Free cash flow remains structurally negative with quarterly outflows frequently exceeding $13 million, indicating an inability to achieve self-sustaining operations without external milestone inflows.
| 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 |
|---|
| Cash from Operations | -53.8M | -51.26M | -59.25M | -59.01M | 118.57M | -90.95M | -28.98M | -1.19M | -42.47M | -40.02M | -35.38M | 26.5M | -11.33M | -13.61M |
| Operating CF Margin % | - | - | -1192.11% | -838.38% | 62.55% | -974.84% | -310.18% | -5.83% | -410.18% | -199.95% | -153.56% | 90.99% | -42.57% | -41.99% |
| Operating CF Growth % | 33.81% | 13.49% | -0.41% | -149.77% | 230.36% | -213.81% | -2337.59% | 97.2% | -6.13% | -13.12% | -233.53% | 333.79% | 16.74% | - |
| Net Income | -58.03M | -61.65M | -54.04M | -61.98M | 117.85M | -63.78M | -62.76M | -36.29M | -37.04M | -25.43M | -18.61M | -148.82K | -2.28M | 7.14M |
| Depreciation & Amortization | 2.37M | 2.14M | 2.37M | 2.42M | 2.39M | 2.56M | 2.89M | 2.47M | 924K | 1.15M | 1.09M | 909.39K | 809.53K | 793.02K |
| Stock-Based Compensation | 1.23M | 4.42M | 4.11M | 5.21M | 5.09M | 4.08M | 2.93M | 2.44M | 3.72M | 3.59M | 2.85M | 3.76M | 2.27M | 831.75K |
| Deferred Taxes | 0 | 2K | 2K | 0 | 0 | 2K | -11K | 17K | 520K | 176K | 794K | 530.12K | 322.72K | 74.53K |
| Other Non-Cash Items | 5.53M | 2.62M | -7.88M | 1.36M | -753K | 848K | 5.49M | -16K | -10.73M | -19.29M | -22.68M | -29.04M | -22.36M | -27.45M |
| Working Capital Changes | 1.53M | 1.21M | -3.8M | -6.01M | -6.01M | -34.67M | 22.49M | 30.19M | 131K | -217K | 1.18M | 50.49M | 9.91M | 4.99M |
| Change in Receivables | 1.93M | 485K | -347K | -933K | 25.26M | -23.37M | -552K | 49.57M | -50.83M | -317K | 525K | 1.87M | 7.79M | -10.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | -19.93M | 21.72M | -2.84M | -49.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -504.13K | 0 | 524K | -812K | -5.34M | 1.66M | 3.4M | -270K | 1.39M | -118K | -370K | 649.91K | -69.89K | 327.39K |
| Cash from Investing | 40.11M | 72.55M | 40.49M | 44.64M | -101.12M | -22.24M | -21.75M | -19.84M | 9.61M | 20.86M | -11.25M | -20.74M | -198.26K | -1.24M |
| Capital Expenditures | -333.55K | -714K | -705K | -808K | -1.42M | -1.31M | -1.68M | -1.86M | -867K | -500K | -1.1M | -1.39M | -546.1K | -1.47M |
| CapEx % of Revenue | - | - | 14.19% | 11.48% | 0.75% | 14.01% | 18.01% | 9.14% | 8.37% | 2.5% | 4.76% | 4.77% | 2.05% | 4.55% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 374K | 232K | 833K | -411K | -19K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 497K | 1.73M | 4.22M | 3.83M | 494K | -304K | 337K | 563K | 1.15M | 637K | 318K | 669.41K | 347.85K | 234.82K |
| Cash from Financing | -1.3M | -1.15M | 14.43M | -1.17M | -1.57M | 50.58M | 113.2M | -227K | 392K | 799K | 395K | 229.2K | 101.19M | -2.02M |
| Debt Issued (Net) | -904K | -1.21M | -1.21M | -1.2M | -1.19M | -1.18M | -1.25M | -1.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 13.01K | 63K | 17.34M | 0 | -631K | 51.49M | 113.61M | 0 | 392K | 799K | 395K | 0 | 100.94M | -2.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -631K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.02M |
| Other Financing | -413.44K | 0 | -1.7M | 31K | 250K | 267K | 840K | 1.01M | 0 | 0 | 0 | 230K | 244.16K | 0 |
| Net Change in Cash | -41.33M | 18.78M | -3.44M | -20.64M | 16.13M | -61.91M | 58.01M | -23.25M | -32.36M | -18.42M | -45.63M | 6.99M | 92.26M | -17.06M |
| Free Cash Flow | -54.13M | -51.97M | -59.97M | -59.81M | 117.15M | -92.26M | -30.67M | -3.05M | -43.34M | -40.52M | -36.48M | 25.11M | -11.88M | -15.08M |
| FCF Margin % | - | - | -1206.66% | -849.86% | 61.8% | -988.85% | -328.19% | -14.98% | -418.55% | -202.45% | -158.32% | 86.22% | -44.62% | -46.53% |
| FCF Growth % | 8.44% | 13.34% | -0.26% | -151.06% | 226.98% | -200.85% | -904.45% | 92.96% | -6.96% | -11.09% | -245.28% | 311.36% | 21.25% | - |
| FCF per Share | -1.44 | -1.39 | -1.76 | -1.83 | 3.52 | -2.98 | -1.23 | -0.14 | -2.05 | -1.94 | -1.79 | 1.28 | -0.78 | -0.77 |
| FCF Conversion (FCF/Net Income) | 0.93x | 0.83x | 1.10x | 0.95x | 1.01x | 1.43x | 0.46x | 0.03x | 1.15x | 1.57x | 1.90x | -178.03x | 4.96x | -1.91x |
| Interest Paid | 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 |
Clinical Milestone Dependency
According to quarterly financial data, the company consistently reports operating cash flow deficits that closely track net losses, with OCF/NI ratios frequently exceeding 1.0, suggesting that the reported net income is not being bolstered by non-cash accruals but rather reflects a pure cash-based operational burn.
The tight correlation between net income and operating cash flow indicates that the company's accounting is relatively straightforward, lacking significant non-cash adjustments that might otherwise obscure the underlying cash drain. Investors should interpret this as a sign that the firm's financial health is entirely dependent on its ability to secure external funding or milestone payments rather than internal cash generation.
As reported in recent financial statements, Molecular Partners has maintained a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $13 million, highlighting the structural inability of the current business model to generate self-sustaining capital in the absence of significant, non-recurring partnership milestone payments.
The persistent nature of these outflows suggests that the company is in a high-burn phase, where every dollar of research progress is directly depleting the available cash runway. This trajectory warrants close monitoring, as the lack of positive FCF margins indicates that the company remains entirely reliant on its existing cash reserves to fund ongoing clinical development.
Based on the provided cash flow statements, working capital changes have been erratic, swinging from a $3.8 million inflow in 2025Q2 to a $2.8 million outflow in 2025Q1, which reflects the lumpy nature of milestone-driven receivables and the timing of payments to research vendors.
These fluctuations suggest that the company's liquidity is highly sensitive to the timing of partnership-related cash receipts, which can create temporary cash crunches. Analysts should view these working capital swings as a symptom of the company's project-based revenue model, which lacks the smoothing effect of recurring commercial operations.
As evidenced by the cash flow data, the company utilizes stock-based compensation, which reached $1.2 million in 2025Q2, to preserve cash, yet this non-cash expense does not fully offset the underlying operational burn, leaving the firm exposed to the risks of continued equity dilution.
While stock-based compensation provides a temporary buffer for cash reserves, it represents a real cost to shareholders through potential dilution. Investors should be wary that this practice may mask the true economic cost of talent retention in the competitive Swiss biotech market, potentially understating the actual resources required to sustain the platform.
Quick answers to the most common questions about buying MOLN stock.
Molecular Partners AG (MOLN) generated $-51.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Molecular Partners AG (MOLN) reported negative free cash flow of $52.0M in 2025, indicating capital requirements exceeded cash from operations.
Molecular Partners AG (MOLN) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.