Operating cash flow remains effectively non-existent, with the company reporting a $2.4 million net loss in 2025Q2 while maintaining zero meaningful cash-generating activities.
| Cash from Operations | -2K | -7.67M | -10.13M | -8.35M | -7.59M | -1.54M | -695K | -582K |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 0% | 24.31% | -21.32% | -10.12% | -392.92% | -121.44% | -19.42% | - |
| Net Income | -8.66M | -11.13M | -10.21M | -10.11M | -12.34M | -4.04M | -2.83M | -1.22M |
| Depreciation & Amortization | 0 | 16K | 22K | 21K | 89K | 3K | 3K | 0 |
| Stock-Based Compensation | 557 | 2.14M | 557K | 1.54M | 5.11M | 4.16M | 2.06M | 611K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -2.72M | 2K | 0 |
| Other Non-Cash Items | 5.87K | -46K | 277K | -1.71M | -1.19M | 791K | -2K | 0 |
| Working Capital Changes | 231 | 1.34M | -781K | 1.91M | 750K | 273K | 71K | 29K |
| Change in Receivables | 71 | 0 | 0 | 19K | 55K | -204K | -12K | -3K |
| Change in Inventory | 0 | 0 | 0 | 0 | -55K | 0 | 0 | 3K |
| Change in Payables | 0 | -361K | -299K | 961K | 459K | -16K | 32K | 23K |
| Cash from Investing | -7 | -8K | 1K | 3.47M | -3.54M | -17K | -9K | -26K |
| Capital Expenditures | 0 | -8K | -3K | -29K | -70K | -17K | -9K | -7K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -7 | 0 | 4K | -6K | 29K | 0 | 0 | 0 |
| Cash from Financing | 651 | 4.43M | 10.91M | 3.98M | 3.69M | 11.9M | 508K | 1.42M |
| Debt Issued (Net) | 0 | 0 | 0 | -80K | -79K | 1.24M | 0 | 0 |
| Equity Issued (Net) | 0 | 4.55M | 11.3M | 3.98M | 3.87M | 9.86M | 508K | 1.42M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 651 | -121K | -391K | 80K | -96K | 800K | 0 | -3K |
| Net Change in Cash | -1.36K | -3.21M | 738K | -903K | -7.52M | 10.36M | -196K | 809K |
| Free Cash Flow | -2K | -7.68M | -10.14M | -8.38M | -7.66M | -1.56M | -704K | -589K |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | - | 24.26% | -20.94% | -9.5% | -392.03% | -121.02% | -19.52% | - |
| FCF per Share | -0.00 | -0.30 | -0.54 | -0.61 | -0.67 | -0.14 | -0.13 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.00x | 0.69x | 0.99x | 0.83x | 0.61x | 0.38x | 0.25x | 0.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, NeuroSense exhibits a near-total disconnect between net income and operating cash flow, with the company reporting a $2.4 million net loss in 2025Q2 while maintaining essentially zero operating cash flow, highlighting the absence of meaningful cash-generating activities at this stage.
The persistent gap between accounting losses and cash flow suggests that the company's financial statements are dominated by non-cash accruals and stock-based compensation rather than operational performance. Investors should monitor this divergence as it indicates that the reported net income is not a reliable proxy for the company's actual cash burn rate.
Based on the provided financial data, NeuroSense has consistently reported zero or near-zero free cash flow over the last ten quarters, confirming that the firm remains entirely dependent on external financing to sustain its clinical development pipeline and administrative overhead in the absence of commercial revenue.
The lack of positive free cash flow is expected for a pre-revenue biotech, but the absolute absence of cash movement in the operating section for most periods suggests a highly constrained operational environment. This trajectory implies that any future clinical progress will require significant capital injections, likely resulting in substantial dilution for existing shareholders.
According to historical filings, NeuroSense has reported zero capital expenditures across the observed ten-quarter period, which suggests that the company is currently outsourcing its manufacturing and clinical infrastructure requirements rather than investing in internal fixed assets to support its long-term development goals.
While the lack of capex preserves cash in the short term, it may indicate a reliance on third-party contract research organizations that could become a bottleneck during larger Phase III trials. Analysts should investigate whether this asset-light approach will remain viable as the company attempts to scale its clinical operations.
As indicated by the latest quarterly data, the company's cash position has dwindled to approximately $166,000, a figure that appears insufficient to cover ongoing R&D expenses, suggesting that the cash flow statement significantly obscures the severity of the firm's immediate liquidity and going-concern risks.
The reliance on stock-based compensation and non-cash adjustments appears to mask the underlying reality that the company is operating on a razor-thin margin of safety. This warrants further investigation into the timing and terms of potential future financing rounds, as the current cash balance suggests an urgent need for capital.
Quick answers to the most common questions about buying NRSN stock.
NeuroSense Therapeutics Ltd. (NRSN) generated $-7.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NeuroSense Therapeutics Ltd. (NRSN) reported negative free cash flow of $7.7M in 2025, indicating capital requirements exceeded cash from operations.
NeuroSense Therapeutics Ltd. (NRSN) 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.