Free cash flow remains deeply negative with quarterly outflows reaching as high as $7.0 million, indicating a high-intensity burn rate that is only partially mitigated by stock-based compensation.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Mar'97 | Mar'96 | Mar'95 |
|---|
| Cash from Operations | -13.63M | -15.95M | -19.36M | -20.03M | -21.17M | -22.25M | -8.82M | -18.88M | -19.99M | -20.88M | -23.67M | -39.26M | -46.9M | -27.1M | -13.85M | -20.93M | -8.48M | -8.65M | -4.73M | -6.13M | -3.64M | -834K | -1.46M | -1.02M | 1.01M | -373.84K | -1.98M | -364.12K | -304.27K | -838.44K | -840K |
| Operating CF Margin % | - | -9381.76% | -1935.6% | - | - | - | - | - | - | - | -67.08% | -174.57% | -261.42% | -184.75% | -96.67% | -208.24% | -12.14% | -74.78% | -5664.48% | -2647.12% | -7958.25% | -2365.14% | -3005.81% | -1581.13% | 1235.9% | -347.93% | -371.59% | -2832.71% | - | - | -3.99% |
| Operating CF Growth % | 63.57% | 17.6% | 3.37% | 5.38% | 4.83% | -152.13% | 53.27% | 5.52% | 4.26% | 11.8% | 39.71% | 16.29% | -73.03% | -95.64% | 33.81% | -146.89% | 1.98% | -82.75% | 22.83% | -68.53% | -336.31% | 42.86% | -42.84% | -201.64% | 368.93% | 81.08% | -442.67% | -19.67% | 63.71% | 0.19% | -278.72% |
| Net Income | -16.35M | -16.59M | -19.98M | -20.84M | -54.23M | -27.47M | -8.14M | -19.35M | -16.17M | -16.17M | -33.31M | -81.01M | -55.47M | -39.49M | -36.1M | -34.57M | -19.4M | -24.18M | -9.24M | -10.45M | -6.05M | -1.75M | -1.75M | -1.04M | -1.16M | -2.03M | -2.03M | -1.11M | -268.96K | 3.04K | -3.37M |
| Depreciation & Amortization | 105K | 146K | 174K | 189K | 69K | 55K | 63K | 65K | 225K | 372K | 2.74M | 2.69M | 2.19M | 1.61M | 1.55M | 1.44M | 5.14M | 577.04K | 115.96K | 53.78K | 240.12K | 7.84K | 13.54K | 646 | 16.77K | 155.44K | 155.64K | 82.34K | 388 | 1.75K | 460K |
| Stock-Based Compensation | 696K | 1.23M | 1.65M | 2.04M | 2.64M | 2M | 1.26M | 1.29M | 2.45M | 1.96M | 2.6M | 9.75K | 11.21K | 6.84M | 6.71K | 10.27M | 7.86M | 12.32M | 3.89M | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.1M | 138.04K | -17.24M | -104.2K | 780.1K | -175.53K | -688.7K | -830.68K | 0 | 21.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 957K | 552K | -325K | -957K | 31.18M | 2.51M | 307K | 232K | -1.15M | -86.29K | 591.31K | -8.51M | 8.13M | 1.59M | 12.74M | 3.55M | 1.75M | -90.22K | 6.95K | 21.24K | 2.3M | 376.05K | 220.34K | 324.59K | 297.89K | 589.56K | 591.34K | 356.52K | 9K | -592.05K | -1.43M |
| Working Capital Changes | 963K | -1.29M | -873K | -462K | -831K | 647K | -2.32M | -1.12M | -5.35M | 5.15M | 3.56M | 2.45M | -1.66M | 1.57M | 3.07M | -926.39K | -3M | 2.73M | 475.08K | -352.22K | -126.2K | 527.15K | 54.83K | -303K | 1.85M | 914.19K | -695.78K | 309.36K | -44.7K | -251.18K | 3.5M |
| Change in Receivables | 251K | 401K | -900K | 0 | 0 | 0 | 0 | 0 | 0 | -95.69K | -325.62K | 545.17K | -1.2M | -573K | -554.88K | -443.13K | 98.5K | 571.69K | -4.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -571.61K | 269.07K | 1.16M | -2.15M | -157.2K | -465.28K | -647.75K | -7.47M | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -528K | -2.57M | -995K | 88K | -223K | 1.25M | -2.84M | -1.86M | -5.9M | 5.67M | -48.7K | 79.26K | 469.82K | 2.92M | 1.68M | -837.18K | 4.5M | 2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M |
| Cash from Investing | 5.66M | 15.09M | 13.23M | 10.1M | 28.91M | -54.9M | -7.28M | 21.43M | -4.71M | 41.27M | -2.85M | 3.8M | -10.74M | -2.69M | 6.09M | -2.05M | -17.11M | -1.69M | -9.79K | 153.11K | -43.14K | 0 | -3.29K | 847.42K | -1.25M | 362.94K | -374.61K | -2.55M | 0 | -5.93K | -380K |
| Capital Expenditures | -28K | -28K | 0 | 0 | -285K | -60K | -20K | 0 | -134K | -135.28K | -2.85M | -3.19M | -3.66M | -2.69M | -531.32K | -574.86K | -16.38M | -2.39M | -9.79K | -117.89K | -43.14K | 0 | -3.29K | -2.58K | -1.13K | -9.06K | -25.29K | -442.16K | 0 | -8.93K | -440K |
| CapEx % of Revenue | 16.47% | 16.47% | - | - | - | - | - | - | - | - | 8.08% | 14.17% | 20.39% | 18.35% | 3.71% | 5.72% | 23.46% | 20.64% | 11.71% | 50.89% | 94.34% | - | 6.77% | 3.99% | 1.39% | 8.43% | 4.75% | 3439.84% | - | - | 2.09% |
| Acquisitions | 0 | 0 | -130K | 0 | -3.32M | 54.84K | 7.26K | 0 | 2.55M | 67.88M | 0 | 0 | 50.89K | 0 | 12.28M | 320.86K | 0 | 696.46K | 0 | 271K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -54.84K | -7.26K | 0 | 2.55M | -188.79K | -1.75M | 6.98K | -7.13K | 0 | -5.66M | 2.6K | -1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 850K | -1.25M | 372K | -817.26K | 300 | 0 | 3K | 60K |
| Cash from Financing | 803K | 599K | -206K | 385K | -224K | 85.28M | 18.58M | 1.18M | 824K | -931.77K | 20.9M | 36.6M | 30.67M | 62.19M | 8.74M | 20.07M | 33.86M | 17.07M | 2.87M | 7.85M | 3.63M | 1.29M | 1.28M | 366.19K | 209.95K | -23.43K | 1.18M | 4.34M | 317.37K | 844.34K | 960K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -159K | -6.21M | -9.58M | 133.03K | 12.49M | 336.42K | 29.44K | 2.45M | 869.49K | 2.36M | -30.13K | -92.42K | 56.69K | 423K | 165.49K | 252.41K | 103.95K | -23.43K | -23.46K | 84.59K | -400K | 317.37K | 0 |
| Equity Issued (Net) | 972K | 852K | 68K | 321K | 43K | 85.5M | 18.73M | 1.31M | 1.03M | 5.7M | 11.56M | 36.47M | 16.71M | 58.74M | 11.03M | 20.5M | 30.11M | 15.67M | 2.9M | 7.94M | 3.57M | 872K | 1.11M | 219.78K | 0 | 0 | 1.21M | 4.25M | 1.79M | 0 | 844.34K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15M | 0 | 0 | 0 | -327.75K | 0 | -222.92K | 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 | -5.39M | -650K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -169K | -253K | -274K | 64K | -267K | -224K | -148K | -130K | -48K | -419K | 18.92M | 0 | 1.47M | 3.12M | -1.99M | -2.88M | 3.1M | -959.89K | 0 | 0 | 0 | 0 | 0 | -106K | 106K | 0 | 0 | 0 | 0 | 526.97K | 115.66K |
| Net Change in Cash | -7.16M | -253K | -6.38M | -9.56M | 7.51M | 8.13M | 2.48M | 3.73M | -23.87M | 19.46M | -5.61M | 1.14M | -26.96M | 32.4M | 992.02K | -2.87M | 8.45M | 6.73M | -1.87M | 1.87M | -52.21K | 461K | -183.08K | 191.69K | -32.01K | -34.34K | -1.17M | 1.43M | 13.1K | -34 | -270K |
| Free Cash Flow | -13.66M | -15.98M | -19.36M | -20.03M | -21.45M | -22.3M | -8.84M | -18.88M | -20.12M | -21.01M | -26.52M | -42.44M | -50.55M | -29.79M | -14.38M | -21.5M | -24.85M | -11.04M | -4.74M | -6.25M | -3.68M | -834K | -1.46M | -1.02M | 1M | -382.9K | -2M | -806.27K | -304.27K | -847.37K | -1.28M |
| FCF Margin % | -8034.12% | -9398.24% | -1935.6% | - | - | - | - | - | - | - | -75.15% | -188.74% | -281.8% | -203.1% | -100.38% | -213.96% | -35.6% | -95.42% | -5676.19% | -2698.01% | -8052.59% | -2365.14% | -3012.58% | -1585.12% | 1234.5% | -356.37% | -376.35% | -6272.55% | - | - | -6.08% |
| FCF Growth % | 23.09% | 17.46% | 3.37% | 6.63% | 3.81% | -152.23% | 53.17% | 6.15% | 4.24% | 20.76% | 37.52% | 16.04% | -69.68% | -107.13% | 33.11% | 13.48% | -125.22% | -132.72% | 24.13% | -69.75% | -341.49% | 42.99% | -42.8% | -202.02% | 362.27% | 80.87% | -148.21% | -164.99% | 64.09% | 33.8% | -4166.67% |
| FCF per Share | -1.52 | -1.84 | -2.32 | -2.48 | -4.14 | -6.05 | -8.59 | -27.43 | -31.15 | -35.14 | -60.74 | -131.25 | -231.50 | -218.04 | -155.87 | -364.05 | -722.07 | -1271.53 | -1174.62 | -2855.33 | -2658.46 | -2513.26 | -6743.35 | -5854.25 | 6739.89 | -2587.19 | -13521.93 | -9714.14 | -19016.81 | -52960.63 | -5311.20 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.96x | 0.97x | 0.96x | 0.39x | 0.81x | 1.08x | 0.94x | 1.24x | -0.91x | 0.72x | 0.49x | 0.85x | 0.70x | 0.25x | 0.44x | 0.36x | 0.33x | 0.51x | 0.59x | 0.60x | 0.48x | 0.83x | 0.98x | -0.87x | 0.18x | 0.97x | 0.33x | 0.91x | -0.49x | 0.25x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.77M | 1.52M | 279.6K | 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 | 2.1M | 1.12M | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
According to quarterly financial statements, Lisata's operating cash flow consistently tracks below net income, with OCF/NI ratios fluctuating between 0.51 and 1.30, suggesting that the company's cash burn is driven primarily by core R&D activities rather than significant non-cash accruals or accounting adjustments.
The lack of a stable relationship between net income and operating cash flow reflects the volatility inherent in clinical-stage biotech operations. Investors should monitor these fluctuations as they indicate that cash outflows are highly sensitive to the timing of clinical trial milestones and associated vendor payments.
As reported in recent filings, Lisata's free cash flow remains deeply negative, with quarterly outflows ranging from $2.5 million to $7.0 million, confirming that the company is currently in a capital-intensive phase with no internal cash generation to offset its research expenditures.
The consistent negative trajectory of free cash flow underscores the company's total dependence on external financing to maintain its pipeline. This trend appears unlikely to reverse until the company achieves a major clinical readout or secures a strategic partnership that provides non-dilutive capital.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $2.1 million inflow in 2024Q3 to a $2.1 million outflow in 2024Q1, which suggests that management's cash management is heavily influenced by the timing of clinical trial payables.
This volatility in working capital may indicate that the company is managing its cash runway by delaying or accelerating payments to clinical research organizations. Such practices warrant further investigation as they may mask the true underlying rate of operational cash consumption.
Analysis of the cash flow statement reveals that stock-based compensation, which peaked at $871,800 in 2024Q4, serves as a significant non-cash expense that effectively subsidizes the company's operating losses, thereby masking the true economic cost of talent retention during this pre-revenue phase.
While SBC preserves cash, it represents a hidden cost to shareholders through ongoing dilution. Investors should consider the impact of this equity-based compensation on their ownership stake when evaluating the company's long-term capital requirements.
Quick answers to the most common questions about buying LSTA stock.
Lisata Therapeutics, Inc. (LSTA) generated $-15.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lisata Therapeutics, Inc. (LSTA) reported negative free cash flow of $16.0M in 2025, indicating capital requirements exceeded cash from operations.
Lisata Therapeutics, Inc. (LSTA) 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.