Liquidity is under pressure as evidenced by a current ratio compression to 2.27 in 2025Q3 and a persistent negative free cash flow of $6.3 million for the same period.
Filana Therapeutics, Inc. (FLNA) cash flow statement — 27-year operating, investing & financing cash flows
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -19.7M | -32.25M | -116.93M | -82.03M | -77.51M | -30.2M | -5.38M | -2.51M | -4.77M | -8.24M | -12.23M | -9.05M | -9.55M | -6.95M | -7.17M | -260K | -143K | -14.69M | 11.16M | 2.23M | -11.83M | 113.23M | -32.57M | -20.51M | -15.5M | -12.37M | -7.39M | -2.69M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -16.89% | -65.85% | -2.26% | -0.85% | -71.44% | 17.52% | 3.38% | -21.94% | 2228.98% | - | - | -13594.74% | - | - | - |
| Operating CF Growth % | 86.13% | 72.42% | -42.55% | -5.82% | -156.7% | -461.06% | -114.08% | 47.3% | 42.09% | 32.67% | - | 5.19% | -37.45% | 3.12% | -2658.08% | -81.82% | 99.03% | -231.6% | 400.36% | 118.86% | -110.44% | 447.67% | -58.82% | -32.32% | -25.27% | -67.51% | -174.11% | - |
| Net Income | -42.2M | -90.97M | -24.34M | -97.22M | -76.25M | -32.38M | -6.33M | -4.63M | -6.56M | -11.91M | -14.85M | -14.14M | -12.39M | 31.54M | -3.45M | -2.61M | -12.02M | -3.47M | 15.35M | 20.3M | 6.19M | -30.67M | -37.78M | -21.62M | -15.93M | -14.34M | -17.48M | -4.5M |
| Depreciation & Amortization | 877K | 936K | 1.13M | 1.53M | 1.3M | 534K | 22K | 58K | 69K | 68K | 58K | 45K | 15K | 0 | 122K | 163K | 232K | 257K | 452K | 356K | -25.86M | 368K | 383K | 341K | 349K | 1.44M | 6.16M | 1.54M |
| Stock-Based Compensation | 3.48M | 0 | 16.29M | 4.59M | 2.07M | 1.76M | 0 | 0 | 0 | 0 | 0 | 3.46M | 3.76M | 3.1M | 6.61M | 5.43M | 20.13M | 6.66M | 10.21M | 6.29M | 6.47M | 248K | 401K | 139K | 1.2M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.61M | 0 | 0 | -9.82M | -6.29M | -6.43M | -248K | -401K | -139K | -1.2M | 0 | 0 | 0 |
| Other Non-Cash Items | 7.91M | 19.58M | -108.18M | 0 | 0 | 0 | 642K | 1.3M | 2.39M | 2.97M | 4.33M | -4K | -2K | -41.13M | -10.3M | -12.37M | -9.24M | 22K | 11.28M | 6.97M | 4.7M | 148K | -83K | 139K | 212K | 49.68K | 2.65M | 121.83K |
| Working Capital Changes | -91K | 38.2M | -1.83M | 9.08M | -4.63M | -104K | 288K | 763K | -670K | 635K | -1.77M | 1.59M | -937K | -463K | -158K | 6.52M | 760K | -18.16M | -16.3M | -25.4M | 3.1M | 143.39M | 4.91M | 630K | -134K | 473.07K | 1.29M | 144.36K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -513K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.55M | 33.99M | -2.92M | 6.9M | -3.45M | 6.21M | 458K | 159K | -130K | 129K | 0 | 841K | -272K | 84K | -103K | -643K | -210K | -899K | -1.41M | 2.64M | -13K | 121K | -1.35M | 793K | -143K | 0 | 0 | 0 |
| Cash from Investing | -553K | -581K | -103K | -414K | -2.71M | -22.21M | 360K | -18K | 0 | 2.1M | -2.17M | -192K | 1.17M | 5.66M | 17.62M | 59.9M | 52.46M | -103.23M | 80.24M | 69.09M | -69.14M | -19.28M | -32.88M | -65.32M | -7K | -1.34M | -1.3M | -38.55K |
| Capital Expenditures | -553K | -581K | -103K | -414K | -2.71M | -22.21M | 0 | -18K | 0 | 0 | -75K | -195K | -80K | 0 | 0 | 0 | 0 | 0 | -2.12M | -696K | -94K | -463K | -156K | -26K | -7K | -1.34M | -1.3M | -38.55K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.33% | 1.05% | 0.17% | 9.11% | - | - | 6.14% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 360K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 1.25K | 5.66K | 17.62K | 0 | 0 | 0 | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.34M | -239K | 124.47M | 2.56M | 47.8M | 192.34M | 75.45M | 5.81M | 14.1M | 0 | -284K | -46K | 379K | 524K | -34.24M | 8.7M | -83.32M | 555K | -24.81M | -1.14M | 1.7M | 321K | 54.8M | 47.77M | 322K | 60.65K | 78.27M | 9.74M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -329K | -239K | 124.47M | 2.56M | 47.8M | 189.82M | 75.45M | 5.81M | 14.1M | 0 | 0 | 0 | 379K | 524K | 0 | 1000K | 1000K | 564K | -1000K | -1000K | 1000K | 321K | 1000K | 1000K | 322K | 61K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -85.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -60K | 0 | 0 | 0 | 0 | 0 | 0 | -366 | 0 | 0 | 0 | -26.21M | -3.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.67M | 0 | 0 | 0 | 0 | 2.52M | 0 | 0 | 0 | 0 | -284K | -46K | 0 | 0 | -34.24M | -339K | -85.4M | -9K | 298K | 0 | 62K | 0 | 0 | 0 | 0 | -352 | 50.48K | 5K |
| Net Change in Cash | -18.91M | -33.07M | 7.44M | -79.88M | -32.42M | 139.93M | 70.42M | 3.27M | 9.33M | -6.14M | -14.68M | -9.29M | -8M | -767K | -23.79M | 68.35M | -31M | -117.36M | 66.59M | 70.18M | -79.27M | 94.27M | -10.65M | -38.06M | -15.18M | -13.65M | 69.59M | 7.01M |
| Free Cash Flow | -20.25M | -32.83M | -117.03M | -82.44M | -80.23M | -52.41M | -5.38M | -2.53M | -4.77M | -8.24M | -12.31M | -9.25M | -9.63M | -6.95M | -7.17M | -260K | -143K | -14.69M | 9.04M | 1.53M | -11.92M | 112.77M | -32.73M | -20.53M | -15.51M | -13.71M | -8.69M | -2.73M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -16.89% | -65.85% | -2.26% | -0.85% | -71.44% | 14.19% | 2.33% | -22.11% | 2219.86% | - | - | -13600.88% | - | - | - |
| FCF Growth % | - | 71.95% | -41.96% | -2.76% | -53.07% | -873.8% | -112.56% | 46.92% | 42.09% | 33.08% | - | 3.96% | -38.61% | 3.12% | -2658.08% | -81.82% | 99.03% | -262.49% | 488.99% | 112.88% | -110.57% | 444.6% | -59.38% | -32.43% | -13.07% | -57.85% | -217.89% | - |
| FCF per Share | -0.42 | -0.68 | -0.03 | -1.97 | -2.00 | -1.33 | -0.21 | -0.15 | -0.45 | -1.26 | -1.89 | -1.41 | -1.49 | -1.08 | -1.12 | -0.04 | -0.02 | -2.44 | 1.44 | 0.24 | -1.84 | 18.02 | -6.15 | -4.88 | -4.01 | -3.79 | -2.49 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.48x | 0.35x | 4.80x | 0.84x | 1.02x | 0.93x | 0.85x | 0.54x | 0.73x | 0.69x | 0.82x | 0.64x | 0.77x | -0.22x | 2.08x | 0.10x | 0.01x | 4.24x | 0.73x | 0.11x | -1.91x | -3.69x | 0.86x | 0.95x | 0.97x | 0.86x | 0.42x | 0.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 3.77M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FLNA stock.
Filana Therapeutics, Inc. (FLNA) generated $-32.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Filana Therapeutics, Inc. (FLNA) reported negative free cash flow of $32.8M in 2025, indicating capital requirements exceeded cash from operations.
Filana Therapeutics, Inc. (FLNA) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical trial binary outcome
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Accruals
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating from 0.11 in 2025Q2 to 2.22 in 2024Q4, suggesting that non-cash items and working capital swings significantly distort the company's underlying cash burn.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash requirements. Investors should monitor these discrepancies as they likely reflect the timing of clinical trial payments rather than operational efficiency.
Working Capital Volatility Drives Liquidity
Based on the provided quarterly data, working capital changes have been a primary driver of cash flow variability, notably shifting by $34.5 million in 2025Q2 and -$39.7 million in 2024Q4, which highlights the unpredictable nature of cash outflows related to clinical trial management and vendor obligations.
These large swings suggest that the company's cash position is highly sensitive to the timing of payments to clinical research organizations. This volatility makes short-term cash forecasting difficult and underscores the necessity of maintaining a substantial liquidity buffer.
Stock-Based Compensation Masks Cash Needs
According to recent SEC filings, Cassava Sciences utilized $4.4 million in stock-based compensation during 2025Q3, a practice that effectively preserves cash but potentially masks the true economic cost of talent retention during a period of intense regulatory and clinical scrutiny for the firm.
While SBC is a non-cash expense, its consistent use suggests management is attempting to conserve liquid assets for trial execution. Analysts should consider the dilutive impact of these grants when evaluating the long-term value proposition for existing shareholders.
Persistent Cash Burn Remains Unabated
As indicated by the company's historical cash flow data, free cash flow has remained consistently negative over the last ten quarters, with the most recent 2025Q3 outflow of $6.3 million reflecting the ongoing, non-discretionary nature of the firm's late-stage clinical development and administrative overhead.
The lack of a clear path to positive free cash flow is expected given the pre-revenue status of the company. The trajectory of this burn rate will likely remain the primary determinant of the company's future financing requirements and potential dilution risk.