Persistent negative free cash flow, including a $1.5M outflow in 2026Q2, highlights a total dependence on external capital to sustain operations.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 |
|---|
| Cash from Operations | -6.04M | -1.81M | -9.49M | -7.7M | -5.47M | -1.6M | -1.2M | -1.99M | -1.59M | -651.27K | -650.88K | -1.42M | -3.45M | -3.82M | -4.67M | -1.31M | -878.61K | -226.35K | -513.95K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -359.04% | 80.92% | -23.33% | -40.73% | -241.71% | -33.12% | 39.59% | -24.77% | -144.89% | -0.06% | 54.08% | 58.95% | 9.66% | 18.18% | -256.67% | -49.07% | -288.16% | 55.96% | - |
| Net Income | -7.3M | -7.97M | -16.83M | -13.28M | -6.22M | -3.38M | -1.62M | -4.9M | -28.27M | -241.93K | -820.17K | -8.26M | -13.93M | -4.66M | -5.7M | -1.76M | 12.67M | 13.95M | -3.32M |
| Depreciation & Amortization | 3.45K | 2.56K | 3.87K | 3.8K | 2.33K | 13.11K | 5.98K | 218 | 0 | 0 | 0 | 0 | 103.44K | 24.44K | 19.61K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4M | 734.99K | 1.12M | 1.27M | 1.72M | 544.39K | 36.34K | 50.53K | 4.24K | 18.37K | 99.2K | 0 | 1.41M | 1.33M | 825.62K | 155.88K | 180.84K | 114.61K | 2.39M |
| Deferred Taxes | 0 | 0 | 0 | 250.34K | -9.41K | 92.95K | 146.58K | -1.17K | 0 | 0 | 0 | 0 | 9.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.29M | 1.8M | 3.54M | -84.16K | 61.72K | 83K | 42.84K | 2.69M | 26.63M | 0 | -39.25K | 6.91M | 9.02M | -93.22K | -20.67K | 310.15K | -13.72M | -14.32M | 345.28K |
| Working Capital Changes | 1.3M | 3.63M | 2.67M | 4.14M | -1.02M | 1.04M | 186.53K | 176.81K | 35.72K | -427.71K | 109.34K | -74.71K | -55.6K | -429.44K | 203.67K | -17.68K | -7.54K | 22.92K | 75.41K |
| Change in Receivables | -462.05K | -90.4K | 440.26K | 167.72K | 27.38K | 205.07K | -543 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 2.8M | 0 | -297.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.21K | -1.21K | 0 | -5.92K | -1.67K | -18.11K | -132.67K | -1.32K | 0 | -375.39K | -335.18K | -2.76M | -10.59M | -7.18M | -4.12M | 29.14M | 20.82M | -11.27M | -2.82M |
| Capital Expenditures | -1.21K | -1.21K | 0 | -5.92K | -1.67K | -6.94K | 0 | -1.32K | 0 | -375.39K | -406.05K | -2.76M | -10.65M | -7.18M | -3.51M | 0 | 0 | -717.73K | -2.82M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -21 | -132.67K | 0 | 0 | -373.6K | -334.72K | -2.75M | -10.33M | -6.76M | -3.67M | 141.41K | 0 | 0 | 0 |
| Cash from Financing | 9.18M | 2.66M | 6.21M | 9.32M | 2.15M | 7.83M | 963.31K | 0 | 0 | 4.42K | 12.36K | 370.51K | 10.43M | 8.69M | 9.25M | -40.17M | 1.03M | 3.91M | 21.3M |
| Debt Issued (Net) | 950K | 950K | 0 | 2M | 0 | 7.58M | 0 | 0 | 0 | 4.42K | 12.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 6.02M | 1.71M | 6.21M | 7.32M | 1.43M | 230.02K | 0 | 0 | 0 | 0 | 0 | 238.53K | 10.21M | 8.53M | 8.41M | 575.3K | 1.03M | 3.91M | 21.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.74M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.21M | 1.71M | 0 | 9.32M | 725.51K | 15.87K | 963.31K | 0 | 0 | 0 | 0 | 131.98K | 221.55K | 162.37K | 847.43K | 1 | 0 | 0 | 0 |
| Net Change in Cash | 1.9M | 734.05K | -3.22M | 1.34M | -4.19M | 6.65M | -392.13K | -1.99M | -1.59M | -651.27K | -1.15M | -4.05M | -3.88M | -1.83M | 1.02M | -12.34M | 20.98M | -7.59M | 17.97M |
| Free Cash Flow | -6.04M | -1.81M | -9.49M | -7.7M | -5.47M | -1.61M | -1.2M | -1.99M | -1.59M | -1.03M | -1.06M | -4.18M | -14.1M | -11M | -8.18M | -1.31M | -878.61K | -944.09K | -3.33M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 62.8% | 80.91% | -23.24% | -40.8% | -240.34% | -33.7% | 39.63% | -24.85% | -55.35% | 2.86% | 74.7% | 70.38% | -28.14% | -34.49% | -524.72% | -49.07% | 6.94% | 71.68% | - |
| FCF per Share | -0.16 | -0.05 | -0.32 | -0.35 | -0.36 | -0.16 | -0.13 | -0.25 | -0.27 | -0.18 | -0.18 | -0.67 | -3.05 | -2.48 | -1.91 | -0.31 | -0.21 | -0.03 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.38x | 0.56x | 0.58x | 1.01x | 0.48x | 0.78x | 0.41x | 0.06x | 2.68x | 0.79x | 0.17x | 0.25x | 0.79x | 0.97x | 0.81x | -0.07x | -0.02x | 0.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in historical financial statements, OKYO's operating cash flow consistently diverges from net income, with OCF/NI ratios reaching extreme levels such as 3,366.66 in 2024Q4, indicating that non-cash accounting adjustments and stock-based compensation significantly obscure the company's actual cash-based operational performance and underlying burn rate.
The massive variance between net income and operating cash flow suggests that traditional profitability metrics are entirely uninformative for this entity. Investors should monitor the persistent gap as it implies that the company's reported losses do not fully capture the cash-outflow reality of its clinical development activities.
Based on the provided cash flow data, OKYO has maintained a consistent trajectory of negative free cash flow, with quarterly outflows frequently exceeding $2M, as evidenced by the $1.5M cash burn reported in 2026Q2, highlighting the company's total dependence on external financing to sustain operations.
The lack of any positive FCF generation confirms the company's status as a pre-revenue entity reliant on capital markets. This trend suggests that without a major strategic partnership or milestone payment, the current cash trajectory remains unsustainable for long-term clinical development.
According to recent SEC filings, OKYO exhibits significant volatility in working capital changes, with fluctuations ranging from a $517.2K inflow in 2026Q2 to a $1.2M outflow in 2022Q2, suggesting that the company's cash position is highly sensitive to the timing of vendor payments and clinical trial accruals.
These erratic shifts in working capital appear to be a byproduct of the company's virtual operating model and reliance on third-party CROs. Analysts should interpret these swings as evidence of limited control over cash timing rather than operational efficiency.
As disclosed in financial statements, the company frequently utilizes stock-based compensation to manage its cost structure, with a notable $4.0M charge recorded in 2024Q4, which effectively masks the true economic cost of operations and complicates the assessment of the firm's actual cash-based burn rate.
The reliance on non-cash compensation suggests that management is attempting to preserve limited cash reserves at the expense of shareholder dilution. This practice warrants further investigation, as it may hide the true magnitude of the company's operational expenses from a cash-flow perspective.
Quick answers to the most common questions about buying OKYO stock.
OKYO Pharma Limited (OKYO) generated $-1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OKYO Pharma Limited (OKYO) reported negative free cash flow of $1.8M in 2025, indicating capital requirements exceeded cash from operations.
OKYO Pharma Limited (OKYO) 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.