Liquidity is under pressure as evidenced by a negative free cash flow trajectory, with quarterly outflows ranging from $1.6 million to $3.1 million over the last ten periods.
| Cash from Operations | -10.07M | -9.8M | -6.98M | -8.45M | -9.3M | -12.09M | -6.13M | -4.95M | -2.1M | -465.24K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -117.02% | -40.49% | 17.39% | 9.15% | 23.1% | -97.13% | -23.97% | -135.29% | -351.94% | - |
| Net Income | -11.69M | -12.47M | -8.19M | -8.11M | -11.37M | -14.31M | -7.2M | -7.7M | -2.5M | -2.02M |
| Depreciation & Amortization | -4.35K | 0 | 0 | 0 | 0 | 0 | 1.04K | 1.23K | 1.22K | 188 |
| Stock-Based Compensation | 0 | 1.19M | 804.28K | 216.43K | 620.8K | 1.32M | 737.75K | 2.5M | 143.05K | 1.47M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -49.38K | -3.66K | 0 | 0 |
| Other Non-Cash Items | 1.45M | 1.29M | 581 | -70.08K | 858.82K | 370.83K | 506.96K | 95K | 168.16K | 1.45M |
| Working Capital Changes | 169.91K | 184.15K | 405.19K | -487.32K | 594.48K | 529.92K | -131.75K | 169.64K | 80.46K | 49.47K |
| 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 | 646.15K | 644.17K | 153.01K | 0 | 590.63K | 535.34K | -151.99K | 267.36K | 94.36K | 47.92K |
| Cash from Investing | -152.8K | -300K | 0 | 0 | 1.16M | -165.35K | -1.84M | -895K | 0 | -303.68K |
| Capital Expenditures | 0 | -300K | 0 | 0 | -74K | -116.97K | -167.46K | -95K | 0 | -303.68K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 116.97K | -410K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 147.2K | 0 | 0 | 0 | 0 | -116.97K | -50K | 0 | 0 | -450K |
| Cash from Financing | 2.95M | 9.31M | 4.74M | 11.32M | 6.04M | 18.19M | 8.73M | 7.45M | 1.15M | 2M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.32M | 9.69M | 1.06M | 11.31M | 5.99M | 17.84M | 8.67M | 7.45M | 0 | 1.99M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132.16K | 0 |
| Other Financing | -376K | -376K | 3.68M | 2.35K | 50K | 359.51K | 56.25K | 163 | 1.15M | 9K |
| Net Change in Cash | -7.27M | -791.46K | -2.25M | 2.86M | -2.11M | 5.91M | 738.8K | 1.61M | -947.82K | 1.23M |
| Free Cash Flow | -10.07M | -9.8M | -6.98M | -8.45M | -9.37M | -12.21M | -6.3M | -5.04M | -2.1M | -768.92K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -25.17% | -40.49% | 17.39% | 9.87% | 23.23% | -93.74% | -24.96% | -139.81% | -173.45% | - |
| FCF per Share | -0.64 | -0.71 | -1.09 | -2.48 | -7.83 | -13.67 | -12.74 | -13.75 | -5.58 | -2.00 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.79x | 0.85x | 1.08x | 0.82x | 0.84x | 0.85x | 0.64x | 0.84x | 0.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
According to historical financial data, Hoth Therapeutics consistently reports operating cash outflows that frequently exceed net losses, as evidenced by the 1.80 OCF/NI ratio observed in 2023Q4, highlighting the disconnect between accounting losses and the actual cash required to sustain the firm's clinical research activities.
The recurring tendency for operating cash flow to be more negative than net income suggests that non-cash adjustments are insufficient to offset the actual cash drain of the company's R&D programs. Investors should monitor this trend, as it indicates that the company's cash-based burn rate is more aggressive than the headline net loss figures might imply.
As reported in financial statements, Hoth Therapeutics has maintained a consistently negative free cash flow trajectory over the last ten quarters, with quarterly outflows ranging from $1.6 million to $3.1 million, underscoring the firm's total reliance on external capital to fund its ongoing clinical development pipeline.
The absence of any positive free cash flow generation confirms the company's status as a pre-revenue entity that is entirely dependent on external financing. This trajectory appears unlikely to shift until the company successfully transitions to a licensing-revenue model or achieves a significant clinical milestone that attracts non-dilutive capital.
Based on reported figures, Hoth Therapeutics experiences significant quarterly fluctuations in working capital, such as the $1.1 million outflow in 2023Q4, which directly exacerbates the company's cash burn and complicates the predictability of its remaining operational runway in the absence of commercial revenue streams.
These swings in working capital likely reflect the timing of payments to clinical research organizations and academic partners rather than operational efficiency. Such volatility warrants further investigation, as it creates unpredictable liquidity demands that may force management to accelerate financing timelines.
As indicated by the company's financial history, the cash flow statement obscures the true cost of its licensing-heavy model by failing to capture the long-term obligations inherent in its academic partnerships, which remain off-balance sheet until milestone payments are triggered and cash is actually deployed.
The reliance on external IP means that the company's cash flow statement does not fully reflect the potential future liabilities associated with its pipeline. Investors should consider that the current cash burn may be an understatement of the total capital required to maintain these exclusive research agreements through to commercialization.
Quick answers to the most common questions about buying HOTH stock.
Hoth Therapeutics, Inc. (HOTH) generated $-9.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hoth Therapeutics, Inc. (HOTH) reported negative free cash flow of $9.8M in 2025, indicating capital requirements exceeded cash from operations.
Hoth Therapeutics, Inc. (HOTH) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.