The firm exhibits a structural cash burn, with quarterly free cash flow outflows averaging between $12 million and $14 million, offset only by periodic capital infusions.
| Cash from Operations | -50.76M | -51.83M | -51.12M | -34.55M | -26.95M | -37.98M | -18.54M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -74.52% | -1.39% | -47.97% | -28.17% | 29.04% | -104.91% | - |
| Net Income | -43.59M | -59.52M | -52.67M | -35.31M | -29.51M | -39.77M | -19.46M |
| Depreciation & Amortization | 821K | 830K | 662K | 560K | 387K | 50K | 37K |
| Stock-Based Compensation | 11.67M | 11.63M | 4.53M | 199K | 48K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -758K | 6K | 316K | 0 | 0 | 4.54M | 378K |
| Working Capital Changes | -3.74M | -4.78M | -3.95M | 6K | 2.12M | -2.8M | 514K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.41M | -4.54M | -5.93M | 1.71M | 0 | 0 | 0 |
| Cash from Investing | -33K | -46K | 15.87M | -246K | -1.13M | -23.38M | 7.38M |
| Capital Expenditures | -33K | -46K | -52K | -246K | -1.13M | -198K | -24K |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -44.1M | 0 | 0 |
| Cash from Financing | 146.24M | 163K | 116.13M | 53.13M | 26.46M | 132.41M | 47.27M |
| Debt Issued (Net) | 0 | 0 | 6M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 240K | 203K | 58.91M | 53.85M | 27.84M | 132.41M | 47.27M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 146M | -40K | 51.22M | -723K | -1.38M | 0 | 0 |
| Net Change in Cash | 95.44M | -51.71M | 80.89M | 18.33M | -1.62M | 71.05M | 36.11M |
| Free Cash Flow | -50.79M | -51.87M | -51.17M | -34.79M | -28.09M | -38.18M | -18.56M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 2.79% | -1.38% | -47.07% | -23.87% | 26.44% | -105.72% | - |
| FCF per Share | -3.71 | -3.84 | -3.84 | -2.61 | -2.11 | -21.04 | -7.38 |
| FCF Conversion (FCF/Net Income) | 1.17x | 0.87x | 0.97x | 0.98x | 0.91x | 0.96x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
According to recent financial filings, OnKure consistently reports negative operating cash flows, with the 2026Q1 outflow of $12.9 million highlighting the structural disconnect between net income and cash reality as the company prioritizes R&D investment over the generation of positive operational cash flow.
The consistent gap between net income and operating cash flow suggests that non-cash expenses, particularly stock-based compensation, are significant components of the company's reported losses. Investors should monitor whether this reliance on non-cash accounting adjustments masks the true underlying cash burn rate required to sustain clinical operations.
As reported in financial statements, the company's free cash flow trajectory remains deeply negative, with quarterly outflows averaging approximately $12 million to $14 million, underscoring the firm's status as a pre-revenue entity entirely dependent on external capital to fund its ongoing clinical development programs.
The lack of positive free cash flow is expected for a clinical-stage biotechnology firm, yet the stability of these outflows suggests a high degree of predictability in the company's current R&D spending. This trend warrants further investigation into whether clinical trial expansion will lead to a material acceleration in cash burn in future periods.
Based on reported figures, OnKure maintains negligible capital expenditure levels, with quarterly outlays frequently falling below $20,000, which indicates that the company's primary resource allocation is directed toward clinical trial execution rather than the acquisition of significant physical infrastructure or long-lived tangible assets.
The minimal investment in property and equipment suggests that the company operates with a lean, asset-light model typical of early-stage drug developers. This strategy appears to preserve cash for critical R&D milestones, though it also implies that the firm lacks the internal manufacturing capabilities that might otherwise provide long-term operational control.
Data from recent quarterly filings reveals significant fluctuations in working capital, including a notable $9.9 million inflow in 2024Q4, which suggests that timing differences in vendor payments and clinical trial site accruals can create temporary distortions in the company's reported cash flow from operations.
These swings in working capital appear to be driven by the episodic nature of clinical trial payments rather than fundamental changes in operational efficiency. Analysts should interpret these movements with caution, as they may not reflect a sustainable improvement in the company's cash management capabilities.
As indicated by the provided cash flow data, stock-based compensation consistently adds back millions to the operating cash flow calculation, with $2.8 million recorded in 2026Q1, effectively obscuring the true economic cost of talent retention and management incentives within the company's financial reporting.
While stock-based compensation is a non-cash expense, its magnitude relative to the company's total cash burn suggests that equity dilution is a primary mechanism for funding operations. Investors should monitor the impact of these grants on share count and the potential for future earnings per share dilution as the company matures.
Quick answers to the most common questions about buying OKUR stock.
OnKure Therapeutics, Inc. (OKUR) generated $-51.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OnKure Therapeutics, Inc. (OKUR) reported negative free cash flow of $51.9M in 2025, indicating capital requirements exceeded cash from operations.
OnKure Therapeutics, Inc. (OKUR) 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.