The firm exhibits a structural cash burn, evidenced by ten consecutive quarters of negative free cash flow, with quarterly outflows reaching as high as $4.5M in 2026Q3.
| Cash from Operations | -11.1M | -9.68M | -9.57M | -7.38M | -3.36M | -11.3M | -498.62K | -5.58M | -5.38M | -243.89K |
| Operating CF Margin % | - | -317.03% | -307.59% | -586.96% | - | -570.39% | -264.18% | - | - | - |
| Operating CF Growth % | -24.34% | -1.1% | -29.74% | -119.69% | 70.27% | -2165.56% | 91.06% | -3.58% | -2107.84% | - |
| Net Income | -11.61M | -10.6M | -10.19M | -10.66M | -8.33M | -7.06M | -3.19M | -7.39M | -5.06M | -311.67K |
| Depreciation & Amortization | 1.18M | 1.21M | 1.21M | 966.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 85.58K | 238.04K | 230.5K | 260K | 0 | 0 | 0 | 1.95M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 548.92K | 196.56K | -122.29K | 1.98M | 2.54M | 704.36K | 67.26K | 1.89M | -36.39K | -62.35K |
| Working Capital Changes | -1.27M | -720.78K | -701.93K | 78.92K | 2.44M | -4.94M | 2.63M | -132.81K | -327.88K | 65.07K |
| Change in Receivables | -2.91M | -2.86M | -13.81K | 591.79K | 2.5M | -1.03M | 118.06K | 0 | 0 | 0 |
| Change in Inventory | 86.54K | 142.32K | 202.37K | -345.39K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.31M | 0 | -632.95K | 84.5K | 242.66K | -973K | 2.41M | -132.81K | -327.88K | 65.07K |
| Cash from Investing | -295.29K | -231.84K | -221.43K | -694.14K | -880.22K | 0 | -14K | 0 | 0 | 0 |
| Capital Expenditures | -336.04K | -231.84K | -221.43K | -505.12K | -380.22K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 8.59% | 7.59% | 7.12% | 40.19% | - | - | - | - | - | - |
| Acquisitions | 40.94K | 0 | 0 | -189.02K | 0 | 0 | -14K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -191 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 15.54M | 4.6M | 14.56M | 1.44M | 0 | 23.4M | 733.86K | 5.32M | 5.18M | 299.92K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -150.99K | 0 | 1.43M | 3.85M |
| Equity Issued (Net) | 15.56M | 4.59M | 12.9M | 2.78M | 0 | 24.89M | 1M | 0 | 0 | -168.71K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -20.14K | 7.94K | 1.66M | -1.34M | 0 | -1.49M | -116.4K | 5.32M | 3.75M | -3.38M |
| Net Change in Cash | 4.06M | -5.28M | 4.77M | -6.7M | -4.34M | 12.15M | 229.33K | -220.48K | 362.39K | 59K |
| Free Cash Flow | -11.44M | -9.91M | -9.79M | -7.88M | -3.74M | -11.3M | -498.62K | -5.58M | -5.38M | -243.89K |
| FCF Margin % | -292.35% | -324.62% | -314.71% | -627.15% | - | -570.39% | -264.18% | - | - | - |
| FCF Growth % | -7.91% | -1.19% | -24.24% | -110.86% | 66.91% | -2165.56% | 91.06% | -3.58% | -2107.84% | - |
| FCF per Share | -7.17 | -18.79 | -30.75 | -39.24 | -50.98 | -216.93 | -7.03 | -92.34 | -89.16 | -4.04 |
| FCF Conversion (FCF/Net Income) | 0.99x | 0.92x | 0.94x | 0.69x | 0.40x | 1.61x | 0.16x | 0.76x | 1.07x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 185.3K | 327.31K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to quarterly financial data, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios fluctuating between 0.59 and 1.56, suggesting that accruals and non-cash adjustments are significantly distorting the company's underlying ability to generate actual cash from its reported diagnostic operations.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for cash generation, likely due to the heavy reliance on non-cash expenses and volatile working capital swings. Investors should monitor whether this divergence persists as the company attempts to scale its fingerprint-based drug testing platform.
As reported in financial statements, INBS has failed to achieve positive free cash flow in any of the last ten quarters, with quarterly cash outflows consistently ranging between $1.6M and $4.5M, highlighting a structural inability to fund operations through internal product sales or licensing revenue.
The consistent negative FCF trajectory underscores the company's status as a cash-consuming entity that remains entirely dependent on external financing. This trend suggests that the current business model is not yet self-sustaining, necessitating a critical evaluation of the company's runway.
Based on reported figures, working capital changes have been highly inconsistent, swinging from a $839.9K inflow in 2024Q2 to a $1.7M outflow in 2026Q3, which indicates significant friction in the company's cash conversion cycle and potential challenges in managing inventory or accounts receivable effectively.
These erratic swings in working capital suggest that the company's operational efficiency is currently compromised by its early-stage commercial status. The lack of a predictable cash cycle warrants further investigation into whether these fluctuations are driven by lumpy sales or inefficient supply chain management.
Data from recent filings indicates that while stock-based compensation has been used to preserve cash, the company's reliance on external capital remains acute, with operating losses frequently outpacing any potential cash savings from non-cash accounting adjustments or limited capital expenditure requirements during the observed period.
The reliance on stock-based compensation to manage cash flow may mask the true cost of talent acquisition and retention in a competitive diagnostic market. Investors should be wary of the potential for continued shareholder dilution as the company seeks to bridge its persistent funding gap.
Quick answers to the most common questions about buying INBS stock.
Intelligent Bio Solutions Inc. (INBS) generated $-9.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intelligent Bio Solutions Inc. (INBS) reported negative free cash flow of $9.9M in 2025, indicating capital requirements exceeded cash from operations.
Intelligent Bio Solutions Inc. (INBS) 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.