Liquidity is nearing a critical threshold with cash reserves of only $2.6 million as of 2026Q1, failing to offset quarterly free cash flow outflows that frequently exceed $3 million.
| Cash from Operations | -14.79M | -15.57M | -16.84M | -18.86M | -15.62M | -11.85M | -7.68M | -5.9M | -6.36M | -4.2M | -3.08M | -2.02M | 122 |
| Operating CF Margin % | - | - | - | - | - | - | - | -18872.71% | -3407.01% | -995.53% | -392.49% | - | 0.05% |
| Operating CF Growth % | 54.19% | 7.54% | 10.71% | -20.74% | -31.85% | -54.3% | -30.2% | 7.23% | -51.25% | -36.23% | -52.75% | -1658905.51% | - |
| Net Income | -18.82M | -19.47M | -21.82M | -23.52M | -24.67M | -16.53M | -9.14M | -7.63M | -13.04M | -7.79M | -3.39M | -1.6M | -1.4K |
| Depreciation & Amortization | 491K | 489K | 528K | 546K | 525K | 452.91K | 383.97K | 396.67K | 133.42K | 139.21K | 151.17K | 125.42K | 134 |
| Stock-Based Compensation | 2.77M | 3.42M | 4.14M | 5.2M | 8.99M | 6M | 0 | 941.96K | 1.92M | 878.4K | 1.51M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -312.7K | 0 | 588.82K | -1.35M | -231.41K | 871.18K | 0 | 0 |
| Other Non-Cash Items | 711K | 391K | 22K | -468K | -339K | -312.43K | 697.21K | -265.24K | 6.56M | 1.71M | -2.5M | -177 | 1.39K |
| Working Capital Changes | 59K | -396K | 290K | -616K | -130K | -1.14M | 377.1K | 66.79K | -578.4K | 1.09M | 269.31K | -540.7K | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.02K | 3.16K | -11.68K | 309K | 25.24K | -6 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -217.04K | 90.91K | -213.18K | 171.9K | -152 |
| Change in Payables | 456K | 1K | 698K | -221K | 88K | -832.7K | 169.17K | 144.07K | -294.12K | 545.38K | -76.32K | -83.54K | 0 |
| Cash from Investing | 13.43M | 15.86M | 1.33M | -7.87M | -34.55M | -367.89K | -180.29K | -363.89K | -12.42K | 165.31K | -705.27K | -77.62K | -31 |
| Capital Expenditures | -5K | -5K | -37K | -33K | -115K | -367.89K | -180.29K | -363.89K | -12.42K | -10.94K | -373.62K | -2.62K | -31 |
| CapEx % of Revenue | - | - | - | - | - | - | - | 1164.71% | 6.66% | 2.59% | 47.54% | - | 0.01% |
| Acquisitions | 0 | 0 | 0 | 0 | 34.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -34.44K | 0 | 0 | 0 | 0 | 176.25K | -331.65K | -75K | 0 |
| Cash from Financing | 1.02M | 1.02M | 13.64M | 25.79M | 0 | 57.61M | 15.07M | 5.64M | 9.03M | 4.06M | 2.26M | 3.62M | -60 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 312.7K | 0 | 2.08M | 2.98M | 1.38K | 698.51K | -60K |
| Equity Issued (Net) | 1.02M | 1.02M | 13.59M | 25.79M | 0 | 57.36M | 14.76M | 5.64M | 7.66M | 1.29M | 2.16M | 2.18M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 46K | 0 | 0 | 244.89K | 0 | 0 | -706.6K | -209.96K | 100K | 745.75K | 59.94K |
| Net Change in Cash | -340K | 1.31M | -1.87M | -935K | -50.17M | 45.39M | 7.22M | -623.36K | 2.66M | 21.17K | -1.53M | 1.53M | 31 |
| Free Cash Flow | -14.79M | -15.57M | -16.88M | -18.89M | -15.73M | -12.21M | -7.86M | -6.26M | -6.37M | -4.21M | -3.46M | -2.02M | 91 |
| FCF Margin % | - | - | - | - | - | - | - | -20037.42% | -3413.66% | -998.12% | -440.03% | - | 0.04% |
| FCF Growth % | 14.66% | 7.72% | 10.67% | -20.06% | -28.82% | -55.44% | -25.51% | 1.7% | -51.15% | -21.83% | -71.03% | -2225593.07% | - |
| FCF per Share | -22.62 | -26.44 | -1205.96 | -1881.20 | -1716.37 | -1723.64 | -7454.93 | -12155.90 | -20811.31 | -13332.84 | -9659.98 | -5648.28 | 0.46 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.80x | 0.77x | 0.80x | 0.63x | 0.72x | 0.84x | 0.77x | 0.49x | 0.54x | 0.52x | 1.26x | -0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Outcome
As reported in financial statements, NVNO's operating cash flow consistently trails net losses, with an OCF/NI ratio averaging roughly 0.80, suggesting that non-cash expenses like stock-based compensation are significant drivers of the reported bottom-line figures rather than actual cash-generating operational efficiency or underlying business profitability.
The persistent gap between net income and operating cash flow highlights the company's reliance on non-cash accounting adjustments to manage the optics of its clinical-stage burn. Investors should monitor this divergence, as it indicates that the reported losses may overstate the actual cash outflow required to sustain the current R&D-heavy operating model.
Based on historical data, NVNO's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $3 million, which underscores the company's total dependence on external capital markets to fund its ongoing clinical trials and development of the VenoValve and enVVe transcatheter systems.
The lack of a positive FCF trajectory is expected for a pre-revenue medical device firm, yet the consistency of these outflows suggests that the company has no internal mechanism to self-fund its operations. This trajectory warrants further investigation into the timing of potential commercialization, as the current burn rate appears unsustainable without recurring capital infusions.
According to recent SEC filings, NVNO's working capital changes have been highly erratic, swinging from a $1.3 million inflow in 2025Q2 to a $700,000 outflow in 2025Q3, which suggests that the company's cash position is sensitive to the timing of clinical trial payments and vendor obligations.
This volatility in working capital appears to be a byproduct of the clinical trial cycle rather than operational efficiency. Analysts should interpret these fluctuations as a reflection of the company's limited ability to manage cash outflows predictably while navigating the complex regulatory requirements of the SAVVE trial.
As indicated by the provided financial data, stock-based compensation has been a recurring feature of the company's expense profile, reaching as high as $1.9 million in 2025Q2, which effectively obscures the true cash-based operational burn rate required to maintain the firm's clinical development programs.
By relying on equity-based compensation, the company preserves cash but dilutes existing shareholders, a trade-off that appears necessary given the current liquidity constraints. Investors should be wary of viewing the headline net loss as the sole indicator of cash requirements, as the actual cash burn is often higher than the adjusted figures suggest.
Quick answers to the most common questions about buying NVNO stock.
enVVeno Medical Corporation (NVNO) generated $-15.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
enVVeno Medical Corporation (NVNO) reported negative free cash flow of $15.6M in 2025, indicating capital requirements exceeded cash from operations.
enVVeno Medical Corporation (NVNO) 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.