Free cash flow remains deeply negative at $40.0 million for 2026Q1, reflecting the substantial capital intensity required to support ongoing clinical development and manufacturing infrastructure.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -92.63M | -69.81B | -40M | -25.6M | 4.92M | -16.81M | -10.05M | -6.82M | -13.86M | -14.23M | -15.8M | -10.82M | 958.56K | -6.14M | -2.19M | -4.65M | -4.32M | -5.8M | -10.64M | -5.37M | -55.6K | -17.79K | -15.48K | -20.82K | -14.32K | -13.02K | -37.32K | -900 |
| Operating CF Margin % | - | - | -179.59% | -101.66% | 192.7% | -6863.81% | -3240.87% | -678.74% | -829.59% | -533.79% | -495.35% | -286.47% | 23% | -1220.91% | -1118.51% | -343.12% | - | - | - | -5298.44% | -14.6% | - | - | -953.3% | -124.7% | - | - | - |
| Operating CF Growth % | -546.86% | -174446.73% | -56.25% | -620.61% | 129.25% | -67.18% | -47.4% | 50.79% | 2.59% | 9.94% | -46.08% | -1228.49% | 115.6% | -180.97% | 52.97% | -7.67% | 25.49% | 45.53% | -98.04% | -9563.5% | -212.52% | -14.93% | 25.65% | -45.39% | -9.97% | 65.11% | -4046.89% | - |
| Net Income | -114.59M | -105.04B | -40.47M | -22.29M | -29.02M | -20.02M | -13.66M | -7.64M | -15.19M | 2.43M | -18.81M | -12.86M | -6.22M | -8.89M | -1.89M | -4.88M | -6.03M | -7.87M | -13.13M | -10.3M | -61.35K | -18.86K | -18.08K | -16.16K | -15.59K | -22.3K | -36.52K | -200 |
| Depreciation & Amortization | 1.25B | 1.89B | 1.43M | 1.07M | 533.13K | 245.7K | 143.89K | 171.96K | 157.65K | 144.17K | 125.72K | 110.86K | 41.9K | 26.92K | 6.26K | 7.51K | 12.93K | 159.59K | 113.29K | 26.98K | 0 | 0 | 0 | 0 | 0 | 0 | 200 | 200 |
| Stock-Based Compensation | 3.98B | 16.97B | 9.77M | 7.39M | 4.46M | 2.97M | 1.95M | 700.98K | 1.73M | 1.71M | 1.96M | 1.57M | 496.94K | 263.59K | 312.69K | 806.33K | 1.12M | 2.25M | 3.04M | 3.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -310.25K | -325.89K | 0 | 0 | 0 | -1.96M | -1.57M | -496.94K | -263.59K | -861.2K | 4.89M | 0 | -2.22M | -3.02M | -3.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 75.39B | 16.36B | 65.54K | -18.24K | 196.01K | 129.73K | 325.89K | 2.72K | 2.32M | -15.65M | 3.46M | 1.57M | 496.94K | 2.18M | 312.69K | -4.88M | 106.83K | 2.25M | 3.04M | 4.02M | 4.2K | 0 | 0 | 0 | 0 | 0 | -15.18K | 900 |
| Working Capital Changes | -1.52M | 12.2M | -10.78M | -11.75M | 28.75M | 182.34K | 1.51M | -55.34K | -554.59K | -2.86M | -583.03K | 355.96K | 6.64M | 538.41K | -64.08K | -579.84K | 470.17K | -352.54K | -668.67K | 880.15K | 1.56K | 1.07K | 2.6K | -4.66K | 1.27K | 9.2K | 14.18K | -900 |
| Change in Receivables | 59.83K | 10.31M | 3.5K | -9.82M | -155.83K | -391.75M | 87.97M | 116.9M | 139.71M | -121.24M | -11.4M | 148.29M | -360.23K | 767.16K | -359.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 391.75M | -1.91B | 156.28M | -139.79M | 121.36M | 11.6M | -147.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.59M | 5.98M | 1.94M | 1.33M | 1.21M | 991.17K | 1.83B | -273.18M | -415.46K | -1.86M | 645.16K | 749.87K | 80.04K | 1.19M | -254.92K | 105.46K | 181.75K | -588.27K | 80.12K | 298.16K | 1.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -81.05M | 97.48B | -116.18M | 5.11M | -35.07M | -1.2M | 5.44M | -3M | 4.67M | 4.98M | -5.19M | -8.14M | 141.04K | 3.78M | -4.32M | -1.99K | -2.21K | -34.23K | -92.63K | -288.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -2.02B | -2.9B | -1.54M | -2.05M | -3.36M | -1.2M | -547.6K | 0 | -316.49K | -32.19K | -193.74K | -151.23K | -186.43K | -109.34K | -13.43K | -1.99K | -2.21K | -36.73K | -92.63K | -288.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | 6.91% | 8.13% | 131.68% | 488.48% | 176.5% | - | 18.94% | 1.21% | 6.07% | 4% | 4.47% | 21.73% | 6.87% | 0.15% | - | - | - | 284.91% | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -5.99M | 0 | 0 | 0 | 1.77M | 21.53M | 0 | -53.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -82.12B | -8.82B | 0 | 0 | 0 | 0 | 5.99M | 0 | 4.99M | 5.01M | -1.77M | -21.53M | 327.47K | 53.89K | -4.3M | 0 | 0 | 2.5K | -47.32M | -228.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 250.31M | 248.89B | 152.77M | 25.58M | 4.87M | 20.23M | 33.38M | 9.18M | 6.85M | 11.58M | 18.63M | 16.49M | 5.21M | 3.93M | 1.19M | 2.31M | 4.52M | 3.5M | 0 | 19.87M | 55.32K | 17.44K | 15.04K | 21.87K | 14.19K | 0 | 50.5K | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 318.16K | 0 | 0 | 500K | 4.75M | 0 | 5.2M | 3.93M | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 29.3K | 7.66K | 0 | 0 | 0 |
| Equity Issued (Net) | 250.31M | 248.89M | 152.32M | 25.52M | 4.8M | 20.17M | 27.34M | 9.17M | 6.71M | 11.07M | 13.86M | 16.45M | 0 | 0 | 1.19M | 2.3M | 4.52M | 3.29M | 0 | 19.87M | 0 | 0 | 0 | 0 | 0 | 0 | 50.5K | 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -193 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 248.64B | 450.17K | 64.6K | 70.3K | 50.56K | 5.72M | 3.22K | 139.14K | 6.64K | 13.97K | 45.46K | 4.83K | 0 | 0 | 13.75K | 6.21K | 217.47K | 0 | 0 | 0 | 17.44K | 15.04K | -7.43K | 6.53K | 0 | 0 | 0 |
| Net Change in Cash | 76.63M | 276.56B | -3.41M | 5.09M | -25.28M | 2.22M | 28.77M | -645.77K | -2.34M | 2.33M | -2.36M | -2.47M | 6.31M | 1.56M | -992.47K | -2.34M | 202.44K | -2.33M | -10.73M | 14.21M | 0 | -354 | -444 | 1.05K | -131 | -13.02K | 13.18K | -900 |
| Free Cash Flow | -113.96M | -72.72B | -41.53M | -27.64M | 1.56M | -18.01M | -10.6M | -6.82M | -14.18M | -14.26M | -16M | -10.97M | 772.13K | -6.25M | -2.2M | -4.65M | -4.32M | -5.83M | -10.73M | -5.66M | -55.6K | -17.79K | -15.48K | -20.82K | -14.32K | -13.02K | -37.32K | -900 |
| FCF Margin % | - | - | -186.5% | -109.79% | 61.02% | -7352.29% | -3417.38% | -678.74% | -848.53% | -535% | -501.42% | -290.48% | 18.53% | -1242.63% | -1125.38% | -343.27% | - | - | - | -5583.35% | -14.6% | - | - | -953.3% | -124.7% | - | - | - |
| FCF Growth % | -141.57% | -174972.15% | -50.25% | -1875.58% | 108.65% | -69.83% | -55.43% | 51.89% | 0.59% | 10.83% | -45.83% | -1520.55% | 112.35% | -184.23% | 52.7% | -7.66% | 25.92% | 45.66% | -89.57% | -10083.13% | -212.52% | -14.93% | 25.65% | -45.39% | -9.97% | 65.11% | -4046.89% | - |
| FCF per Share | -1.98 | -1564.51 | -1.18 | -1.03 | 0.06 | -0.78 | -0.68 | -1.84 | -4.82 | -5.32 | -8.62 | -6.90 | 0.66 | -5.96 | -26.07 | -62.30 | -67.15 | -114.51 | -222.43 | -167.09 | -2.02 | -11.78 | -10.25 | -13.79 | -9.48 | -8.62 | -27.14 | -0.65 |
| FCF Conversion (FCF/Net Income) | 0.99x | 664.59x | 0.99x | 1.15x | -0.17x | 0.84x | 0.74x | 0.89x | 0.91x | -5.85x | 0.84x | 0.84x | -0.15x | 0.69x | 1.16x | 0.95x | 0.72x | 0.74x | 0.81x | 0.52x | 0.02x | 0.94x | 0.86x | 1.29x | 0.92x | 0.58x | 1.02x | 4.50x |
| Interest 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 |
| Taxes 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 |
Binary Clinical Trial Outcome
As reported in recent financial statements, Capricor's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.86 in 2026Q1, which underscores the persistent cash burn required to sustain clinical development without the benefit of offsetting commercial revenue streams.
The persistent gap between net income and operating cash flow suggests that non-cash adjustments are insufficient to mask the underlying cash-intensive nature of the HOPE-3 trial. Investors should monitor whether this divergence stabilizes as the company approaches potential BLA submission, as current trends indicate a reliance on external financing to bridge the operational shortfall.
Based on the company's reported figures, free cash flow remains deeply negative, with quarterly outflows reaching $40.0 million in 2026Q1, a trend that highlights the substantial capital requirements necessary to maintain the current development pipeline and manufacturing scale-up efforts ahead of any potential commercial launch.
The trajectory of FCF reflects a company in the peak of its clinical investment cycle, where cash outflows are dictated by trial milestones rather than operational efficiency. This persistent negative FCF trajectory warrants caution, as the firm's ability to sustain these levels of expenditure is entirely dependent on the existing cash reserve.
According to SEC filings, Capricor's capital expenditure profile has shown extreme volatility, including a notable $2.0 billion spike in 2025Q4, which suggests that the firm is making lumpy, non-recurring investments in manufacturing infrastructure to support the complex production requirements of its cell therapy platform.
The erratic nature of these capital outlays indicates that the company is still building out the necessary infrastructure to support commercial-scale production. Analysts should investigate whether these expenditures represent a permanent shift in capital intensity or if they are isolated investments required to meet specific regulatory manufacturing standards.
Data from recent quarterly reports indicates that working capital changes have been inconsistent, swinging from a $11.7 million inflow in 2025Q1 to a $2.0 million outflow in 2026Q1, suggesting that the company's cash position is sensitive to the timing of vendor payments and partnership-related milestone settlements.
These fluctuations in working capital appear to be a byproduct of the company's reliance on third-party manufacturing and clinical trial management. Investors should monitor these shifts closely, as they may temporarily obscure the true underlying burn rate of the core business operations.
As disclosed in financial filings, stock-based compensation has reached as high as $7.4 billion in 2025Q3, a figure that significantly complicates the interpretation of cash flow quality and suggests that the company is heavily utilizing equity to preserve its $287 million cash balance.
The reliance on stock-based compensation as a primary tool for talent retention and cash preservation may lead to future dilution that is not immediately apparent in the cash flow statement. This practice warrants further investigation to determine the long-term impact on shareholder equity and the true cost of operations.
Quick answers to the most common questions about buying CAPR stock.
Capricor Therapeutics, Inc. (CAPR) generated $-69811.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Capricor Therapeutics, Inc. (CAPR) reported negative free cash flow of $72.72B in 2025, indicating capital requirements exceeded cash from operations.
Capricor Therapeutics, Inc. (CAPR) spent $2.90B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.