Persistent cash depletion is evident, with quarterly free cash flow outflows frequently exceeding $5 million, further obscured by historical stock-based compensation charges that reached $23.1 million in 2025Q1.
| Cash from Operations | -21.71M | -20.36M | -4.21M | -1.88M | -881.74K | -396.69K |
| Operating CF Margin % | - | -50922.6% | -5077.01% | -2668.12% | -4408.68% | - |
| Operating CF Growth % | -23.75% | - | -124.14% | -113.22% | -122.27% | - |
| Net Income | -38.64M | -62.15M | -11.9M | -14.92M | -3.05M | -3.38M |
| Depreciation & Amortization | 142.16K | 36.46K | 245.94K | 0 | 0 | 0 |
| Stock-Based Compensation | 12.48M | 35.56M | 0 | 0 | 1.29M | 2.22M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.74M | 4.05M | 5.95M | 11.33M | 206.89K | 103.92K |
| Working Capital Changes | -8.1M | 2.14M | 1.49M | 1.71M | 666.22K | 655.66K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 82.75K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 98.33K | 1.12M | 1.8M | 1.06M | 804.15K | 423.17K |
| Cash from Investing | 0 | -500K | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | -500K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | 1250.31% | 0% | - | 0.02% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 16.91M | 20.86M | 4.25M | 1.28M | 1.49M | 250K |
| Debt Issued (Net) | -2.67M | 3.7M | 100.95K | 1.37M | -210K | 250K |
| Equity Issued (Net) | 19.57M | 17.16M | 1000K | 450 | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -469.79K | -94.57K | -700K | 0 |
| Net Change in Cash | -4.8M | -6.16K | 33.03K | -601.44K | 608.26K | -146.69K |
| Free Cash Flow | -21.71M | -20.86M | -4.21M | -1.88M | -881.74K | -396.69K |
| FCF Margin % | - | -52172.91% | -5077.01% | -2668.12% | -4408.68% | - |
| FCF Growth % | - | - | -124.14% | -113.22% | -122.27% | - |
| FCF per Share | -0.93 | -1.09 | -0.22 | -0.10 | -0.05 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.56x | 0.33x | 0.35x | 0.13x | 0.29x | 0.12x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.26K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion risk
As reported in financial statements, NTHI exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching as low as 0.06 in 2023Q4, which suggests that non-cash accounting items are heavily obscuring the underlying reality of the company's cash depletion.
The wide variance between net losses and cash outflows indicates that traditional earnings metrics are poor proxies for the company's actual financial health. Investors should monitor the impact of stock-based compensation and other non-cash adjustments, which appear to artificially inflate the reported net income relative to the actual cash consumed by clinical operations.
Based on NTHI's reported figures, the company's free cash flow trajectory remains deeply negative, with quarterly outflows frequently exceeding $5 million, a trend that underscores the unsustainable nature of the current R&D-heavy business model in the absence of any meaningful commercial revenue or self-sustaining operational cash flow.
The consistent negative free cash flow confirms that the company is entirely dependent on external financing to fund its Phase 2a clinical trials. This trajectory suggests that without a significant change in the clinical development timeline or a major capital infusion, the firm will continue to face severe liquidity pressures.
According to recent SEC filings, NTHI's working capital movements have been highly erratic, swinging from a $8.4 million inflow in 2025Q1 to a $3.8 million outflow in 2025Q3, which may indicate inconsistent management of payables and accruals as the company attempts to navigate its limited liquidity environment.
These fluctuations in working capital suggest that the company may be delaying payments to vendors or managing clinical site obligations in a reactive manner. Such volatility warrants further investigation, as it may signal an attempt to preserve cash in the short term at the expense of operational stability.
As evidenced by the provided data, NTHI's cash flow statement is significantly impacted by stock-based compensation, which reached $23.1 million in 2025Q1, effectively masking the true extent of the cash burn required to support the company's ongoing research and development activities during this critical clinical phase.
The reliance on non-cash compensation to manage expenses appears to be a strategy to preserve limited cash reserves, yet it does not address the fundamental lack of operational cash generation. Analysts should be wary of these adjustments, as they may lead to an overestimation of the company's ability to sustain its current burn rate.
Quick answers to the most common questions about buying NTHI stock.
Neonc Technologies Holdings, Inc. (NTHI) generated $-20.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Neonc Technologies Holdings, Inc. (NTHI) reported negative free cash flow of $20.9M in 2025, indicating capital requirements exceeded cash from operations.
Neonc Technologies Holdings, Inc. (NTHI) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.