Persistent operational cash burn is highlighted by consistent negative free cash flow, with quarterly outflows frequently exceeding $2 million, further exacerbated by reliance on non-cash stock-based compensation reaching $628.9K in 2023Q4.
| Cash from Operations | -9.6M | -7.81T | -7.5T | -10.78M | -17.89M | -8.24M | -1.25M | 10.99M | -1.24M | -251.83K |
| Operating CF Margin % | - | -99999900% | -99999900% | -483.19% | -708.87% | -233.41% | -31.73% | 623.31% | - | - |
| Operating CF Growth % | -304.82% | -4.05% | -69598346.45% | 39.73% | -117.02% | -560.78% | -111.34% | 987.93% | -391.7% | - |
| Net Income | -11.79M | -10.18T | -7.99M | -10.63M | -24.21M | -29.15M | -160.88K | 365.95K | -1.34M | -31.19K |
| Depreciation & Amortization | 6.53K | 6.53B | 0 | 0 | 0 | 151 | 201 | 0 | 0 | 0 |
| Stock-Based Compensation | 511.35K | 668.68B | 110.72B | 879.16K | 1.07M | 121.76K | 178.68K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2.45M | -1.76K | 1.76K | 0 |
| Other Non-Cash Items | 2.58M | 1.69T | -7.61T | -85.79K | -233.42K | 22.09M | 997.46K | 8.17M | -317.21K | -231.1K |
| Working Capital Changes | 1.95M | 1.52M | -851.25K | -947.08K | 5.48M | -1.3M | 185.1K | 2.46M | 273.13K | -101.5K |
| Change in Receivables | 22K | -296.23K | -26.55K | 179.26K | 164.9K | -441.72K | 173.55K | 0 | -170.53K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -173.55K | 0 | 0 | 0 |
| Change in Payables | 1.47M | 1.82M | -578.93K | -1.23M | 2.64M | -1.42M | 1.18M | 0 | 317.28K | 111.96K |
| Cash from Investing | -123.64K | -123.64B | 0 | 0 | 4.5K | 0 | 183.4M | -566.29K | 838.59K | -200M |
| Capital Expenditures | -123.64K | -123.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 4.38% | 2.44% | - | - | - | - | - | 0% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -123.64B | 0 | 0 | 4.5K | 0 | 183.4M | 0 | 838.59K | 0 |
| Cash from Financing | 7.42M | 8.74T | 9.88T | 8.76M | 8.77M | 20.31M | 1.1M | -11.03M | -32K | 202.34M |
| Debt Issued (Net) | -64.05K | 0 | -485.19K | 605.43K | 6.13M | 13.91M | 1.1M | 566.27K | 0 | 0 |
| Equity Issued (Net) | 6.9M | 9.85M | 1.67M | 9.05M | 3.78M | 6.63M | 0 | -11.59M | -32K | 202.34M |
| Dividends Paid | 0 | 0 | -290M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.58M | 0 | 0 |
| Other Financing | 578.25K | 8.74T | 9.88T | -899.55K | -1.14M | -225.68K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -2.31M | 808.28B | 2.38T | -2.02M | -9.12M | 12.07M | -147.32K | -597.25K | -431.68K | 2.09M |
| Free Cash Flow | -9.72M | -7.81T | -7.5T | -10.78M | -17.89M | -8.24M | -1.25M | 10.99M | -1.24M | -251.83K |
| FCF Margin % | -344.13% | -99999900% | -99999900% | -483.19% | -708.87% | -233.41% | -31.73% | 623.31% | - | - |
| FCF Growth % | -67.6% | -4.05% | -69598346.45% | 39.73% | -117.02% | -560.78% | -111.34% | 987.93% | -391.7% | - |
| FCF per Share | -1.42 | -305243.29 | -999999.00 | -4.76 | -99.41 | -98.10 | -0.20 | 1.81 | -0.21 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.82x | 767150.37x | 939363.97x | 1.02x | 0.74x | 0.28x | -21.97x | -1.09x | 0.92x | 8.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 2.5K | 3.2K | 3.2K | 1.6K | 1.6K | 1.6K | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial statements, Ensysce Biosciences exhibits a volatile OCF/NI ratio, with figures ranging from 0.21 to 1.56, indicating that reported net income is a poor proxy for the actual cash resources available to fund the company's ongoing clinical development and research activities.
The significant variance between net income and operating cash flow suggests that non-cash items and working capital fluctuations are heavily distorting the company's bottom line. Investors should monitor this divergence closely, as it implies that the firm's accounting results do not reflect the underlying cash-intensive nature of its pre-commercial operations.
As reported in quarterly filings, the company consistently generates negative free cash flow, with quarterly outflows frequently exceeding $2 million, underscoring a structural inability to self-fund operations through its current grant-based revenue model without recurring reliance on external capital markets for survival.
The persistent negative FCF trajectory confirms that the company remains in a deep cash-burning phase typical of clinical-stage biotech. This trend suggests that until a commercial product is launched or a major partnership is secured, the firm will continue to face significant pressure on its liquidity position.
Based on the provided cash flow data, working capital changes have been highly inconsistent, with quarterly fluctuations swinging from a $2.8 million inflow to a $1.7 million outflow, reflecting the lumpy nature of grant funding and the timing of clinical trial-related vendor payments.
These erratic swings in working capital suggest that the company's cash position is highly sensitive to the timing of research milestones and grant disbursements. Such volatility warrants further investigation, as it complicates the predictability of the company's cash runway and operational stability.
As indicated by historical cash flow statements, stock-based compensation and other non-cash adjustments frequently mask the true extent of the company's operational cash burn, with SBC reaching as high as $628.9K in a single quarter, further complicating the assessment of real cash outflows.
The reliance on stock-based compensation as a significant adjustment suggests that the company is utilizing equity to preserve cash, which may lead to further dilution for existing shareholders. Analysts should interpret these adjustments as a signal that the company is actively managing its limited liquidity through non-cash means.
Quick answers to the most common questions about buying ENSC stock.
Ensysce Biosciences, Inc. (ENSC) generated $-7806292.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ensysce Biosciences, Inc. (ENSC) reported negative free cash flow of $7.81T in 2025, indicating capital requirements exceeded cash from operations.
Ensysce Biosciences, Inc. (ENSC) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.