Free cash flow remains deeply negative at $4.4 million for 2026Q1, reflecting an accelerating capital depletion rate that is only partially masked by $694,000 in stock-based compensation.
| Cash from Operations | -15.48M | -16.39M | -11.9M | -6.4M | -4.07M | -1.41M | -1.17M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -142.7% | -37.75% | -85.92% | -57.43% | -188.37% | -20.62% | - |
| Net Income | -18.68M | -18.65M | -11.16M | -16.48M | -5.12M | -1.58M | -1.17M |
| Depreciation & Amortization | 908K | 832K | 573K | 437K | 94K | 0 | 0 |
| Stock-Based Compensation | 2.83M | 2.69M | 2.22M | 1.76M | 265K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.46M | 2.05M | -4.09M | 7.39M | 389K | 0 | 0 |
| Working Capital Changes | -2M | -3.31M | 559K | 493K | 307K | 172K | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 289K | 0 | 1.25M | 671K | 525K | 0 | 0 |
| Cash from Investing | -219K | -262K | -184K | -495K | 0 | 0 | 0 |
| Capital Expenditures | -219K | -262K | -184K | -495K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 8.52M | 7.57M | 16.91M | 13.79M | 5.92M | 1.82M | 1.17M |
| Debt Issued (Net) | 1.22M | 975K | 9.4M | 300K | 3.77M | 1.52M | 0 |
| Equity Issued (Net) | 7.3M | 6.59M | 7.51M | 16.14M | 2.15M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -2.65M | 0 | 292K | 1.17M |
| Net Change in Cash | -7.18M | -9.09M | 4.82M | 6.9M | 1.86M | 407K | 0 |
| Free Cash Flow | -15.7M | -16.66M | -12.09M | -6.9M | -4.07M | -1.41M | -1.17M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -19.68% | -37.82% | -75.25% | -69.6% | -188.37% | -20.62% | - |
| FCF per Share | -7.03 | -7.46 | -7.35 | -4.24 | -2.50 | -0.87 | -0.72 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.88x | 1.07x | 0.39x | 0.79x | 0.89x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 2K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
As reported in recent financial statements, FBLG's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 0.87 in 2026Q1, highlighting that the company's cash burn is fundamentally driven by R&D intensity rather than operational inefficiencies or significant non-cash accrual adjustments.
The tight correlation between net income and operating cash flow suggests that the company lacks the non-cash revenue or complex accrual structures often seen in mature firms. Investors should interpret this as a pure-play clinical burn, where every dollar of reported loss translates almost directly into a reduction of the company's limited cash reserves.
Based on quarterly filings, FBLG's free cash flow remains deeply negative, with a 2026Q1 outflow of $4.4 million, underscoring a trajectory where capital depletion is accelerating to support the clinical development of the fibroblast-based therapeutic pipeline without any offsetting commercial revenue streams.
The consistent negative free cash flow trajectory indicates that the company is currently in a high-intensity capital consumption phase. Without a pivot toward milestone-based revenue or a significant reduction in trial-related costs, the current burn rate appears unsustainable over the medium term.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $1.6 million outflow in 2025Q1 to a $241,000 outflow in 2026Q1, reflecting the unpredictable nature of clinical trial vendor payments and the lack of a stable operational cycle.
The volatility in working capital suggests that the company's cash position is highly sensitive to the timing of clinical trial milestones and associated service provider invoices. This lack of predictability in cash outflows complicates liquidity forecasting and may necessitate larger cash buffers than currently maintained.
As indicated by recent SEC filings, stock-based compensation has consistently added back $500,000 to $700,000 per quarter to the cash flow statement, effectively masking the true economic cost of talent retention during this critical clinical development phase for the company's fibroblast platform.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk that is not fully captured in the operating cash flow metrics. Analysts should view these add-backs as a necessary adjustment to understand the true cash-based burn rate, which is higher than the headline operating cash flow suggests.
Quick answers to the most common questions about buying FBLG stock.
FibroBiologics, Inc. Common Stock (FBLG) generated $-16.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FibroBiologics, Inc. Common Stock (FBLG) reported negative free cash flow of $16.7M in 2025, indicating capital requirements exceeded cash from operations.
FibroBiologics, Inc. Common Stock (FBLG) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.