Persistent free cash flow deficits, often exceeding $25 million per quarter, indicate a structural inability to self-fund operations, further exacerbated by a cash position that has plummeted to $12.1 million.
| Cash from Operations | -101.25M | -110.99M | -138.2M | -93.29M | -90.97M | -32.52M | -33.22M | -32.01M |
| Operating CF Margin % | - | -994.64% | -1382.83% | -270.59% | -656.75% | -338.81% | -268.71% | -552.97% |
| Operating CF Growth % | 104.73% | 19.69% | -48.14% | -2.56% | -179.73% | 2.1% | -3.78% | - |
| Net Income | -133.22M | -148.13M | -149.1M | -102.07M | -99.42M | -66.92M | -34.31M | -23.43M |
| Depreciation & Amortization | 3.13M | 3.65M | 3.93M | 3.52M | 3.64M | 984K | 900K | 751K |
| Stock-Based Compensation | 8.42M | 12.68M | 16.71M | 13.75M | 0 | 3.45M | 1M | 1.23M |
| Deferred Taxes | 0 | -548K | 0 | 0 | -95K | 0 | 0 | 0 |
| Other Non-Cash Items | 24.36M | 21.84M | -4.61M | -1.18M | 9.02M | 904K | -986K | -2.29M |
| Working Capital Changes | -3.94M | -484K | -5.11M | -7.32M | -4.11M | 29.07M | 177K | -8.27M |
| Change in Receivables | 378K | 272K | 608K | 805K | 3.46M | -2.96M | -1.18M | -1.09M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -370K | 3.25M | -354K | 1.82M | -2.72M | 1.14M | 43K | 1.18M |
| Cash from Investing | 76.84M | 102.24M | 86.61M | -68.18M | -93.25M | -176.4M | 6.36M | 27.23M |
| Capital Expenditures | -389K | -1.36M | -4.88M | -11.61M | -6.45M | -2.12M | -317K | -884K |
| CapEx % of Revenue | 3.47% | 12.18% | 48.83% | 33.68% | 46.6% | 22.1% | 2.56% | 15.27% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 269K | 1.14M | -1.61M | 0 | -600K | -1M | -988K | 0 |
| Cash from Financing | 7.05M | 4.82M | 16.72M | 154.3M | 2.13M | 433.43M | 1.74M | 172K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.03M | 1.47M | -45K |
| Equity Issued (Net) | 7.51M | 4.82M | 15.19M | 152.72M | 2.13M | 429.85M | 270K | 217K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -462K | 0 | 1.53M | 1.58M | 0 | 2.55M | 0 | 0 |
| Net Change in Cash | -17.36M | -3.93M | -34.87M | -7.18M | -182.08M | 224.51M | -25.12M | -4.6M |
| Free Cash Flow | -101.64M | -112.35M | -144.71M | -104.9M | -97.42M | -35.64M | -34.53M | -32.89M |
| FCF Margin % | -907.26% | -1006.82% | -1447.92% | -304.27% | -703.34% | -371.33% | -279.35% | -568.24% |
| FCF Growth % | 28.58% | 22.36% | -37.94% | -7.68% | -173.34% | -3.21% | -4.99% | - |
| FCF per Share | -1.06 | -1.20 | -1.60 | -1.42 | -1.60 | -0.59 | -1.25 | -1.19 |
| FCF Conversion (FCF/Net Income) | 0.76x | 0.75x | 0.93x | 0.91x | 0.91x | 0.49x | 0.97x | 1.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 170K | 0 | 11K | 21K | 1.81M |
Imminent liquidity shortfall
As reported in financial statements, the OCF/NI ratio frequently fluctuates near parity, suggesting that net losses are closely mirrored by cash outflows, which indicates that the company's reported earnings are not significantly distorted by non-cash accruals but rather reflect a pure, ongoing operational cash burn.
The tight correlation between net income and operating cash flow confirms that the company's losses are primarily driven by cash-intensive R&D activities rather than accounting adjustments. Investors should monitor this relationship, as it suggests that any improvement in the bottom line must be accompanied by a genuine reduction in clinical trial spending to preserve liquidity.
Based on the provided quarterly data, Caribou consistently records negative free cash flow, with quarterly outflows often exceeding $25 million, demonstrating a structural inability to self-fund operations through current partnership-derived revenue streams while maintaining its aggressive clinical development pipeline for CB-010 and CB-011.
The persistent FCF margin, which has remained deeply negative throughout the observed period, highlights the company's total dependence on external capital markets. This trajectory suggests that without a significant shift in partnership economics or a reduction in trial intensity, the company will continue to deplete its cash reserves at an unsustainable rate.
According to recent SEC filings, the company maintains a low capital intensity, with CapEx/Revenue ratios that fluctuate wildly due to the denominator's volatility, yet the absolute dollar amounts remain negligible, suggesting that the firm's primary costs are operational rather than asset-heavy infrastructure investments.
The low level of capital expenditure indicates that the company is not currently building out significant manufacturing capacity, opting instead to focus resources on clinical execution. This strategy appears to prioritize short-term survival, though it may necessitate future capital outlays if the company transitions toward commercial-scale production.
As indicated by the quarterly cash flow data, working capital changes are highly erratic, with swings between -$5.0 million and +$5.0 million, reflecting the unpredictable timing of milestone payments and the inherent difficulty in managing liquidity for a pre-revenue clinical-stage biotechnology firm.
These fluctuations suggest that the company's cash position is highly sensitive to the timing of collaboration receipts, which may create temporary liquidity crunches. Investors should monitor the net change in working capital as a proxy for the company's ability to manage its short-term obligations amidst a volatile funding environment.
Based on reported figures, stock-based compensation consistently adds back millions to the cash flow statement each quarter, effectively masking the true economic cost of retaining scientific talent and potentially understating the actual cash burn required to sustain the company's ongoing research and development efforts.
While SBC is a non-cash expense, it represents a real dilution to shareholders that is not fully captured in the operating cash flow metrics. Analysts should adjust for these charges to understand the true cost of operations, as the reliance on equity-based incentives may increase if cash reserves continue to dwindle.
Quick answers to the most common questions about buying CRBU stock.
Caribou Biosciences, Inc. (CRBU) generated $-111.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Caribou Biosciences, Inc. (CRBU) reported negative free cash flow of $112.4M in 2025, indicating capital requirements exceeded cash from operations.
Caribou Biosciences, Inc. (CRBU) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.