Free cash flow remains structurally negative with quarterly outflows reaching $4.5 million in 2026Q1, further depleting the company's limited $5.9 million cash balance.
| Cash from Operations | -18.06M | -18.55M | -21.33M | -30.17M | -39.01M | -34.62M | -18.93M | -13.2M | -205.37K |
| Operating CF Margin % | - | -9273% | -6235.67% | -4613.3% | -8247.57% | -4788.94% | -9188.84% | - | - |
| Operating CF Growth % | 4.51% | 13.04% | 29.32% | 22.66% | -12.67% | -82.92% | -43.43% | -6325.9% | - |
| Net Income | -33.51M | -26.17M | -39.4M | -49.5M | -29.92M | -9.74M | -19.28M | -16.16M | -277.31K |
| Depreciation & Amortization | 1.45M | 1.5M | 1.65M | 1.71M | 1.02M | 955K | 963K | 848K | 672K |
| Stock-Based Compensation | 4.43M | 6.38M | 7.95M | 9.12M | 8.51M | 12.38M | 761K | 399K | 269K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.85M | 3.1M | 5.26M | 8.7M | -17.09M | -39.23M | 1.97M | 554K | -46.6K |
| Working Capital Changes | -4.28M | -3.35M | 3.21M | -191K | -1.54M | 1M | -3.35M | 1.16M | 118.54K |
| Change in Receivables | -49 | 64K | 79K | 46K | -140K | -28K | -21K | 0 | 0 |
| Change in Inventory | -16K | 31K | -31K | 6K | -2K | 150K | -163K | -28K | 0 |
| Change in Payables | -104K | -348K | -264K | -1.51M | 285K | 1.27M | -312K | -76K | 0 |
| Cash from Investing | -39K | -39K | 6.32M | -1.5M | -10.16M | -1.33M | -387K | -294K | -46M |
| Capital Expenditures | -39K | -39K | -15K | -330K | -5.18M | -1.33M | -387K | -294K | -752K |
| CapEx % of Revenue | 29.1% | 19.5% | 4.39% | 50.46% | 1094.93% | 184.23% | 187.86% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 14.08M | 11.52M | -1.53M | 42.16M | 17.25M | 27.11M | 69.53M | 5.5M | 46.95M |
| Debt Issued (Net) | -90K | 1.12M | -10.9M | 269K | 5.56M | 19.84M | 5.93M | -3.18M | 3.88M |
| Equity Issued (Net) | 2.65M | 10.4M | 9.24M | 42.09M | 11.46M | 9.25M | 35.05M | 8.07M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 11.52M | 0 | 124K | -200K | 229K | -1.98M | 28.55M | 610K | 15.9M |
| Net Change in Cash | -3.89M | -6.97M | -16.67M | 10.49M | -31.96M | -8.93M | 50.49M | -7.99M | 787.78K |
| Free Cash Flow | -18.1M | -18.59M | -21.34M | -30.5M | -44.19M | -35.96M | -19.32M | -13.49M | -957.37K |
| FCF Margin % | -13508.96% | -9292.5% | -6240.06% | -4663.76% | -9342.49% | -4973.17% | -9376.7% | - | - |
| FCF Growth % | 6.01% | 12.91% | 30.03% | 30.98% | -22.9% | -86.15% | -43.18% | -1309.17% | - |
| FCF per Share | -1.55 | -1.89 | -3.07 | -5.81 | -13.55 | -11.68 | -5.52 | -3.89 | -0.31 |
| FCF Conversion (FCF/Net Income) | 0.54x | 0.71x | 0.54x | 0.61x | 1.30x | 3.55x | 0.98x | 0.82x | 0.74x |
| Interest Paid | -359K | 0 | 2.61M | 3.06M | 2.32M | 1.09M | 39K | 48K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and dilutive financing
According to the provided cash flow data, Clene consistently reports operating cash outflows that are significantly lower than net losses, with OCF/NI ratios fluctuating wildly, such as the 0.56 observed in 2026Q1, suggesting that non-cash charges and working capital shifts are masking the true underlying cash burn.
The recurring gap between net income and operating cash flow indicates that the company's accounting losses are not fully reflective of the actual cash depletion occurring within the business. Investors should monitor this divergence, as it suggests that the company relies heavily on non-cash adjustments to mitigate the optics of its aggressive R&D spending.
As reported in financial statements, Clene's free cash flow remains deeply negative, with quarterly outflows consistently ranging between $3 million and $7 million, reflecting a structural inability to generate internal liquidity to fund its ongoing clinical development programs without external capital market intervention.
The persistent negative FCF trajectory confirms that the company is in a state of perpetual capital consumption. This trend appears unsustainable without a fundamental change in the business model or a successful commercialization event that could bridge the gap between current R&D intensity and operational self-sufficiency.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $4.3 million outflow in 2026Q1 to an $827,000 inflow in 2025Q4, which complicates the assessment of the company's true operational efficiency and its ability to manage short-term liabilities.
These fluctuations suggest that the company's cash position is sensitive to timing differences in payables and receivables rather than stable operational performance. Such volatility warrants further investigation, as it may indicate management's attempts to manage liquidity through the timing of vendor payments during periods of extreme cash scarcity.
Data from recent filings indicates that Clene has utilized stock-based compensation, reaching as high as $3.1 million in 2025Q4, to preserve cash, a practice that effectively shifts the burden of funding operations from the company's balance sheet to the dilution of existing equity holders.
While this strategy preserves immediate liquidity, it highlights the company's reliance on equity-linked incentives to retain talent in the absence of cash-based compensation capacity. Investors should interpret this as a signal that the company's operational survival is inextricably linked to its ability to maintain a share price that supports continued dilution.
Quick answers to the most common questions about buying CLNN stock.
Clene Inc. (CLNN) generated $-18.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Clene Inc. (CLNN) reported negative free cash flow of $18.6M in 2025, indicating capital requirements exceeded cash from operations.
Clene Inc. (CLNN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.