Operational liquidity is severely constrained, with cash reserves dwindling to $98,000 as of 2024Q4, following a history of consistent negative free cash flow.
| Cash from Operations | -3.63M | -3.04M | -3.62M | -2.6M | -2.97M | -1.98M | -1.09M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -139395.8% | 16.09% | -39.33% | 12.45% | -49.75% | -82.52% | - |
| Net Income | -3.02K | -4.67M | -3.02M | -4.4M | -6.63M | -4.2M | -1.92M |
| Depreciation & Amortization | 120 | 100K | 120K | 127K | 123K | 122K | 110K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.62M | -19.2M | 761K | 554K | 599K | 849K | 694K |
| Working Capital Changes | -1.49K | 20.73M | -1.49M | 1.12M | 2.94M | 1.24M | 25K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -1K | 1K | -2K | -28K | 21K | 0 |
| Cash from Investing | 0 | -13.51M | 0 | 95K | 1.39M | -1.31M | 731K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -246K | -137K | -88K |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | -13.51M | 0 | 0 | 0 | 0 | 819K |
| Cash from Financing | 1.99M | 17.63M | 1.99M | 2.03M | 3.33M | -1.38M | 4.91M |
| Debt Issued (Net) | 2.2M | -24K | 2.2M | 2.47M | 3.61M | -1.35M | 2.39M |
| Equity Issued (Net) | 0 | 17.77M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -212K | -114K | -213K | -445K | -276K | -35K | 2.52M |
| Net Change in Cash | 101K | 1.08M | -1.64M | -532K | 1.72M | -4.61M | 5.16M |
| Free Cash Flow | -3.62K | -3.04M | -3.62M | -2.6M | -3.22M | -2.12M | -1.18M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | - | 16.09% | -39.33% | 19.15% | -51.67% | -80.51% | - |
| FCF per Share | -0.05 | -0.04 | -0.05 | -0.03 | -0.04 | -0.03 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1.20x | 0.65x | 1.20x | 0.59x | 0.45x | 0.47x | 0.57x |
| Interest Paid | 224 | 0 | 223K | 104K | 162K | 106K | 88K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with the 2024Q2 OCF/NI ratio reaching an extreme 4088.99, suggesting that traditional earnings metrics are currently meaningless indicators of the firm's actual cash-based operational health and liquidity status.
The massive divergence between net losses and cash outflows indicates that non-cash items and working capital swings are the primary drivers of the reported figures. Investors should monitor this gap closely, as it suggests that the company's accounting losses do not fully capture the intensity of the cash burn required to sustain Phase III clinical trials.
Based on Jyong Biotech's reported figures, the company has consistently generated negative free cash flow across all observed periods, with quarterly outflows reaching $1.4K in 2024Q2, confirming that the firm remains entirely dependent on external capital to fund its ongoing research and development activities.
The lack of positive FCF is expected for a pre-revenue biotech firm, yet the trend shows no signs of stabilization as clinical trial costs escalate. This trajectory implies that the company is effectively consuming its remaining capital reserves without any offsetting cash generation, heightening the risk of a liquidity shortfall.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $907 outflow in 2024Q2 to a $163 inflow in 2024Q4, which suggests that the company's cash position is heavily influenced by the timing of clinical trial payments and vendor settlements.
These fluctuations indicate that management is likely managing payables aggressively to preserve cash, which may not be sustainable over the long term. Such volatility warrants further investigation into whether these shifts represent genuine operational efficiency or merely the deferral of critical liabilities.
Based on the provided data, the cash flow statement obscures the true severity of the company's liquidity position by failing to highlight the impact of accrued expenses related to Phase III trials, which may represent significant off-balance-sheet liabilities that are not immediately apparent in the cash flow.
The absence of capitalized R&D costs in the provided data suggests that the company is expensing these items immediately, which accelerates the reported burn rate. This accounting treatment appears to provide a more transparent view of the cash drain, yet it leaves the company with very little room for error in its capital allocation.
Quick answers to the most common questions about buying MENS stock.
Jyong Biotech Ltd. Ordinary Shares (MENS) generated $-3.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jyong Biotech Ltd. Ordinary Shares (MENS) reported negative free cash flow of $3.0M in 2025, indicating capital requirements exceeded cash from operations.
Jyong Biotech Ltd. Ordinary Shares (MENS) 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.