Persistent free cash flow deficits, including a $43.4M outflow in 2025Q4, underscore the company's ongoing struggle to fund clinical trials without recurring commercial revenue.
| 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 | -40.83M | -43.9M | -60.3M | -43.75M | -49.04M | -35.16M | -25.96M | -26.9M | -26.03M | -22.14M | -25.34M | -19.58M | -18.02M | -9.94M | -7.55M |
| Operating CF Margin % | - | - | - | - | - | -2343.8% | -258.2% | -277.91% | - | - | - | - | - | - | - |
| Operating CF Growth % | 123.24% | 27.19% | -37.82% | 10.79% | -39.5% | -35.44% | 3.51% | -3.34% | -17.6% | 12.63% | -29.4% | -8.68% | -81.28% | -31.64% | - |
| Net Income | -56.91M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -27.51M | -32.9M | -23.14M | -29.73M | -25.63M | -21.1M | -25.45M | -18.32M | -7.76M |
| Depreciation & Amortization | 775K | 0 | 5K | 15K | 16K | 29K | 34K | 47K | 49K | 48K | 25K | 474K | 657K | 640K | 649K |
| Stock-Based Compensation | 9.67M | 4.9M | 5.5M | 5.13M | 5.18M | 3.48M | 2.62M | 3.89M | 3.47M | 5.6M | 45K | 1.72M | 1.66M | 2.65M | 241K |
| Deferred Taxes | -5.12M | 5.12M | 0 | 0 | 0 | 379K | 0 | 0 | 20K | -158K | 0 | 370K | -271K | 85K | 93K |
| Other Non-Cash Items | 123.1M | -50.19M | 457K | 30.01M | 1.01M | 527K | -104K | 729K | -7.3M | -194K | 1.23M | 14K | 4.54M | 4.45M | -1.04M |
| Working Capital Changes | -1.97M | -8.56M | 1.29M | 2.51M | -651K | 1.01M | -990K | 1.33M | 871K | 2.29M | -1.01M | -1.05M | 850K | 558K | 266K |
| Change in Receivables | 42K | 149K | 0 | 1.3M | -1.01M | -1.16M | 117K | 643K | 780K | 1.46M | -3.05M | 0 | 0 | 118K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -5.36M | -10.42M | 902K | 712K | 0 | 3.9M | 0 | 0 | 368K | 1.09M | 2.27M | 0 | 0 | 0 | 0 |
| Cash from Investing | -92.01M | -97M | 0 | 48.97M | 0 | 0 | 25K | -85K | 0 | -64K | -144K | 29.69M | -36.8M | -114K | -136K |
| Capital Expenditures | -102.99M | -97M | 0 | 0 | 0 | 0 | 0 | -100K | 0 | -64K | -144K | -12K | -227K | -116K | -130K |
| CapEx % of Revenue | 49278.47% | - | - | - | - | - | - | 1.03% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 50.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 15.98M | 0 | 0 | -1.39M | 0 | 0 | 25K | 15K | 0 | -64K | 0 | 9K | -1.24M | 2K | -6K |
| Cash from Financing | 113.12M | 107.65M | 37.18M | -30K | -210K | 98.03M | 74M | 14.82M | 15.91M | 47.76M | 25.62M | 16K | 46.89M | 13.75M | 12.29M |
| Debt Issued (Net) | -437K | -440K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 25.9M | 4.4M | 0 | 0 | 0 |
| Equity Issued (Net) | 113.18M | 108.09M | 40M | -29K | 0 | 97.22M | 75.5M | 15.25M | 15.03M | 49.16M | 0 | 3.87M | 46.69M | 13.75M | 9.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 376K | 0 | -2.81M | -1K | -210K | 813K | -1.51M | -437K | 872K | -2.15M | -282K | -8.25M | 198K | 0 | 2.41M |
| Net Change in Cash | -19.67M | -33.21M | -23.39M | 5.14M | -49.42M | 62.84M | 48.18M | -12.39M | -9.45M | 24.94M | 388K | 10.1M | -8.13M | 3.67M | 4.6M |
| Free Cash Flow | -79.65M | -43.9M | -60.3M | -43.75M | -49.04M | -35.16M | -25.96M | -27M | -26.03M | -22.2M | -25.48M | -19.59M | -18.24M | -10.05M | -7.68M |
| FCF Margin % | -38108.13% | - | - | - | - | -2343.8% | -258.2% | -278.95% | - | - | - | - | - | - | - |
| FCF Growth % | -34.39% | 27.19% | -37.82% | 10.79% | -39.5% | -35.44% | 3.87% | -3.72% | -17.26% | 12.87% | -30.06% | -7.39% | -81.44% | -30.92% | - |
| FCF per Share | -0.47 | -0.62 | -1.61 | -2.14 | -4.33 | -4.10 | -4.38 | -11.96 | -18.06 | -24.16 | -27.13 | -11.49 | -15.38 | -13.51 | -10.32 |
| FCF Conversion (FCF/Net Income) | 1.40x | -9.10x | 0.89x | 0.54x | 0.90x | 0.87x | 7.66x | 7.81x | 1.13x | 0.74x | 0.99x | 0.93x | 0.71x | 0.54x | 0.97x |
| 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 shortfall
According to recent SEC filings, the relationship between net income and operating cash flow is heavily distorted by non-cash charges, as evidenced by the 2025Q4 period where the company reported $62.9M in net income despite a significant $43.4M outflow in operating cash.
The divergence between accounting profit and cash reality suggests that reported net income may be driven by non-recurring or non-cash items rather than operational success. Investors should monitor this disconnect, as it implies that the company's ability to generate cash remains decoupled from its reported bottom-line performance.
As reported in financial statements, LPTX consistently records negative free cash flow, with the 2025Q4 period showing a $43.4M outflow, highlighting the company's ongoing reliance on external capital to sustain its clinical development pipeline and operational overhead in the absence of commercial revenue.
The trajectory of free cash flow remains deeply negative, indicating that the firm is currently in a capital-intensive phase with no immediate path to self-funding. This trend warrants further investigation into how long the company can sustain such burn rates before requiring additional dilutive financing.
Based on LPTX's reported figures, capital expenditures have been sporadic, peaking at $97.0M in 2025Q4, which suggests that the company's investment in infrastructure is tied to specific clinical trial milestones rather than a steady-state maintenance of productive assets.
The lumpy nature of these expenditures indicates that the company is prioritizing immediate clinical trial execution over long-term asset development. This capital intensity appears to be a direct function of the firm's R&D-heavy business model, which may limit flexibility during periods of market volatility.
Data from recent quarterly filings indicates that working capital changes are highly erratic, with fluctuations ranging from a $5.2M inflow in 2024Q2 to a $3.4M outflow in 2025Q4, reflecting the unpredictable nature of clinical trial-related payables and the lack of a stable commercial cycle.
The lack of consistent working capital management suggests that the company's cash position is highly sensitive to the timing of clinical trial payments. This volatility may indicate that management is struggling to optimize cash outflows, potentially exacerbating the firm's existing liquidity constraints.
As disclosed in financial statements, stock-based compensation remains a persistent feature of the company's cash flow statement, with $3.9M reported in 2025Q4, effectively masking the true extent of the operational cash burn by shifting compensation costs away from cash-based outflows.
The reliance on stock-based compensation as a primary tool for talent retention may be artificially improving the appearance of operating cash flow. Investors should monitor this practice, as it suggests that the company's cash burn is likely higher than the headline operating cash flow figures would otherwise imply.
Quick answers to the most common questions about buying LPTX stock.
Leap Therapeutics, Inc. (LPTX) generated $-43.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Leap Therapeutics, Inc. (LPTX) reported negative free cash flow of $43.9M in 2025, indicating capital requirements exceeded cash from operations.
Leap Therapeutics, Inc. (LPTX) spent $97.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.