Free cash flow remains deeply negative with a $4.7 million outflow in 2026Q1, while consistent $1.5 million quarterly stock-based compensation expenses further obscure the true economic cost of operations.
| Cash from Operations | -12.78M | -9.91M | -7.27M | -6.48M | -6.2M | -4.29M | -1.15M | -293.27K | -114.95K | -120.85K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -344.24% | -36.43% | -12.16% | -4.49% | -44.47% | -272.22% | -293.14% | -155.12% | 4.88% | - |
| Net Income | -21.76M | -19.36M | -15.79M | -8.89M | -7.83M | -4.57M | -1.86M | -3.43M | -1.69M | -1.57M |
| Depreciation & Amortization | 876 | 1.78K | 3.61K | 3.61K | 3.61K | 3.61K | 3.61K | 3.61K | 3.61K | 3.61K |
| Stock-Based Compensation | 4.63M | 6.8M | 7.25M | 2.38M | 1.74M | 660.58K | 677.99K | 194.94K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -1.75M | -1.19M | -777.76K | 0 | 0 | 0 |
| Other Non-Cash Items | 2.17M | 0 | 0 | 0 | 1.75M | 1.19M | 777.76K | 0 | -73.75K | -137.7K |
| Working Capital Changes | 2.17M | 2.64M | 1.27M | 31.5K | -122.27K | -385.17K | 28.4K | 2.93M | 1.57M | 1.45M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.84M | 2.07M | 921.22K | 35.47K | 0 | -526.73K | -92.55K | 393.4K | 80.97K | 144.91K |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 20.54M | 12M | 4.37M | 0 | -7.54M | 2.84M | 29.81M | 215K | 200K | -129.84K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -360K | 0 | 0 | 0 |
| Equity Issued (Net) | 20.39M | 12M | 4.37M | 0 | -7.54M | 3.11M | 30.17M | 0 | 100K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -7.54M | 0 | 0 | 0 | 0 | -90K |
| Other Financing | 145K | 0 | 0 | 0 | 0 | -275.15K | 0 | 215K | 100K | -129.84K |
| Net Change in Cash | 7.76M | 2.09M | -2.9M | -6.48M | -13.74M | -1.46M | 28.65M | -78.27K | 85.05K | -250.69K |
| Free Cash Flow | -12.78M | -9.91M | -7.27M | -6.48M | -6.2M | -4.29M | -1.15M | -293.27K | -114.95K | -120.85K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -74.65% | -36.43% | -12.16% | -4.49% | -44.47% | -272.22% | -293.14% | -155.12% | 4.88% | - |
| FCF per Share | -0.88 | -0.73 | -0.56 | -0.50 | -0.48 | -0.33 | -0.09 | -0.02 | -0.01 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.59x | 0.51x | 0.42x | 0.73x | 0.79x | 0.94x | 0.62x | 0.09x | 0.07x | 0.08x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical Liquidity and Dilution
As reported in recent financial statements, the company's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.23 and 0.97, suggesting that non-cash expenses and working capital adjustments are failing to bridge the gap between accounting losses and actual cash outflows.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but represent real, ongoing cash consumption. Investors should monitor this conversion quality, as the inability to align cash burn with operational milestones suggests a lack of efficiency in managing the clinical trial cost base.
Based on quarterly data, the free cash flow trajectory remains deeply negative, with the most recent period showing a $4.7 million outflow, reflecting an intensifying cash burn as the company scales its clinical trial activities without any offsetting revenue streams to stabilize the financial position.
The downward trend in free cash flow appears to be accelerating, which may indicate that the costs associated with the FLAMINGO-01 trial are rising faster than anticipated. This trajectory warrants further investigation into whether the current capital structure can support the trial through to completion without significant further dilution.
According to SEC filings, working capital changes have been highly erratic, swinging from a $2.6 million inflow in 2025Q4 to a $589.6K outflow in 2026Q1, which complicates the assessment of the company's underlying operational efficiency and its ability to manage short-term liabilities effectively.
The volatility in working capital suggests that the company may be managing its payables aggressively to preserve cash, a strategy that is likely unsustainable in the long term. This instability may indicate that the firm is struggling to maintain a predictable cash runway while navigating the complexities of clinical trial logistics.
Financial disclosures reveal that stock-based compensation has consistently reached $1.5 million per quarter in recent periods, effectively masking the true economic cost of operations and creating a significant overhang of potential dilution that is not fully captured by traditional cash flow metrics.
By relying heavily on stock-based compensation, the company appears to be deferring cash costs at the expense of future shareholder equity. Analysts should interpret these figures as a form of non-cash financing that effectively subsidizes the current burn rate while creating a long-term drag on per-share value.
Quick answers to the most common questions about buying GLSI stock.
Greenwich LifeSciences, Inc. (GLSI) generated $-9.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenwich LifeSciences, Inc. (GLSI) reported negative free cash flow of $9.9M in 2025, indicating capital requirements exceeded cash from operations.
Greenwich LifeSciences, Inc. (GLSI) 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.