Free cash flow remains deeply negative, with quarterly outflows reaching $15.6 million in 2025Q4, highlighting a rapid depletion of liquidity that warrants close investor scrutiny.
| Cash from Operations | -53.3M | -54.36M | -15.56M | -20.6M | -37.37M | -36.07M | -14.1M | -5.01M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -1808.4% | -249.29% | 24.45% | 44.88% | -3.6% | -155.87% | -181.51% | - |
| Net Income | -52.79M | -59.85M | -73.9M | -35.12M | -45.24M | -47.48M | -20.67M | -6.55M |
| Depreciation & Amortization | 97K | 97K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4.99M | 0 | 5.56M | 12.81M | 6.99M | 3.74M | 707K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.01M | 6M | 51.08M | -2.05M | 674K | 11.84M | 8.8M | 1.85M |
| Working Capital Changes | -6.61M | -601K | 1.7M | 3.76M | 210K | -4.17M | -2.94M | -309K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 83K | 1.56M | -1.14M | -686K | -653K | 318K | -24K | 17K |
| Cash from Investing | 32.63M | 2.83M | -121.09M | 68.98M | 34.44M | -114.97M | 8.08M | 0 |
| Capital Expenditures | -109K | -186K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -77K | 0 | -9.64M | 0 | 0 | 0 | 8.08M | 0 |
| Cash from Financing | -16K | -21K | 130.73M | 841K | 0 | 177.23M | 4.92M | 26.24M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -16K | -21K | 119.75M | 841K | 0 | 177.08M | 4.92M | 26.24M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 10.98M | 0 | 0 | 149K | 0 | 0 |
| Net Change in Cash | -20.66M | -51.54M | -5.88M | 49.53M | -3.34M | 26.43M | -736K | 21.22M |
| Free Cash Flow | -53.49M | -54.54M | -15.56M | -20.6M | -37.37M | -36.07M | -14.1M | -5.01M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -83.32% | -250.48% | 24.45% | 44.88% | -3.6% | -155.87% | -181.51% | - |
| FCF per Share | -0.78 | -0.80 | -0.32 | -0.76 | -1.42 | -2.94 | -1.21 | -0.43 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.91x | 0.21x | 0.59x | 0.83x | 0.76x | 0.68x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to recent financial disclosures, CLYM's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating between 0.66 and 1.29, suggesting that non-cash adjustments like stock-based compensation are masking the true magnitude of the company's ongoing cash consumption during its development phase.
The tight correlation between net income and operating cash flow indicates that the company lacks significant non-cash accruals to bridge the gap between accounting losses and actual cash burn. Investors should monitor this relationship closely, as any divergence in future periods may suggest changes in working capital management rather than an improvement in core operational efficiency.
As reported in quarterly filings, CLYM's free cash flow remains deeply negative, with quarterly outflows reaching as high as $15.6 million in 2025Q4, confirming that the company is currently in a state of sustained capital depletion without any offsetting revenue streams to support its clinical pipeline.
The trajectory of free cash flow reflects the heavy reliance on external financing to fund the development of budoprutug. Given the absence of commercial revenue, the negative FCF trend appears likely to continue until the company reaches a significant clinical milestone or secures a strategic partnership.
Based on the provided cash flow statements, CLYM exhibits erratic working capital movements, with quarterly changes ranging from a $3.9 million inflow in 2025Q1 to a $3.0 million outflow in 2025Q2, reflecting the unpredictable nature of clinical trial site payments and vendor obligations.
These fluctuations suggest that the company's cash position is highly sensitive to the timing of clinical trial milestones and associated vendor settlements. Analysts should interpret these swings as evidence of the operational complexity inherent in managing multi-site autoimmune trials rather than a sign of structural working capital efficiency.
Data from recent SEC filings reveals that stock-based compensation, which peaked at $4.0 million in 2025Q3, serves as a significant non-cash add-back that obscures the underlying cash burn rate required to sustain the company's research and development activities during its current strategic pivot.
By excluding these non-cash charges, the true economic cost of talent retention becomes more apparent, suggesting that the company's actual cash requirements are higher than the headline operating cash flow figures might imply. This warrants further investigation into how much of the R&D budget is effectively being funded through equity dilution rather than cash reserves.
Quick answers to the most common questions about buying CLYM stock.
Climb Bio, Inc. (CLYM) generated $-54.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Climb Bio, Inc. (CLYM) reported negative free cash flow of $54.5M in 2025, indicating capital requirements exceeded cash from operations.
Climb Bio, Inc. (CLYM) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.