Liquidity is severely constrained as evidenced by a current ratio that has plummeted to 0.33 in 2026Q3, down from 7.12 in 2024Q2, signaling an imminent risk to short-term solvency.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 |
|---|
| Cash from Operations | -20.36M | -18.21M | -18.02M | -22.86M | -36.5M | -30.91M | -26.37M | -29.45M | -21.38M | -21.61M | -18.52M | -20.61M | -19.12M | -16.89M | -3.27M | -5.75M | -5.41M | -4.26M | -4.54M | -3.07M | -2.05M | -1.79M | -1.51M | -388.27K | -64.16K |
| Operating CF Margin % | - | -1363.1% | -5527.91% | -7964.11% | -15598.72% | - | -114647.83% | -54542.59% | -42760% | - | -650.58% | -5436.68% | -5045.12% | -2487.04% | -457.4% | 342.15% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -71.82% | -1.05% | 21.16% | 37.38% | -18.09% | -17.22% | 10.47% | -37.76% | 1.07% | -16.68% | 10.11% | -7.76% | -13.23% | -415.63% | 43.09% | -6.42% | -26.89% | 6.06% | -47.72% | -50.03% | -14.25% | -18.53% | -289.36% | -505.17% | - |
| Net Income | -26.16M | -23.25M | -21.34M | -28.89M | -41.37M | -49.87M | -29.15M | -35.31M | -26.13M | -27.81M | -23.25M | -24.68M | -26.93M | -21.16M | -14.79M | -10.85M | -7.45M | -6.64M | -10.5M | -8.43M | -2.44M | -2.1M | -2.01M | -463K | -77.9K |
| Depreciation & Amortization | 498K | 316K | 253K | 362K | 1.05M | 1.37M | 1.57M | 1.96M | 2.02M | 2.18M | 2.15M | 2.07M | 1.9M | 1.03M | 435K | 312K | 207K | 173K | 129K | 224.72K | 264.83K | 202.85K | 153.64K | 21.04K | 0 |
| Stock-Based Compensation | 2.95M | 2.14M | 2.62M | 3.98M | 8.91M | 13.97M | 2.56M | 5.15M | 6.55M | 3.66M | 3.07M | 4.05M | 5.85M | 2.8M | 4.93M | 3.48M | 1.83M | 2.24M | 4.2M | 2.39M | 0 | 0 | 1.16M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -5.32M | -15.18M | 0 | 0 | 0 | -7.57M | 512K | 425K | 523K | 640K | 128K | 15K | 10.87M | 2K | 77K | -4.17M | -2.37M | 0 | 0 | 285.51K | 0 | 0 |
| Other Non-Cash Items | 3.74M | -1.61M | 473K | 5.32M | 15.18M | 86K | -11K | -3K | 5K | -14K | -3K | 54K | 12K | -30K | 40K | -10.79M | 15K | 32K | 5.46M | 5.31M | 133.59K | 115.86K | -1.07M | 245.44K | 0 |
| Working Capital Changes | -1.23M | 4.19M | -21K | 1.69M | -5.09M | 3.53M | -1.34M | -1.25M | 3.75M | -134K | -921K | -2.63M | -594K | 338K | 6.1M | 1.23M | -11K | -147K | 339K | -193.04K | -5.89K | -12.44K | -26.37K | -191.75K | 13.74K |
| Change in Receivables | 85K | -111K | 438K | -336K | -329K | -256K | 37K | -121K | 978K | 1.19M | -537K | 572K | -1.99M | -303K | -166K | 656K | -307K | -247K | 336K | -481.36K | 0 | 0 | -5.05K | -1.45K | 0 |
| Change in Inventory | 0 | 0 | 0 | 336K | 329K | 0 | -789K | 0 | -21.93M | -24.23M | 2.63M | -2.1M | 664K | 1.17M | 2.41M | -41.16M | -2.16M | -1.94M | 0 | 0 | 0 | 0 | -416.94K | -147.62K | 0 |
| Change in Payables | -62K | -235K | -778K | -22K | -758K | 578K | -291K | -863K | 1.21M | -701K | -77K | -566K | 1.26M | 1.33M | -424K | 455K | 132K | -54K | 0 | 0 | 0 | 0 | 46.12K | -304.31K | 10.29K |
| Cash from Investing | 11.32M | 8.03M | 10.58M | 9.7M | 11.78M | -7.26M | -30.46M | 1.17M | 5.57M | 4.3M | 1.31M | 21.54M | 1.98M | -19.8M | -30.8M | -36K | -1.3M | 830K | 1.28M | -6.13M | -51.79K | -45.65K | -126.83K | -52.53K | -15.57K |
| Capital Expenditures | -1.33M | -1.62M | -323K | -262K | -280K | -373K | -270K | -239K | -342K | -378K | -1.75M | -831K | -1.57M | -4.31M | -1.48M | -962K | -389K | -313K | -840K | -290.18K | -48.14K | -68.97K | -125.66K | 0 | 0 |
| CapEx % of Revenue | 123.08% | 121.11% | 99.08% | 91.29% | 119.66% | - | 1173.91% | 442.59% | 684% | - | 61.47% | 219.26% | 415.04% | 634.61% | 206.7% | -57.19% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 373K | 373K | 0 | 0 | 0 | 0 | 0 | 6K | -1.94M | 30K | 28K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -12.24M | -6K | 1.94M | 30K | 5K | -78K | 119K | 869K | -22.15M | 29K | 0 | 0 | -76K | -2.06M | -3.65K | 3.48K | -1.18K | 47.47K | -15.57K |
| Cash from Financing | 3.79M | 9.53M | 8.84M | 8.02M | 7.5M | 61.4M | 60.87M | 23.58M | 19.92M | 15.8M | 807K | 17.2M | 12.62M | 36.3M | 632K | 47.04M | 5.95M | 5.45M | 1.92M | 8.48M | 2.58M | 3.06M | 1.8M | 947.17K | 80.69K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -2.17M | 24.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24K | -8K | -14K | 44K | 0 | 0 | -23 | -3 | -69.89K | 78.19K |
| Equity Issued (Net) | 3.4M | 9.58M | 91K | 8.02M | 0 | 36.59M | 58.16M | 23.47M | 18.63M | 15.72M | 790K | 16.91M | 10.64M | 34.11M | 0 | 43.4M | 5.95M | 5.46M | 2.25M | 9.14M | 2.58M | 3.14M | 1.8M | 1.02M | 2.5K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 382K | -47K | 8.75M | 0 | 9.67M | 364K | 2.71M | 115K | 1.29M | 79K | 17K | 287K | 1.98M | 2.2M | 632K | 3.66M | 2K | 0 | -368K | -658.75K | 0 | -81.25K | 0 | 0 | 0 |
| Net Change in Cash | -5.14M | -475K | 1.42M | -5.16M | -20.43M | 22.61M | 4.04M | -4.7M | 4.11M | -1.52M | -16.4M | 18.13M | -4.51M | -382K | -33.44M | 41.25M | -756K | 2.02M | -1.33M | -721.07K | 484.71K | 1.22M | 161.53K | 506.38K | 80.69K |
| Free Cash Flow | -21.69M | -19.83M | -18.34M | -23.12M | -36.78M | -31.28M | -26.64M | -29.69M | -21.72M | -21.99M | -20.27M | -21.44M | -20.69M | -21.2M | -4.75M | -6.72M | -5.8M | -4.58M | -5.38M | -3.36M | -2.1M | -1.86M | -1.64M | -388.27K | -64.16K |
| FCF Margin % | -2010.1% | -1484.21% | -5626.99% | -8055.4% | -15718.38% | - | -115821.74% | -54985.19% | -43444% | - | -712.05% | -5655.94% | -5460.16% | -3121.65% | -664.11% | 399.35% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -19.07% | -8.1% | 20.65% | 37.14% | -17.57% | -17.43% | 10.28% | -36.69% | 1.21% | -8.47% | 5.43% | -3.59% | 2.37% | -345.76% | 29.21% | -15.87% | -26.71% | 14.92% | -59.95% | -60.43% | -12.6% | -13.64% | -321.72% | -505.17% | - |
| FCF per Share | -2.16 | -3.13 | -3.50 | -5.05 | -9.14 | -8.90 | -11.71 | -19.26 | -16.42 | -20.12 | -20.39 | -24.40 | -26.07 | -30.56 | -8.64 | -17.22 | -27.27 | -34.52 | -66.98 | -186.45 | -549.67 | -179.93 | -98.01 | -23.24 | -3.84 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.81x | 0.86x | 0.81x | 0.89x | 0.62x | 0.90x | 0.83x | 0.82x | 0.78x | 0.80x | 0.83x | 0.71x | 0.80x | 0.22x | 0.53x | 0.73x | 0.64x | 0.43x | 0.36x | 0.84x | 0.85x | 0.75x | 0.84x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | -10K | -10K | -27K | -28K | 66K | 54K | 48K | 18K | 14K | 11K | 7K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for operations
As reported in quarterly filings, Pluri consistently records net losses that exceed operating cash outflows, with the OCF/NI ratio fluctuating between 0.69 and 1.57, suggesting that non-cash items and working capital swings significantly distort the underlying cash burn profile of the business.
The persistent divergence between net income and operating cash flow indicates that accounting losses are not fully capturing the actual cash depletion occurring within the firm. Investors should monitor this relationship closely, as the reliance on non-cash adjustments to bridge the gap may mask the true severity of the company's operational cash requirements.
Based on recent financial statements, Pluri's free cash flow remains deeply negative, with quarterly outflows consistently hovering near $5M, reflecting a business model that has yet to achieve the scale necessary to cover its substantial fixed R&D and operational overhead.
The consistent negative FCF margins, which reached -27.3% in 2026Q3, underscore the structural difficulty the company faces in reaching self-sustainability. This trajectory suggests that without a fundamental shift in revenue generation or a drastic reduction in burn, the company will remain reliant on external financing to maintain its current research and manufacturing activities.
According to historical cash flow data, Pluri exhibits erratic working capital movements, with quarterly changes ranging from a $1.7M outflow in 2025Q4 to a $1.4M inflow in 2025Q3, indicating a lack of predictability in the timing of collections and payments.
These fluctuations likely stem from the project-based nature of the company's revenue and the timing of grant-related milestones. Such volatility complicates cash flow forecasting and suggests that the company's liquidity position is highly sensitive to the timing of specific contractual receipts.
As disclosed in recent SEC filings, stock-based compensation remains a recurring non-cash expense, peaking at $1.4M in 2026Q1, which effectively hides the true economic cost of talent acquisition and retention from the headline operating cash flow figures.
While SBC is a standard practice in the biotech sector, its magnitude relative to the company's total cash burn warrants close scrutiny. Investors should consider the dilutive impact of these grants, as they represent a significant hidden cost that is not reflected in the cash flow statement but directly affects shareholder value.
Quick answers to the most common questions about buying PLUR stock.
Pluri Inc. (PLUR) generated $-18.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pluri Inc. (PLUR) reported negative free cash flow of $19.8M in 2025, indicating capital requirements exceeded cash from operations.
Pluri Inc. (PLUR) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.