Free cash flow has deteriorated to -$11.5M in 2026Q2, with operating cash outflows consistently exceeding net losses, reflecting a deepening cash deficit.
Contineum Therapeutics, Inc. (CTNM) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -53.01M | -55.31M | -32.84M | 19.35M | -20.12M | -26.27M |
| Operating CF Margin % | - | - | - | 38.7% | - | - |
| Operating CF Growth % | -111.85% | -68.4% | -269.75% | 196.16% | 23.4% | - |
| Net Income | -57.56M | -59.98M | -42.26M | 22.72M | -24.25M | -29M |
| Depreciation & Amortization | 383K | 323K | 258K | 195K | 329K | 325K |
| Stock-Based Compensation | 12.71M | 10.04M | 6.8M | 2.22M | 1.93M | 1.75M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 416K | 344K | -2.98M | -4.76M | 3.14M | 553K |
| Working Capital Changes | -8.96M | -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 | -1.56M | -869K | 1.14M | 0 | -230K | -110K |
| Cash from Investing | -66.97M | -3.71M | -69.74M | -65.57M | 22.3M | -64.97M |
| Capital Expenditures | -458K | -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 | 113.9M | 112.69M | 109M | 56.18M | -1.24M | 79.84M |
| Debt Issued (Net) | 0 | 0 | 0 | -3.75M | -1.25M | 0 |
| Equity Issued (Net) | 113.93M | 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 | -29K | 0 | 790K | -184K | 15K | 113K |
| Net Change in Cash | -6.07M | 53.66M | 6.42M | 9.96M | 939K | -11.39M |
| Free Cash Flow | -53.46M | -55.54M | -33.36M | 18.93M | -20.24M | -26.43M |
| FCF Margin % | - | - | - | 37.87% | - | - |
| FCF Growth % | -14.28% | -66.5% | -276.18% | 193.56% | 23.44% | - |
| FCF per Share | -1.43 | -2.01 | -1.29 | 0.75 | -0.81 | -1.05 |
| FCF Conversion (FCF/Net Income) | 0.93x | 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 |
Quick answers to the most common questions about buying CTNM stock.
Contineum Therapeutics, Inc. (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. (CTNM) reported negative free cash flow of $55.5M in 2025, indicating capital requirements exceeded cash from operations.
Contineum Therapeutics, Inc. (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.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Cash Burn Consistently Exceeds Net Losses
Operating cash outflows have consistently exceeded net losses over the past ten quarters, with the OCF/NI ratio averaging 0.89, indicating that the core cash burn is deeper than the reported net loss suggests.
The persistent gap where operating cash flow is more negative than net income, as seen in quarters like 2026Q1 (OCF -$16.3M vs. NI -$14.5M), implies that non-cash items like stock-based compensation are not fully offsetting the cash consumed by operations. This pattern suggests the underlying cash burn rate is structurally higher than the net loss figure, a critical distinction for a pre-revenue company.
Deepening Negative Free Cash Flow Trajectory
Free cash flow has deteriorated from -$8.3M in 2024Q1 to -$11.5M in 2026Q2, reflecting an expanding cash deficit as the company's operating losses have grown without any revenue to offset them.
The negative FCF trajectory is a direct function of the company's development-stage status, with the burn rate accelerating from an average of ~$10M per quarter in 2024 to ~$14M in 2025 and ~$14M in the first half of 2026. This widening deficit underscores the increasing reliance on external financing to fund ongoing R&D activities.
Volatile Working Capital Drains Cash
Working capital changes have been a significant and volatile source of cash consumption, with a -$5.9M outflow in 2026Q1 alone, indicating that operational cash needs are not solely captured by the net loss.
The erratic swings in working capital, from a +$3.0M inflow in 2024Q4 to a -$5.9M outflow in 2026Q1, suggest that the timing of payments and receivables is materially impacting the quarterly cash burn. This volatility adds uncertainty to forecasting the precise cash runway, as working capital movements can temporarily mask or amplify the underlying operational burn.
Stock-Based Compensation Masks True Cash Burn
Stock-based compensation, averaging $2.8M per quarter, is a significant non-cash add-back that inflates operating cash flow relative to the net loss, obscuring the full extent of cash consumed by employee-related costs.
While SBC is added back to calculate operating cash flow, it represents a real economic cost to shareholders through dilution. The fact that operating cash flow is still consistently negative despite this large add-back indicates that the cash consumed by other operating expenses is substantial. Investors should monitor the SBC trend, as it has increased from $0.8M in 2024Q1 to $3.8M in recent quarters, suggesting growing dilutionary pressure.