Free cash flow remains deeply negative at -$4.6 million for 2026Q1, with an OCF/NI ratio of 0.44 highlighting a persistent reliance on non-cash adjustments to manage operational burn.
| Cash from Operations | -15.36M | -14.24B | -7.28M | -3.01M | -3.79M | -4.4M | -2.41B |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -296.57% | -195423.2% | -142.18% | 20.71% | 13.86% | 99.82% | - |
| Net Income | -35.27M | -28.75B | -8.88M | -7.79M | -6.25M | -7.42M | -6.03B |
| Depreciation & Amortization | 363.21M | 363.08M | 2.78K | 4.22K | 805 | 805 | 67K |
| Stock-Based Compensation | 4.27B | 4.27B | 268.3K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.1B | 9.88B | 1.46M | 2.76M | 1.51M | 2.44M | 2.65B |
| Working Capital Changes | 13.32M | 9.11M | -129.64K | 2.02M | 947.33K | 574.67K | 964.39M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 12.2M | 8.27M | -1.05M | 1.35M | 216.43K | 856.48K | 9K |
| Cash from Investing | -292.79K | -466.42M | 0 | 1.15K | 230.88K | 200.47K | 158.29M |
| Capital Expenditures | -316.42K | -466.42K | 0 | 0 | 0 | -11.93K | -2.01M |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 23.64K | -465.96M | 0 | 1.15K | 230.88K | 212.41K | 160.3M |
| Cash from Financing | 13.6M | 9.44B | 12.78M | 2.87M | 3.65M | 3.05M | 3.48B |
| Debt Issued (Net) | 1.83M | 0 | 1.5M | 3.16M | 3.82M | 2.95M | 3.48B |
| Equity Issued (Net) | 3.02M | 9.44M | 11.28M | 0 | 0 | 0 | 2.1M |
| Dividends Paid | 0 | 0 | -31.25M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.75M | 9.43B | 31.25M | -284.18K | -172.02K | 100K | 0 |
| Net Change in Cash | -2.05M | -5.26B | 5.49M | -132.5K | 90.69K | -1.15M | 1.23B |
| Free Cash Flow | -15.68M | -14.24B | -7.28M | -3.01M | -3.79M | -4.41M | -2.42B |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -53.21% | -195423.2% | -142.18% | 20.71% | 14.09% | 99.82% | - |
| FCF per Share | -0.41 | -486.74 | -0.35 | -0.15 | -0.16 | -0.19 | -286.76 |
| FCF Conversion (FCF/Net Income) | 0.44x | 495.19x | 0.82x | 0.39x | 0.61x | 0.59x | 400386.10x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 10K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to recent financial disclosures, OSTX exhibits a persistent gap between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 0.44 in 2026Q1, which highlights the company's reliance on non-cash adjustments to mitigate the impact of its escalating clinical development expenditures.
The divergence between net income and operating cash flow suggests that the company's accounting losses are being partially offset by non-cash items, yet the underlying cash burn remains substantial. Investors should monitor whether this conversion ratio stabilizes as the company moves deeper into clinical trials, as current volatility may mask the true velocity of capital consumption.
As reported in quarterly filings, the free cash flow trajectory has trended toward deeper deficits, with 2026Q1 free cash flow reaching -$4.6 million, reflecting the intensifying capital requirements necessary to support the OST-HER2 immunotherapy program as it progresses through critical late-stage clinical trial milestones.
The consistent negative free cash flow trajectory is characteristic of a pre-revenue biotech firm, yet the recent deepening of this trend warrants caution regarding the sustainability of the current burn rate. The absence of revenue means that every dollar of FCF deficit directly reduces the company's liquidity runway, necessitating a disciplined approach to capital allocation.
Based on reported figures, working capital changes have frequently provided a temporary cash inflow, such as the $3.9 million benefit observed in 2026Q1, which serves to artificially dampen the headline operating cash burn and may not represent a sustainable source of liquidity for the firm.
These periodic working capital inflows appear to be driven by timing differences in payables or accruals rather than operational efficiency. Analysts should look past these fluctuations to assess the core cash burn, as relying on working capital shifts to extend the runway may prove insufficient if clinical trial costs continue to escalate.
Financial statements indicate that non-cash charges, including the massive $4.3 billion stock-based compensation spike in 2025Q4, significantly distort the reported net income, making it difficult to gauge the actual economic cost of operations without adjusting for these substantial, non-dilutive accounting entries.
The presence of such large non-cash adjustments suggests that the headline net loss figures are not reflective of the actual cash requirements of the business. Investors should focus on the cash flow statement to understand the true impact of these compensation structures on shareholder dilution and the company's long-term capital structure.
Quick answers to the most common questions about buying OSTX stock.
OS Therapies Incorporated (OSTX) generated $-14238.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OS Therapies Incorporated (OSTX) reported negative free cash flow of $14.24B in 2025, indicating capital requirements exceeded cash from operations.
OS Therapies Incorporated (OSTX) 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.