Cash flow generation remains non-existent, with the company failing to produce positive free cash flow, leaving it entirely dependent on external financing to sustain its operations as evidenced by the $2.1 million cash balance.
| Cash from Operations | 0 | -9.86M | -9.37M | -9.76M | -7.38M | -7.88M | -1.88M | -1.11M | 4.8K |
| Operating CF Margin % | - | -3412.11% | - | - | 157.76% | - | - | - | - |
| Operating CF Growth % | -100% | -5.2% | 3.92% | -32.2% | 6.31% | -319.88% | -68.86% | -23245.83% | - |
| Net Income | -12.64M | -13.22M | -11.05M | -11.29M | -10.27M | -16.95M | -7.23M | -4.58M | -39.6K |
| Depreciation & Amortization | 0 | 449K | 171K | 111K | 361K | 25K | 203K | 76K | 0 |
| Stock-Based Compensation | 0 | 0 | 1.89M | 1.49M | 4.88M | 6.7M | 3.9M | 3.29M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 204K | -3.29K | 0 |
| Other Non-Cash Items | 0 | 3.13M | 48K | -108K | -3.05M | 2.58M | 701K | 12.29K | 0 |
| Working Capital Changes | 0 | -219K | -432K | 41K | 704K | -233K | 348K | 84K | 44.4K |
| Change in Receivables | 0 | 0 | 0 | 190K | 29K | -468K | 10K | -46K | -3.6K |
| Change in Inventory | 0 | -291K | -444K | 0 | -29K | 468K | -10K | 46K | 0 |
| Change in Payables | 0 | -105K | -44K | 46K | 71K | 87K | -70K | 72K | 0 |
| Cash from Investing | 0 | 565K | 1.49M | 4.59M | -7.25M | -246K | -26K | -71K | 0 |
| Capital Expenditures | 0 | -103K | -164K | -206K | -304K | -176K | -23K | -31K | 0 |
| CapEx % of Revenue | 0% | 35.64% | - | - | -6.5% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.65M | 4.8M | 175K | -70K | -3K | -40K | 0 |
| Cash from Financing | 0 | 7.33M | 7.9M | 3.45M | -399K | 30.42M | 2.29M | 1.27M | 3.6K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -399K | 7.2M | 2.29M | 1.27M | 0 |
| Equity Issued (Net) | 0 | 7.33M | 7.9M | 3.45M | 0 | 23M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 4K | 3K | 0 | 227K | 0 | 0 | 3.6K |
| Net Change in Cash | -5.04M | -1.94M | 71K | -1.71M | -16.97M | 23.25M | 400K | 88K | 9.6K |
| Free Cash Flow | 0 | -9.96M | -9.54M | -9.96M | -7.68M | -8.05M | -1.9M | -1.14M | 4.8K |
| FCF Margin % | 0% | -3447.75% | - | - | 164.26% | - | - | - | - |
| FCF Growth % | -100% | -4.47% | 4.26% | -29.65% | 4.58% | -324.07% | -66.29% | -23891.67% | - |
| FCF per Share | 0.00 | -0.34 | -0.52 | -0.82 | -0.71 | -1.52 | -0.26 | -0.08 | 0.00 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.75x | 848.10x | 0.86x | 1.84x | 0.46x | 0.26x | 0.24x | -0.12x |
| Interest Paid | 0 | 0 | 72K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
As reported in recent financial statements, IINN's operating cash flow has remained effectively at zero for the majority of the last ten quarters, highlighting a profound disconnect between accounting losses and the actual cash resources available to fund the company's ongoing clinical development and regulatory milestones.
The persistent gap between net income and operating cash flow suggests that the company is not generating any meaningful cash from its core operations. Investors should monitor this lack of conversion, as it indicates that the business model is currently entirely dependent on external financing rather than internal cash generation.
Based on the provided quarterly data, IINN has failed to establish a positive free cash flow trajectory, with nearly every period showing zero or negative cash generation, which underscores the company's status as a pre-commercial entity reliant on capital markets to sustain its research-heavy cost structure.
The absence of a positive FCF trend suggests that the company is in a deep investment phase where cash outflows are strictly tied to R&D and administrative overhead. This trajectory warrants caution, as there is no evidence of operational self-sufficiency emerging from the current clinical trial activities.
According to historical cash flow filings, IINN's capital expenditure has been largely dormant, with the exception of a $172,000 outlay in 2022Q4, suggesting that the firm has yet to commit to the significant infrastructure or manufacturing assets required for full-scale commercial production of its ART system.
The lack of consistent capital investment implies that the company is currently prioritizing clinical validation over the build-out of physical production capacity. Analysts should interpret this as a sign that the firm is deferring major capital commitments until regulatory hurdles are cleared and commercial demand is validated.
As indicated by the company's financial records, capital deployment is currently non-existent regarding dividends or share repurchases, as the firm's primary focus remains the preservation of its limited cash reserves to fund the high-cost development of its proprietary respiratory technology and associated regulatory submissions.
The absence of capital return programs is expected for a firm in this stage of development, but it highlights the extreme pressure on management to allocate every dollar toward survival. Investors should monitor whether future capital raises are used for genuine commercial scaling or merely to cover the ongoing operational burn.
Based on the provided data, the cash flow statement appears to obscure the true extent of the company's financial fragility by showing minimal activity, which may mask the underlying reality that the firm is rapidly depleting its cash reserves to fund its high-intensity R&D operations.
The lack of significant cash flow movement suggests that the company is operating in a 'maintenance mode' that does not reflect the high-stakes nature of its clinical development. This may indicate that the firm is managing its cash burn through extreme austerity, which could potentially jeopardize the speed and quality of its regulatory progress.
Quick answers to the most common questions about buying IINN stock.
Inspira Technologies OXY B.H.N. Ltd. (IINN) generated $-9.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inspira Technologies OXY B.H.N. Ltd. (IINN) reported negative free cash flow of $10.0M in 2025, indicating capital requirements exceeded cash from operations.
Inspira Technologies OXY B.H.N. Ltd. (IINN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.