Free cash flow remains highly erratic, evidenced by a $14.6 million outflow in 2025Q4 compared to a $13.1 million inflow in 2025Q3, driven largely by volatile working capital swings.
| Cash from Operations | -20.6M | -384.29M | -72.85M | -1.1B | -973.09M | 433.56M | -867.98M | -280.7M | -252.16M |
| Operating CF Margin % | - | - | -1624.1% | 10309.24% | -1105.46% | 28.1% | -2893.27% | -521.94% | -2238.34% |
| Operating CF Growth % | 94.64% | -427.49% | 93.39% | -13.33% | -324.44% | 149.95% | -209.22% | -11.32% | - |
| Net Income | -88.34M | -362.72M | -208.18M | -2.51B | -2.33B | 470.92M | -1.45B | -402.83M | -298.24M |
| Depreciation & Amortization | 856K | 7.14M | 1.06M | 63.82M | 34.14M | 23.14M | 15.63M | 6.74M | 1.63M |
| Stock-Based Compensation | 5.97M | -14.23M | 10.26M | 357.15M | 608.61M | 493.46M | 366.89M | 3.52M | 7.04M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -6.39M | -75.03M | 8.53M |
| Other Non-Cash Items | 43.84M | 5.9M | 161.2M | 431.48M | 321.18M | -313.31M | 23.04M | 39.81M | 3.83M |
| Working Capital Changes | 17.07M | -20.52M | -37.2M | 552.06M | 394.52M | -240.64M | 184.79M | 147.08M | 25.04M |
| Change in Receivables | 0 | 0 | 0 | 33.08M | 97.42M | -130.5M | 11M | -11M | 0 |
| Change in Inventory | 0 | 0 | 0 | 27.24M | -27.24M | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 107.85M | 0 | 0 | 0 | 0 |
| Cash from Investing | 104.97M | -992.42M | -107.63M | 458.38M | -727.21M | -201.9M | 212.46M | 9.5M | -157.66M |
| Capital Expenditures | -7K | -350.34K | -164.35K | -45.83M | -29.93M | -8.01M | -12.24M | -14.41M | -20.33M |
| CapEx % of Revenue | - | - | 3.66% | -428.43% | 34% | 0.52% | 40.8% | 26.79% | 180.44% |
| Acquisitions | 0 | 0 | 0 | 0 | -6M | -257.65M | -224.7M | 0 | 93.33M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 47K | 452.52K | -107.47M | 26K | 0 | 52M | 224.7M | 0 | 0 |
| Cash from Financing | 57.73M | -2.44M | -8.25M | 42.36M | 593.92M | 3.44B | 152.71M | 1.48B | 758.59M |
| Debt Issued (Net) | 0 | 0 | 0 | 2.75M | 0 | -7.65M | 153.12M | 59.7M | 542.82M |
| Equity Issued (Net) | 61.91M | -2.45M | -8.66M | -21.25M | 0 | 538.17M | 26.23M | 189.95M | 53.08M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -5.28M | 0 | 0 |
| Share Repurchases | 0 | -2.45M | -8.66M | -3.08M | 0 | -5.34M | 0 | 0 | 0 |
| Other Financing | -4.19M | 0 | 407.88K | 60.86M | 593.92M | 2.91B | -21.36M | 1.23B | 162.69M |
| Net Change in Cash | 142.37M | -1.71B | -151.58M | -212.86M | -1.24B | 3.57B | -487.65M | 1.27B | 348.63M |
| Free Cash Flow | -20.6M | -384.77M | -73.02M | -1.15B | -1B | 425.55M | -880.22M | -295.11M | -272.48M |
| FCF Margin % | - | - | -1627.76% | 10737.67% | -1139.46% | 27.59% | -2934.08% | -548.73% | -2418.78% |
| FCF Growth % | 94.65% | -426.95% | 93.64% | -14.52% | -335.7% | 148.35% | -198.27% | -8.31% | - |
| FCF per Share | -0.49 | -4.74 | -0.88 | -13.92 | -13.20 | 6.22 | -15.13 | -5.07 | -4.68 |
| FCF Conversion (FCF/Net Income) | 3.11x | 2.37x | 0.05x | 0.44x | 0.42x | 0.92x | 0.60x | 0.70x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 710.39K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 103K | 1.42M | 0 | 0 | 0 | 0 |
Critical Liquidity and Dilution
As reported in recent financial statements, NovaBridge Biosciences exhibits a highly erratic relationship between net income and operating cash flow, highlighted by a 2025Q4 OCF/NI ratio of 3.32, which suggests that non-cash adjustments and working capital swings are currently driving cash movements rather than core operational profitability.
The significant divergence between net losses and operating cash flow indicates that the company's reported earnings are not currently reflective of its actual cash burn. Investors should monitor whether this gap is driven by sustainable working capital management or merely temporary timing differences in milestone-related payments.
Based on the provided quarterly data, NovaBridge Biosciences has struggled to maintain a consistent free cash flow trajectory, with a notable swing from a $13.1 million inflow in 2025Q3 to a $14.6 million outflow in 2025Q4, underscoring the binary and unpredictable nature of its current cash generation.
The lack of sustained positive free cash flow is typical for a pre-commercial biotech, yet the volatility observed suggests that the company remains entirely dependent on external capital or sporadic partnership milestones. This trajectory implies that the firm lacks the internal cash-generating capacity to fund its ongoing clinical trial pipeline independently.
According to the latest quarterly filings, NovaBridge Biosciences experienced a $10.3 million working capital outflow in 2025Q4, following a massive $49.9 million inflow in 2025Q3, which suggests that the company's cash position is highly sensitive to the timing of milestone receipts and vendor payment cycles.
These large, erratic shifts in working capital indicate that the company's cash flow statement is currently dominated by non-operational timing factors rather than underlying business efficiency. Analysts should be cautious in interpreting these figures as indicators of operational health, as they appear to be heavily influenced by the lumpy nature of partnership-related cash inflows.
As evidenced by the quarterly cash flow data, stock-based compensation remains a persistent and material non-cash expense, with $3.9 million recorded in 2025Q4, which effectively masks the true economic cost of talent retention in an environment where the company is otherwise burning through its limited cash reserves.
The reliance on stock-based compensation as a primary tool for managing the expense profile suggests that the company is attempting to preserve its $30.1 million cash balance by minimizing cash-based payroll. Investors should consider the dilutive impact of this strategy, as it represents a significant hidden cost that is not fully captured in the headline cash burn figures.
Quick answers to the most common questions about buying NBP stock.
NovaBridge Biosciences (NBP) generated $-20.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NovaBridge Biosciences (NBP) reported negative free cash flow of $20.6M in 2025, indicating capital requirements exceeded cash from operations.
NovaBridge Biosciences (NBP) 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.