Free cash flow remains consistently negative, with the exception of a $6.3M inflow in 2025Q4, highlighting a structural reliance on external financing to sustain operations.
| Metric | TTM | Dec'25 | Dec'24 | Nov'23 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Mar'08 | Mar'07 | Feb'06 | Feb'05 | Feb'04 | Mar'03 | Feb'02 | Mar'01 | Feb'00 | Feb'99 | Feb'98 | Mar'97 |
|---|
| Cash from Operations | -26.25M | -29.55M | -45.56M | -44.16M | -38.54M | -4.22M | 28.59M | 11.54M | 47.74M | 66.89M | 25.8M | 47.4M | 28.64M | 22.82M | 16.6M | 12.43M | 857K | 2.47M | 13.76M | -1.48M | 16.72M | 22.38M | 12.54M | 5.09M | 5.48M | 12.31M | 7.51M | 293K | 6M | 3M | -5.3M |
| Operating CF Margin % | - | -844.85% | -6988.04% | -12615.71% | - | -1.43% | 9.26% | 3.15% | 13.12% | 18.28% | 7.35% | 16.89% | 11.43% | 9.67% | 9.19% | 8.96% | 0.75% | 2.2% | 13.99% | -1.05% | 7.52% | 10.29% | 5.7% | 3.96% | 5.48% | 12.23% | 6.01% | 0.34% | 16.17% | 6.4% | -10.75% |
| Operating CF Growth % | 186.19% | 35.14% | -3.19% | -14.56% | -813.77% | -114.76% | 147.62% | -75.82% | -28.63% | 159.32% | -45.58% | 65.47% | 25.55% | 37.47% | 33.5% | 1350.64% | -65.33% | -82.03% | 1032.25% | -108.83% | -25.28% | 78.53% | 146.09% | -7.03% | -55.5% | 63.98% | 2462.8% | -95.12% | 100% | 156.6% | -151.46% |
| Net Income | -86.3M | -80.4M | -51.79M | -49.29M | -44.19M | -27.99M | -56.31M | -79.3M | 18.4M | 16.62M | -7.9M | 16.94M | 16.51M | 11.8M | 44.63M | 5.22M | -3.28M | -10.85M | -49.66M | -84.15M | -31.19M | 14.56M | 8.08M | 5.71M | 5.16M | 4.46M | 5.21M | -1.39M | -1.4M | -2.7M | 600K |
| Depreciation & Amortization | 1.74M | 1.64M | 1.7M | 1.68M | 878K | 22.8M | 22M | 23.31M | 9.79M | 22.96M | 23.47M | 10.21M | 9.39M | 8.11M | 2.76M | 2.45M | 3.08M | 2.52M | 6.55M | 9.68M | 6.92M | 4.37M | 4.34M | 3.4M | 3.67M | 4.32M | 4.25M | 2.99M | 3M | 3.3M | 2M |
| Stock-Based Compensation | 3.14M | 4M | 4.03M | 2.91M | 1.38M | 11.32M | 11.36M | 10.67M | 9.54M | 9.3M | 7.83M | 5.85M | 4.1M | 2.92M | 2.91M | 2.38M | 2.11M | 1.98M | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 807K | 39K | 3.37M | -20.78M | 1.49M | 6.24M | 4.2M | -233K | -2.95M | -2.23M | 2.61M | -3.47M | 400K | 0 | 0 |
| Other Non-Cash Items | 39.12M | 32.2M | 2.38M | 705K | 3.02M | -11.94M | 40.56M | 53.13M | 34.75M | 27.79M | 4.44M | 8.29M | 14.18M | 14.73M | -26.37M | 19K | -20K | 104K | 0 | 73.82M | 38.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 100K |
| Working Capital Changes | 16.05M | 13.01M | -1.88M | -154K | 373K | 1.59M | 10.96M | 3.74M | -24.74M | -9.77M | -2.04M | 6.11M | -15.52M | -14.74M | -7.34M | 825K | -1.83M | 7.67M | 7.5M | 19.09M | 1.01M | -4.3M | -5.11M | -4.73M | -5.88M | 2.13M | -4.97M | -8.16M | 4.3M | 2.1M | -7.9M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 1.44M | 1.62M | 7.55M | -4.02M | -6.45M | 3.09M | -1.51M | -11.06M | -11.4M | -4.73M | 2.43M | -294K | -2.78M | 6.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 5.16M | 8.69M | -1.44M | 5.04M | -6.52M | 221K | 1.94M | -3.7M | -1.3M | -3.46M | -167K | 718K | 4.63M | 9.44M | 1.12M | -2.06M | 4.27M | -825K | -7.39M | -2.36M | 283K | 2.52M | -6.32M | 2.9M | 2M | -1.5M |
| Change in Payables | -421K | -1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.58M | -2.08M | 10.76M | -5.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -243K | -243K | -441K | -678K | -4.03M | -7.58M | -13.69M | -65.7M | -21.79M | -26.45M | -45.59M | -90.67M | -8.65M | -64.18M | -2.4M | -510K | -785K | 215K | -1.44M | -24.04M | -53.11M | -7.05M | -2.39M | -492K | -17.88M | 1.47M | -4.29M | -11.52M | -400K | -2.4M | -3.4M |
| Capital Expenditures | -243K | -279K | -441K | -678K | -4.03M | -13.3M | -11.36M | -21.3M | -10.4M | -8.34M | -7.96M | -4.32M | -7.44M | -2.13M | -1.85M | 0 | 0 | 0 | 0 | -1.36M | -2.83M | -2.3M | -2.36M | -2.69M | -1.67M | -1.53M | -4.34M | -5.35M | -1.3M | -2.8M | -3.4M |
| CapEx % of Revenue | 6.18% | 7.98% | 67.64% | 193.71% | - | 4.5% | 3.68% | 5.82% | 2.86% | 2.28% | 2.27% | 1.54% | 2.97% | 0.9% | 1.03% | 0.78% | 1.09% | 0.95% | 0.84% | 0.96% | 1.27% | 1.06% | 1.07% | 2.09% | 1.67% | 1.52% | 3.47% | 6.25% | 3.5% | 5.97% | 6.9% |
| Acquisitions | 0 | 36K | 0 | 0 | 0 | 0 | 0 | -60.65M | -13.03M | 0 | -116.98M | -7.71M | 0 | -52.95M | -1M | 0 | 0 | 0 | -887K | -28.15M | -50.54M | -4.9M | -1.78M | 0 | -16.53M | 0 | 0 | -6.17M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 5.72M | -2.34M | 16.25M | 1.65M | -18.11M | 79.36M | -80.81M | -1.21M | -9.09M | 454K | 0 | 428K | 289K | 277K | 0 | 240K | 0 | 0 | 0 | 0 | 2.96M | 0 | 0 | 0 | 400K | 0 |
| Cash from Financing | 76.1M | 75.89M | 71.66M | 301K | 100.16M | -2.64M | -27.32M | -94.82M | 98.5M | -2.26M | -25.82M | 148.48M | -5.04M | -2.51M | 43.3M | -10.56M | 1.18M | -6.75M | -11.45M | -6.51M | 28.47M | -598K | -1.99M | -3.66M | 11.19M | -530K | 4.47M | 5.04M | -700K | 600K | 300K |
| Debt Issued (Net) | 40K | -208K | -824K | 116K | -93K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 61.22M | 61.17M | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -49M | 0 | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.84M | 14.93M | 72.49M | 185K | 100.25M | -2.64M | -27.32M | -94.82M | 98.5M | -2.26M | -25.82M | 148.48M | -5.04M | -2.51M | 43.3M | -10.56M | 1.18M | -6.75M | -11.45M | -6.51M | 28.47M | -598K | -1.99M | -3.66M | 11.19M | -530K | 4.47M | 5.04M | -700K | 600K | 300K |
| Net Change in Cash | 49.61M | 46.09M | 25.66M | -44.53M | 83.19M | -15.4M | -12.78M | -149.1M | 123.9M | 38.9M | -45.68M | 105.2M | 14.95M | -43.87M | 63.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -26.25M | -29.83M | -46M | -44.83M | -42.57M | -17.52M | 17.23M | -9.76M | 37.34M | 58.55M | 17.83M | 43.08M | 21.21M | 20.68M | 14.74M | 11.36M | -388K | 1.41M | 12.93M | -2.83M | 13.89M | 20.08M | 10.18M | 2.4M | 3.81M | 10.78M | 3.17M | -5.06M | 4.7M | 200K | -8.7M |
| FCF Margin % | -667.21% | -852.83% | -7055.67% | -12809.43% | - | -5.92% | 5.58% | -2.67% | 10.26% | 16% | 5.08% | 15.35% | 8.46% | 8.77% | 8.17% | 8.19% | -0.34% | 1.25% | 13.14% | -2.01% | 6.25% | 9.23% | 4.63% | 1.87% | 3.81% | 10.7% | 2.54% | -5.91% | 12.67% | 0.43% | -17.65% |
| FCF Growth % | 46.88% | 35.15% | -2.61% | -5.32% | -143.02% | -201.67% | 276.58% | -126.13% | -36.23% | 228.33% | -58.61% | 103.14% | 2.54% | 40.27% | 29.84% | 3026.8% | -127.6% | -89.13% | 556.05% | -120.4% | -30.82% | 97.35% | 323.87% | -36.97% | -64.66% | 239.82% | 162.7% | -207.64% | 2250% | 102.3% | -226.09% |
| FCF per Share | -0.45 | -0.98 | -2.36 | -3.70 | -1.18 | -0.50 | 0.50 | -0.29 | 1.06 | 1.62 | 0.50 | 1.17 | 0.58 | 0.57 | 0.49 | 0.40 | -0.01 | 0.06 | 0.52 | -0.12 | 0.59 | 0.86 | 0.45 | 0.16 | 0.26 | 0.77 | 0.22 | -0.42 | 0.40 | 0.02 | -0.73 |
| FCF Conversion (FCF/Net Income) | 0.30x | 0.37x | 0.88x | 0.90x | 0.87x | 0.14x | -1.35x | -0.15x | 2.59x | 4.03x | -3.61x | 2.80x | 1.74x | 1.93x | 0.37x | 2.38x | -0.26x | -0.23x | -0.28x | 0.02x | -0.54x | 1.54x | 1.55x | 0.89x | 1.06x | 2.76x | 1.44x | -0.21x | -4.29x | -1.11x | -8.83x |
| Interest Paid | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
According to the provided financial data, CAMP exhibits a persistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, notably reaching 1.15 in 2025Q1, which suggests that GAAP net income is a poor proxy for the company's actual cash consumption profile.
The volatility in the OCF/NI ratio indicates that non-cash items and working capital swings heavily influence the reported bottom line. Investors should monitor this divergence, as it implies that the company's cash burn is driven more by operational scale-up than by the accounting losses typically associated with early-stage biotech development.
As reported in financial statements, CAMP's free cash flow remains consistently negative, with the exception of a singular positive quarter in 2025Q4, highlighting a structural reliance on external financing to fund the ongoing development of the regRNA platform and associated clinical trial programs.
The inability to generate sustained positive free cash flow suggests that the company is in a high-intensity investment phase where capital expenditure and R&D costs far outpace revenue generation. This trajectory warrants further investigation into how long the current cash runway can support operations before requiring additional dilutive capital raises.
Based on reported figures, working capital changes have been highly erratic, including a significant $16.7M inflow in 2025Q4, which appears to be an outlier that temporarily masked the underlying cash burn inherent in the company's research-heavy business model and project-based revenue recognition cycles.
Such large swings in working capital suggest that timing differences in milestone payments or vendor settlements are creating noise in the cash flow statement. Analysts should look past these periodic fluctuations to focus on the normalized quarterly burn rate, which remains the primary indicator of operational sustainability.
Data indicates that stock-based compensation, such as the $1.2M recorded in 2025Q4, serves as a critical non-cash expense that effectively subsidizes the company's talent retention efforts while simultaneously obscuring the true economic cost of operating the RAP platform in a highly competitive biotech labor market.
By relying on equity-linked incentives, management may be preserving cash, but this practice dilutes existing shareholders and hides the full cost of human capital. Investors should consider whether this reliance on SBC is sustainable if the company's clinical milestones fail to drive valuation growth.
Quick answers to the most common questions about buying CAMP stock.
CAMP4 Therapeutics Corporation (CAMP) generated $-29.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CAMP4 Therapeutics Corporation (CAMP) reported negative free cash flow of $29.8M in 2025, indicating capital requirements exceeded cash from operations.
CAMP4 Therapeutics Corporation (CAMP) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.