Persistent negative free cash flow, often exceeding $1 million per quarter, highlights a critical liquidity burn that threatens the company's going-concern status.
Onconetix, Inc. (ONCO) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -10.31M | -9.68M | -10.5M | -13.58M | -8.68M | -2.04M | -1.73M | -825.13K |
| Operating CF Margin % | - | -1186.99% | -415.82% | -23229.31% | - | - | - | - |
| Operating CF Growth % | -456.05% | 7.79% | 22.72% | -56.54% | -324.39% | -18.15% | -109.68% | - |
| Net Income | -10.2M | -14.03M | -58.69M | -37.41M | -13.42M | -3.42M | -1.6M | -821.91K |
| Depreciation & Amortization | 14.75K | 15.17K | 731.35K | 43.94K | 6.75K | 4.89K | 3.06K | 573 |
| Stock-Based Compensation | 43.69K | 74.27K | 438.65K | 329.76K | 1.97M | 130.14K | 334.84K | 3.27K |
| Deferred Taxes | 0 | 0 | -1.05M | -12.59K | 0 | 0 | -292.13K | 0 |
| Other Non-Cash Items | 1.85M | 6.68M | 49.61M | 21.84M | 202.51K | 23.44K | 292.13K | 0 |
| Working Capital Changes | -2M | -2.42M | -1.54M | 1.62M | 2.56M | 1.21M | -468.56K | -7.05K |
| Change in Receivables | 27.82K | -318.69K | 116.68K | -62.29K | 0 | -114.96K | -1.48K | -8.33K |
| Change in Inventory | -65.55K | -73.72K | -62.27K | -315.83K | 0 | 0 | 1.48K | 0 |
| Change in Payables | -733.52K | -1.09M | -1.48M | 3.37M | 1.09M | 336.71K | 50.29K | 18.38K |
| Cash from Investing | 0 | 0 | -28.47K | -8.65M | -32.66K | -1.92K | -11.79K | -4.5K |
| Capital Expenditures | 0 | 0 | -28.47K | -55.04K | -9.34K | -1.92K | -11.79K | -4.5K |
| CapEx % of Revenue | 0% | - | 1.13% | 94.15% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -8.59M | -23.33K | 0 | 0 | 0 |
| Cash from Financing | 15.64M | 14.45M | 6.74M | 1.04M | 32.53M | -334.19K | 0 | 6.88M |
| Debt Issued (Net) | -4.56M | -5.78M | 3.65M | -1M | 0 | 0 | 0 | -54.62K |
| Equity Issued (Net) | 20.2M | 20.23M | 3.48M | 2.24M | 34.3M | 0 | 0 | 6.93M |
| Dividends Paid | 0 | 0 | -206.4K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -718 | -58.98K | -566.81K | 0 | 0 | 0 |
| Other Financing | -348 | -926 | -187.28K | -204.63K | -1.77M | -334.19K | 0 | 0 |
| Net Change in Cash | 5.66M | 4.57M | -3.91M | -21.2M | 23.82M | -2.38M | -1.74M | 6.05M |
| Free Cash Flow | -10.31M | -9.68M | -10.52M | -13.64M | -8.68M | -2.05M | -1.74M | -829.63K |
| FCF Margin % | -1596.09% | -1186.99% | -416.95% | -23323.46% | - | - | - | - |
| FCF Growth % | -88.09% | 8.04% | 22.82% | -57.01% | -324.45% | -17.47% | -109.97% | - |
| FCF per Share | -4.60 | -2.95 | -93.09 | -774.25 | -687.56 | -179.94 | -153.18 | -72.96 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.69x | 0.18x | 0.36x | 0.65x | 0.60x | 1.08x | 1.00x |
| Interest Paid | 0 | 0 | 379.41K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ONCO stock.
Onconetix, Inc. (ONCO) generated $-9.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Onconetix, Inc. (ONCO) reported negative free cash flow of $9.7M in 2025, indicating capital requirements exceeded cash from operations.
Onconetix, Inc. (ONCO) 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.
Key Metrics
Top Statement Risk
Imminent liquidity and survival
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Burn
According to the provided quarterly financial data, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating significantly as the company struggles to reconcile its reported accounting losses with the persistent, underlying cash outflows required to sustain its operations.
The divergence between net income and operating cash flow suggests that non-cash items and working capital adjustments are obscuring the true magnitude of the company's cash consumption. Investors should monitor this gap closely, as it indicates that the reported bottom-line figures may not fully capture the severity of the ongoing cash burn.
Free Cash Flow Remains Deeply Negative
As reported in recent financial statements, Onconetix has consistently generated negative free cash flow, with quarterly outflows frequently exceeding $1 million, a trend that underscores the company's inability to reach self-sustaining operations despite its pivot toward a commercial-stage business model for its primary urology asset.
The persistent negative free cash flow trajectory suggests that the company is currently unable to fund its operating and capital requirements through internal revenue generation. This reliance on external financing to cover operational deficits appears to be a structural issue that warrants further investigation into the company's long-term viability.
Working Capital Volatility Signals Inefficiency
Based on the reported figures, working capital changes have been highly inconsistent, with significant quarterly swings that suggest challenges in managing inventory levels and collection cycles effectively as the company attempts to navigate the commercial launch of its Entadfi product in a competitive US market.
The erratic nature of working capital movements may indicate difficulties in aligning supply chain activities with actual prescription demand. Such volatility often points to underlying operational friction, which may be exacerbating the company's already strained liquidity position.
Capital Allocation Prioritizes Survival Needs
As evidenced by the historical data, capital deployment has been characterized by sporadic share repurchases and dividend payments that appear disconnected from the company's core operational reality, raising questions about the strategic rationale behind these outflows given the urgent need to preserve cash for ongoing clinical development.
The decision to allocate capital toward shareholder returns while simultaneously reporting significant operating losses suggests a potential misalignment between management's capital allocation strategy and the company's immediate liquidity requirements. This approach warrants caution, as it may unnecessarily deplete the limited cash runway available for essential R&D and commercial activities.