Operational cash flow remains consistently negative, with a $2.9 million outflow in 2025Q4 underscoring the company's total reliance on external financing to cover its ongoing clinical development costs.
| Metric | 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 | -10.42M | -13.01M | -23.52M | -23.95M | -17.54M | -11.01M | -7.04M | -3.16M | -6.35M | -15.49M | -13.25M | -4.41M | -865K | -149K |
| Operating CF Margin % | - | - | - | - | - | -483.4% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 19.93% | 44.7% | 1.8% | -36.55% | -59.37% | -56.33% | -122.75% | 50.24% | 58.98% | -16.88% | -200.5% | -409.71% | -480.54% | - |
| Net Income | 1.24B | -15.01M | -29.07M | -31.06M | -14.47M | -11.82M | -9.38M | -4.24M | -5.95M | -16.02M | -15.37M | -7.02M | -1.15M | -229K |
| Depreciation & Amortization | 332K | 545K | 835K | 777K | 546K | 286K | 206K | 121K | 64K | 38K | 17K | 5K | 0 | 0 |
| Stock-Based Compensation | 1.78M | 2.06M | 1.95M | 2.71M | 2.91M | 670K | 810K | 1.01M | 408K | 700K | 2.62M | 736K | 254K | 9K |
| Deferred Taxes | 382.65M | 0 | 0 | 0 | -5.59M | 0 | 119K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.63B | 614K | 4.58M | 2.81M | 413K | 167K | 168K | -132K | 7K | 39K | -18K | -28K | 254K | 0 |
| Working Capital Changes | 815K | -1.22M | -1.82M | 804K | -1.36M | -306K | 1.04M | 83K | -886K | -241K | -506K | 1.9M | 26K | 71K |
| Change in Receivables | -3.05M | 433K | 608K | 278K | -1.25M | 1.82M | 41K | -130K | 567K | 399K | -786K | -245K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -278K | 1.25M | -1.82M | -41K | 0 | -790K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3M | -16K | -1.12M | 1.17M | 442K | 36K | 114K | 145K | -681K | -712K | 234K | 2.15M | -28K | 74K |
| Cash from Investing | -1.32M | 9.06M | -25.97M | 62.52M | -38.41M | -20.98M | -6.36M | -533K | 3.01M | 8.98M | 9.95M | -22.06M | -2K | 0 |
| Capital Expenditures | -19.57M | -103K | -236K | -8.12M | -1.63M | -1.02M | -193K | -461K | -2K | -18K | -48K | -63K | -2K | 0 |
| CapEx % of Revenue | - | - | - | - | - | 44.75% | - | - | - | - | - | - | - | - |
| Acquisitions | 1.38M | 0 | 0 | -9.71M | -20.03M | 0 | 1.55M | 0 | 9K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 2.29M | 133K | 9.71M | 20.03M | -19.96K | 1.55M | -32K | 3.01M | 9M | 10M | -22M | 0 | 0 |
| Cash from Financing | 10.38M | 6.45M | 360K | 150K | 60.98M | 33.08M | 8.31M | 5.19M | 8.05K | 6.09M | 36.78M | 36.78M | 991K | 295K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 10.38M | 6.45M | 360K | 150K | 53.17M | 24.47M | 7.71M | 5.19M | 8.05M | 6.09M | 0 | 36.78M | 991K | 295K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 2K | 0 | 150K | 7.81M | 8.62M | 599K | 0 | 0 | 0 | 36.78M | 0 | 0 | 0 |
| Net Change in Cash | -1.41M | 2.5M | -49.13M | 38.72M | 4.62M | 1.49M | -4.27M | 731K | -3.35M | -415K | -3.3M | 10.31M | 124K | 146K |
| Free Cash Flow | -10.48M | -13.11M | -23.76M | -32.08M | -19.17M | -12.03M | -7.23M | -3.62M | -6.35M | -15.5M | -13.3M | -4.47M | -867K | -149K |
| FCF Margin % | - | - | - | - | - | -528.15% | - | - | - | - | - | - | - | - |
| FCF Growth % | 20.04% | 44.82% | 25.93% | -67.34% | -59.38% | -66.24% | -99.72% | 43% | 59.02% | -16.6% | -197.34% | -415.8% | -481.88% | - |
| FCF per Share | -0.22 | -0.64 | -1.28 | -1.74 | -1.07 | -0.91 | -0.84 | -7.86 | -14.84 | -38.99 | -37.38 | -14.59 | -3.19 | -0.01 |
| FCF Conversion (FCF/Net Income) | -0.01x | 0.87x | 0.81x | 0.77x | 1.21x | 0.93x | 0.75x | 0.64x | 1.07x | 0.97x | 0.86x | 0.63x | 0.76x | 0.65x |
| Interest Paid | 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 | 210K | 4K | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, the company's operating cash flow consistently tracks negative, with the 2025Q4 period showing a $2.9 million outflow despite a reported net income of $1.2 billion, highlighting a profound disconnect between accounting profit and the actual cash-based operational reality.
The massive divergence between net income and operating cash flow suggests that the reported earnings are heavily influenced by non-cash or non-operating accounting adjustments. Investors should interpret this as a signal that the core business remains in a deep cash-consuming phase, with no meaningful cash-generating capacity from operations.
Based on historical data, Enlivex has maintained a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $2 million, as evidenced by the $2.9 million burn recorded in 2025Q4, which underscores the company's total reliance on external financing to fund its clinical development.
The lack of positive free cash flow is a structural feature of the company's current clinical-stage status. This trajectory indicates that the firm is effectively trading equity for time, with no current path to self-sustainability without a successful commercialization event or a significant strategic partnership.
According to quarterly filings, working capital changes have been highly erratic, swinging from a $1.4 million inflow in 2025Q4 to a $470,000 outflow in 2025Q1, suggesting that the company's cash position is subject to significant fluctuations driven by timing differences in payables and clinical trial-related accruals.
These swings in working capital appear to be a byproduct of the company's irregular clinical trial spending cycles rather than operational efficiency. Analysts should monitor these movements as they often mask the underlying burn rate, providing temporary liquidity relief that does not change the long-term cash trajectory.
As indicated by the cash flow statement, the company's reliance on stock-based compensation, which reached $915,000 in 2025Q4, serves as a non-cash mechanism to preserve limited liquidity, yet this practice does not address the fundamental issue of the company's rapidly depleting cash reserves of approximately $2 million.
The use of stock-based compensation effectively dilutes existing shareholders to cover operational costs that would otherwise require cash. This strategy appears to be a defensive measure to extend the runway, but it warrants further investigation into the long-term impact on equity value and the potential for future dilutive financing.
Quick answers to the most common questions about buying ENLV stock.
Enlivex Therapeutics Ltd. (ENLV) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enlivex Therapeutics Ltd. (ENLV) reported negative free cash flow of $10.5M in 2025, indicating capital requirements exceeded cash from operations.
Enlivex Therapeutics Ltd. (ENLV) spent $19.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.