Free cash flow remains consistently negative, with the exception of a 2025Q4 outlier, and is further obscured by massive stock-based compensation charges totaling $163.7 million.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Cash from Operations | 59.46M | 77.23M | -14.68M | -9.85M | -14.97M | -5.66M | -2.68M | -10.91M | -15.02M | -1.44M | -15.36M | 4.94M | -12.91M | -10.05M | -4.01M | -8.98M | -7.1M | -4.99M | -6.61M | -6.3M | -3.75M | -3.33M | -2.98M | -2.51M | -2.91M | -2.61M | -843.87K | -105.47K |
| Operating CF Margin % | - | 493.49% | - | - | -5677.36% | - | -8364.92% | -407.43% | -544.91% | -34.86% | -294.53% | 97.08% | -71.65% | -672.69% | -348.31% | -263.94% | -279.08% | -171.12% | -613.86% | -909.06% | -774.6% | -1478.99% | - | -362.84% | -320.99% | -435.4% | - | - |
| Operating CF Growth % | 2332.37% | 626.05% | -49.11% | 34.21% | -164.22% | -111.19% | 75.42% | 27.37% | -943.48% | 90.63% | -411.17% | 138.23% | -28.48% | -150.38% | 55.3% | -26.48% | -42.39% | 24.6% | -4.94% | -68.05% | -12.5% | -11.71% | -18.69% | 13.69% | -11.67% | -209.06% | -700.08% | - |
| Net Income | -27.55M | -369.63M | -15.49M | -14.38M | -14.97M | -6.53M | -4.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation & Amortization | 662.89M | 662.89M | 662.99K | 446.09K | 763.17K | 1.28M | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 163.91M | 163.77M | 814.81K | 0 | 1.95M | 983.01K | 38.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -468.54M | -468.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 91.77M | 89.12M | -2.12M | 1.01M | 1.15M | -2.62M | -2.28M | -10.91M | -15.02M | -1.44M | -15.36M | 4.94M | -12.91M | -10.05M | -4.01M | -8.98M | -7.1M | -4.99M | -6.61M | -6.3M | -3.75M | -3.33M | -2.98M | -2.51M | -2.91M | -2.61M | -843.87K | -105.47K |
| Working Capital Changes | -3.88M | -496.83K | 1.46M | 3.08M | -3.85M | 1.23M | 2.77M | -480.02K | 63.96K | 970.52K | -1.45M | 14.78M | -17.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | 112.62M | 114.94K | 299.2K | 2.78M | -4.01M | 1.52M | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -19.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -917.14M | -917.66K | 804.37K | 251.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 427.68K | -60.26K | -134.08K | 138.42K | 59.68K | 733.05K | 824.64K | -227.63K | 330.21K | -628.47K | 7.02M | 354.68K | 358.62K | 142.42K | 271.35K | -114.5K | -121.37K | -2M | -88.89K | -29.18K | -864.65K | -221.4K | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -1.06K | -1.1K | -5.29K | -69.28K | -358.11K | -190.2K | -146.9K | -649.08K | -203.93K | -157.59K | -663.98K | -81.1K | -36.47K | -86.1K | -369.13K | -114.5K | -133.16K | -325.03K | -149.71K | -29.18K | -865.34K | -221.4K | -324.89K | 0 |
| CapEx % of Revenue | 0% | - | - | - | 0.4% | - | 16.51% | 2.59% | 12.99% | 4.6% | 2.82% | 12.77% | 1.13% | 10.55% | 57.61% | 2.38% | 1.43% | 2.95% | 34.26% | 16.52% | 27.51% | 144.23% | - | 4.21% | 95.37% | 36.96% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -692.61K | 0 | 0 | 0 | 0 | -300K | 0 | 233.88K | 0 | 0 | 0 | 0 | 0 | 0 | 11.79K | -66.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 129.06K | 29.85K | 221.76K | 207.71K | 417.79K | 923.25K | 971.53K | 721.45K | 534.14K | -704.77K | 7.69M | 435.79K | 395.08K | 228.52K | 640.48K | 0 | 0 | -1.61M | 60.83K | 0 | 691 | 0 | 324.89K | 0 |
| Cash from Financing | 1.55B | 1.53B | 15.11M | 2.6M | 18.57M | 23.71M | -3.68M | 3.05M | 1.94M | -1.6M | 24.79M | 9.43M | 573.85K | 14.36M | -1.59M | 12.92M | 12.38M | 2.68M | -198.45K | 12.32M | -266.12K | 4.88M | 4.02M | 822.39K | 1.83M | 4.25M | 3.88M | 93.46K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -119.85K | -8.92M | -5.69M | -3.73M | 1.63M | -1.71M | 3.72M | 9.22M | 188.68K | -87.81K | -1.7M | -517.42K | -318.47K | -334.01K | -297.38K | 32.12K | -266.12K | -63.98K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 25.17M | 1.53M | 10.11M | 2.6M | 22.63M | 32.94M | 2.24M | 7.07M | 302.03K | 110.36K | 21.08M | 205.98K | 385.17K | 14.45M | 107.24K | 13.44M | 12.7M | 3.02M | 98.92K | 12.29M | 0 | 5.17M | 4.38M | 841.36K | 1.91M | 4.44M | 4.24M | 93.46K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -48.23K | -420.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -292.38K | -526.36K | -28.16K | -155.42K | -363.56K | -610.94K | 0 |
| Other Financing | 1.52B | 1.53B | 5M | 0 | -3.94M | -312.17K | -226.68K | -294.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -222.94K | -368K | -18.97K | -87.5K | -185.53K | -364.76K | 0 |
| Net Change in Cash | 14.27B | 1.6B | 504.99K | -15.02M | 3.48M | 17.97M | -6.46M | -7.67M | -13.18M | -2.58M | 18.94M | 16.95M | 9.57M | 4.67M | 1.31M | 3.68M | 6.68M | -1.23M | -6.26M | 6.86M | -3.17M | 230.02K | 1.84M | -1.72M | -678.87K | 2.7M | 2.66M | -12.02K |
| Free Cash Flow | 59.46M | 77.23M | -14.68M | -9.85M | -14.97M | -5.67M | -2.69M | -10.98M | -15.38M | -1.3M | -11.62M | 3.14M | -12.36M | -9.33M | -4.77M | -9.68M | -6.07M | -4.11M | -6.7M | -5.46M | -2.92M | -4.47M | -2.24M | -2.54M | -2.51M | -1.55M | -1.22M | -105.47K |
| FCF Margin % | -567.82% | 493.49% | - | - | -5677.76% | - | -8381.43% | -410.02% | -557.89% | -31.39% | -222.77% | 61.7% | -68.59% | -624.44% | -414.07% | -284.47% | -238.72% | -141.16% | -621.57% | -787.56% | -602.3% | -1984.99% | - | -367.05% | -276.09% | -259.15% | - | - |
| FCF Growth % | 9025.02% | 626.05% | -49.11% | 34.21% | -164.19% | -110.82% | 75.53% | 28.61% | -1086.33% | 88.84% | -470.33% | 125.38% | -32.5% | -95.51% | 50.69% | -59.37% | -47.64% | 38.57% | -22.65% | -87.24% | 34.82% | -100.08% | 12.08% | -1.52% | -61.38% | -27.09% | -1058.06% | - |
| FCF per Share | 10.99 | 47.59 | -0.10 | -0.08 | -0.13 | -0.09 | -0.06 | -0.25 | -0.38 | -0.03 | -0.30 | 0.09 | -0.36 | -0.30 | -0.17 | -0.36 | -0.24 | -0.20 | -0.36 | -0.36 | -0.23 | -0.83 | -0.55 | -0.76 | -0.82 | -0.65 | -0.99 | -0.42 |
| FCF Conversion (FCF/Net Income) | -2.16x | -208.93x | 0.63x | 0.31x | 0.69x | 0.87x | 0.55x | 1.61x | 0.82x | 0.28x | 1.24x | -0.38x | -4.28x | 1.10x | 1.25x | 0.90x | 1.02x | 0.90x | 1.44x | 1.36x | 0.94x | 0.94x | 1.19x | 0.82x | 1.48x | 1.56x | 1.00x | 0.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 726.42K | 1.34M | 1.93M | 1.93M | 1.95M | 1.7M | 743.22K | 87.24K | 78.2K | 64.45K | 305.93K | 247.85K | 283.05K | 313.43K | 305.03K | 332.24K | 321.02K | 231.84K | 302.41K | 72.38K | 0 | 5.89K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.68K | 0 | 0 | 0 | -293.53K | -565.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Milestone Funding Dependency
According to the provided financial data, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2025Q4 operating cash flow of $73.6 million that stands in stark contrast to the reported net loss of $14.9 million for that same period.
The massive divergence in 2025Q4 suggests that non-cash items or significant working capital adjustments are heavily influencing reported figures, rendering net income a poor proxy for actual liquidity. Investors should monitor whether this cash inflow represents a sustainable milestone payment or a temporary accounting anomaly that masks the underlying cash burn.
As reported in financial statements, Neuphoria Therapeutics' free cash flow trajectory is predominantly negative, with the exception of a singular outlier in 2025Q4, indicating that the company is currently consuming capital at a rate that necessitates frequent external financing to sustain its ongoing clinical research activities.
The persistent negative free cash flow, often exceeding $3 million per quarter, highlights the structural challenge of funding early-stage neuropsychiatric development. This trend suggests that the company's operational viability is tethered to its ability to secure non-dilutive milestone payments rather than generating organic cash from its core research pipeline.
Based on the reported figures, working capital changes have become a primary driver of quarterly cash fluctuations, with a notable $2.3 million outflow in 2026Q3 following a $5.1 million outflow in 2026Q2, reflecting the inherent instability in managing cash cycles for a pre-revenue clinical-stage entity.
These significant swings in working capital suggest that the company's cash position is highly sensitive to the timing of vendor payments and research-related accruals. Such volatility warrants further investigation into whether these movements indicate operational inefficiencies or simply the lumpy nature of clinical trial site management and procurement.
As disclosed in recent filings, the company's cash flow statement is heavily impacted by stock-based compensation, which reached $163.7 million in 2025Q4, effectively obscuring the true economic cost of talent acquisition and management incentives during a critical phase of the company's early development.
The reliance on equity-based incentives to preserve cash is a common strategy in biotech, yet it complicates the assessment of the company's actual burn rate. Analysts should be wary of viewing these figures as indicative of operational health, as the dilution associated with such compensation may ultimately impact long-term shareholder value.
Quick answers to the most common questions about buying NEUP stock.
Neuphoria Therapeutics Inc. (NEUP) generated $77.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Neuphoria Therapeutics Inc. (NEUP) generated $77.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Neuphoria Therapeutics Inc. (NEUP) 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.