Free cash flow has deteriorated to a quarterly burn of $23.3 million in 2026Q1, reflecting an accelerating consumption profile as the firm advances its clinical pipeline.
| Cash from Operations | -51.63M | -35.21M | -53.05M | -12.09M | -2.73M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -186.54% | 33.63% | -338.66% | -343.33% | - |
| Net Income | -39.17M | -25.2M | -63.1M | -6.28M | -14.35M |
| Depreciation & Amortization | 325.5K | 321K | 91K | 4K | 2K |
| Stock-Based Compensation | 1.37M | 0 | 3.16M | 295K | 431K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.01M | 3.33M | 3.48M | -4.8M | 11.1M |
| Working Capital Changes | -16.17M | -13.65M | 3.31M | -1.31M | 86K |
| Change in Receivables | -205K | -268K | 114K | -154K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.43M | -910K | 0 | 0 | 0 |
| Cash from Investing | -42.41M | -39.89M | 23.23M | -28.01M | 123K |
| Capital Expenditures | -78K | -52K | -769K | -25K | 0 |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 2.5M | 0 | 0 | 0 | 0 |
| Cash from Financing | 396.39M | 302.56M | 38.31M | 33.68M | 22.96M |
| Debt Issued (Net) | 0 | 0 | 0 | 725K | 25M |
| Equity Issued (Net) | 92.91M | 302.56M | 40M | 35M | 903K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 303.49M | 0 | -1.69M | -2.05M | -2.95M |
| Net Change in Cash | 306.45M | 227.19M | 8.5M | -6.42M | 20.36M |
| Free Cash Flow | -51.71M | -35.26M | -53.82M | -12.12M | -2.73M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | - | 34.49% | -344.1% | -344.24% | - |
| FCF per Share | -1.83 | -1.39 | -15.21 | -3.42 | -0.77 |
| FCF Conversion (FCF/Net Income) | 1.32x | 1.40x | 0.84x | 1.93x | 0.19x |
| Interest Paid | 0 | 0 | 0 | 1.98M | 0 |
| Taxes Paid | 0 | 0 | 1K | 1K | 1K |
Clinical trial execution burn
According to the provided financial data, LBRX consistently reports operating cash outflows exceeding net losses, with the 2026Q1 operating cash flow of -$23.3 million compared to a net loss of -$19.1 million, indicating a persistent disconnect between accounting accruals and actual cash depletion during clinical development.
The OCF/NI ratio of 1.22 in 2026Q1 suggests that non-cash expenses are insufficient to bridge the gap between reported losses and actual cash burn. This divergence implies that the company is consuming cash at a rate that outpaces its accounting losses, likely due to aggressive working capital requirements or upfront clinical trial payments.
As reported in recent financial statements, the company's free cash flow has deteriorated to a quarterly burn of -$23.3 million in 2026Q1, reflecting an accelerating cash consumption profile that aligns with the company's transition into more resource-intensive late-stage clinical trial phases for its lead candidate.
The trajectory of free cash flow remains firmly negative, with no evidence of margin improvement or stabilization. Investors should monitor this trend closely, as the lack of revenue generation means that every dollar of FCF burn directly reduces the $250 million cash reserve, shortening the operational runway.
Based on the reported figures, working capital changes have become increasingly volatile, with a significant outflow of -$6.8 million in 2026Q1, suggesting that the company is managing substantial short-term liabilities related to its clinical research operations that are exerting additional pressure on the firm's cash position.
The shift from positive working capital changes in 2024Q1 to significant outflows in recent quarters indicates that the company is likely settling accounts payable or managing inventory-like clinical supplies more aggressively. This volatility warrants further investigation into the timing of vendor payments and the potential for future liquidity constraints.
While the company maintains a $250 million cash reserve, the cash flow statement obscures the underlying intensity of clinical trial spending, as evidenced by the consistent OCF/NI ratios above 1.0, which suggest that the reported net income significantly understates the true cash-based cost of development.
The reliance on cash reserves to fund operations without any offsetting revenue suggests that the company is highly sensitive to the timing of clinical milestones. Analysts should be wary of the potential for off-balance-sheet commitments to CROs, which may not be fully captured in the current cash flow reporting but could accelerate the burn rate unexpectedly.
Quick answers to the most common questions about buying LBRX stock.
LB Pharmaceuticals Inc Common Stock (LBRX) generated $-35.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LB Pharmaceuticals Inc Common Stock (LBRX) reported negative free cash flow of $35.3M in 2025, indicating capital requirements exceeded cash from operations.
LB Pharmaceuticals Inc Common Stock (LBRX) 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.