Free cash flow remains structurally negative, with outflows reaching $5.1 million in 2024Q1, highlighting a persistent inability to generate internal funding for clinical development.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -6.71M | -5.54M | -14.37M | -19.93M | -16.73M | -15.07M | -12.09M | -5.58M | -8.48M | -8.63M | -6.26M | -3.31M | -4.53M | -512K |
| Operating CF Margin % | - | - | - | -10175.99% | - | - | -1209.2% | -558.1% | -848% | -8627% | - | - | - | - |
| Operating CF Growth % | 121.1% | 61.46% | 27.89% | -19.06% | -11.04% | -24.64% | -116.66% | 34.19% | 1.7% | -37.77% | -89.3% | 26.91% | -783.98% | - |
| Net Income | -26.2M | -26.81M | -7.28M | -19.88M | -21.76M | -17.83M | -28.07M | -5.89M | -5.57M | -13.01M | -12.13M | -4.2M | -5.25M | -2.63M |
| Depreciation & Amortization | 170.27K | 0 | 186K | 197K | 201K | 231K | 235K | 179K | 7K | 4K | 2K | 1K | 0 | 0 |
| Stock-Based Compensation | 152K | 0 | 582K | 1.88M | 2.41M | 2.08M | 2.65M | 1.27M | 773K | 2.31M | 400K | 59K | 88K | 296K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -894K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.83M | 20.46M | -3.52M | -2.39M | -843K | -108K | 15.46M | -1.48M | -2.26M | 1.95M | 5.19M | 550K | 768K | 1.69M |
| Working Capital Changes | 505.28K | 814.41K | -4.33M | 274K | 3.25M | 550K | -2.36M | 340K | -540K | 122K | 269K | 284K | -130K | 134K |
| Change in Receivables | 0 | 154.21K | 0 | 0 | 313K | -316K | 501K | 1.55K | -1.11M | 0 | 0 | 197K | -375K | -110K |
| Change in Inventory | 0 | 0 | 0 | 0 | 2.13M | 573K | -511K | -1.55K | 0 | 0 | 0 | 54K | 0 | 0 |
| Change in Payables | -190.96K | 453.57K | -2.08M | 1.33M | 799K | 266K | -2.33M | 503K | 393K | -491K | -138K | -152K | 453K | -11K |
| Cash from Investing | 320.34K | 449.54K | 509K | 13.88M | 19.91M | 13.41M | -49.59M | -449K | 2.04M | 2.77M | -7.91M | -9K | 0 | 0 |
| Capital Expenditures | 0 | -3.02K | 0 | -3K | -228K | -115K | -156K | -11K | -16K | -13K | -10K | -9K | 0 | 0 |
| CapEx % of Revenue | - | - | - | 1.53% | - | - | 15.6% | 1.1% | 1.6% | 13% | - | - | - | - |
| Acquisitions | 6.04K | 0 | 0 | -3.55M | 0 | 0 | 69K | 0 | 0 | -1.73M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 88.05K | 0 | 320K | 755K | 324K | 359K | 69K | 151K | 2.06M | 4.52M | -7.9M | 0 | 0 | 0 |
| Cash from Financing | 6.21M | 6.41M | 6.77M | 5.45M | 1.11M | 1.51M | 68.49M | 5.23M | 7.79M | 3M | 10.42M | 12.63M | 5.82M | 701K |
| Debt Issued (Net) | -223K | -217K | -183K | -168K | -165K | -153K | -179K | -171K | 0 | 0 | 0 | 0 | 0 | 686K |
| Equity Issued (Net) | 6.48M | 6.63M | 5.81M | 1.56M | 1.5M | 564K | 27.93M | 2.59M | 4.68M | 2.42M | 6.29M | 14.94M | 6.85M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -341K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -44K | -1.72K | 1.15M | 4.05M | -219K | 1.1M | 40.74M | 2.81M | 3.1M | 576K | 4M | -1.97M | -1.03M | 15K |
| Net Change in Cash | -205.2K | 1.32M | -7.09M | -541K | 4.14M | -357K | 6.86M | -778K | 1.22M | -2.81M | -3.8M | 9.24M | 1.12M | 193K |
| Free Cash Flow | -4.67M | -5.54M | -14.37M | -19.93M | -16.96M | -15.19M | -12.25M | -5.59M | -8.5M | -8.64M | -6.27M | -3.32M | -4.53M | -512K |
| FCF Margin % | - | - | - | -10177.52% | - | - | -1224.8% | -559.2% | -849.6% | -8640% | - | - | - | - |
| FCF Growth % | 58.56% | 61.44% | 27.91% | -17.48% | -11.7% | -23.99% | -119.03% | 34.18% | 1.67% | -37.76% | -89.09% | 26.71% | -783.98% | - |
| FCF per Share | -1004.30 | -2308.17 | -87.62 | -180.07 | -187.63 | -172.88 | -213.01 | -577.51 | -1196.28 | -1827.41 | -2180.05 | -6896.05 | -40410.71 | -12487.80 |
| FCF Conversion (FCF/Net Income) | 0.18x | 0.21x | 1.98x | 1002.26x | 0.77x | 0.82x | 0.43x | 0.95x | 1.63x | 0.71x | 0.52x | 0.79x | 0.86x | 0.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in financial statements, Purple Biotech exhibits a persistent divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, indicating that non-cash accounting adjustments and working capital fluctuations are significantly obscuring the true magnitude of the company's underlying operational cash consumption.
The wide variance between reported net losses and actual cash outflows suggests that investors should prioritize the cash flow statement over GAAP earnings to assess the firm's true burn rate. This disconnect implies that the company's accounting results are heavily influenced by non-operating items, which may lead to an underestimation of the speed at which capital is being depleted.
Based on the provided quarterly data, Purple Biotech's free cash flow remains consistently negative, with outflows reaching as high as $5.1 million in 2024Q1, underscoring a structural inability to generate internal funding while the company remains entirely dependent on external capital to sustain its clinical development pipeline.
The persistent negative FCF trajectory confirms that the company is in a pure cash-consumption phase with no near-term prospect of self-funding. This trend warrants close monitoring, as the lack of positive cash generation necessitates ongoing reliance on dilutive financing to maintain operations.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $1.9 million inflow in 2025Q4 to a $1.3 million outflow in 2024Q3, which suggests that the company's cash position is susceptible to lumpy timing in vendor payments and clinical trial-related accruals.
These fluctuations in working capital appear to be driven by the episodic nature of clinical trial milestones rather than operational efficiency. Investors should interpret these swings as a sign of limited control over cash timing, which complicates the predictability of the company's remaining liquidity runway.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation adjustments, while relatively minor, are consistently added back to net income, masking the true extent of the cash-based R&D expenses required to advance the company's clinical-stage oncology assets toward potential regulatory milestones.
The reliance on these non-cash adjustments to reconcile net income to operating cash flow highlights the importance of focusing on the raw cash burn. The data suggests that the company's reported losses may not fully capture the intensity of the cash-based investment required to keep its pipeline viable.
Quick answers to the most common questions about buying PPBT stock.
Purple Biotech Ltd. (PPBT) generated $-5.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Purple Biotech Ltd. (PPBT) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
Purple Biotech Ltd. (PPBT) 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.