Free cash flow remains consistently negative, with quarterly outflows reaching $11.5 million in 2026Q1, highlighting a structural reliance on cash reserves to fund clinical development.
| Cash from Operations | -32.79M | -26.39M | -14.56M | -21.05M | -13.55M | -8.8M | -1.03M | -2.84M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -523.72% | -81.27% | 30.84% | -55.34% | -53.98% | -750.5% | 63.52% | - |
| Net Income | -40.23M | -36.12M | -26.73M | -23.96M | -14.84M | -10.46M | 6.64M | -6.38M |
| Depreciation & Amortization | 48.3K | 16.25K | 10.88K | 12.04K | 9.27K | 0 | 0 | 0 |
| Stock-Based Compensation | 1.04M | 1.33M | 841.87K | 1.08M | 976.44K | 511.08K | 219.25K | 775.25K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.49M | 2.11M | 14.79M | 51.97K | 578.52K | 3.37M | -9.22M | 2.21M |
| Working Capital Changes | 3.86M | 6.28M | -3.48M | 1.78M | -277.52K | -2.22M | 1.32M | 561.79K |
| 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 | 1.46M | 1.1M | -946K | 1.45M | -787.89K | -866.01K | 556.27K | 505.41K |
| Cash from Investing | -2.04M | -2.03M | -14.76M | 0 | -536.84K | -250K | 0 | 0 |
| Capital Expenditures | -2.04M | -33.95K | -7.32K | 0 | -536.84K | -250K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -2M | -14.75M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | -15.27K | 109.29M | 0 | -102.07K | 58.39M | 1.15M | 1.96M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 149.05K | 1.96M |
| Equity Issued (Net) | 0 | -15.27K | 109.29M | 0 | -102.07K | 58.39M | 1M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -34.82M | -28.43M | 79.98M | -21.05M | -14.14M | 49.34M | 114.43K | -878.69K |
| Free Cash Flow | -32.82M | -26.42M | -29.31M | -21.05M | -14.09M | -9.05M | -1.03M | -2.84M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -115.02% | 9.87% | -39.27% | -49.42% | -55.66% | -774.67% | 63.52% | - |
| FCF per Share | -0.34 | -0.28 | -0.50 | -1.32 | -0.88 | -3.19 | -0.09 | -0.26 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.73x | 0.54x | 0.88x | 0.91x | 0.84x | -0.16x | 0.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
As reported in financial statements, the relationship between net income and operating cash flow remains volatile, with OCF/NI ratios fluctuating significantly from 0.11 in 2024Q3 to 1.47 in 2024Q4, suggesting that non-cash adjustments and working capital timing heavily influence the company's reported cash burn metrics.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the actual cash requirements of the business. Investors should monitor these fluctuations as they likely reflect the timing of R&D milestone payments and clinical trial site expenses rather than underlying operational efficiency.
Based on recent SEC filings, the company's free cash flow trajectory remains consistently negative, with quarterly outflows peaking at $11.5 million in 2026Q1, underscoring the structural reliance on existing cash reserves to sustain clinical development activities in the absence of any recurring commercial revenue streams.
The persistent negative FCF is a direct consequence of the company's pre-revenue status and the high fixed costs associated with its oncology pipeline. This trend suggests that the company will continue to consume its cash balance until a major clinical inflection point or partnership event occurs.
According to historical data, working capital changes have been a significant driver of quarterly cash flow variance, with swings ranging from a $2.8 million inflow in 2025Q3 to a $3.2 million outflow in 2026Q1, highlighting the sensitivity of the cash position to timing of vendor payments.
These shifts in working capital appear to be driven by the episodic nature of clinical trial site management and manufacturing costs. The volatility suggests that management's ability to time these outflows is limited by the rigid requirements of clinical trial protocols.
As indicated by the provided financial data, stock-based compensation has consistently added back to cash flow, reaching $389.1K in 2025Q2, which effectively masks the true economic cost of operations by shifting the burden of compensation from cash to equity dilution for existing shareholders.
While these non-cash adjustments are standard for the biotechnology sector, they warrant further investigation as they represent a real cost to shareholders that is not captured in the operating cash flow figure. The reliance on equity-based incentives may increase if the company seeks to preserve its $66 million cash runway.
Quick answers to the most common questions about buying CNTX stock.
Context Therapeutics Inc. (CNTX) generated $-26.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Context Therapeutics Inc. (CNTX) reported negative free cash flow of $26.4M in 2025, indicating capital requirements exceeded cash from operations.
Context Therapeutics Inc. (CNTX) 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.