Liquidity is under severe pressure as evidenced by the $86.0M free cash flow outflow in 2026Q1, which has reduced the cash position to $39.1M from $224.5M in 2024Q4.
| 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 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -77.98M | -64.06M | 134.32M | -124.82M | -110.06M | -104.55M | -69.83M | -54.76M | -48.66M | -28.44M | -25.35M | -17.93M | -2.55K | -24.42K | -22.68K | -19.24K | -19.24K | -21.37K | -31.77K |
| Operating CF Margin % | - | -94.93% | 249.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -129.06% | -147.69% | 207.61% | -13.41% | -5.27% | -49.72% | -27.52% | -12.55% | -71.07% | -12.2% | -41.42% | -703669.14% | 89.57% | -7.67% | -17.84% | 0% | 9.93% | 32.74% | - |
| Net Income | -294.57M | -278.67M | -173.98M | -152.63M | -135.84M | -130.47M | -89.63M | -63.14M | -60.45M | -35.43M | -27.56M | -22.63M | -11.01K | -27.32K | -27.04K | -22.39K | -22.39K | 0 | 0 |
| Depreciation & Amortization | 2.43M | -7.46M | 848K | 849K | 759K | 558K | 194K | 0 | 10K | 30K | 31K | 20K | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 29.27M | 37.11M | 33.9M | 28.08M | 26.32M | 23.58M | 12.81M | 9.41M | 8.65M | 4.54M | 2.09M | 2.26M | 711 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 4.6M | 0 | 0 | -1.44M | -260K | 129K | 439K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 25.97M | 515K | -12.62M | -8.94M | 1.68M | 399K | 410K | -1.1M | 184K | 118K | 42K | 579K | 4.4K | 11.33K | 31.68K | 69.29K | -625 | 0 | 0 |
| Working Capital Changes | 158.92M | 184.44M | 286.17M | 7.82M | -2.98M | -3.22M | 6.38M | 74K | 4.38M | 2.56M | -80K | 1.4M | 3.35K | -8.44K | -27.32K | -66.14K | 3.78K | 0 | 0 |
| Change in Receivables | 39.4M | -6.74M | 0 | 0 | 0 | 0 | 0 | 210K | -8K | 79K | 135K | -400K | -90 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -430K | -413K | 0 | 0 | 0 | 0 | 0 | -856K | -443K | -750K | -199K | 153K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.29M | 4.5M | 15.2M | 10.33M | -802K | -2.52M | 5.68M | 856K | 5.1M | 3.61M | 471K | 2.81M | -1.5K | -1.08K | 762 | 1.89K | 3.78K | 0 | 0 |
| Cash from Investing | 64.08M | -13.1M | -101.59M | 15.56M | 32.63M | -126.83M | -99.94M | -46.33M | -79.3M | -23.42M | 12.18M | -70.63M | -84 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -6.47M | -6.64M | -472K | -168K | -626K | -1.15M | -2.17M | 0 | 0 | 0 | 0 | -64K | -84 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 9.04% | 9.84% | 0.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -33.25K | 125.69K | 97.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 156.93M | 0 | 0 | 0 | 33.25K | -125.69K | -97.77K | 0 | -79.3K | -23.42K | 12.18K | -70.56K | -28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.72M | 1.79M | 154.42M | 94.78M | 38.56M | -3.44M | 469.33M | 111.1M | 132.64M | 53.57M | 7.45M | 102.87M | 6K | 25K | 25K | 35K | 35K | 25K | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 10M | -7.25M | -250K | 0 | -623K | 0 | 7.45M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.2M | 1.79M | 145.81M | 93.58M | 24.72M | 4.43M | 459.33M | 108.17M | 132.17M | 0 | 0 | 97.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | -6.57K | -4.8K | -4.22K | 0 | 0 | 0 |
| Other Financing | 515K | 0 | 8.6M | 1.21M | 3.84M | -611K | 10.25M | 2.94M | 1.09M | 53.57M | 0 | 0 | 2M | 25K | 25K | 35K | 35K | 25K | 0 |
| Net Change in Cash | -12.19M | -75.36M | 187.14M | -14.48M | -38.87M | -234.82M | 299.57M | 10.02M | 4.69M | 1.71M | -5.72M | 14.32M | 1.12M | 582 | -22.68K | 15.76K | 15.76K | 3.63K | -31.77K |
| Free Cash Flow | -84.46M | -70.7M | 133.84M | -124.99M | -110.69M | -105.7M | -72M | -54.76M | -48.66M | -28.44M | -25.35M | -17.99M | -2.63K | -24.42K | -22.68K | -19.24K | -19.24K | -21.37K | -31.77K |
| FCF Margin % | -117.9% | -104.76% | 248.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -176.4% | -152.82% | 207.08% | -12.92% | -4.72% | -46.8% | -31.48% | -12.55% | -71.07% | -12.2% | -40.91% | -683632.42% | 89.23% | -7.67% | -17.84% | 0% | 9.93% | 32.74% | - |
| FCF per Share | -0.95 | -0.81 | 1.55 | -1.71 | -1.65 | -1.59 | -1.36 | -1.31 | -1.38 | -1.22 | -1.36 | -1.81 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.29x | 0.23x | -0.77x | 0.82x | 0.81x | 0.80x | 0.78x | 0.87x | 0.80x | 0.80x | 0.92x | 0.79x | 0.00x | 0.89x | 0.84x | 0.86x | 0.86x | 1.07x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 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 | 0 | 0 | 0 |
Clinical trial binary outcome
As reported in recent financial filings, Kura's operating cash flow frequently diverges from net income due to lumpy milestone payments, with the 2025Q4 period showing a $117.3M cash inflow against a $81.0M net loss, illustrating the volatility inherent in non-recurring, partnership-driven revenue recognition models.
The relationship between net income and operating cash flow is heavily distorted by the timing of collaboration milestones rather than core operational efficiency. Investors should monitor this disconnect, as the positive cash flow in specific quarters does not reflect a sustainable transition to profitability but rather the episodic nature of biotech licensing agreements.
Based on quarterly cash flow statements, Kura's free cash flow trajectory remains deeply negative, with the firm recording a $86.0M outflow in 2026Q1, underscoring the company's reliance on external financing to sustain its intensive clinical development programs in the absence of recurring product-based cash generation.
The consistent negative free cash flow margin highlights the structural deficit inherent in the company's current R&D-heavy business model. Without a shift toward commercialization or sustained royalty streams, the current trajectory suggests that the company will continue to consume its cash reserves at an accelerating pace.
According to historical data, working capital changes have been the primary driver of quarterly cash flow fluctuations, most notably the $282.3M swing in 2024Q4, which suggests that deferred revenue and milestone-related accruals are significantly more impactful than day-to-day operational efficiency in managing the company's liquidity.
The extreme swings in working capital are indicative of the accounting treatment for large, one-time partnership payments rather than operational improvements in collections or payables. This volatility makes it difficult to gauge the underlying cash requirements of the business, as these movements are largely exogenous to the firm's internal operational performance.
Analysis of recent SEC filings reveals that stock-based compensation, which reached $11.4M in 2025Q4, effectively masks the true magnitude of the company's cash-based operational burn, complicating the assessment of the firm's underlying financial health and the actual cost of talent retention in a competitive biotech environment.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not captured in the operating cash flow statement. Investors should adjust for these figures to understand the true cash-based burn rate required to maintain the current clinical trial infrastructure.
Quick answers to the most common questions about buying KURA stock.
Kura Oncology, Inc. (KURA) generated $-64.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kura Oncology, Inc. (KURA) reported negative free cash flow of $70.7M in 2025, indicating capital requirements exceeded cash from operations.
Kura Oncology, Inc. (KURA) spent $6.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.