Liquidity is under pressure as the company recorded a $954.6K free cash flow outflow in 2026Q1, reflecting an OCF/NI ratio of 0.30 that highlights persistent cash depletion.
| Cash from Operations | -11.29M | -10.48M | -555.58K | -120 |
| Operating CF Margin % | - | - | - | - |
| Operating CF Growth % | -559.34% | -1787.14% | -462879.17% | - |
| Net Income | -7.24M | -4.23M | -361.51K | -19.2K |
| Depreciation & Amortization | 99.8K | 79.4K | 0 | 1.81K |
| Stock-Based Compensation | 9.79K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.19M | -6.34M | 74.68K | 0 |
| Working Capital Changes | 27K | 0 | -268.75K | 17.26K |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 2.99K |
| Change in Payables | -117.65K | -2.57K | 5K | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 |
| Cash from Financing | 15.11M | 15.31M | 630.1K | 72.06K |
| Debt Issued (Net) | -200K | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 630.1K | 69.06K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 15.31M | 15.31M | 0 | 3K |
| Net Change in Cash | 3.82M | 4.82M | 74.53K | 71.94K |
| Free Cash Flow | -11.29M | -10.48M | -555.58K | -120 |
| FCF Margin % | - | - | - | - |
| FCF Growth % | - | -1787.14% | -462879.17% | - |
| FCF per Share | -0.40 | -0.41 | -0.02 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.56x | 2.48x | 1.54x | 0.01x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Insufficient capital for development
According to recent financial filings, the OCF/NI ratio reached 0.30 in 2026Q1, highlighting a persistent disconnect where reported net losses fail to capture the full extent of the company's underlying cash depletion as it navigates the high-cost regulatory pathway for its botanical drug candidates.
The divergence between net income and operating cash flow suggests that accounting losses are not fully representative of the actual liquidity drain occurring within the business. Investors should monitor this gap, as it implies that non-cash items or accruals are masking the true velocity of capital consumption required to sustain clinical operations.
As reported in quarterly statements, the free cash flow trajectory has deteriorated significantly, with the company recording a $954.6K outflow in 2026Q1, a trend that underscores the firm's inability to generate internal funding while maintaining its broad and disparate clinical development pipeline.
The consistent negative free cash flow trajectory appears to be worsening as the company attempts to advance multiple therapeutic indications simultaneously. This pattern suggests that without a strategic partnership or external capital injection, the current burn rate may lead to a liquidity crisis within the next few quarters.
Based on the provided cash flow data, working capital fluctuations, such as the $271.8K build-up observed in 2025Q3, indicate an inconsistent management of operational resources that complicates the firm's ability to maintain a predictable cash runway for its ongoing research and development activities.
The erratic nature of working capital changes suggests that the company lacks a mature operational framework for managing its limited cash resources. Such volatility warrants further investigation, as it may reflect inefficient procurement or timing mismatches in the execution of clinical trial-related expenses.
Analysis of the cash flow statement reveals that the company's reliance on minimal capital expenditure, as shown by the $0 reported in recent periods, obscures the significant underlying costs associated with the complex agricultural and extraction processes required for botanical drug manufacturing.
The absence of reported capital expenditure may be misleading, as it suggests a low-asset intensity that does not align with the rigorous CMC requirements of botanical drug development. This may indicate that critical infrastructure costs are being buried in operating expenses, potentially understating the true capital intensity of the business model.
Quick answers to the most common questions about buying CURX stock.
Curanex Pharmaceuticals Inc Common Stock (CURX) generated $-10.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Curanex Pharmaceuticals Inc Common Stock (CURX) reported negative free cash flow of $10.5M in 2025, indicating capital requirements exceeded cash from operations.
Curanex Pharmaceuticals Inc Common Stock (CURX) 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.