Liquidity remains a critical concern, as the company reported a negative free cash flow of $18.3 million in 2025Q3 and a persistent inability to self-fund operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -40.83M | -43.9M | -60.3M | -43.75M | -49.04M | -35.16M | -25.96M | -26.9M | -26.03M | -22.14M | -25.34M | -19.58M | -18.02M | -9.94M | -7.55M |
| Operating CF Margin % | - | - | - | - | - | -2343.8% | -258.2% | -277.91% | - | - | - | - | - | - | - |
| Operating CF Growth % | 123.24% | 27.19% | -37.82% | 10.79% | -39.5% | -35.44% | 3.51% | -3.34% | -17.6% | 12.63% | -29.4% | -8.68% | -81.28% | -31.64% | - |
| Net Income | -56.91M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -27.51M | -32.9M | -23.14M | -29.73M | -25.63M | -21.1M | -25.45M | -18.32M | -7.76M |
| Depreciation & Amortization | 775K | 0 | 5K | 15K | 16K | 29K | 34K | 47K | 49K | 48K | 25K | 474K | 657K | 640K | 649K |
| Stock-Based Compensation | 3.65M | 4.9M | 5.5M | 5.13M | 5.18M | 3.48M | 2.62M | 3.89M | 3.47M | 5.6M | 45K | 1.72M | 1.66M | 2.65M | 241K |
| Deferred Taxes | 0 | 5.12M | 0 | 0 | 0 | 379K | 0 | 0 | 20K | -158K | 0 | 370K | -271K | 85K | 93K |
| Other Non-Cash Items | 36.3M | -50.19M | 457K | 30.01M | 1.01M | 527K | -104K | 729K | -7.3M | -194K | 1.23M | 14K | 4.54M | 4.45M | -1.04M |
| Working Capital Changes | -1.97M | -8.56M | 1.29M | 2.51M | -651K | 1.01M | -990K | 1.33M | 871K | 2.29M | -1.01M | -1.05M | 850K | 558K | 266K |
| Change in Receivables | 42K | 149K | 0 | 1.3M | -1.01M | -1.16M | 117K | 643K | 780K | 1.46M | -3.05M | 0 | 0 | 118K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -5.36M | -10.42M | 902K | 712K | 0 | 3.9M | 0 | 0 | 368K | 1.09M | 2.27M | 0 | 0 | 0 | 0 |
| Cash from Investing | -92.01M | -97M | 0 | 48.97M | 0 | 0 | 25K | -85K | 0 | -64K | -144K | 29.69M | -36.8M | -114K | -136K |
| Capital Expenditures | -102.99M | -97M | 0 | 0 | 0 | 0 | 0 | -100K | 0 | -64K | -144K | -12K | -227K | -116K | -130K |
| CapEx % of Revenue | - | - | - | - | - | - | - | 1.03% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 50.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 15.98M | 0 | 0 | -1.39M | 0 | 0 | 25K | 15K | 0 | -64K | 0 | 9K | -1.24M | 2K | -6K |
| Cash from Financing | 113.12M | 107.65M | 37.18M | -30K | -210K | 98.03M | 74M | 14.82M | 15.91M | 47.76M | 25.62M | 16K | 46.89M | 13.75M | 12.29M |
| Debt Issued (Net) | -437K | -440K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 25.9M | 4.4M | 0 | 0 | 0 |
| Equity Issued (Net) | 113.18M | 108.09M | 40M | -29K | 0 | 97.22M | 75.5M | 15.25M | 15.03M | 49.16M | 0 | 3.87M | 46.69M | 13.75M | 9.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 376K | 0 | -2.81M | -1K | -210K | 813K | -1.51M | -437K | 872K | -2.15M | -282K | -8.25M | 198K | 0 | 2.41M |
| Net Change in Cash | -19.67M | -33.21M | -23.39M | 5.14M | -49.42M | 62.84M | 48.18M | -12.39M | -9.45M | 24.94M | 388K | 10.1M | -8.13M | 3.67M | 4.6M |
| Free Cash Flow | -42.82M | -43.9M | -60.3M | -43.75M | -49.04M | -35.16M | -25.96M | -27M | -26.03M | -22.2M | -25.48M | -19.59M | -18.24M | -10.05M | -7.68M |
| FCF Margin % | - | - | - | - | - | -2343.8% | -258.2% | -278.95% | - | - | - | - | - | - | - |
| FCF Growth % | 27.75% | 27.19% | -37.82% | 10.79% | -39.5% | -35.44% | 3.87% | -3.72% | -17.26% | 12.87% | -30.06% | -7.39% | -81.44% | -30.92% | - |
| FCF per Share | -0.25 | -0.62 | -1.61 | -2.14 | -4.33 | -4.10 | -4.38 | -11.96 | -18.06 | -24.16 | -27.13 | -11.49 | -15.38 | -13.51 | -10.32 |
| FCF Conversion (FCF/Net Income) | 0.75x | -9.10x | 0.89x | 0.54x | 0.90x | 0.87x | 7.66x | 7.81x | 1.13x | 0.74x | 0.99x | 0.93x | 0.71x | 0.54x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital structure dilution
According to the provided financial data, the company's OCF/NI ratio reached an anomalous 4.93 in 2025Q3, highlighting a profound disconnect between reported accounting profits and the actual cash outflows required to sustain the firm's ongoing clinical development activities and operational overhead.
The extreme volatility in the OCF/NI ratio suggests that net income figures are heavily influenced by non-cash accounting adjustments rather than operational performance. Investors should interpret this divergence as a signal that reported earnings provide little insight into the company's actual ability to generate liquidity from its core business.
As reported in recent financial statements, the company has consistently generated negative free cash flow, with a notable outflow of $18.3 million in 2025Q3, underscoring the structural inability of the current business model to self-fund its research and development pipeline.
The persistent negative FCF trajectory indicates that the company remains entirely dependent on external financing to cover its operating expenses. This trend warrants close monitoring, as the lack of a clear path to positive cash flow suggests that the current burn rate is unsustainable without further capital raises.
Based on the company's reported figures, capital expenditures reached a significant $97.0 million in 2025Q4, a sharp deviation from historical trends that suggests either a major investment in infrastructure or a one-time accounting event that warrants further investigation by stakeholders.
The sudden spike in capital spending appears inconsistent with the company's historical profile of minimal asset investment. This expenditure pattern may indicate a shift in operational strategy or a significant commitment to new clinical manufacturing capabilities that could further strain the company's limited cash reserves.
As indicated by the quarterly cash flow statements, working capital changes have fluctuated significantly, including a $3.4 million outflow in 2025Q4, which suggests an inconsistent approach to managing payables and operational liquidity during periods of high clinical trial activity.
The erratic nature of working capital movements may reflect the company's struggle to manage vendor relationships and clinical research organization payments amidst a tightening liquidity environment. Such volatility often serves as a leading indicator of operational stress, suggesting that management may be prioritizing immediate obligations over long-term cash efficiency.
Based on the provided data, stock-based compensation has consistently been added back to operating cash flow, reaching $2.2 million in 2025Q3, which effectively masks the true economic cost of talent retention in a cash-constrained environment.
By relying on equity-based incentives to preserve cash, the company is effectively diluting existing shareholders to fund its operations. Analysts should view these add-backs as a necessary adjustment to understand the true cash burn, as they represent a real economic cost that is not captured in the headline operating cash flow figures.
Quick answers to the most common questions about buying CYPH stock.
Cypherpunk Technologies Inc. (CYPH) generated $-43.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cypherpunk Technologies Inc. (CYPH) reported negative free cash flow of $43.9M in 2025, indicating capital requirements exceeded cash from operations.
Cypherpunk Technologies Inc. (CYPH) spent $97.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.