Liquidity is rapidly depleting, with the cash position falling from $17.5 million in 2025Q1 to $6.5 million by 2025Q4, reflecting a persistent negative free cash flow trajectory.
| Cash from Operations | -15.52M | -15.62M | -8.79M | -4.87M | -11.47M | -15.69M | -3.9M | -2.09M | -1.2M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -612.86% | -77.67% | -80.49% | 57.53% | 26.91% | -302.79% | -86.18% | -74.94% | - |
| Net Income | -28.32M | -34.26M | -12.35M | -5.3M | -12.25M | -15.96M | -10.35M | -2.47M | -2.11M |
| Depreciation & Amortization | 51.43K | 2.06K | 12.18K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 222.89K | 355.64K | 476.02K | 619.97K | 582.66K | 322.88K | 7.43M | 0 | 0 |
| Deferred Taxes | 31.75K | 221.1K | -503 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.49M | 18.19M | 3.65M | 0 | 0 | 0 | -4.26K | 65K | 48.51K |
| Working Capital Changes | -2.78K | -133K | -581.27K | -194.45K | 197.38K | -52.19K | -974.06K | 316.48K | 869.13K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -990.64K | -532.61K | 219.89K | -461.25K | 219.3K | 270.01K | 51.56K | -89.82K | 65.64K |
| Cash from Investing | 0 | 0 | 3.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 3.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 11.2M | 7.28M | 16.7M | 1.16M | 4.49M | -97.6K | 33.38M | 2.37M | 1.15M |
| Debt Issued (Net) | 3M | 3M | 15.32M | 0 | 0 | 0 | 1.99M | 2.43M | 0 |
| Equity Issued (Net) | 11.26M | 4.34M | 1.38M | 1.16M | 4.49M | -295.17K | 31.35M | 0 | 1.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -75K | 0 | 0 |
| Share Repurchases | 0 | 0 | -351 | 0 | 0 | -295.17K | 0 | 0 | 0 |
| Other Financing | -3.05M | -53.8K | 0 | 0 | 0 | 197.56K | 112.99K | -58.49K | -69.53K |
| Net Change in Cash | -4.31M | -8.32M | 11.53M | -3.71M | -6.98M | -15.79M | 29.49M | 279.36K | -45.49K |
| Free Cash Flow | -15.52M | -15.62M | -8.79M | -4.87M | -11.47M | -15.69M | -3.9M | -2.09M | -1.2M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -23.83% | -77.67% | -80.49% | 57.53% | 26.91% | -302.79% | -86.18% | -74.94% | - |
| FCF per Share | -0.46 | -1.90 | -8.55 | -6.48 | -25.90 | -47.09 | -19.76 | -10.82 | -6.19 |
| FCF Conversion (FCF/Net Income) | 0.55x | 0.46x | 0.71x | 0.92x | 0.94x | 0.98x | 0.38x | 0.85x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 12.55K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
According to reported financial statements, DWTX exhibits a volatile OCF/NI ratio, which fluctuated from 0.21 in 2025Q3 to 1.33 in 2023Q4, illustrating that net income is a poor proxy for cash reality in a pre-revenue entity where non-cash adjustments and accruals dominate the bottom line.
The wide variance in the conversion ratio suggests that accounting losses are frequently decoupled from actual cash outflows, likely due to the timing of clinical trial payments and stock-based compensation. Investors should interpret these figures as evidence of a business model where cash burn is driven by external development milestones rather than operational efficiency.
As indicated by the quarterly cash flow data, DWTX has maintained a consistent negative free cash flow trajectory, with quarterly outflows reaching as high as $6.1 million in 2024Q4, underscoring the company's total dependence on external financing to sustain its ongoing clinical development programs.
The absence of positive FCF margins is expected for a development-stage biotech, yet the magnitude of the burn relative to the $6.5 million cash balance warrants significant concern. This trajectory suggests that the company is effectively consuming its remaining capital at a rate that necessitates immediate and potentially dilutive funding.
Based on the provided cash flow tables, working capital changes have been highly erratic, swinging from a $2.2 million outflow in 2024Q4 to a $361.7K inflow in 2025Q3, which reflects the lumpy nature of vendor payments and clinical trial accruals inherent in the company's current operational phase.
These fluctuations suggest that management is actively managing liquidity by timing payments to clinical research organizations and other service providers. Such volatility may indicate that the company is stretching payables to preserve cash, a strategy that may become unsustainable as the cash runway continues to compress.
As reported in recent filings, the cash flow statement obscures the true cost of operations by excluding significant non-cash stock-based compensation, which reached $157.9K in 2025Q4, effectively masking the true economic cost of talent retention during a period of severe financial distress for the firm.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not captured in the FCF metric. Analysts should monitor these adjustments closely, as they suggest that the company's actual cost of operations is higher than the cash burn figures imply.
Quick answers to the most common questions about buying DWTX stock.
Dogwood Therapeutics, Inc. (DWTX) generated $-15.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dogwood Therapeutics, Inc. (DWTX) reported negative free cash flow of $15.6M in 2025, indicating capital requirements exceeded cash from operations.
Dogwood Therapeutics, Inc. (DWTX) 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.