Persistent negative free cash flow, with quarterly outflows frequently exceeding $20 million, highlights the extreme capital intensity of the current clinical pipeline.
| 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 |
|---|
| Cash from Operations | -81.33M | -85.81M | -84.77M | -70.83M | -65.14M | -83.23M | -46.12M | -28.55M | -43.16M | -40.4M | -35.77M | -49.95M | -40.83M | -28.65M | -9.24M | -7.83M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | -566481.71% | - | - | - | - | - |
| Operating CF Growth % | -4.72% | -1.23% | -19.68% | -8.73% | 21.73% | -80.45% | -61.58% | 33.87% | -6.85% | -12.92% | 28.38% | -22.36% | -42.51% | -209.91% | -18.04% | - |
| Net Income | -104.29M | -97.17M | -100.51M | -93.61M | -120.41M | -92.94M | -44.02M | -34.93M | -41.48M | -52.08M | -40.97M | -52.02M | -47.67M | -32.72M | -6.7M | -5.88M |
| Depreciation & Amortization | 158K | 168K | 134K | 111K | 77K | 85K | 39K | 50K | 727K | 998K | 1.81M | 1.33M | 1.09M | 799K | 651K | 961K |
| Stock-Based Compensation | 6.82M | 8.86M | 8.53M | 7.1M | 7.93M | 5.95M | 2.75M | 6.51M | 3.74M | 5.48M | 4.68M | 4.03M | 2.51M | 948K | 144K | 36K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 4.33M | 0 | -355K | 1.22M | 0 | 0 | 0 | 0 | 0 | -7K | 0 |
| Other Non-Cash Items | 5.06M | 497K | 6.52M | 523K | 37.73M | 8.63M | -2.53M | 1.54M | 234K | 255K | 85K | 6.68M | -2.58M | 1.29M | -2.86M | -2.85M |
| Working Capital Changes | 10.92M | 1.84M | 564K | 15.05M | 9.53M | -9.28M | -2.37M | -1.36M | -7.61M | 4.95M | -1.38M | -3.29M | 5.82M | 1.03M | -473K | -104K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.41M | 1.24M | 3.15M | 817K | 799K | 176K | 1M | -462K | -770K | 287K | -459K | 281K | 46K | -91K | -219K | -186K |
| Cash from Investing | -116K | -161K | -264K | 9.46M | -9.74M | -67K | -146K | 10.54M | -415K | -678K | -21K | -1.28M | -2.04M | 11.91M | -14.59M | -18K |
| Capital Expenditures | -116K | -161K | -264K | -334K | -112K | -67K | -146K | -55K | -597K | -685K | -556K | -2.34M | -1.41M | -1.48M | -261K | -18K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | 8804.27% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.67M | 0 | 7K | 2K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75K | 182K | 7K | 535K | 1.06M | -631K | -608K | -335K | 0 |
| Cash from Financing | 254.22M | 65.58M | 74.54M | 1.03M | 95.76M | 42.84M | 144.43M | 34.9M | 4K | 37.98M | 12.37M | 32.42M | 106.92M | 50.45M | 27.5M | 8.25M |
| Debt Issued (Net) | 0 | 0 | 74.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.4M | 2.29M |
| Equity Issued (Net) | 254.22M | 65.58M | 191K | 853K | 95.57M | 42.75M | 144.43M | 35.16M | 0 | 38M | 12.36M | 32.19M | 106.07M | 53.2M | 21.1M | 6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74M | 0 | 0 | 0 |
| Share Repurchases | 123K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1 | 0 | 77K | 180K | 187K | 92K | 0 | -270K | 4K | -14K | 19K | 232K | 5.6M | -2.75M | 0 | -32K |
| Net Change in Cash | 172.32M | -20.18M | -11.01M | -60.07M | 19.88M | -40.59M | 98.08M | 16.3M | -43.58M | -3.09M | -23.43M | -18.82M | 64.05M | 33.71M | 3.67M | 416K |
| Free Cash Flow | -81.45M | -85.97M | -85.03M | -71.16M | -65.26M | -83.3M | -46.27M | -28.6M | -43.76M | -41.08M | -36.33M | -52.29M | -42.23M | -30.13M | -9.51M | -7.85M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | -575285.98% | - | - | - | - | - |
| FCF Growth % | 1.7% | -1.1% | -19.49% | -9.05% | 21.66% | -80.03% | -61.78% | 34.65% | -6.52% | -13.08% | 30.52% | -23.81% | -40.16% | -217.01% | -21.1% | - |
| FCF per Share | -2.70 | -5.52 | -8.49 | -16.06 | -20.51 | -35.22 | -29.54 | -37.04 | -413.15 | -412.27 | -462.99 | -831.59 | -708.89 | -21364.15 | -6739.22 | -5565.09 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.88x | 0.84x | 0.76x | 0.54x | 0.90x | 1.05x | 0.82x | 1.04x | 0.78x | 0.87x | 0.96x | 0.86x | 0.88x | 1.38x | 1.33x |
| Interest Paid | 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 |
Imminent liquidity and dilution
As reported in financial statements, Immunic's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.53 and 1.00 over the last ten quarters, highlighting the persistent gap between accounting losses and the actual cash required to sustain clinical development activities.
The divergence between net income and operating cash flow suggests that non-cash adjustments, likely related to warrant liability revaluations, are significantly distorting the headline loss figures. Investors should monitor this gap closely, as it indicates that the company's cash burn is driven by operational requirements rather than accounting accruals.
Based on Immunic's reported figures, the company maintains a persistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $20 million, underscoring the heavy capital requirements necessary to fund the ongoing Phase 3 ENSURE trials without any offsetting revenue streams to mitigate the burn.
The lack of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of these outflows relative to the remaining cash balance warrants further investigation. This trend suggests that the company remains entirely dependent on external financing to maintain its current operational pace.
According to recent SEC filings, Immunic's working capital changes have been highly erratic, swinging from a $10.6 million inflow in 2026Q1 to a $4.0 million outflow in 2024Q1, which complicates the assessment of the company's underlying cash consumption rate during its critical clinical trial phase.
These fluctuations appear to be driven by the timing of payments to contract research organizations rather than operational efficiency. Such volatility may obscure the true underlying burn rate, making it difficult for investors to forecast the exact timing of the next liquidity event.
As indicated by the provided data, the cash flow statement obscures the true cost of operations by including non-cash stock-based compensation and warrant adjustments, which may lead investors to underestimate the actual cash drain required to support the company's broad and capital-intensive clinical development pipeline.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the company's financial health is more fragile than the headline numbers might imply. Analysts should focus on the net cash used in operating activities as the primary indicator of the company's runway.
Quick answers to the most common questions about buying IMUX stock.
Immunic, Inc. (IMUX) generated $-85.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immunic, Inc. (IMUX) reported negative free cash flow of $86.0M in 2025, indicating capital requirements exceeded cash from operations.
Immunic, Inc. (IMUX) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.