Free cash flow burn accelerated 3.5x from -$34.2M in 2024Q1 to -$120.1M in 2026Q2, with no capital returns and minimal capex ($42K) underscoring an asset-light model.
Structure Therapeutics Inc. (GPCR) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -220.25M | -222.2M | -116.64M | -79.49M | -46.12M | -32.16M | -14.28M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -226.46% | -90.51% | -46.73% | -72.35% | -43.41% | -125.16% | - |
| Net Income | -215.06M | -141.2M | -122.53M | -89.62M | -51.32M | -38.05M | -15.88M |
| Depreciation & Amortization | 1.9M | 1.33M | 992K | 295K | 277K | 72K | 20.03K |
| Stock-Based Compensation | 39.84M | 28.99M | 18.79M | 8.19M | 2.51M | 1.49M | 570K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -16.36M | -23.05M | -16.86M | -5.32M | -558K | 268K | 56.97K |
| Working Capital Changes | -30.56M | -88.27M | 2.96M | 6.97M | 2.97M | 4.06M | 946K |
| Change in Receivables | 100.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.13M | 4.76M | 3.31M | -859.25K | 2.15M | 1.9M | 1.02M |
| Cash from Investing | -417.11M | 89.8M | -358.91M | -268.34M | -62.11M | 17.86M | -21.15M |
| Capital Expenditures | -4.21M | -3.61M | -1.29M | -2.17M | -155K | -1.21M | -19K |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 10.25M | 10.25M | 0 | -231.38K | 0 | 0 | 0 |
| Cash from Financing | 761.53M | 762.52M | 515.26M | 451.53M | 29.01M | 103.25M | 25.84M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 768.89M | 767.18M | 514.57M | 472.3M | 31.5M | 103.36M | 25.84M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.37M | -4.66M | 690K | -20.77M | -2.49M | -104K | 0 |
| Net Change in Cash | 125.62M | 630.12M | 39.72M | 103.7M | -79.21M | 88.95M | -9.59M |
| Free Cash Flow | -224.46M | -225.81M | -117.93M | -81.66M | -46.27M | -33.37M | -14.3M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -36.7% | -91.49% | -44.42% | -76.46% | -38.69% | -133.3% | - |
| FCF per Share | -3.09 | -3.81 | -2.24 | -2.22 | -1.26 | -0.91 | -0.39 |
| FCF Conversion (FCF/Net Income) | 1.04x | 1.57x | 0.95x | 0.89x | 0.90x | 0.80x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GPCR stock.
Structure Therapeutics Inc. (GPCR) generated $-222.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Structure Therapeutics Inc. (GPCR) reported negative free cash flow of $225.8M in 2025, indicating capital requirements exceeded cash from operations.
Structure Therapeutics Inc. (GPCR) spent $3.6M 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 failure risk
Metrics are mathematically derived from official filings.
Cash Conversion Distorted by Working Capital Swings
In 2026Q2, operating cash outflow of $120.1M exceeded the net loss of $106.2M, yielding an OCF/NI ratio of 1.13, as reported in the cash flow statement.
The negative cash conversion is primarily driven by a $27.8M working capital outflow, which contrasts sharply with the $81.8M inflow in 2026Q1. This volatility suggests that quarterly cash burn is not a reliable proxy for underlying R&D spending, as timing of payments and receivables can significantly distort the picture. Investors should focus on the trend in operating cash flow excluding working capital changes to gauge the true cash cost of clinical development.
Free Cash Flow Burn Accelerates Sharply
Free cash flow deteriorated from -$34.2M in 2024Q1 to -$120.1M in 2026Q2, a 3.5x increase, based on reported cash flow data.
The accelerating FCF burn reflects a deliberate ramp-up in R&D spending as GSBR-1290 advances into later-stage trials. With no revenue, FCF margins are undefined, but the magnitude of the burn is the key metric. Given the ~$800M cash position, the current quarterly burn implies a runway of roughly 6-7 quarters, which may necessitate additional financing before pivotal data readouts.
Minimal Capex Reflects Asset-Light Model
Capital expenditures averaged under $1M per quarter, with 2026Q2 capex of just $42K, as per the cash flow statement.
The negligible capex underscores a business model that outsources manufacturing and relies on contract research organizations for clinical trials. This keeps capital intensity low, but it also means that the company's value is tied almost entirely to intellectual property and clinical execution. As the pipeline matures, capex may rise if the company invests in internal manufacturing capabilities, but currently it is not a meaningful cash outflow.
Working Capital Volatility Masks Underlying Burn
Working capital changes swung from +$81.8M in 2026Q1 to -$27.8M in 2026Q2, a $109.6M reversal, as reported in the cash flow statement.
The extreme quarter-over-quarter swing in working capital suggests that the company's cash flow is heavily influenced by the timing of clinical trial payments and vendor settlements. This volatility makes it difficult to extrapolate a clean quarterly burn rate. Investors should normalize for working capital changes to assess the true operational cash burn, which appears to be in the $90-100M range per quarter based on recent quarters.
No Capital Returns, All Cash Reserved for R&D
No dividends or buybacks were paid in any of the ten quarters, with all cash flows directed toward R&D, according to the cash flow statement.
The absence of capital returns is typical for a clinical-stage biotech, but it highlights that shareholder value is entirely dependent on pipeline success. The company's cash is being deployed exclusively into clinical development, which is a high-risk, high-reward strategy. If GSBR-1290 fails, the cash will be depleted without any return, but if it succeeds, the payoff could be substantial.
Non-Cash Charges and One-Time Gains Obscure Cash Reality
Stock-based compensation of $12.6M in 2026Q2 and a one-time gain in 2025Q4 distort the relationship between net income and cash flow, as per the financial statements.
The 2025Q4 net income of $33.0M was a clear anomaly, likely driven by a non-cash gain, while operating cash flow was -$64.4M. This divergence underscores that net income is not a reliable indicator of cash generation for this company. Additionally, SBC, while non-cash, represents a real economic cost to shareholders through dilution. Investors should focus on cash burn excluding SBC to assess the true cash runway, which appears to be around $100M per quarter.