Persistent negative free cash flow, with quarterly outflows frequently exceeding $2.5 million, underscores a structural inability to self-fund operations through internal cash generation.
| 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 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -13.18M | -12.91M | -12.9M | -8.85M | -15.22M | -15.61M | -7.26M | -3.66M | -10.68M | -5.43M | -1.93M | -4.66M | -1.75M | -442K | -987K | -963K | -1.53M | -937K | -169K | -270K | -671K | -2.09M | -1.04M | -229K | -1.01M | -1.43M | -3.89M | -2.48M | -5.2M | -4.8M | -4.3M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | -17248.15% | -2867.21% | -120.11% | -288.6% | -3703.85% | -13954.55% | -1952.08% | -14.79% | -4.46% | -11.62% | -83.82% | -44.08% | -8.36% | -49.17% | -48.01% | -109.8% | -34.57% | -101.96% | -94.12% | -89.58% |
| Operating CF Growth % | -94.59% | -0.08% | -45.77% | 41.83% | 2.49% | -114.9% | -98.47% | 65.73% | -96.63% | -181.35% | 58.56% | -166.27% | -295.7% | 55.22% | -2.49% | 37.26% | -63.82% | -454.44% | 37.41% | 59.76% | 67.94% | -100.86% | -355.02% | 77.28% | 29.26% | 63.34% | -56.92% | 52.37% | -8.33% | -11.63% | 18.87% |
| Net Income | -47.73M | -28.35M | -13.16M | -7.6M | -20.88M | -58.01M | -28.3M | -38.65M | -259.19M | -143.25M | 21.03M | -32.73M | -23.49M | -501K | -5.17M | -3.7M | -3M | -2.25M | -5.01M | 280K | -4.94M | -3.11M | -2.66M | -791K | -822K | -3.5M | -4.64M | -4.45M | -7.1M | -5.2M | -6M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 7K | 2K | 1K | 2K | 22K | 2K | 3K | 23K | 31K | 55K | 251K | 178K | 301K | 154K | 785K | 177K | 282K | 412K | 443K | 838K | 1.6M | 1.2M | 1.4M |
| Stock-Based Compensation | 864K | 432K | 230K | 2.2M | 7.65M | 33.93M | 269K | 5.31M | 9.7M | 130.12M | 6.59M | 3.76M | 2.63M | 176K | 929K | 307K | 149K | 0 | 146K | 0 | 0 | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228.51M | 4.91M | -34.06M | 9.89M | 16.72M | -736K | 1.26M | 3.98M | 441K | 0 | 3.53M | 2K | -12K | -20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.67M | 15.93M | -800K | -5.28M | 10K | 538K | 18.36M | 25.6M | 10.18M | 1.37M | 1.7M | 13.51M | 2.59M | 140K | 1.45M | -2.18M | 761K | 874K | 349K | -1.14M | 3.17M | 1.63M | 2.58M | 94K | 0 | 1.01M | 73K | 772K | 500K | 200K | 0 |
| Working Capital Changes | 713K | -920K | 828K | 1.82M | -1.99M | 7.94M | 2.4M | 4.08M | 111K | 1.41M | 2.81M | 905K | -221K | 477K | 538K | 604K | 78K | 380K | 561K | 408K | 811K | -769K | -1.75M | 291K | -468K | 644K | 233K | 360K | -200K | -1M | 300K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 0 | -40K | 0 | 0 | 0 | 0 | 145K | 14K | 0 | -26K | -2.23M | -63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42K | 42K | 17K | -47K | -12K | -76K | 3K | 255K | 41K | 89K | -108K | 49K | 6K | -9K | 463K | 56K | 237K | 0 | -200K | 400K |
| Change in Payables | 102K | -1.3M | 937K | 1.96M | -2.03M | 7.08M | -838K | 3.15M | 136K | 1.41M | 880K | -276K | -276K | 480K | 605K | 0 | 0 | 5K | 252K | 0 | 0 | -152K | -118K | 288K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 12.89M | -2.01M | 12.14M | -23.04M | 0 | 200K | -36K | -4K | -1K | -1K | -6K | -63K | -2K | 0 | 0 | 0 | 0 | 2.76M | -108K | -6.07M | -309K | -98K | -180K | -156K | -303K | 2.15M | -200K | -100K | -400K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36K | -4K | 0 | -1K | -6K | 0 | -2K | 0 | 0 | 0 | 0 | -97K | -108K | -205K | -47K | -13K | -6K | -11K | -160K | -381K | -100K | -100K | -100K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 3.7% | 9.84% | - | 0.58% | - | - | - | - | 1.6% | 1.87% | 8.21% | 1.99% | 0.47% | 0.29% | 0.37% | 4.52% | 5.32% | 1.96% | 1.96% | 2.08% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -132K | 0 | -3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -2.01M | -12.14M | 0 | 0 | 200K | 0 | 0 | -1K | 0 | 0 | -63K | 0 | 0 | 0 | 0 | 0 | 3.06M | 0 | -2.65M | -262K | -147K | -174K | -145K | -143K | 2.53M | -100K | 0 | -300K |
| Cash from Financing | 19.74M | 15.78M | 2.98M | 6.27M | -224K | 42.32M | 12.53M | 3.43M | 10.2M | 5.99M | 1.9M | 3.85M | 2.58M | 425K | 930K | 1M | 296K | 2.21M | 0 | -2.56M | 1.37M | 4.09M | 5.69M | 247K | 1.41M | -212K | 5.47M | -1.48M | 6.8M | 5.9M | 4.4M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.21M | 12.53M | 3.43M | 10.73M | 5.99M | 1.9M | 3.85M | 2.58M | 425K | 930K | 977K | 0 | 2.21M | 0 | -3.06M | 1.35M | 1.86M | 1.69M | 0 | 1.41M | -212K | -401K | -1.48M | 100K | -300K | 200K |
| Equity Issued (Net) | 14.09M | 16M | 2.98M | 6.27M | -224K | 24.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250K | 0 | 0 | 500K | 70K | 285K | 4.01M | 21K | 0 | 0 | 5.87M | 0 | 6.8M | 6.2M | 4.3M |
| Dividends Paid | -229K | -229K | 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 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -224K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -700K | 0 | 0 |
| Other Financing | 5.88M | 0 | 0 | 0 | 0 | 16.43M | 0 | 0 | -533K | 0 | 0 | 0 | 0 | 0 | 0 | 24K | 46K | 0 | 0 | 0 | -47K | 1.95M | 0 | 226K | 0 | 0 | 0 | 0 | -100K | 0 | -100K |
| Net Change in Cash | 6.56M | 2.86M | 2.96M | -4.59M | -3.3M | 3.67M | 5.27M | -32K | -516K | 557K | -28K | -808K | 812K | -80K | 31K | 38K | -1.24M | 1.27M | -169K | -68K | 594K | -4.07M | 4.32M | -52K | 203K | -1.84M | 1.27M | -1.79M | 1.3M | 900K | 4.4M |
| Free Cash Flow | -13.18M | -12.91M | -12.9M | -8.85M | -15.22M | -15.61M | -7.26M | -3.66M | -10.71M | -5.43M | -1.93M | -4.66M | -1.75M | -442K | -989K | -963K | -1.53M | -937K | -169K | -367K | -779K | -2.3M | -3.34M | -242K | -1.01M | -1.44M | -4.05M | -2.86M | -5.3M | -4.9M | -4.4M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | -17251.85% | -2877.05% | -120.11% | -289.18% | -3703.85% | -13954.55% | -1952.08% | -14.79% | -6.07% | -13.49% | -92.03% | -141.24% | -8.83% | -49.46% | -48.38% | -114.32% | -39.89% | -103.92% | -96.08% | -91.67% |
| FCF Growth % | -20.44% | -0.08% | -45.77% | 41.83% | 2.49% | -114.9% | -98.47% | 65.85% | -97.15% | -181.55% | 58.57% | -165.41% | -297.06% | 55.31% | -2.7% | 37.26% | -63.82% | -454.44% | 53.95% | 52.89% | 66.1% | 31.18% | -1279.75% | 76.13% | 29.39% | 64.52% | -41.6% | 46.08% | -8.16% | -11.36% | 18.52% |
| FCF per Share | -0.44 | -2.34 | -6.80 | -6.57 | -0.48 | -0.55 | -1.66 | -1.08 | -3.63 | -5.51 | -12088.22 | -310533.33 | -3782.33 | -31571.43 | -76076.92 | -4563.98 | -511666.67 | - | -4694.44 | -10194.44 | -22911.76 | -69636.36 | -0.00 | -12100.00 | -144857.14 | -205142.86 | -578142.86 | -476333.33 | -883333.33 | -999999.00 | -628571.43 |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.46x | 0.98x | 1.17x | 0.73x | 0.27x | 0.26x | 0.09x | 0.04x | 0.04x | -0.20x | 0.22x | 0.07x | 0.88x | 0.19x | 0.26x | 0.51x | 0.42x | 0.03x | -0.57x | 0.14x | 0.67x | 0.39x | 0.29x | 1.23x | 0.41x | 0.83x | 0.55x | 0.73x | 0.92x | 0.72x |
| 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 | 0 | 0 | 0 |
| Taxes 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 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from 0.10 to 2.84, suggesting that accounting-based earnings are disconnected from the actual cash burn required to sustain the company's clinical development pipeline.
The extreme variance in the OCF/NI ratio indicates that net income is heavily influenced by non-cash items or non-operating adjustments rather than core operational efficiency. Investors should monitor this divergence, as it implies that reported profitability metrics provide little insight into the actual cash requirements of the business.
Based on GTBP's reported figures, the company has consistently generated negative free cash flow over the last ten quarters, with quarterly outflows frequently exceeding $2.5 million, underscoring a structural inability to self-fund operations through internal cash generation while advancing its TriKE platform.
The absence of positive free cash flow is a direct consequence of the company's pre-revenue status and high R&D intensity. This trajectory suggests that the firm remains entirely dependent on external capital markets, leaving it highly sensitive to shifts in investor sentiment toward early-stage biotechnology.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $1.6 million inflow in 2025Q4 to a $1.3 million outflow in 2025Q1, which complicates the assessment of the company's underlying operational efficiency and short-term liquidity management.
These fluctuations in working capital appear to be driven by the timing of clinical trial payments and vendor obligations rather than sustainable operational improvements. Such volatility warrants further investigation, as it may temporarily mask the true underlying cash burn rate during periods of heavy clinical activity.
Analysis of the cash flow statement reveals that stock-based compensation, while relatively modest, serves as a recurring non-cash adjustment that obscures the true economic cost of talent retention, as noted in the company's historical financial disclosures over the past ten quarters.
While SBC is a standard practice in the biotech sector, its presence suggests that the company is managing its cash position by utilizing equity-based incentives to preserve limited liquidity. Investors should be wary of the potential for future share count expansion, which may be necessary to offset the ongoing cash burn.
Quick answers to the most common questions about buying GTBP stock.
GT Biopharma, Inc. (GTBP) generated $-12.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GT Biopharma, Inc. (GTBP) reported negative free cash flow of $12.9M in 2025, indicating capital requirements exceeded cash from operations.
GT Biopharma, Inc. (GTBP) 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.
In 2025, GT Biopharma, Inc. (GTBP) returned $0.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.