Liquidity is tightening as evidenced by a negative free cash flow of $6.5 million in 2026Q1, resulting in an operating cash flow to net income ratio of 1.08.
| Cash from Operations | -18.35M | -16.01M | -12.25M | -15.95M | -13.56M | -9.5M | 0 |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -215.64% | -30.72% | 23.24% | -17.66% | -42.67% | - | - |
| Net Income | -27.16M | -26.44M | -19M | -22.26M | -19.09M | -12.89M | -10K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.77M | 1.35M | 4.86M | 4.71M | 1.71M | 1.89M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.86M | 4.68M | 0 | -139K | 0 | 0 | 0 |
| Working Capital Changes | 4.61M | 4.4M | 1.9M | 1.74M | 3.82M | 1.49M | 10K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.7M | 3.78M | -273K | -139K | 1.85M | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.61M | 29.11M | 11.65M | 15.09M | 27.81M | 15.25M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 13.61M | 29.11M | 12.04M | 5.29M | 31.88M | 15.25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7K | 0 | -382K | 9.8M | -4.07M | 0 | 0 |
| Net Change in Cash | -4.73M | 13.1M | -593K | -867K | 14.25M | 5.74M | 0 |
| Free Cash Flow | -18.35M | -16.01M | -12.25M | -15.95M | -13.56M | -9.5M | 0 |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -52.08% | -30.72% | 23.24% | -17.66% | -42.67% | - | - |
| FCF per Share | -0.78 | -0.73 | -0.72 | -1.03 | -1.07 | -0.75 | - |
| FCF Conversion (FCF/Net Income) | 0.68x | 0.61x | 0.64x | 0.72x | 0.71x | 0.74x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Dependency
According to the latest quarterly data, NVCT's operating cash flow to net income ratio reached 1.08 in 2026Q1, indicating that cash outflows are consistently outpacing GAAP net losses as the company funds its clinical development pipeline without the benefit of any offsetting revenue streams.
The persistent gap between net income and operating cash flow suggests that non-cash adjustments, such as stock-based compensation, are insufficient to bridge the firm's actual cash requirements. Investors should interpret this as a signal that the company's underlying cash burn is more aggressive than the headline net loss figures might imply.
As reported in financial statements, NVCT has maintained a consistent negative free cash flow trajectory, with quarterly outflows ranging from $2.4 million to $6.5 million, underscoring the company's total dependence on external financing to sustain its research-heavy oncology development model through the current clinical phase.
The lack of positive free cash flow is an expected characteristic of a pre-revenue biotech firm, yet the volatility in quarterly burn rates warrants close monitoring. This trend suggests that clinical trial milestones are the primary drivers of cash depletion, rather than operational efficiencies or economies of scale.
Based on the provided financial figures, working capital changes have fluctuated significantly, including a $1.9 million inflow in 2025Q4, which appears to temporarily mitigate the underlying cash burn associated with the company's intensive research and development activities and clinical trial site management obligations.
These fluctuations in working capital suggest that timing differences in vendor payments or clinical trial accruals may be masking the true underlying velocity of the company's cash consumption. Analysts should view these inflows as transitory rather than indicative of a sustainable improvement in the firm's liquidity position.
Data from recent filings indicates that stock-based compensation, which peaked at $1.7 million in 2025Q2, serves as a significant non-cash expense that complicates the interpretation of the company's true operational cash burn and its long-term reliance on equity-based compensation to preserve limited cash reserves.
The reliance on stock-based compensation suggests that management is attempting to conserve cash by aligning employee incentives with equity performance, though this strategy inherently leads to shareholder dilution. Investors should monitor whether this approach remains viable as the company approaches critical clinical data readouts.
Quick answers to the most common questions about buying NVCT stock.
Nuvectis Pharma, Inc. (NVCT) generated $-16.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nuvectis Pharma, Inc. (NVCT) reported negative free cash flow of $16.0M in 2025, indicating capital requirements exceeded cash from operations.
Nuvectis Pharma, Inc. (NVCT) 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.