Free cash flow burn has accelerated to an outflow of $2.7 million in 2025Q4, reflecting a capital-intensive development phase that lacks any offsetting revenue generation.
| Cash from Operations | -4.53M | -1.15M | -537K | -1.13M | -492K | -73K |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -294.77% | -113.59% | 52.56% | -130.08% | -573.97% | - |
| Net Income | -3.33M | -1.54M | -600K | -779K | -711K | -73K |
| Depreciation & Amortization | 342K | 118K | 4K | 5K | 6K | 1K |
| Stock-Based Compensation | 0 | 51K | 100K | 130K | 184K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.38M | 250K | -48K | -144K | 184K | 0 |
| Working Capital Changes | -158K | -21K | 7K | -344K | 29K | -1K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -16.53M | 29K | 0 | -3K | -19K | -6K |
| Capital Expenditures | -6.01M | 0 | 0 | -3K | -19K | -6K |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -527K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 19.81M | 3.67M | 505K | 648K | 1.02M | 89K |
| Debt Issued (Net) | 0 | -6K | 249K | 648K | 0 | 0 |
| Equity Issued (Net) | 19.81M | 3.67M | 256K | 648K | 1.02M | 89K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -648K | 0 | 0 |
| Net Change in Cash | -1.25M | 2.55M | -32K | -487K | 513K | 10K |
| Free Cash Flow | -4.54M | -1.15M | -537K | -1.14M | -511K | -79K |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -295.38% | -113.59% | 52.69% | -122.11% | -546.84% | - |
| FCF per Share | -2.82 | -95.86 | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 1.36x | 0.74x | 0.90x | 1.45x | 0.69x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity depletion risk
According to recent financial filings, Polyrizon's operating cash flow consistently tracks its net losses, with the 2025Q4 report showing a $2.7 million cash outflow against a $3.2 million net loss, confirming that the company lacks any meaningful accrual-based earnings to bridge the gap between accounting and cash.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than non-cash accounting charges. This indicates that the firm is consuming its limited capital reserves to fund ongoing operational expenses without the benefit of significant non-cash adjustments to mitigate the burn.
As reported in financial statements, the company's free cash flow trajectory has deteriorated sharply, culminating in a $2.7 million outflow in 2025Q4, which highlights an unsustainable burn rate that significantly outpaces the historical quarterly cash usage observed in previous fiscal periods.
The recent spike in cash outflows suggests that the company is intensifying its clinical or regulatory spending, likely in a final attempt to reach a commercial milestone. Investors should monitor this trajectory closely, as the current rate of cash consumption appears incompatible with the company's stated liquidity position.
Based on the company's reported figures, the $6.0 million capital expenditure in 2025Q4 represents a massive, non-recurring investment that dwarfs all previous spending, signaling a potential shift toward infrastructure or manufacturing readiness that remains unproven in the absence of any top-line revenue generation.
This sudden capital intensity warrants further investigation, as it may indicate a pivot toward in-house manufacturing capabilities that the company may not be equipped to sustain. The lack of historical capex suggests this is a high-stakes gamble on future production capacity rather than routine maintenance.
As indicated by the provided data, working capital changes have remained largely immaterial across the last ten quarters, reflecting the company's pre-revenue status where the absence of inventory and accounts receivable prevents the development of any meaningful cash-cycle efficiency or operational leverage.
The lack of significant working capital movement confirms that the company is not yet managing a commercial supply chain or customer base. Any future fluctuations in these accounts should be viewed as a potential signal of early-stage commercial activity or inventory buildup.
Based on the financial statements, Polyrizon has directed zero capital toward dividends or share repurchases, instead focusing its entire cash allocation on sustaining operations, which underscores the firm's precarious position as a development-stage entity with no capacity for shareholder returns.
The absence of capital deployment activities is consistent with a company in a survival-mode phase of its lifecycle. Management's inability to generate cash flow means that all capital is currently being consumed by the core business, leaving no room for strategic financial engineering.
Quick answers to the most common questions about buying PLRZ stock.
Polyrizon Ltd. (PLRZ) generated $-4.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Polyrizon Ltd. (PLRZ) reported negative free cash flow of $4.5M in 2025, indicating capital requirements exceeded cash from operations.
Polyrizon Ltd. (PLRZ) spent $6.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.