -1.68M | -799K | 866K | -837K | 276.62M | 23.42M | 95.21M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 916K | 1.63M | 775K | 0 | 1.91M | 0 | 4.08M | 686K | -671K |
| Cash from Investing | 61.11M | 37.8M | -26.1M | -38.26M | 16.13M | -59.28M | -185.05M | -33.44M | -62.05M |
| Capital Expenditures | -485K | -546K | -2.54M | -633K | -1.07M | -2.03M | -11.61M | -7.55M | -16.65M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K |
| Cash from Financing | 97K | 141K | 89.82M | 97.9M | 126K | 105.53M | 398.46M | 120.55M | 75.36M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 97K | 141K | 93M | 99.67M | 126K | 105.32M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -144.35M | -38.97M | -36.36M |
| Other Financing | 0 | 0 | -3.18M | -1.77M | 0 | 208K | 398.46M | 120.55M | 75.36M |
| Net Change in Cash | 5.52M | -8.72M | 2.88M | 12.78M | -23.34M | 22.99M | 105.44M | 2.61M | -35.7M |
| Free Cash Flow | -56.73M | -47.21M | -63.38M | -47.49M | -40.66M | -25.28M | -119.59M | -92.06M | -65.67M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -0.87% | 25.51% | -33.46% | -16.79% | -60.83% | 78.86% | -29.9% | -40.19% | - |
| FCF per Share | -2.53 | -2.11 | -3.73 | -2.14 | -1.83 | -1.14 | -2.72 | -3.46 | -6.15 |
| FCF Conversion (FCF/Net Income) | 0.89x | 0.80x | 0.93x | 0.95x | 0.86x | 0.92x | 0.84x | 0.94x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BOLD stock.
Boundless Bio, Inc. (BOLD) generated $-46.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boundless Bio, Inc. (BOLD) reported negative free cash flow of $47.2M in 2025, indicating capital requirements exceeded cash from operations.
Boundless Bio, Inc. (BOLD) spent $0.5M 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
Clinical Trial Funding Gap
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persists
According to the company's quarterly financial data, the OCF/NI ratio fluctuated between 0.73 and 1.10 over the last ten quarters, indicating that operating cash outflows consistently track closely with net losses as the firm lacks any meaningful non-cash revenue offsets to bridge the earnings gap.
The tight correlation between net income and operating cash flow suggests that the company's reported losses are a direct proxy for actual cash consumption. Investors should note that the absence of significant non-cash adjustments means the burn rate is highly sensitive to R&D spending levels.
Persistent Free Cash Flow Burn
As reported in financial statements, Boundless Bio has maintained a consistent negative free cash flow trajectory, with quarterly outflows ranging from $10.2 million to $17.7 million, reflecting the heavy capital requirements of its clinical-stage oncology pipeline and the total absence of commercial revenue streams.
The persistent negative FCF trajectory highlights the company's reliance on external financing to sustain its research operations. Without a shift toward milestone-based revenue or partnerships, this trend suggests that the current cash runway remains the primary constraint on long-term development viability.
Working Capital Volatility Impacts Liquidity
Based on the provided figures, working capital changes have been highly erratic, swinging from a $1.8 million inflow in 2025Q3 to a $3.6 million outflow in 2026Q1, which complicates the predictability of the company's short-term cash position and overall liquidity management during clinical trials.
These fluctuations likely stem from the timing of clinical trial vendor payments and accrued expenses rather than operational efficiency. The volatility warrants caution, as it suggests that the company's cash position is susceptible to sudden shifts in payment cycles for its research-heavy cost base.
SBC Masks True Cash Burn
Data from recent filings indicates that stock-based compensation has consistently added back between $0.9 million and $2.1 million per quarter, effectively masking the true magnitude of the company's operational cash burn by reducing the reported net loss without providing any actual cash liquidity.
While SBC is a standard tool for talent retention in biotechnology, it obscures the underlying cash requirements of the business. Analysts should adjust for these non-cash expenses to accurately assess the true rate at which the company is depleting its limited cash reserves.