Liquidity is severely constrained as the company maintains only $1.6M in cash while continuing to report consistent quarterly free cash flow outflows exceeding $1M.
| Cash from Operations | -5.27M | -4.33M | -2.19M | -818.77K | -410 | -461 | -23.81K |
| Operating CF Margin % | - | -148.94% | -61.98% | - | - | - | - |
| Operating CF Growth % | -2183.98% | -97.81% | -167.22% | -199599.02% | 11.06% | 98.06% | - |
| Net Income | -13.8M | -18.01M | -2.02M | 403.78K | 846 | -3.31K | -23.81K |
| Depreciation & Amortization | 7.52K | 9.31M | 0 | 0 | 18 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -452.31K | 0 | 0 | 0 | -115 | 0 | 0 |
| Other Non-Cash Items | -14.22M | 2.67M | -1.84M | -2.78M | -1.27K | 0 | 0 |
| Working Capital Changes | 1.48M | 1.71M | 1.67M | 1.55M | 107 | 2.85K | 0 |
| Change in Receivables | 540.29K | 570.73K | 0 | 0 | 3 | 0 | 0 |
| Change in Inventory | 508.73K | 763.73K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -595.66K | -510.23K | 0 | 1.04M | 0 | 0 | 0 |
| Cash from Investing | -3.82M | -2.64M | 35.91M | -33.83M | -1.36K | 0 | 0 |
| Capital Expenditures | 0 | -176.38K | 0 | 0 | -62 | 0 | 0 |
| CapEx % of Revenue | 0% | 6.07% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 1.42K | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -3.82M | -2.03M | 35.91M | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.16M | 8.37M | -33.67M | 34.54M | 3.75K | -57.44K | 86.47K |
| Debt Issued (Net) | 3.52M | 3.57M | 2.56M | -1.15M | 847 | 100K | 0 |
| Equity Issued (Net) | 5.64M | 4.8M | -36.23M | 27.97M | 2.9K | -167.44K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -36.23M | -36M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 7.71M | 0 | 10K | 86.47K |
| Net Change in Cash | -29K | 1.36M | 50.72K | -109.08K | 1.96K | -57.9K | 62.65K |
| Free Cash Flow | -5.44M | -4.5M | -2.19M | -818.77K | -472 | -461 | -23.81K |
| FCF Margin % | -207.04% | -155.01% | -61.98% | - | - | - | - |
| FCF Growth % | -146.23% | -105.87% | -167.22% | -173404.98% | -2.36% | 98.06% | - |
| FCF per Share | -1.21 | -1.01 | -0.49 | -0.11 | -0.00 | -0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.39x | 0.24x | 0.21x | -2.03x | 0.01x | 0.14x | 1.00x |
| Interest Paid | 0 | 506.8K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 153.62K | 461.96K | 16.25K | 0 | 0 | 0 |
Imminent liquidity depletion risk
As reported in recent financial statements, OSRH exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 1.27 reading in 2025Q3, which suggests that reported earnings provide little insight into the company's actual cash-burning operational reality.
The extreme volatility in the relationship between net income and operating cash flow indicates that non-cash items and accounting adjustments are likely obscuring the underlying cash burn. Investors should monitor this divergence, as it suggests that the company's reported profitability metrics are not reflective of the actual cash resources available to fund clinical development.
Based on OSRH's reported figures, the free cash flow trajectory is consistently negative, with quarterly outflows frequently exceeding $1M, a trend that highlights the company's inability to generate self-sustaining cash flow while it attempts to advance its oncology and ophthalmology therapeutic candidates through clinical trials.
The persistent negative FCF margins, which reached -42.7% in 2025Q2, underscore the structural challenge of funding high-cost biotech operations with a minimal and declining revenue base. This trajectory suggests that without a significant change in the business model or a major capital infusion, the company will continue to deplete its limited cash reserves.
According to recent SEC filings, OSRH's working capital changes are highly erratic, swinging from a $1.7M inflow in 2025Q2 to a $1.3M outflow in 2025Q3, which suggests that the company is relying on aggressive timing of payables and receivables to manage its extremely tight liquidity position.
These sharp fluctuations in working capital appear to be a defensive mechanism to preserve cash, rather than a sign of operational efficiency. Such reliance on working capital management to bridge the gap between revenue and expenses warrants further investigation, as it may indicate underlying stress in the company's vendor and partner relationships.
As indicated by historical financial data, OSRH has engaged in significant share buybacks, including $36M in 2023Q4, which appears highly questionable given the company's current cash-burning status and the urgent need for capital to fund its clinical pipeline and maintain its basic operational requirements.
The decision to prioritize share repurchases over internal R&D investment or cash preservation suggests a potential misalignment between capital allocation and the company's long-term viability. This deployment strategy appears to have significantly weakened the balance sheet, leaving the firm with limited resources to navigate its current clinical-stage challenges.
Quick answers to the most common questions about buying OSRH stock.
OSR Holdings, Inc. (OSRH) generated $-4.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OSR Holdings, Inc. (OSRH) reported negative free cash flow of $4.5M in 2025, indicating capital requirements exceeded cash from operations.
OSR Holdings, Inc. (OSRH) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.