Persistent negative free cash flow remains a critical concern, with quarterly outflows frequently exceeding $16 million, resulting in an OCF/NI ratio of 1.09 in 2026Q1.
| Cash from Operations | -74.99M | -73.58M | -51.28M | -55.66M | -63.76M | -46.57M | -32.74M | -22.07M | -15.18M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -1073.91% | -43.48% | 7.86% | 12.71% | -36.91% | -42.25% | -48.38% | -45.37% | - |
| Net Income | -78.34M | -77.74M | -58.71M | -68.96M | -73.32M | -57.85M | -34.44M | -25.35M | -17.54M |
| Depreciation & Amortization | 131K | 133K | 1.14M | 1.26M | 650K | 1.28M | 318K | 388K | 338K |
| Stock-Based Compensation | 3.06M | 5.92M | 8.87M | 12.38M | 0 | 0 | 1.93M | 908K | 1.08M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 152K | 0 | 319K |
| Other Non-Cash Items | 371K | -2.81M | -997K | -5.76M | 9.47M | 5.87M | 143K | 70K | -13K |
| Working Capital Changes | -208K | 914K | -1.59M | 5.43M | -568K | 4.12M | -845K | 1.92M | 637K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.96M | -3.42M | 3.34M | 235K | -389K | 191K | -1.23M | 1.8M | 267K |
| Cash from Investing | 62.28M | 70.17M | 53.35M | -50.55M | -1.37M | -143.58M | 27.91M | 3.23M | 21.69M |
| Capital Expenditures | -25K | -29K | -655K | -962K | -7.98M | -1.35M | -148K | -109K | -452K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 31K | 31K | 251K | 0 | 0 | 0 | 148K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -148K | 0 | 22.14M |
| Cash from Financing | 495K | 505K | 313K | 35.58M | 958K | 2.02M | 292.97M | 61.8M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 495K | 505K | 313K | 35.12M | 958K | 2.02M | 292.97M | 61.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 456K | 0 | 0 | 6K | 100K | 0 |
| Net Change in Cash | -12.21M | -2.89M | 2.35M | -70.59M | -64.17M | -188.13M | 288.14M | 42.97M | 6.51M |
| Free Cash Flow | -75.02M | -73.61M | -51.94M | -56.62M | -71.74M | -47.92M | -32.89M | -22.17M | -15.63M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -40.4% | -41.72% | 8.27% | 21.08% | -49.72% | -45.71% | -48.31% | -41.87% | - |
| FCF per Share | -1.41 | -1.40 | -1.01 | -1.18 | -1.57 | -1.06 | -0.73 | -0.52 | -5.17 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.95x | 0.87x | 0.81x | 0.87x | 0.81x | 0.95x | 0.87x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 8K | 0 |
Imminent liquidity shortfall risk
According to quarterly financial data, PMVP's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 1.09 in 2026Q1, suggesting that non-cash adjustments like stock-based compensation provide only marginal relief against the firm's persistent and substantial cash outflow requirements for clinical development.
The tight correlation between net income and operating cash flow indicates that the company's GAAP losses are a reliable proxy for actual cash consumption. Investors should note that the absence of significant accrual-based distortions suggests the reported burn rate is a direct reflection of clinical trial expenditures.
As reported in historical filings, PMVP has maintained a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $16 million, which underscores the company's total dependence on external financing to sustain its ongoing Phase 2 clinical trial activities without any offsetting commercial revenue streams.
The lack of FCF improvement over the last ten quarters highlights the binary nature of the business model, where cash is consumed at a steady rate regardless of clinical progress. This trajectory suggests that the firm remains in a high-risk phase where liquidity preservation is secondary to data generation.
Based on the provided cash flow statements, working capital changes have fluctuated significantly, ranging from a $2.7 million outflow in 2026Q1 to a $2.3 million inflow in 2023Q4, reflecting the irregular timing of clinical trial accruals and vendor payments inherent in a pre-revenue biotechnology cost structure.
These swings in working capital appear to be driven by the timing of clinical site payments rather than operational efficiency. Analysts should monitor these fluctuations as they may temporarily mask or exacerbate the underlying quarterly cash burn rate.
Data from recent financial statements reveals that stock-based compensation, which reached $2.8 million in 2024Q2, serves as a non-cash expense that effectively reduces the reported net loss without impacting the firm's actual cash position, thereby obscuring the true magnitude of the operational burn rate for investors.
While SBC is a standard tool for talent retention in biotech, it is critical to distinguish between accounting losses and actual cash depletion. The reliance on equity-based incentives suggests management is attempting to preserve cash, yet the persistent negative OCF confirms that this strategy is insufficient to achieve self-sustainability.
Quick answers to the most common questions about buying PMVP stock.
PMV Pharmaceuticals, Inc. (PMVP) generated $-73.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PMV Pharmaceuticals, Inc. (PMVP) reported negative free cash flow of $73.6M in 2025, indicating capital requirements exceeded cash from operations.
PMV Pharmaceuticals, Inc. (PMVP) 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.