Free cash flow remains consistently negative, with a $1.0 million outflow in 2026Q1, reflecting a structural inability to self-fund operations through internal cash generation.
| Cash from Operations | -3.76M | -3.44M | -3.96M | 81K | -353K | -412K | -38.53K |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -325.87% | 13% | -4982.72% | 122.95% | 14.32% | -969.16% | - |
| Net Income | -5.84M | -5.45M | -2.6M | -1.81M | -1.05M | -2.15M | -1.05M |
| Depreciation & Amortization | 160K | 160K | 160K | 160K | 160K | 98K | 0 |
| Stock-Based Compensation | 0 | 0 | 218K | 913K | 0 | 300K | 800K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.06M | 2.65M | 254K | 56K | 408K | 144K | 0 |
| Working Capital Changes | -1.14M | -806K | -1.98M | 764K | 129K | 1.19M | 212.82K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -212K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | -109K | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -109K | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.82M | 6.66M | 5.13M | -425K | 717K | 580K | 37K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 895K | 330K | 50K |
| Equity Issued (Net) | 3.82M | 3.06M | 5.52M | -425K | -57K | 250K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 3.6M | -390K | 0 | -121K | 0 | -13K |
| Net Change in Cash | 59K | 3.22M | 1.18M | -344K | 364K | 59K | -1.53K |
| Free Cash Flow | -2.92M | -3.44M | -3.96M | 81K | -353K | -412K | -38.53K |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 37.83% | 13% | -4982.72% | 122.95% | 14.32% | -969.16% | - |
| FCF per Share | -0.14 | -0.19 | -0.35 | 0.01 | -0.03 | -0.03 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.63x | 1.52x | -0.04x | 0.34x | 0.19x | 0.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the provided financial statements, Kairos Pharma exhibits a persistent gap between net losses and operating cash outflows, with the OCF/NI ratio fluctuating significantly, reaching 0.63 in 2026Q1, which suggests that non-cash items and working capital adjustments are masking the true pace of cash depletion.
The divergence between net income and operating cash flow indicates that the company's accounting losses do not fully capture the immediate liquidity impact of its clinical development programs. Investors should monitor this ratio closely, as the volatility in cash conversion suggests that timing differences in clinical trial payments are currently driving cash flow more than operational efficiency.
Based on reported figures, the company's free cash flow remains consistently negative, with a 2026Q1 outflow of $1.0 million, underscoring a structural inability to self-fund operations as the firm continues to prioritize pipeline advancement over the preservation of its limited cash reserves.
The persistent negative FCF trajectory confirms that the business is in a pure cash-consumption phase with no internal mechanism to offset R&D expenditures. This trend warrants further investigation into how long the company can sustain such outflows before requiring external capital to avoid a liquidity shortfall.
As reported in recent filings, working capital changes have been highly erratic, swinging from a $299,000 inflow in 2024Q1 to a $1.7 million outflow in 2024Q3, which suggests that the company is managing its payables aggressively to navigate its extremely constrained liquidity position.
The significant fluctuations in working capital appear to be a tactical response to the company's limited cash balance rather than a reflection of operational scale. This behavior may indicate that the firm is stretching its payment terms with clinical vendors, which could pose a risk to trial continuity if suppliers demand more stringent payment schedules.
Based on the provided data, the cash flow statement obscures the true intensity of clinical burn by grouping essential R&D costs within operating activities, while the minimal depreciation of $40,000 per quarter highlights that the firm's asset base remains largely intangible and non-productive at this stage.
The lack of significant capitalized costs suggests that the company is expensing the majority of its development efforts, which provides a clearer, albeit more painful, view of the actual burn rate. Analysts should be wary that the reported cash flow figures do not account for the potential need for future capital expenditures should the company transition to internal manufacturing or larger-scale clinical infrastructure.
Quick answers to the most common questions about buying KAPA stock.
Kairos Pharma, Ltd. (KAPA) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kairos Pharma, Ltd. (KAPA) reported negative free cash flow of $3.4M in 2025, indicating capital requirements exceeded cash from operations.
Kairos Pharma, Ltd. (KAPA) 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.