Free cash flow remains highly volatile, swinging from a $22.1 million inflow in 2025Q4 to a $9.1 million outflow in 2026Q1 due to the timing of non-recurring milestone payments.
| 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 |
|---|
| Cash from Operations | -75.36M | -71.53M | -31.1M | -34.88M | -46.46M | -57.49M | -39.24M | -51.98M | -43.33M | -29.77M | -29.73M | -8.24M | -4.28M | -15.54M | -10.47M | 13.85M |
| Operating CF Margin % | - | -659.65% | - | -348799.03% | -61943.32% | -4956.99% | -386.13% | - | - | - | -160709.54% | -41.06% | -28.49% | -389.19% | -68.64% | 363.23% |
| Operating CF Growth % | -741.08% | -130.02% | 10.84% | 24.92% | 19.19% | -46.5% | 24.51% | -19.97% | -45.56% | -0.12% | -260.73% | -92.5% | 72.45% | -48.37% | -175.6% | - |
| Net Income | -162.08M | -149.94M | -37.88M | -36.9M | -46.69M | -63.43M | -51.03M | -57.89M | -48.27M | -33.28M | -31.81M | -12.77M | -11.12M | -10.61M | 3.66M | -6.11M |
| Depreciation & Amortization | 715K | 84K | 35.17K | 153.3K | 207.15K | 264.6K | 270.75K | 899.3K | 275.12K | 263.54K | 190.54K | 191.48K | 158.71K | 133.05K | 99.92K | 83.86K |
| Stock-Based Compensation | 11.42M | 13.3M | 4.77M | 3.56M | 3.86M | 6.09M | 6.9M | 6.22M | 4.59M | 3.76M | 2.96M | 2.32M | 1.64M | 425.69K | 415.21K | 376.24K |
| Deferred Taxes | -831K | 0 | 0 | 0 | 0 | 2.17K | 0 | 0 | 0 | 0 | -2.96M | -2.32M | 0 | -425.69K | -415.21K | 0 |
| Other Non-Cash Items | -29.56M | 78.4M | 814.48K | 864.87K | 828.51K | 749.04K | 680.85K | 0 | 168 | 0 | 2.96M | 2.32M | 1.42K | 425.69K | 415.21K | 0 |
| Working Capital Changes | -10.2M | -13.37M | 1.16M | -2.56M | -4.66M | -1.17M | 3.93M | -1.21M | 80.11K | -511.64K | -1.08M | 2M | 5.04M | -5.49M | -14.64M | 19.51M |
| Change in Receivables | 18M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187.13K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.37K | 2.08M | -538.81K | -102.08K | -1.14M | 17.68K | 654.28K | -1.23M | 16.49K | 1.06M | 1M | -309.79K | -270.87K | 380.7K | 228.6K | 83.38K |
| Cash from Investing | -81.07M | -72.92M | 20.03K | -21.39K | -84.19K | -14.94K | -68.51K | -144.93K | -125.62K | -294.11K | -704.2K | -268.59K | -212.6K | -82.09K | -326.18K | -240.14K |
| Capital Expenditures | -955K | -919K | -9.97K | -21.39K | -84.19K | -14.94K | -68.51K | -144.93K | -125.62K | -294.11K | -704.2K | -268.59K | -212.6K | -82.09K | -316.18K | -182.44K |
| CapEx % of Revenue | 8.04% | 8.47% | - | 213.94% | 112.25% | 1.29% | 0.67% | - | - | - | 3806.5% | 1.34% | 1.41% | 2.06% | 2.07% | 4.78% |
| Acquisitions | 0 | 0 | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -82.33M | -72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | -57.7K |
| Cash from Financing | 316.04M | 322.98M | 5.4K | 28.82M | 4.16M | 10.72M | 18.14M | 412.91K | 129.45M | 113.95M | 23.67M | 114.12K | 57.38M | 558.93K | 237 | -24.16K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.17K |
| Equity Issued (Net) | 177.43M | -172K | 5.4K | 28.71M | 4.16M | 10.7M | 17.82M | 412.91K | 128.43M | 113.57M | 23.6M | 114.12K | 57.25M | 558.93K | 237 | 3 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -177K | -177K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 138.6M | 323.16M | 0 | 116.5K | 0 | 25.03K | 319.3K | 0 | 1.02M | 373.38K | 72.59K | 0 | 134.29K | 0 | 0 | 0 |
| Net Change in Cash | 183.55M | 178.53M | -31.07M | -6.08M | -42.38M | -46.78M | -21.17M | -51.72M | 85.99M | 83.88M | -6.76M | -8.4M | 52.89M | -15.06M | -10.8M | 13.59M |
| Free Cash Flow | -27.36M | -72.45M | -31.11M | -34.9M | -46.54M | -57.5M | -39.31M | -52.13M | -43.46M | -30.06M | -30.44M | -8.51M | -4.49M | -15.62M | -10.79M | 13.67M |
| FCF Margin % | -230.27% | -668.12% | - | -349012.97% | -62055.57% | -4958.28% | -386.8% | - | - | - | -164516.04% | -42.4% | -29.91% | -391.25% | -70.72% | 358.44% |
| FCF Growth % | -1701.31% | -132.9% | 10.87% | 25.01% | 19.06% | -46.28% | 24.59% | -19.96% | -44.55% | 1.23% | -257.62% | -89.37% | 71.23% | -44.78% | -178.92% | - |
| FCF per Share | -0.90 | -6.96 | -1.60 | -0.55 | -0.89 | -1.12 | -0.86 | -1.21 | -1.06 | -1.02 | -1.43 | -0.45 | -0.24 | -13.06 | -9.02 | 11.43 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.46x | 0.64x | 0.95x | 1.00x | 0.91x | 0.77x | 0.96x | 0.90x | 0.89x | 0.93x | 0.65x | 0.38x | 1.47x | -2.86x | -2.27x |
| Interest Paid | 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 | 80K | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, the OCF/NI ratio frequently deviates from unity, with 2025Q4 showing a 0.29 conversion rate, illustrating that net income figures are heavily distorted by non-cash accounting entries rather than reflecting the actual cash-generating capacity of the firm's oncology research operations.
The persistent gap between net losses and operating cash flow suggests that traditional earnings metrics are largely irrelevant for assessing CBIO's viability. Investors should monitor this divergence, as it highlights the reliance on non-cash adjustments that obscure the underlying cash burn required to sustain the current R&D pipeline.
Based on EDBL's reported figures, free cash flow remains highly erratic, swinging from a $22.1 million inflow in 2025Q4 to a $9.1 million outflow in 2026Q1, which underscores the company's vulnerability to the timing of non-recurring milestone payments rather than sustainable operational cash flow.
The lack of a consistent FCF trajectory indicates that the company is not yet self-funding its clinical development. This volatility warrants further investigation into the sustainability of future cash inflows, as the current burn rate appears to be the only predictable element of the cash flow statement.
According to recent SEC filings, working capital changes have been a significant source of cash flow volatility, most notably in 2025Q4 when a $19.2 million outflow occurred, suggesting that timing differences in milestone-related receivables and payables can materially alter the firm's short-term liquidity position.
These fluctuations in working capital appear to be driven by the episodic nature of collaboration agreements rather than standard operational cycles. Analysts should interpret these swings as a reflection of administrative timing rather than an improvement in the underlying efficiency of the company's cash management.
As disclosed in quarterly filings, stock-based compensation reached $7.3 million in 2025Q4, which serves to artificially inflate operating cash flow figures and masks the true economic cost of talent retention required to advance the company's bispecific antibody and ADC development programs.
By adding back SBC to operating cash flow, the company presents a more favorable liquidity picture than the actual cash outflow suggests. Investors should adjust for these non-cash expenses to gain a clearer understanding of the true burn rate and the potential for future dilution.
Quick answers to the most common questions about buying CBIO stock.
Crescent Biopharma, Inc. (CBIO) generated $-71.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crescent Biopharma, Inc. (CBIO) reported negative free cash flow of $72.5M in 2025, indicating capital requirements exceeded cash from operations.
Crescent Biopharma, Inc. (CBIO) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Crescent Biopharma, Inc. (CBIO) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.