Free cash flow remains deeply negative with quarterly outflows consistently exceeding $20 million throughout 2025, reflecting the heavy capital intensity of clinical development.
Helus Pharma Inc. (HELP) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Jul'19 | Jul'18 | Jul'17 |
|---|
| Cash from Operations | -152.97M | -132.42M | -101.3M | -68.91M | -47.43M | -45.21M | -19.03M | -1.39K | -83.78K | -237.03K | 2.81K |
| Operating CF Margin % | - | 296.35% | -21449.59% | - | -18895.68% | -26947.42% | -2202.2% | - | - | - | - |
| Operating CF Growth % | -245.8% | -30.72% | -47.01% | -45.28% | -4.92% | -137.59% | - | 98.35% | 64.65% | -8523.1% | - |
| Net Income | -183.27M | -147.05M | -113.14M | -78.08M | -47.49M | -67.63M | -32.22M | -1.94K | -100.52K | -221.01K | -127.22K |
| Depreciation & Amortization | 123.64K | 120K | 472.27K | 424K | 251K | 168K | 49K | 1.95M | 0 | 0 | 0 |
| Stock-Based Compensation | 5M | 0 | 42.87M | 13.89M | 4.69M | 18.03M | 11.55M | 154 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 25.66M | 15.76M | -21.71M | -111K | -3.44M | 4.01M | 2.86M | -1.95M | 20K | 101.16K | 0 |
| Working Capital Changes | -1.14M | -1.25M | -9.79M | -5.03M | -1.44M | 213K | -1.27M | -226 | -3.26K | -117.17K | 130.03K |
| Change in Receivables | -1.18M | -928.04K | -1.41M | -1.09M | -948K | -773K | -1.49M | -178 | 0 | -2.81K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -511K | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.62M | -1.35M | -1.97M | 6.92M | -3.31M | -770K | -1.19M | -170 | -35K | -10K | -10K |
| Capital Expenditures | -1.62M | -1.36M | -1.97M | -710K | -142K | -105K | -135K | 0 | -35K | -10K | -10K |
| CapEx % of Revenue | - | -3.05% | 416.29% | - | 56.57% | 62.59% | 15.63% | - | - | - | - |
| Acquisitions | -24 | 9.94K | 0 | 7.63M | 0 | 0 | -958K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -3.17M | -415K | -96K | -170 | 0 | 0 | 0 |
| Cash from Financing | 188.38M | 196.97M | 20.2M | 254.51M | 13.56M | 35.78M | 82.72M | 5.26K | 0 | 247.32K | 440K |
| Debt Issued (Net) | -20.19M | 24.19M | -290K | -149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 208.45M | 172.78M | 20.49M | 254.66M | 13.56M | 35.78M | 76.24M | 0 | 0 | 267.07K | 439.55K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 116.59K | 0 | 0 | 0 | 0 | 0 | 6.49M | 5.26K | 0 | -19.75K | 448 |
| Net Change in Cash | 33.95M | 63.96M | -73.97M | 192.36M | -37.01M | -10.38M | 62.48M | 3.71K | -118.78K | 294 | 432.81K |
| Free Cash Flow | -154.59M | -133.79M | -103.27M | -69.62M | -50.74M | -45.73M | -19.26M | -1.39K | -118.78K | -247.03K | -7.18K |
| FCF Margin % | - | 299.4% | -21865.88% | - | -20213.93% | -27257.39% | -2228.94% | - | - | - | - |
| FCF Growth % | -58.74% | -29.55% | -48.33% | -37.21% | -10.96% | -137.44% | - | 98.83% | 51.91% | -3338.08% | - |
| FCF per Share | -2.95 | -3.84 | -5.11 | -3.48 | -10.40 | -10.39 | -7.32 | -0.00 | -0.33 | -0.77 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.90x | 0.90x | 0.88x | 1.00x | 0.67x | 0.59x | 0.00x | 0.83x | 1.07x | -0.02x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HELP stock.
Helus Pharma Inc. (HELP) generated $-132.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Helus Pharma Inc. (HELP) reported negative free cash flow of $133.8M in 2026, indicating capital requirements exceeded cash from operations.
Helus Pharma Inc. (HELP) spent $1.4M on capital expenditures in 2026. 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 regulatory failure
Earnings Quality Obscured by Volatility
According to quarterly financial data, the relationship between net income and operating cash flow is highly inconsistent, with OCF/NI ratios fluctuating from 0.45 in 2025Q2 to 2.57 in 2025Q3, suggesting that headline earnings are poor indicators of the company's actual cash-based operational performance.
The wide variance in the conversion ratio suggests that non-cash items and working capital swings are significantly distorting the reported net loss figures. Investors should interpret these fluctuations as evidence that the company's cash burn is driven by timing-sensitive clinical expenditures rather than a predictable operational cadence.
Persistent Cash Burn Remains Elevated
As reported in financial statements, Cybin's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $20 million throughout 2025, reflecting the heavy capital requirements of its ongoing clinical development programs and the absence of any offsetting commercial revenue streams.
The consistent negative free cash flow confirms that the company is in a pure capital-consumption phase. The lack of a clear path to positive cash flow suggests that the current burn rate will necessitate further external financing to sustain operations through the completion of Phase 3 trials.
Minimal Capital Intensity in R&D
Based on reported figures, Cybin maintains a remarkably low capital expenditure profile, with quarterly outlays rarely exceeding $300,000, which indicates that the company's primary resource consumption is directed toward operational R&D expenses rather than the acquisition of heavy physical infrastructure or manufacturing assets.
The low level of traditional capital expenditure is typical for a clinical-stage biotech firm that relies on outsourced clinical research organizations. This suggests that the company's asset base is primarily intellectual property, which requires ongoing maintenance through clinical trials rather than physical capital investment.
Working Capital Volatility Impacts Liquidity
Analysis of recent filings reveals that working capital changes are a significant source of cash flow volatility, with swings ranging from a $13.2 million outflow in 2025Q1 to an $8.6 million inflow in 2025Q4, complicating the predictability of the company's short-term liquidity position.
These erratic working capital movements likely reflect the timing of milestone payments and clinical trial site settlements. Investors should monitor these shifts closely, as they can temporarily mask or exacerbate the underlying structural cash burn of the business.
Share-Based Compensation Masks Burn
As noted in historical cash flow statements, share-based compensation has been a material non-cash adjustment, peaking at $33.5 million in 2025Q2, which effectively obscures the true economic cost of talent acquisition and retention during this critical development phase.
While these charges are non-cash, they represent a significant dilution risk that is not fully captured by the headline cash burn figures. The reliance on equity-based incentives suggests that management is attempting to preserve cash, but this comes at the expense of long-term shareholder equity dilution.