Operational cash flow remains structurally negative, with quarterly outflows frequently exceeding $13M and a notable $2.3M cash drain in 2025Q4 despite reported net income of $6.2M.
| Cash from Operations | -54.52M | -48.96M | -50.56M | -46.13M | -29.29M | -19.43M | -26.18M |
| Operating CF Margin % | - | -146.24% | -1916.53% | -1671.27% | -829.01% | 2484.53% | -459.11% |
| Operating CF Growth % | -8.52% | 3.15% | -9.61% | -57.49% | -50.75% | 25.8% | - |
| Net Income | -54.64M | -52.7M | -61.02M | -49.12M | -33.61M | -23.01M | -21.36M |
| Depreciation & Amortization | 334K | 327K | 308K | 287K | 222K | 181K | 137K |
| Stock-Based Compensation | 9.01M | 11.98M | 10.62M | 7.63M | 3.41M | 302K | 221K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 288K | 0 |
| Other Non-Cash Items | 3.82M | 1.8M | 308K | -1.61M | 1.14M | 217K | 2.93M |
| Working Capital Changes | -13.04M | -10.37M | -765K | -3.31M | -451K | 2.6M | -8.12M |
| Change in Receivables | 5K | -3K | 22K | -3K | 25K | 47K | -79K |
| Change in Inventory | -142K | -137K | -28K | 131K | -208K | 1K | -26K |
| Change in Payables | -3.06M | 0 | 2.97M | 145K | 0 | 1.08M | -2.61M |
| Cash from Investing | -29.62M | -26.94M | 13.09M | 10.69M | -64.12M | 13.02M | 26.97M |
| Capital Expenditures | -561K | -489K | -289K | -78K | -591K | -274K | -539K |
| CapEx % of Revenue | 1.71% | 1.46% | 10.96% | 2.83% | 16.73% | -35.04% | 9.45% |
| Acquisitions | 0 | 0 | -602K | 0 | 0 | -13.29M | -27.5M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 13.29M | 27.5M |
| Cash from Financing | 94.16M | 88.33M | 29.17M | 46.22M | 103.26M | -3.99M | 10M |
| Debt Issued (Net) | 17.91M | 17.91M | 15M | -10.85M | 3.55M | -4M | 10M |
| Equity Issued (Net) | 77.33M | 71.97M | 15.04M | 254K | 109.83M | 0 | 162.29M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -428K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.09M | -1.55M | -864K | 56.81M | -10.13M | 7K | -162.29M |
| Net Change in Cash | 10.02M | 12.43M | -8.3M | 10.78M | 9.85M | -10.4M | 10.78M |
| Free Cash Flow | -55.08M | -49.45M | -50.85M | -46.2M | -29.88M | -19.7M | -26.72M |
| FCF Margin % | -168.3% | -147.7% | -1927.48% | -1674.09% | -845.74% | 2519.57% | -468.56% |
| FCF Growth % | -1.14% | 2.74% | -10.05% | -54.64% | -51.65% | 26.27% | - |
| FCF per Share | -1.43 | -1.29 | -1.38 | -1.39 | -1.17 | -0.96 | -1.31 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.93x | 0.83x | 0.94x | 0.87x | 0.84x | 1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 1.37M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Milestone-dependent liquidity exhaustion
As reported in financial statements, the company exhibits a persistent divergence between net income and operating cash flow, with the 2025Q4 period showing a $6.2M profit that nonetheless resulted in a $2.3M cash outflow, highlighting the non-cash nature of recent milestone-driven accounting entries.
The consistent gap between net income and operating cash flow suggests that reported profitability is heavily influenced by accounting adjustments rather than actual cash generation. Investors should monitor this discrepancy closely, as it implies that the company's ability to fund operations remains entirely dependent on external capital rather than internal earnings.
Based on EDBL's reported figures, the company has maintained a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $13M, underscoring the structural reliance on external financing to sustain the ongoing clinical development of the BackBeat Cardiac Neuromodulation Therapy platform.
The lack of a clear path toward positive free cash flow suggests that the company remains in a high-burn phase of its lifecycle. This trajectory warrants further investigation into the timing of future milestone payments, as any delay in clinical progress could rapidly accelerate the depletion of existing cash reserves.
According to recent SEC filings, working capital fluctuations have been significant, including a $12.3M cash drain in 2025Q4, which suggests that the timing of milestone-related receivables and payables creates substantial quarterly volatility in the company's underlying cash position.
These swings in working capital appear to be a direct consequence of the company's milestone-heavy revenue model. The erratic nature of these cash movements makes it difficult to forecast short-term liquidity needs, necessitating a cautious approach when evaluating the company's operational efficiency.
As observed in the cash flow data, stock-based compensation consistently adds back millions to operating cash flow, with $3.0M recorded in 2025Q3, effectively masking the true economic cost of talent acquisition and retention during this critical pre-commercial development phase.
By adjusting for stock-based compensation, the underlying cash burn appears even more severe than the headline operating cash flow figures suggest. This practice may indicate that the company is utilizing equity to preserve cash, which, while prudent for liquidity, may lead to significant dilution for existing shareholders over the long term.
Quick answers to the most common questions about buying OBIO stock.
Orchestra BioMed Holdings, Inc. (OBIO) generated $-49.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Orchestra BioMed Holdings, Inc. (OBIO) reported negative free cash flow of $49.5M in 2025, indicating capital requirements exceeded cash from operations.
Orchestra BioMed Holdings, Inc. (OBIO) 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.