Free cash flow remains deeply negative with quarterly outflows reaching $3.8M in 2026Q1, highlighting a structural inability to fund operations without external capital.
| Metric | TTM | 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 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | -11.82M | -10.79M | -8.23M | -6.43M | -5.91M | -3.33M | -1.96M | -6.92M | -5.1M | -3.85M | -5M | -3.12M | -3.23M | -2.67M | -3.18M | -2.81M | -729.22K |
| Operating CF Margin % | - | -2999.43% | -2052.46% | -4410.3% | -4935.81% | -7238.93% | -2550.99% | -5322.1% | -4598.76% | -4757.8% | -13760.62% | -496.42% | -775.93% | -159071.67% | -20425.38% | - | - |
| Operating CF Growth % | -155.03% | -31.09% | -27.99% | -8.75% | -77.58% | -69.52% | 71.61% | -35.54% | -32.46% | 22.96% | -60.24% | 3.28% | -20.78% | 16.07% | -13.28% | -285.46% | - |
| Net Income | -11.06M | -14.24M | -8.98M | -10.42M | -13.22M | -44.3M | -11.27M | -14.65M | -12.52M | -9.44M | -8.64M | -7.92M | -5.59M | -5.75M | -6.54M | -4.07M | -2.26M |
| Depreciation & Amortization | 210.6K | 209.99K | 189.06K | 165.74K | 120.55K | 89.11K | 121.38K | 217.36K | 240.37K | 259.26K | 258.43K | 213.78K | 96.69K | 104.81K | 90.4K | 90.41K | 48.36K |
| Stock-Based Compensation | 1.61M | 3.33M | 2.81M | 7.78M | 12.61M | 23.11M | 691.7K | 1.66M | 2.4M | 3.6M | 2.54M | 1.95M | 1.36M | 812.65K | 1.85M | 456.83K | 895.61K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 1.65M | -17K | 87.27K | 460.21K | 371.15K | 412.73K | -1.81M | 0 | -895.61K |
| Other Non-Cash Items | -3.15M | -1.39M | -2.28M | -4.48M | -5.44M | 17.45M | 7.92M | 4.21M | 3.17M | 926.45K | 570.21K | 114.42K | 50.03K | 224.31K | 2.18M | 283.54K | 1.08M |
| Working Capital Changes | 570.88K | 1.31M | 28.65K | 515.33K | 14.14K | 324.69K | 572.35K | 539.85K | -45.78K | 821.33K | 180.93K | 2.06M | 481.6K | 1.52M | 1.04M | 432.3K | 408.88K |
| Change in Receivables | 11.7K | 172.9K | -169.1K | -3.3K | -11K | 12K | 15K | -3K | 9K | -32K | 87.38K | -93.38K | 597.1K | 8.29M | 700.36K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 423.65K | 9.54M | 655.29K | 5.99M | 934.59K | 613 | -5.48K | -12.48K | 0 | 0 |
| Change in Payables | 41.09K | 839.52K | 293.68K | 18.49K | 120.08K | -68.02K | 84.63K | 97.1K | -516.12K | 185.96K | -113.15K | 1.38M | -234.56K | 498.54K | 349.21K | 268.52K | 81.92K |
| Cash from Investing | 7.5M | 8.9M | 514.53K | 3.25M | -13.4M | -30.66K | 0 | -35.63K | -12.87K | -3.62K | -188.76K | -483.07K | -167.4K | -11.16K | -1M | 14.23K | -48.78K |
| Capital Expenditures | -79.67K | -116.07K | -106.19K | -171.04K | -265.22K | -30.66K | 0 | -35.63K | -12.87K | -3.62K | -188.76K | -483.07K | -168.38K | -11.16K | -1M | -17.77K | -48.78K |
| CapEx % of Revenue | 22.26% | 32.27% | 26.48% | 117.31% | 221.39% | 66.65% | - | 27.41% | 11.59% | 4.47% | 519.22% | 76.81% | 40.48% | 664.29% | 6431.03% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -175K | 0 | 0 | 0 | 0 | 0 | 0 | -75K | 980 | 0 | -1M | 32K | 0 |
| Cash from Financing | 6.2M | 2.85M | 7.38M | 2.35M | 0 | 21.32M | 5.03M | 6.84M | 4.78M | 4.28M | 5.06M | 3.68M | 3.29M | 2.88M | 4.12M | 2.85M | 796.03K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 250K | 5.52M | 5.18M | 4.19M | 2.21M | 1.42M | 1.21M | 592.94K | 1.45M | 2.19M | 2.65M | 155.86K |
| Equity Issued (Net) | 6.45M | 3.14M | 0 | 2.35M | 0 | 21.07M | 10K | 1.66M | 175K | 1.08M | 3.5M | 2.03M | 2.6M | 905K | 1.93M | 196K | 638.3K |
| Dividends Paid | -6.06K | 0 | 0 | 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 | 0 | -4K | -28K |
| Other Financing | -242.95K | -282.62K | 7.38M | 0 | 0 | 0 | -500K | 0 | 414.17K | 981.25K | 140.87K | 441.17K | 88.01K | 530.8K | 0 | 0 | 1.88K |
| Net Change in Cash | 1.88M | 963.3K | -336.49K | -829.39K | -19.31M | 17.96M | 3.06M | -115.86K | -334.16K | 419.86K | -134.73K | 74.76K | -109.3K | 200.74K | -71.14K | 53.43K | 18.03K |
| Free Cash Flow | -11.9M | -10.91M | -8.34M | -6.6M | -6.35M | -3.36M | -1.96M | -6.95M | -5.12M | -3.86M | -5.19M | -3.61M | -3.4M | -2.68M | -4.19M | -2.83M | -778K |
| FCF Margin % | -3324.57% | -3031.7% | -2078.94% | -4527.61% | -5303.27% | -7305.58% | -2550.99% | -5349.51% | -4610.36% | -4762.27% | -14279.85% | -573.23% | -816.41% | -159735.95% | -26856.41% | - | - |
| FCF Growth % | -34.68% | -30.81% | -26.29% | -3.9% | -89.06% | -71.09% | 71.75% | -35.89% | -32.67% | 25.7% | -44% | -6.15% | -26.56% | 35.9% | -48.01% | -263.58% | - |
| FCF per Share | -1.32 | -1.21 | -1.07 | -1.56 | -1.76 | -2.83 | -4.98 | -1248.76 | -1745.39 | -2524.50 | -4422.01 | -4359.29 | -8009.97 | -11275.48 | -22508.84 | -18732.71 | -727.10 |
| FCF Conversion (FCF/Net Income) | 1.08x | 0.76x | 0.92x | 0.62x | 0.45x | 0.08x | 0.17x | 0.47x | 0.41x | 0.41x | 0.58x | 0.39x | 0.58x | 0.46x | 0.49x | 0.69x | 0.32x |
| Interest Paid | 0 | 0 | 0 | 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 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial disclosures, BRTX exhibits a chronic divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggesting that reported losses are consistently exacerbated by cash-based operational requirements rather than being mitigated by non-cash accounting adjustments or accrual-based accounting benefits.
The consistent negative operating cash flow, often outpacing net losses, indicates that the company's burn rate is driven by actual cash outflows for clinical development rather than accounting-driven non-cash charges. Investors should monitor this trend as it implies that the company's path to profitability is not merely a matter of accounting, but requires a fundamental shift in cash-generating capacity.
As reported in financial statements, BRTX's free cash flow trajectory remains deeply negative, with quarterly outflows consistently ranging between $1.7M and $3.8M, highlighting a persistent inability to generate internal liquidity to support its dual-track clinical trial programs without recurring reliance on external capital markets.
The lack of any meaningful improvement in FCF margins over the last ten quarters suggests that the company's operational scale is not yet yielding efficiencies. This trajectory confirms that the business remains in a high-burn phase where every dollar of clinical progress is directly funded by shareholder dilution.
Based on the provided cash flow data, working capital changes for BRTX have been highly erratic, swinging from a $769.8K outflow in 2026Q1 to an $895.4K inflow in 2025Q4, which suggests a lack of predictable cash management and potential reliance on timing-based vendor payment cycles.
The volatility in working capital movements appears to reflect the company's struggle to manage liquidity in a pre-revenue environment. Such fluctuations often indicate that management is forced to prioritize short-term cash preservation over operational consistency, which may complicate long-term clinical trial planning.
As evidenced by historical cash flow statements, BRTX frequently utilizes stock-based compensation, including a $2M charge in 2025Q1, which serves as a critical non-cash mechanism to preserve limited cash reserves while simultaneously diluting existing shareholders to fund ongoing research and development activities.
While SBC is a standard tool in biotech, the magnitude of these charges relative to the company's total cash burn warrants further investigation into the true cost of talent retention. This practice effectively masks the full extent of the company's operational cash requirements by substituting equity for cash compensation.
Quick answers to the most common questions about buying BRTX stock.
BioRestorative Therapies, Inc. (BRTX) generated $-10.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioRestorative Therapies, Inc. (BRTX) reported negative free cash flow of $10.9M in 2025, indicating capital requirements exceeded cash from operations.
BioRestorative Therapies, Inc. (BRTX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.