Free cash flow remains structurally negative, with the company's inability to generate operational liquidity underscored by an erratic OCF/NI ratio that frequently deviates from sustainable performance metrics.
Niki BioSolutions, Inc. (NIKI) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -1.84M | -1.19M | -7.72M | -12.32M | -14.65M | -15.93M | -13.38M | -10.04M | -5.78M |
| Operating CF Margin % | - | - | -1790.63% | -950.54% | -950.17% | -1747.86% | -2500.65% | -2617.17% | - |
| Operating CF Growth % | -54.37% | 84.6% | 37.3% | 15.92% | 8.04% | -19.05% | -33.35% | -73.54% | - |
| Net Income | -1.38M | -4.16M | -4.34M | -11.53M | -27.11M | 4.92M | -20.12M | -15.13M | -2.55M |
| Depreciation & Amortization | 0 | 305.57K | 1.38M | 1.56M | 1.19M | 1.33M | 1.3M | 682.29K | 58.9K |
| Stock-Based Compensation | 0 | 0 | 1.27M | 1.65M | 1.68M | 1.48M | 1.61M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 7.96M | -24.46M | -1.53M | 0 | 0 |
| Other Non-Cash Items | -356.81K | 2.87M | -6.49M | -5.4M | 609.34K | 751.03K | 4.14M | 4.81M | -2.93M |
| Working Capital Changes | -103.31K | -209.68K | 461.59K | 1.4M | 1.02M | 45.55K | 1.22M | -389.73K | -195.09K |
| Change in Receivables | 17.51K | 333.39K | 417.22K | -171.91K | -16.5K | -21.68K | -37.72K | -2.83K | -48.01K |
| Change in Inventory | 0 | 0 | 14.52K | 8.05K | 3.36K | -4.95K | -3.54K | -30.64K | 0 |
| Change in Payables | -28.37K | -422.7K | 398.63K | 1.92M | 855.27K | 800.96K | 986.24K | 58.55K | 0 |
| Cash from Investing | 0 | 58.62K | 624.77K | 2.44M | 16.51M | 1.84M | -108.06K | -6.06M | 12.8M |
| Capital Expenditures | 0 | 0 | -3.02K | -186.92K | -137.78K | -161.31K | -1.11M | -6.06M | -3.06M |
| CapEx % of Revenue | - | - | 0.7% | 14.42% | 8.93% | 17.7% | 206.88% | 1581.51% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -113.83K | 25.24M | 270.11K | 417.79K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 58.62K | 534.57K | 2.63M | -3.35M | 1.05M | -70.11K | 83.73K | -186.9K |
| Cash from Financing | 4.42M | 0 | 4.09M | 6.63M | 2.78M | 12.42M | -7.32M | 25.48M | 9.08M |
| Debt Issued (Net) | 0 | 0 | 2.5M | 6.45M | -2.04M | -4.36M | -7.32M | 16.06M | 480K |
| Equity Issued (Net) | 5.07M | 0 | 1.58M | 5.36K | 4M | 17.5M | 0 | 11.05M | 8.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -755.51K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -654.8K | 0 | 16.51K | 169.46K | 824.24K | 40.42K | 0 | -1.64M | 0 |
| Net Change in Cash | 2.58M | -1.13M | -3.01M | -3.25M | 4.64M | -1.67M | -20.81M | 9.38M | 16.1M |
| Free Cash Flow | -1.84M | -1.19M | -7.73M | -12.51M | -14.79M | -16.09M | -14.49M | -16.1M | -8.84M |
| FCF Margin % | - | - | -1791.32% | -964.96% | -959.11% | -1765.56% | -2707.53% | -4198.68% | - |
| FCF Growth % | -54.37% | 84.6% | 38.21% | 15.44% | 8.1% | -11.07% | 10% | -82.08% | - |
| FCF per Share | -24.98 | -21.82 | -170.92 | -350.40 | -422.19 | -510.41 | -499.48 | -576.85 | -293.56 |
| FCF Conversion (FCF/Net Income) | 1.35x | 0.28x | 2.73x | 1.26x | 0.58x | -2.25x | 0.72x | 0.68x | 2.27x |
| Interest Paid | 0 | 0 | 94.11K | 64.74K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NIKI stock.
Niki BioSolutions, Inc. (NIKI) generated $-1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Niki BioSolutions, Inc. (NIKI) reported negative free cash flow of $1.8M in 2025, indicating capital requirements exceeded cash from operations.
Niki BioSolutions, Inc. (NIKI) 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.
Key Metrics
Top Statement Risk
Insufficient capital runway
Earnings Quality Lacks Cash Support
According to historical financial data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio frequently swinging between positive and negative values, suggesting that reported earnings are largely disconnected from the company's actual ability to generate sustainable operational liquidity.
The extreme volatility in the OCF/NI ratio indicates that net income is heavily influenced by non-cash items or accounting adjustments rather than core operational performance. Investors should interpret this divergence as a signal that the company's reported profitability metrics are not reliable indicators of its underlying cash-generating capacity.
Persistent Free Cash Flow Deficits
As reported in recent financial statements, Aptorum's free cash flow trajectory remains consistently negative, reflecting a structural reliance on external financing to fund its R&D pipeline, with the most recent quarterly figures showing a marginal cash inflow that appears to be an outlier rather than a trend.
The persistent inability to generate positive free cash flow highlights the company's high burn rate relative to its current development stage. This trajectory suggests that the firm remains entirely dependent on capital markets to sustain its clinical operations, which warrants significant caution regarding future dilution.
Working Capital Volatility Masks Burn
Based on reported figures, working capital changes have been highly inconsistent, with swings as large as $912.5K in 2023Q4, indicating that the company's cash position is frequently impacted by timing differences in payables and receivables rather than stable operational efficiency or consistent cash conversion cycles.
The erratic nature of working capital adjustments suggests that management may be attempting to manage liquidity through the timing of payments, which is a common but unsustainable practice for firms with limited cash reserves. This volatility obscures the true underlying cash burn rate and complicates the assessment of operational health.
Capital Allocation Remains Highly Dilutive
As evidenced by historical cash flow statements, the company has prioritized share repurchases and other capital outflows despite persistent operating losses, a strategy that appears to have exacerbated the depletion of cash reserves and necessitated further reliance on equity financing to maintain the current clinical pipeline.
The decision to allocate capital toward share buybacks while simultaneously burning cash to fund R&D suggests a misalignment between capital deployment and the company's actual financial position. This approach may indicate that management has historically prioritized short-term market optics over the long-term preservation of the balance sheet.