The company exhibits a persistent cash burn, with quarterly free cash flow outflows frequently exceeding $8 million and an OCF/NI ratio as low as 0.40 in 2025Q2, indicating limited conversion efficiency.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Cash from Operations | -20.67M | -13.28M | -9.58M | -15.16M | -22.76M | -9.11M | -8.81M | -6.71M | -8.66M | -11.43M | -11.98M | -5.76M | -5.71M | -8.79M | 643K | -8.7M | -16.61M | -20.6M | -20.1M | -14.63M | -14.44M | -12.76M | -10.48M | -5.83M | -6.68M | -34.18M | -18.75M | -20.97M |
| Operating CF Margin % | - | -31614.29% | -415.12% | -2730810.81% | -227620% | -60.01% | -891.6% | -429009.58% | -66074.15% | -130.11% | -294.28% | -6471.02% | -6562.45% | -823.91% | 26.24% | -429.78% | -167.6% | -184.82% | -151.39% | -84.47% | -106.96% | -72.45% | -64.09% | -17.7% | -34.1% | -58.02% | -70.11% | -108.53% |
| Operating CF Growth % | -60.72% | -38.59% | 36.78% | 33.42% | -149.83% | -3.42% | -31.22% | 22.48% | 24.26% | 4.55% | -108.01% | -0.87% | 35.08% | -1467.61% | 107.39% | 47.59% | 19.4% | -2.51% | -37.41% | -1.26% | -13.24% | -21.76% | -79.7% | 12.76% | 80.45% | -82.27% | 10.59% | - |
| Net Income | -50.68M | -20.7M | -26.78M | -20.46M | -25.01M | -8.42M | -12.47M | -10.27M | -6.04M | -10.67M | -12.15M | -7.31M | -7.57M | -784.56K | -1.34M | -9.48M | -15.25M | -23.79M | -24.76M | -24.29M | -17.92M | -12.23M | -12.5M | -10.63M | -14.68M | -42.65M | 21.73M | -17.08M |
| Depreciation & Amortization | 1.4M | 934K | 1.87M | 1.87M | 1.87M | 1.26M | 1.08M | 1.08M | 1.55M | 1.41M | 643K | 574.96K | 572.14K | 336.18K | 25K | 83K | 198K | 282K | 353.28K | 976.21K | 1.39M | 1.62M | 1.71M | 1.88M | 1.85M | 0 | 0 | 1.35M |
| Stock-Based Compensation | 328.73K | 653K | 533K | 1.16M | 1.68M | 637K | 262K | 246K | 165K | 517K | 372K | 0 | 0 | 401.55K | 574K | 651K | 728K | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 168K | 1.81M | 3.97M | 3.51M | -225K | 0 | 0 | -541.83K | 9K | 2.98M | 2.9M | 23.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.85M | 8.85M | 4.79M | -2.05M | -2.15M | 3M | 474K | 62K | -9.84M | 1.33M | 100K | -124.39K | 813.88K | -4.86M | -7K | -3.25M | -2.91M | -23.79M | -87.8K | 3.66M | 881.34K | 0 | 461.99K | -11.87K | 493.78K | 3.95M | -43.38M | 599.21K |
| Working Capital Changes | -1.8M | -3.01M | 10M | 4.33M | 862K | -5.59M | 1.67M | 353K | 1.54M | -4.02M | -715K | 1.1M | 473.37K | -3.34M | 1.39M | 307K | -2.28M | 1.67M | 4.4M | 5.03M | 1.21M | -2.14M | -145.89K | 2.93M | 5.65M | 4.52M | 2.9M | -5.84M |
| Change in Receivables | 3.18M | 3.8M | 5K | 3.45M | -7K | -5.03M | 358K | 825K | 1.72M | -4.02M | 15K | -84.63K | 343.51K | 34.45K | 2.41M | -1.17M | 252K | 527K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 654K | 907K | -227K | 595K | 1.97M | 4.49M | 1.68M | -1.61M | -1.96M | 1.75M | 4.75M | 0 | 0 | -6.29M |
| Change in Payables | -4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.71M | -1.37M | -2.69M | 1.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | -2.37M | 0 | 0 | 2.36M | 150K | -7.12M | -522K | -89.68K | -26.98K | 171.52K | 6K | 287K | -10K | -89K | 3.73M | -37.73K | -309.95K | -754.1K | -630.77K | -721.28K | -104.8K | -1.54M | -2.58M | -4.94M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.65K | -525K | -97.47K | -26.98K | -10.15K | -1K | -56K | -22K | -94K | -95.11K | -299.47K | -319.39K | -754.1K | -709.43K | -755.42K | 0 | -1.87M | -2.69M | -4.94M |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | 0.13% | 12.9% | 109.52% | 31.01% | 0.95% | 0.04% | 2.77% | 0.22% | 0.84% | 0.72% | 1.73% | 2.37% | 4.28% | 4.34% | 2.29% | - | 3.18% | 10.08% | 25.58% |
| Acquisitions | 0 | 0 | 0 | 0 | -2.37M | 0 | 0 | 0 | 0 | -7.1M | 0 | 0 | 0 | 31.67K | 7.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -143.87K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.36M | 150K | -8.6K | 3K | 7.79K | 0 | 150K | -7.99M | 343K | 12K | 5K | 3.83M | 261.74K | 9.43K | 0 | 78.67K | 34.13K | 39.08K | 331.18K | 113.89K | 0 |
| Cash from Financing | 84.57M | 15.98M | 5.99M | 12.97M | 3.73M | 28.11M | 12.14M | 3.82M | 0 | -17.66K | 782K | 47.41M | 5.5M | 3.01M | 1.75M | 763K | 0 | 11.56M | 16.95M | 24.9M | 4.04K | 6.1M | 37.05M | 129.12K | 16.08M | 40.16M | 19.95M | 40.75M |
| Debt Issued (Net) | -522.48K | 0 | 405K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M | 0 | 0 | 0 | 0 | 2M | 0 | -15.33K | -750.62K | -839.35K | -675.11K | -841.5K | -740.67K | -885.75K | 1.82M | -1.2M |
| Equity Issued (Net) | 59.61M | 14.8M | 5.58M | 12.97M | 3.73M | 28.11M | 12.14M | 3.82M | 0 | 0 | 853K | 50.36M | 0 | 3.17M | 1.75M | 763K | 0 | 9.56M | 18.95M | 24.91M | 754.67K | 6.94M | 37.72M | 970.61K | 18.75M | 41.05M | 18.13M | 41.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.33M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 25.48M | 1.18M | -1 | 12.97M | 1 | 28.11M | 1K | 0 | 0 | -18K | -71K | -2.94M | 0 | -157K | 0 | 0 | 0 | 0 | -2M | 0 | 0 | -1 | 0 | 0 | -1.93M | 1 | 0 | 0 |
| Net Change in Cash | 66.05M | 2.69M | -3.58M | -2.12M | -20.23M | 18.82M | 3.33M | -522K | -8.5M | -19M | -10.92M | 41.87M | -236.31K | -5.61M | 2.33M | -8.37M | -18.21M | -2.05M | -4.12M | 8M | -13.6M | -11.27M | 27.24M | -8.88M | 8.81M | 4.52M | -1.16M | 14.83M |
| Free Cash Flow | -16.53M | -13.28M | -9.58M | -15.16M | -22.76M | -9.11M | -8.81M | -6.71M | -8.66M | -11.45M | -12.51M | -5.86M | -5.74M | -8.8M | 642K | -8.76M | -16.63M | -20.7M | -20.19M | -14.92M | -14.76M | -13.51M | -11.19M | -6.59M | -6.68M | -36.05M | -21.45M | -25.92M |
| FCF Margin % | -655.19% | -31614.29% | -415.12% | -2730810.81% | -227620% | -60.01% | -891.6% | -429009.58% | -66074.15% | -130.25% | -307.17% | -6580.54% | -6593.46% | -824.86% | 26.2% | -432.54% | -167.82% | -185.66% | -152.11% | -86.2% | -109.32% | -76.73% | -68.43% | -20% | -34.1% | -61.2% | -80.19% | -134.11% |
| FCF Growth % | 49.7% | -38.59% | 36.78% | 33.42% | -149.83% | -3.42% | -31.22% | 22.48% | 24.33% | 8.47% | -113.52% | -2.1% | 34.84% | -1471.32% | 107.33% | 47.32% | 19.66% | -2.49% | -35.29% | -1.1% | -9.28% | -20.78% | -69.86% | 1.45% | 81.47% | -68.1% | 17.24% | - |
| FCF per Share | -5.30 | -12.12 | -19.98 | -41.12 | -85.89 | -38.70 | -57.79 | -55.95 | -85.79 | -117.24 | -140.19 | -117.71 | -173.82 | -364.54 | 29.76 | -407.30 | -773.22 | -966.02 | -982.60 | -726.45 | -721.25 | -662.49 | -552.70 | -343.01 | -349.92 | -2104.81 | -1263.60 | -2273.31 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.64x | 0.36x | 0.74x | 0.91x | 1.08x | 0.71x | 0.65x | 1.43x | 1.07x | 0.99x | 0.81x | 0.76x | 8.53x | 0.49x | 1.34x | 1.35x | 1.09x | 0.99x | 0.73x | 0.89x | 1.04x | 0.84x | 0.56x | 0.46x | 0.80x | 1.37x | 1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent clinical funding shortfall
As reported in financial statements, Kazia’s operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.40 and 0.96 over the last several quarters, suggesting that accounting losses are not fully capturing the actual cash-based burn required to sustain the firm's clinical development programs.
The persistent gap between net income and operating cash flow indicates that non-cash items and accruals are insufficient to mask the underlying cash drain. Investors should interpret this as a signal that the company's operational reality is more cash-intensive than the headline net loss figures might imply.
Based on recent SEC filings, Kazia’s free cash flow remains deeply negative, with quarterly outflows frequently exceeding $8 million, confirming that the company lacks any self-sustaining commercial engine and remains entirely reliant on external financing to fund its ongoing research and development activities in the oncology space.
The absence of positive free cash flow is a structural feature of the current pre-revenue stage, but the volatility in these outflows warrants caution. The lack of a clear path toward cash flow breakeven suggests that the firm's survival is tied exclusively to the timing of clinical milestones.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $3.2 million inflow in 2023Q2 to a $694.2K outflow in 2024Q2, which suggests that the company’s liquidity management is heavily influenced by the timing of clinical trial payments and grant receipts.
This volatility in working capital suggests that the company lacks a predictable cash management cycle, which is typical for firms in the clinical-stage biotech sector. Analysts should monitor these fluctuations as they often reflect the timing of milestone-based payments to clinical research organizations rather than operational efficiency.
Based on reported figures, the cash flow statement obscures the true cost of development by failing to account for the dilutive impact of equity-based compensation, which has historically reached as high as $1.0 million in a single quarter, effectively masking the true economic cost of talent retention.
While stock-based compensation is a non-cash expense, it represents a significant transfer of value from shareholders that is not fully captured in the operating cash flow. Investors should consider this as a hidden cost that exacerbates the firm's reliance on future capital raises to maintain its operations.
Quick answers to the most common questions about buying KZIA stock.
Kazia Therapeutics Limited (KZIA) generated $-13.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kazia Therapeutics Limited (KZIA) reported negative free cash flow of $13.3M in 2025, indicating capital requirements exceeded cash from operations.
Kazia Therapeutics Limited (KZIA) 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.