Persistent negative free cash flow, which reached an outflow of $5.8 million in 2024Q2, suggests that the company's liquidity remains highly sensitive to the timing of capital raises.
| Cash from Operations | -14.29M | -15.31M | -17.15M | -24.74M | -17.78M | -14.28M | -13.94M | -6.92M | -6.85M | -2.17M | -1.25M | -688.26K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -73.66% | 10.72% | 30.68% | -39.15% | -24.46% | -2.51% | -101.41% | -1.05% | -215.28% | -73.97% | -81.36% | - |
| Net Income | -16.73M | -16.23M | -21.11M | -30.86M | -23.74M | -19.59M | -17.94M | -10.65M | -12.37M | -3.31M | -4.13M | -1.07M |
| Depreciation & Amortization | 0 | 0 | 6.69K | 15K | 25.57K | 22.53K | 22.78K | 13.07K | 5.88K | 3.24K | 862 | 2.06K |
| Stock-Based Compensation | 128.64K | 312.83K | 3.3M | 5.41M | 4.73M | 5.35M | 4.25M | 3.53M | 5.44M | 1.32M | 2.66M | 441.38K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -4.61M | -4.54M | -3.41M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 813.37K | 739.93K | 773.48K | 0 | 0 | 3.54M | 4.54M | 3.41M | 5.45M | 545 | 269 | -59 |
| Working Capital Changes | 1.5M | -135.03K | -121.08K | 698.13K | 1.2M | 1.01M | -261.28K | 192.99K | 84.54K | -184.57K | 225.62K | -61.98K |
| Change in Receivables | 0 | 0 | 0 | 34.85K | -34.85K | 127 | 528 | 8.64K | -453 | -663 | -1 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.81K | -231.46K | 0 | 0 | 0 |
| Change in Payables | 129.34K | -331.23K | -323.31K | 954.69K | -530.27K | 780.23K | -247.29K | 141.19K | -443.14K | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 1.17K | -71.21K | 97.73K | -83.8K | -2.34M | -946.9K | -103.32K | -63.42K | -89.53K | -21.28K |
| Capital Expenditures | 0 | 0 | 0 | -71.38K | -59.73K | -83.8K | -2.34M | -946.9K | -103.32K | -63.42K | -89.53K | -21.28K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.17K | 169 | 157.47K | 0 | 0 | 0 | -81 | -58 | -85 | -20 |
| Cash from Financing | 28.87M | 21.54M | 12.01M | 10.59M | 6.43K | 25.68M | 41.59M | 1.27M | 15.39M | 793.97K | 2.71M | 724.91K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 28.87M | 21.54M | 12.01M | 10.59M | 6.43K | 25.68M | 41.59M | 1.27M | 15.39M | 793.97K | 5.41M | 0 |
| Dividends Paid | 0 | 0 | -277.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 277.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.71M | 724.91K |
| Net Change in Cash | 14.58M | 6.23M | -5.14M | -14.22M | -17.67M | 11.31M | 25.32M | -6.6M | 8.44M | -1.44M | 1.37M | 15.37K |
| Free Cash Flow | -14.29M | -15.31M | -17.15M | -24.81M | -17.78M | -14.37M | -16.27M | -7.87M | -6.95M | -2.24M | -1.34M | -709.54K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 6.14% | 10.72% | 30.88% | -39.55% | -23.73% | 11.7% | -106.88% | -13.18% | -210.95% | -67.07% | -88.54% | - |
| FCF per Share | -2.06 | -16.42 | -214.05 | -906.96 | -741.50 | -610.16 | -916.18 | -981.48 | -1009.27 | -388.70 | -246.96 | -760.50 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.94x | 0.81x | 0.80x | 0.75x | 0.69x | 0.78x | 0.65x | 0.55x | 0.66x | 0.30x | 0.64x |
| Interest Paid | 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 |
Liquidity and dilution risk
According to the provided financial data, Genprex consistently reports operating cash outflows that track closely with net losses, as evidenced by an OCF/NI ratio that frequently hovers near 0.85, indicating that non-cash adjustments provide only limited relief to the company's ongoing operational cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based expenditures rather than non-cash accounting charges. Investors should monitor this relationship, as the lack of significant divergence implies that the company's cash burn is highly sensitive to the underlying clinical trial cost structure.
As reported in financial statements, the company's free cash flow remains consistently negative, with quarterly outflows ranging from $1.4 million to $5.8 million, reflecting the heavy capital requirements necessary to sustain clinical development in the absence of any commercial revenue streams or self-funding capabilities.
The persistent negative free cash flow trajectory underscores the company's reliance on external financing to maintain its research pipeline. This trend appears unlikely to reverse in the near term, as the company remains in a pre-revenue stage where clinical trial costs are the primary driver of cash depletion.
Based on the reported figures, working capital changes have been inconsistent, fluctuating between a $1.7 million inflow and a $2.1 million outflow, which suggests that the timing of clinical trial accruals and vendor payments creates significant quarterly noise in the company's overall cash position.
This volatility in working capital indicates that management's ability to manage cash outflows is heavily dependent on the timing of clinical trial milestones and associated vendor obligations. Such fluctuations warrant further investigation to determine if they represent operational efficiencies or merely the lumpy nature of biotech research expenditures.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $2.1 million in 2024Q2, serves as a significant non-cash expense that masks the true economic cost of talent retention while simultaneously signaling potential future dilution for existing shareholders in the company's capital structure.
While stock-based compensation does not impact immediate cash reserves, it represents a real economic cost that is often overlooked in headline burn rate calculations. The reliance on equity-based incentives suggests that the company may continue to prioritize non-cash compensation to preserve limited cash, which may ultimately dilute the value of current equity holdings.
Quick answers to the most common questions about buying GNPX stock.
Genprex, Inc. (GNPX) generated $-15.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genprex, Inc. (GNPX) reported negative free cash flow of $15.3M in 2025, indicating capital requirements exceeded cash from operations.
Genprex, Inc. (GNPX) 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.