Liquidity remains under pressure as free cash flow margins fluctuate between -42.5% and -152.2%, with an OCF/NI ratio of 1.29 in 2026Q2 indicating that operational cash outflows are compounding net losses.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'02 | Jun'01 |
|---|
| Cash from Operations | -9.64M | -6.14M | -5.88M | -2.49M | -3.13M | -3.05M | -3.16M | -1.29M | -3.5M | -7.03M | -3.75M | -3.02M | -2.65M | -2.05M | -2.46M | -1.97M | -2.26M | -2.07M | -2.07M | -2.99M | -2.81M | -1.76M | -1.24M | -1.92M | -1.66M |
| Operating CF Margin % | - | -84.22% | -119.93% | -137.89% | -409.33% | -2089.45% | -125.66% | -53.88% | -190.16% | -503.59% | -374.97% | -301.38% | -264.43% | -1365.84% | -548.46% | -920.51% | -489.27% | -395.37% | -708.24% | -70.47% | -70.12% | -36.07% | -33.6% | -96.87% | -339.88% |
| Operating CF Growth % | -225.32% | -4.37% | -136.29% | 20.55% | -2.83% | 3.76% | -146.05% | 63.3% | 50.16% | -87.31% | -24.26% | -13.97% | -29.59% | 16.94% | -25.04% | 12.85% | -9.06% | 0.11% | 30.73% | -6.7% | -59.84% | -42.11% | 35.64% | -15.69% | - |
| Net Income | -8.5M | -5.22M | -6.94M | -3.79M | -2.85M | -6.25M | -2.93M | -3.33M | -3.01M | -6.8M | -4.07M | -2.69M | -2.5M | -3.54M | -2.3M | -2.6M | -1.91M | -2.32M | -2.86M | -3.28M | -3.56M | -1.33M | -1.16M | -1.7M | -1.55M |
| Depreciation & Amortization | 24.84K | 49.69K | 0 | 48.66K | 26.61K | 32.57K | 44.06K | 3.78K | 5.05K | 4.92K | 2.83K | 3.72K | 684.58K | 734.37K | 72.57K | 19.85K | 39.35K | 157.31K | 85.34K | 156.71K | 174.19K | 189K | 183.34K | 169K | 47K |
| Stock-Based Compensation | 152.12K | 304.24K | 0 | 226.95K | 94.89K | 0 | -533.91K | 0 | 242.95K | 522.66K | 0 | 16.04K | 0 | 57.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -842.14K | 76.11K | 0 | 610.96K | 0 | -347.31K | 0 | 0 | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -793.61K | -753.38K | 2.03M | 465.6K | -205.63K | 2.04M | -539.93K | 994.14K | -498.64K | -481.86K | 1.64M | 691.64K | -365.61K | 512.04K | -237.71K | 605.9K | -393.43K | 88.35K | 698.53K | 129.87K | 579.22K | -611.41K | -256.87K | -389.64K | -152.87K |
| Working Capital Changes | -521.51K | -521.51K | -974.81K | 1.4M | -269.92K | 1.14M | 181.26K | 1.05M | 104.36K | -793.42K | -1.33M | -711.38K | -826.1K | 384.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | -557.25K | -557.25K | -958.47K | 226.37K | -337K | 17.18K | 641.24K | 486.55K | 438K | 7.4K | -1.13M | -460.2K | -551.84K | 189.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 480.86K | 480.86K | -194.28K | -776.1K | 275.61K | 716.79K | -113.64K | 188.35K | -333.64K | -280.06K | -662.06K | -580.31K | -274.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 31.88K | 285.62K | 437.72K | -362.44K | 304.85K | -620.2K | -559.45K | 489.43K | 362.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.4M | -2.9M | 327.56K | -2.74M | 11.74K | -4.95K | -864 | -1.46K | -5.32K | -5.7K | -1.78K | -3.17K | -15.9K | -7.2K | -2.86K | -18.2K | 0 | 315.56K | 748.89K | 2.23M | 2.32M | -2.62M | 1.02M | 1.64M | -2.48M |
| Capital Expenditures | -4.66K | 0 | -195 | -7.74K | -10.05K | -4.95K | -864 | -1.46K | -6.59K | -5.7K | -1.78K | -3.17K | -15.9K | -7.2K | -2.86K | -18.2K | 0 | -4.89K | -14.41K | -17.97K | -62.32K | -140.67K | -114.42K | -94K | -1.95M |
| CapEx % of Revenue | 0.04% | 0% | 0% | 0.43% | 1.31% | 3.39% | 0.03% | 0.06% | 0.36% | 0.41% | 0.18% | 0.32% | 1.59% | 4.81% | 0.64% | 8.51% | - | 0.93% | 4.92% | 0.42% | 1.56% | 2.89% | 3.11% | 4.74% | 398.38% |
| Acquisitions | 0 | 0 | 0 | -2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 320.44K | -31 | 0 | 0 | 0 | 0 | 0 | 4.25K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.38M | -2.9M | 327.76K | -2.61M | 21.79K | 9.2K | 0 | 0 | 1.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 763.33K | 1.18M | 0 | 0 | 0 | -73 | -232 |
| Cash from Financing | 6.92M | 199.75K | 829 | -35.02K | -36.26K | 19.76M | 1.17M | 1.48M | 4.35M | 8.7M | 3.15M | -1.61K | 7.36M | -287.67K | -91K | -52.33K | -128.49K | -20.72K | -69.19K | 0 | -78.77K | -8.49K | 0 | 546.94K | -170.28K |
| Debt Issued (Net) | 0 | -65.66K | -15.6K | -35.02K | -36.26K | 0 | -366.65K | 0 | -365.86K | 0 | 1.36M | 0 | 0 | 479.25K | 949.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 6.63M | 396.83K | 24K | 0 | 0 | 19.79M | 1.58M | 1.48M | 5.47M | 10.39M | 1.79M | 0 | 9.67M | 1.58M | 2.21M | 856.22K | 3.99M | 815.44K | 1.74M | 0 | 1.75M | 4.25M | 150K | 546.94K | 4.26M |
| Dividends 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 |
| Share Repurchases | 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 |
| Other Financing | 291.56K | -131.42K | -7.58K | -9.65K | -6.18K | -30.29K | -41.39K | 0 | -757.35K | -1.69M | 0 | -1.61K | -2.3M | -2.34M | -3.25M | -908.55K | -4.12M | -836.16K | -1.81M | 0 | -1.82M | -8.49K | -150K | 0 | -4.43M |
| Net Change in Cash | 1.28M | -8.83M | -5.5M | -4.95M | -2.94M | 21.8M | -1.87M | 392.46K | 732.51K | 1.7M | -825.43K | -3.03M | 4.7M | 2.78K | 693.11K | -1.13M | 1.73M | -941.15K | 418.18K | -761.62K | 1.26M | -133.17K | -69.99K | 269.16K | -49.17K |
| Free Cash Flow | -9.64M | -6.14M | -5.88M | -2.5M | -3.14M | -3.05M | -3.17M | -1.29M | -3.51M | -7.04M | -3.76M | -3.02M | -2.67M | -2.05M | -2.47M | -1.99M | -2.26M | -2.08M | -2.09M | -3.01M | -2.87M | -1.9M | -1.35M | -2.01M | -3.6M |
| FCF Margin % | -73.95% | -84.22% | -119.94% | -138.32% | -410.65% | -2092.84% | -125.69% | -53.94% | -190.52% | -504% | -375.14% | -301.69% | -266.01% | -1370.64% | -549.1% | -929.01% | -489.27% | -396.3% | -713.16% | -70.9% | -71.68% | -38.96% | -36.71% | -101.61% | -738.25% |
| FCF Growth % | -40.27% | -4.36% | -135.57% | 20.56% | -3% | 3.63% | -145.84% | 63.33% | 50.1% | -87.37% | -24.18% | -13.41% | -29.91% | 16.75% | -24.04% | 12.05% | -8.8% | 0.57% | 30.66% | -5.01% | -51.27% | -40.48% | 32.96% | 44.13% | - |
| FCF per Share | -1.41 | -1.06 | -1.03 | -0.44 | -0.55 | -0.55 | -0.72 | -0.36 | -1.05 | -2.66 | -1.97 | -1.61 | -2.54 | -6.42 | -7.94 | -6.99 | -9.54 | -16.89 | -22.00 | -34.00 | -34.31 | -22.96 | -18.43 | -28.16 | -52.87 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.18x | 0.85x | 0.66x | 1.10x | 0.36x | 1.08x | 0.28x | 1.16x | 1.03x | 0.53x | 1.12x | 0.98x | 0.58x | 1.07x | 0.76x | 1.19x | 0.89x | 0.73x | 0.91x | 0.79x | 1.32x | 1.06x | 1.13x | 1.07x |
| Interest Paid | 8.95K | 7.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -113.41K | 0 | -3.73K | -3.38K | 0 | -4.94K | 0 | 0 | -168 | -2.43K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 179.62K | 0 | 213.9K | 263.73K | 0 | 268.44K | 282.52K | 0 | 299.88K | 332.75K | 0 | 0 |
High cash burn rate
As reported in recent financial statements, Immuron's operating cash flow consistently trails net income, with an OCF/NI ratio reaching 1.29 in 2026Q2, suggesting that the company's reported losses are being compounded by cash-based operational outflows rather than mitigated by non-cash accounting adjustments.
The persistent gap between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its accounting losses. This trend suggests that the underlying business model is not yet generating the operational efficiencies required to bridge the gap between clinical development costs and commercial revenue.
Based on the provided quarterly data, Immuron's free cash flow margins remain deeply negative, fluctuating between -42.5% and -152.2% over the last two years, which highlights the significant financial strain imposed by the company's ongoing clinical trial expenditures and limited commercial scale.
The extreme volatility in FCF margins appears to be driven by the timing of R&D milestones and clinical trial phases rather than consistent operational performance. Investors should monitor whether the company can stabilize these outflows as it approaches critical Phase III data readouts.
According to historical cash flow data, Immuron maintains an exceptionally low capital intensity, with CapEx/Revenue ratios frequently near 0.0%, indicating that the company's current business model is not reliant on heavy investment in physical infrastructure or equipment to support its antibody production platform.
The lack of significant capital expenditure suggests that the company's primary financial burden is operational R&D rather than asset-heavy manufacturing. While this preserves cash in the short term, it may also imply that the company is outsourcing critical production or lacks the internal capacity to scale manufacturing rapidly.
As indicated by the quarterly cash flow figures, negative working capital changes, such as the $487.4K outflow observed in 2024Q4, suggest that the company is struggling to manage its cash conversion cycle effectively, further exacerbating the pressure on its limited cash reserves.
These periodic outflows in working capital may reflect timing mismatches between inventory procurement and product sales. The inability to consistently generate positive working capital suggests that the company's commercial segment is not yet providing the liquidity buffer necessary to offset its R&D-related cash burn.
Analysis of the cash flow statement reveals that while stock-based compensation remains relatively low, the reliance on non-dilutive funding and the absence of significant depreciation suggest that the company's cash burn is almost entirely driven by direct clinical and administrative expenses.
The lack of meaningful non-cash adjustments implies that the reported cash burn is a transparent reflection of the company's high-cost R&D environment. This warrants further investigation into how long the current cash position can sustain operations before additional external financing becomes a necessity.
Quick answers to the most common questions about buying IMRN stock.
Immuron Limited (IMRN) generated $-6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immuron Limited (IMRN) reported negative free cash flow of $6.1M in 2025, indicating capital requirements exceeded cash from operations.
Immuron Limited (IMRN) 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.