Liquidity is under pressure as cash reserves dropped from $75.6 million in 2025Q4 to $20.2 million in 2026Q1, resulting in a negative free cash flow of $16.6 million.
| Cash from Operations | -57.17M | -55.31M | -32.84M | 19.35M | -20.12M | -26.27M |
| Operating CF Margin % | - | - | - | 38.7% | - | - |
| Operating CF Growth % | -225.77% | -68.4% | -269.75% | 196.16% | 23.4% | - |
| Net Income | -58.44M | -59.98M | -42.26M | 22.72M | -24.25M | -29M |
| Depreciation & Amortization | 328K | 323K | 258K | 195K | 329K | 325K |
| Stock-Based Compensation | 11.29M | 10.04M | 6.8M | 2.22M | 1.93M | 1.75M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 562K | 344K | -2.98M | -4.76M | 3.14M | 553K |
| Working Capital Changes | -10.9M | -6.04M | 5.33M | -1.02M | -1.27M | 108K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.21M | -869K | 1.14M | 0 | -230K | -110K |
| Cash from Investing | -57.94M | -3.71M | -69.74M | -65.57M | 22.3M | -64.97M |
| Capital Expenditures | -496K | -231K | -514K | -414K | -118K | -168K |
| CapEx % of Revenue | - | - | - | 0.83% | - | - |
| Acquisitions | 0 | 0 | 20K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 112.79M | 112.69M | 109M | 56.18M | -1.24M | 79.84M |
| Debt Issued (Net) | 0 | 0 | 0 | -3.75M | -1.25M | 0 |
| Equity Issued (Net) | 112.69M | 112.69M | 108.21M | 60.11M | -4K | 79.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -28K | -4K | 0 |
| Other Financing | 104K | 0 | 790K | -184K | 15K | 113K |
| Net Change in Cash | -2.31M | 53.66M | 6.42M | 9.96M | 939K | -11.39M |
| Free Cash Flow | -57.66M | -55.54M | -33.36M | 18.93M | -20.24M | -26.43M |
| FCF Margin % | - | - | - | 37.87% | - | - |
| FCF Growth % | -45.77% | -66.5% | -276.18% | 193.56% | 23.44% | - |
| FCF per Share | -1.54 | -2.01 | -1.29 | 0.75 | -0.81 | -1.05 |
| FCF Conversion (FCF/Net Income) | 0.99x | 0.92x | 0.78x | 0.85x | 0.83x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 150K | 225K | 222K |
| Taxes Paid | 0 | 0 | 0 | 450K | 0 | 0 |
Clinical trial execution dependency
As reported in financial statements, Contineum's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 1.13 in 2026Q1, suggesting that non-cash expenses like stock-based compensation are failing to fully offset the underlying cash burn required to sustain the company's clinical development pipeline.
The tight correlation between net income and operating cash flow indicates a lack of significant non-cash accruals that would otherwise decouple accounting losses from actual cash outflows. Investors should interpret this as a pure-play burn profile where every dollar of reported loss translates directly into a reduction of the company's liquid capital reserves.
Based on the company's reported figures, free cash flow has remained deeply negative throughout the last ten quarters, reaching a trough of -$16.6 million in 2026Q1, which highlights the structural inability of the current business model to generate self-sustaining liquidity without external capital injections.
The consistent negative trajectory of free cash flow underscores the company's reliance on its initial capital base to fund R&D. This trend suggests that until clinical milestones are achieved, the company will remain in a state of perpetual cash consumption, necessitating careful monitoring of the remaining runway.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $3.0 million inflow in 2024Q4 to a $5.9 million outflow in 2026Q1, reflecting the lumpy nature of clinical trial vendor payments and the timing of operational expenses in a pre-revenue environment.
These fluctuations in working capital suggest that the company's cash position is sensitive to the timing of research-related obligations rather than standard commercial cycles. Analysts should view these swings as evidence of the operational complexity inherent in managing multiple concurrent Phase 2 clinical programs.
As indicated by the quarterly data, stock-based compensation has grown to $3.8 million in 2026Q1, a significant non-cash add-back that effectively masks the true magnitude of the company's operational cash burn and introduces potential dilution risks for shareholders as the firm attempts to retain specialized scientific talent.
While SBC is a standard tool for talent retention in biotechnology, its increasing scale relative to the total cash burn warrants caution. It suggests that the company's reported cash flow metrics may be slightly flattered by accounting treatments that do not reflect the economic reality of equity-based dilution.
Quick answers to the most common questions about buying CTNM stock.
Contineum Therapeutics, Inc. Class A Common Stock (CTNM) generated $-55.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Contineum Therapeutics, Inc. Class A Common Stock (CTNM) reported negative free cash flow of $55.5M in 2025, indicating capital requirements exceeded cash from operations.
Contineum Therapeutics, Inc. Class A Common Stock (CTNM) 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.