Free cash flow remains deeply negative with a quarterly burn rate of $7.9 million in 2025Q3, highlighting a critical dependence on external capital to sustain operations.
| Cash from Operations | -19.91M | -26.77M | -39.33M | -18.47M | -15.84M | -54.53M | -81.92M | -75.89M | -30.6M | -11.3M |
| Operating CF Margin % | - | - | - | - | - | - | -221410.81% | -8733.03% | -6024.41% | - |
| Operating CF Growth % | -20.52% | 31.93% | -112.91% | -16.61% | 70.95% | 33.44% | -7.95% | -147.97% | -170.88% | - |
| Net Income | -26.96M | -24.77M | -38.37M | -44.43M | -91.56M | -52.01M | -103.13M | -77.06M | -29.41M | -13.46M |
| Depreciation & Amortization | 1.32M | 284K | 1.75M | 1.8M | 2.1M | 161K | 152K | 136K | 65K | 0 |
| Stock-Based Compensation | 206K | 363K | 784K | 22.11M | 4.32M | 2.76M | 2.17M | 1.29M | 392K | 348K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 61.6M | 1.41M | 0 | -701K | 44K | 0 |
| Other Non-Cash Items | 8.42M | 10.09M | -6.26M | -258K | 8.14M | 17.71M | 984K | 2.04M | -95K | -830K |
| Working Capital Changes | -2.9M | -12.73M | 2.76M | 2.31M | -440K | -24.56M | 17.9M | -1.6M | -1.6M | 1.82M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -279.19K | -4.75M | 2.22M | 1.9M | 63K | -14.67M | 11.45M | 849K | 1.67M | 1.19M |
| Cash from Investing | 1.09M | 18.21M | 23.34M | 13.96M | -54.59M | -11K | 40.1M | -8.66M | -31.59M | 0 |
| Capital Expenditures | -14.57K | -2K | -13K | -62K | -61K | -11K | -24K | -90K | -812K | 0 |
| CapEx % of Revenue | 3.73% | - | - | - | - | - | 64.86% | 10.36% | 159.84% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 54.53K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -54.53K | 0 | 0 | -8.57K | -30.77K | 0 |
| Cash from Financing | 16.27M | 26.69M | 1.03M | -1.82M | 83.13M | 64.47M | 2.06M | 120.84M | 45.87M | 20.85M |
| Debt Issued (Net) | -109.46K | 0 | 0 | -2.25M | -6.52M | -5.49M | -1.03M | 14.51M | 0 | 0 |
| Equity Issued (Net) | 31.12M | 26.69M | 1.03M | 433K | 89.64M | 69.96M | 3.04M | 106.33M | 45.87M | 20.85M |
| 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 | -14.74M | 0 | 0 | 0 | 0 | 0 | 60K | 0 | 0 | 0 |
| Net Change in Cash | -2.4M | 18.05M | -15.02M | -6.38M | 12.69M | 9.93M | -39.78M | 36.19M | -16.32M | 9.55M |
| Free Cash Flow | -19.93M | -26.77M | -39.34M | -18.54M | -15.9M | -54.54M | -81.95M | -75.98M | -31.42M | -11.3M |
| FCF Margin % | -5110.05% | - | - | - | - | - | -221475.68% | -8743.38% | -6184.25% | - |
| FCF Growth % | 43.64% | 31.95% | -112.26% | -16.55% | 70.84% | 33.45% | -7.85% | -141.85% | -178.07% | - |
| FCF per Share | -0.44 | -1.36 | -3.04 | -1.51 | -1.46 | -2.27 | -78.04 | -120.30 | -57.21 | -0.81 |
| FCF Conversion (FCF/Net Income) | 0.74x | 1.08x | 1.02x | 0.42x | 0.17x | 1.05x | 0.79x | 0.98x | 1.04x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 22K | 416K | 996K | 1.4M | 809K | 0 | 0 |
| Taxes Paid | 81K | 220K | 401K | 821K | 435K | 120K | 414K | 352K | 439K | 130K |
Binary regulatory approval dependence
As reported in quarterly financial statements, Iterum's operating cash flow to net income ratio has fluctuated significantly, reaching a high of 2.39 in 2023Q3, which suggests that cash burn is frequently decoupled from accounting losses due to the timing of clinical trial-related working capital adjustments.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses do not fully capture the immediate liquidity requirements of its clinical development programs. Investors should monitor this divergence, as it implies that cash outflows are driven more by milestone-based vendor payments than by the accrual-based expenses recognized on the income statement.
Based on recent SEC filings, Iterum's free cash flow trajectory remains deeply negative, with a quarterly burn rate that reached $7.9 million in 2025Q3, underscoring the company's ongoing reliance on external financing to sustain its research and development operations in the absence of meaningful commercial revenue.
The lack of positive free cash flow margins highlights the company's status as a pre-commercial entity that is entirely dependent on capital markets for survival. This trend suggests that until the company can demonstrate a sustainable revenue model, the cash burn will likely continue to necessitate further dilutive equity or debt financing.
According to historical cash flow data, working capital changes have been a major source of quarterly variance, including a significant $7.8 million outflow in 2024Q1, which indicates that the timing of clinical trial payments creates substantial, non-linear pressure on the company's limited cash reserves.
The erratic nature of these working capital swings suggests that management's liquidity position is highly sensitive to the timing of vendor settlements and regulatory milestones. This volatility makes it difficult to forecast the exact date of cash exhaustion, as sudden shifts in payables can rapidly accelerate the depletion of the company's $24.1 million cash balance.
As indicated by the provided financial data, the company's cash flow statement obscures the true cost of operations by excluding significant non-cash stock-based compensation and capitalized costs, which, when combined with D&A, suggest that the underlying cash burn is more severe than headline net losses imply.
The reliance on stock-based compensation to preserve cash is a common strategy for clinical-stage biotechs, but it effectively shifts the burden of funding onto shareholders through dilution. Analysts should be wary that the reported cash burn may understate the total economic cost of operations when the dilutive impact of equity-based incentives is fully accounted for.
Quick answers to the most common questions about buying ITRM stock.
Iterum Therapeutics plc (ITRM) generated $-26.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Iterum Therapeutics plc (ITRM) reported negative free cash flow of $26.8M in 2024, indicating capital requirements exceeded cash from operations.
Iterum Therapeutics plc (ITRM) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.