Persistent negative free cash flow, which reached -$3.2M in 2026Q1, highlights a reliance on capital markets to offset the lack of self-sustaining operational cash generation.
| 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 |
|---|
| Cash from Operations | -10.42M | -9.96M | 8.56M | -9.56M | -10.43M | -10.68M | -7.32M | -8.15M | -10.84M | -6.47M | -8.41M | -4.46M | -950.62K | -2.96M | -5.22M |
| Operating CF Margin % | - | - | 53.49% | - | - | - | -60678.07% | -303.57% | -656.24% | -1587.3% | -1257.09% | - | - | - | - |
| Operating CF Growth % | -253.96% | -216.38% | 189.56% | 8.35% | 2.32% | -45.9% | 10.26% | 24.81% | -67.65% | 23.11% | -88.67% | -369.08% | 67.86% | 43.36% | - |
| Net Income | -11.06M | -10.84M | 3.59M | -12.51M | -13.58M | -13.77M | -6.86M | -7.1M | -10.81M | -13.22M | -13.34M | -8.39M | -1.55M | -3.68M | -5.81M |
| Depreciation & Amortization | 113.44K | 24.8K | 19.2K | 51.8K | 41.61K | 45.3K | 33.4K | 213.93K | 38.48K | 19.29K | 5.18K | 1.26K | 1.72K | 5.46K | 9.09K |
| Stock-Based Compensation | 497.22K | 900.24K | 656.59K | 754.94K | 462.45K | 842.48K | 723.86K | 852.23K | 875.29K | 870.31K | 511K | 1.22M | 26.82K | 184.03K | 396.38K |
| Deferred Taxes | -388.54K | -388.54K | -288.75K | 90.32K | -113.01K | -192.6K | 12.05K | 0 | 86.05K | -1.34M | -511K | 0 | 200.76K | 0 | 0 |
| Other Non-Cash Items | 3.82M | 3.61M | 911.27K | 3.88M | 2.1M | 3.44M | -903.5K | -1.93M | 2.28M | 91.05K | 511K | 1.68M | -1.11M | 533.27K | 5.12K |
| Working Capital Changes | -3.4M | -3.27M | 3.67M | -1.82M | 668.51K | -1.04M | -321.21K | -192.54K | -1.03M | 7.11M | 4.41M | 1.02M | 1.48M | 2.22K | 175.89K |
| Change in Receivables | -1.49M | -2.41M | 1.03M | -548.11K | -872.74K | -441.2K | -18.96K | 0 | -685.74K | 32.44K | 3.24M | -907.5K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167.44K | 0 | 0 | 0 |
| Change in Payables | -349.73K | 1.12M | 226.12K | -808.02K | 782.46K | -310.67K | 136.7K | 0 | -642.43K | -706.04K | 712.79K | -148.25K | 552.26K | -96.06K | 26.19K |
| Cash from Investing | 17.15M | 14.43M | -22.66M | 0 | 6.38K | -157.02K | -244.44K | 0 | -270K | -37K | 149.75K | -20K | 0 | 0 | 0 |
| Capital Expenditures | -115.81K | -110.79K | -6.26K | 0 | 0 | -63.87K | -20.08K | 0 | -270K | -37K | -11K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | 0.04% | - | - | - | 166.49% | - | 16.34% | 9.08% | 1.64% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -93.16K | -224.36K | 0 | 0 | 0 | 185.75K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 6.38K | 0 | 0 | 0 | -250 | 0 | -25K | -20K | 0 | 0 | 0 |
| Cash from Financing | 264.81K | 265.65K | 15.5M | 5.97M | 8.62M | 17.58M | 5M | 3.92M | 11.3M | 10.67M | 3.5M | 12.62M | 613.27K | 1.46M | -75.41K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -212.28K | 278.19K | -4.71K | 0 | 0 | -2.86K | 0 | 1.76M | 1.46M | 34.2K |
| Equity Issued (Net) | 265.82K | 265.65K | 15M | 6.97M | 5.36M | 17.75M | 5M | -2.61K | 10.11M | 10.59M | 3.77M | 14.1M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -15.63K | 0 | 0 | -2.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.01K | 0 | 499.29K | -1M | 3.26M | 50K | -280.69K | 3.93M | 1.2M | 82.17K | -267.61K | -1.49M | -1.14M | 1.32K | -109.6K |
| Net Change in Cash | 7.18M | 4.9M | 1.34M | -3.55M | -1.89M | 6.67M | -2.59M | -4.23M | 198.21K | 4.17M | -4.76M | 8.23M | -334.17K | -1.47M | -5.3M |
| Free Cash Flow | -10.53M | -10.07M | 8.55M | -9.56M | -10.43M | -10.74M | -7.34M | -8.15M | -11.11M | -6.51M | -8.42M | -4.46M | -950.62K | -2.96M | -5.22M |
| FCF Margin % | - | - | 53.46% | - | - | - | -60844.56% | -303.57% | -672.58% | -1596.38% | -1258.73% | - | - | - | - |
| FCF Growth % | -35.47% | -217.76% | 189.49% | 8.35% | 2.9% | -46.37% | 10.01% | 26.64% | -70.85% | 22.78% | -88.92% | -369.08% | 67.86% | 43.36% | - |
| FCF per Share | -2.52 | -2.45 | 2.07 | -17.76 | -14.24 | -44.54 | -63.92 | -102.53 | -187.94 | -273.73 | -572.18 | -434.07 | -82.18 | -332.69 | -587.39 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.92x | 2.38x | 0.76x | 0.77x | 0.78x | 1.07x | 1.15x | 1.00x | 0.49x | 0.63x | 0.53x | 0.54x | 0.76x | 0.87x |
| Interest Paid | 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 |
Imminent liquidity and dilution
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from -47.49 in 2025Q3 to 1.77 in 2025Q2, indicating that GAAP earnings provide little insight into the company's actual cash-based operational performance.
The extreme variance in the OCF/NI ratio suggests that non-cash items and accounting adjustments are the primary drivers of reported net income rather than core business activities. Investors should interpret these figures as evidence that the company's financial results are currently decoupled from the underlying cash burn required to sustain clinical development.
Based on quarterly filings, Kiora has consistently generated negative free cash flow in nine of the last ten quarters, with the exception of 2024Q3, confirming that the company remains in a deep cash-burning phase without a sustainable path to self-funded operations.
The lack of a positive FCF trajectory underscores the company's total reliance on external capital markets to fund its R&D pipeline. The absence of meaningful FCF margins suggests that the business model is currently structured to consume capital rather than generate it, necessitating constant monitoring of the cash runway.
According to recent SEC filings, working capital changes have been a significant source of cash flow instability, including a $2.1M outflow in 2025Q2 and a $3.3M inflow in 2024Q3, which suggests that timing differences in vendor payments and clinical trial accruals are driving short-term liquidity swings.
These erratic working capital movements imply that the company's cash position is highly sensitive to the timing of clinical trial milestones and associated payables. Such volatility warrants further investigation into whether these fluctuations represent genuine operational efficiency or merely the lumpy nature of biotech research expenditures.
As indicated by the provided data, the cash flow statement is heavily influenced by stock-based compensation and non-cash adjustments, which effectively mask the true economic cost of maintaining the company's clinical-stage operations and the ongoing depletion of its limited cash reserves.
The reliance on stock-based compensation to manage cash outflows suggests that the company is attempting to preserve liquidity at the expense of shareholder dilution. Analysts should be wary of interpreting these cash flow figures as indicative of operational health, as they do not account for the long-term cost of equity-based financing.
Quick answers to the most common questions about buying KPRX stock.
Kiora Pharmaceuticals, Inc. (KPRX) generated $-10.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kiora Pharmaceuticals, Inc. (KPRX) reported negative free cash flow of $10.1M in 2025, indicating capital requirements exceeded cash from operations.
Kiora Pharmaceuticals, Inc. (KPRX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.