PureTech consistently records negative free cash flow, with quarterly outflows peaking at $100.9M in 2022Q4, highlighting a structural reliance on external capital and asset exits to fund its ongoing research programs.
| Metric | 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 | Dec'12 |
|---|
| Cash from Operations | -85.33M | -134.37M | -105.92M | -178.79M | -158.27M | -131.83M | -98.16M | -72.8M | -88.69M | -58.03M | -28.61M | -10.54M | -8.77M | -1.45M |
| Operating CF Margin % | -1831.51% | -2783.12% | -3180.69% | -8554.64% | -1586.07% | -1580.47% | -1129.79% | -444.66% | -13644.31% | -1309.7% | -243.71% | -524.01% | -125% | -18.31% |
| Operating CF Growth % | 36.5% | -26.86% | 40.76% | -12.96% | -20.06% | -34.3% | -34.84% | 17.92% | -52.82% | -102.83% | -171.37% | -20.16% | -504.27% | - |
| Net Income | -110M | 27.78M | -65.7M | -37.06M | -62.71M | 4.57M | 366.06M | -70.66M | -70.7M | -81.61M | -58.24M | -75.94M | -5.16M | -12.25M |
| Depreciation & Amortization | 3.36M | 3.57M | 4.93M | 8.89M | 7.29M | 6.64M | 6.67M | 2.78M | 2.1M | 1.57M | 740K | 455K | 453K | 500K |
| Stock-Based Compensation | 0 | 22.85M | 4.42M | 14.7M | 13.95M | 10.72M | 14.47M | 12.64M | 11.85M | 10.15M | 11.1M | 2.81M | 290K | 408K |
| Deferred Taxes | -2.74M | 0 | 0 | -70.12M | -112.61M | -151.35M | -546.61M | -19.42M | -116.81M | -783K | -383K | 233K | 1.36M | 3.25M |
| Other Non-Cash Items | 27.18M | -178.34M | -67.09M | -111.12M | -5.05M | 6.11M | 46.23M | -8.1M | 81.9M | 10.7M | 13.37M | 59.03M | 246K | 1.51M |
| Working Capital Changes | -3.13M | -10.24M | 17.52M | 15.92M | 861K | -8.53M | 15.03M | 9.96M | 2.97M | 1.94M | 4.81M | 2.87M | -5.96M | 5.13M |
| Change in Receivables | -236.55K | 629K | 9.75M | -7.73M | -617K | -529K | 747K | 467K | -1.67M | 581K | 1.11M | 794K | -2.33M | 1.04M |
| Change in Inventory | 0 | 0 | 0 | 0 | -103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.03M | -9.7M | 3.84M | 22.03M | 8.34M | 605K | 11.17M | 5.09M | 5.24M | 3.52M | 4.32M | 0 | 0 | 0 |
| Cash from Investing | 63.44M | 240.89M | 68.99M | -107.22M | 197.38M | 364.48M | 63.66M | -39.65M | 83.68M | -43.23M | -184.24M | 747K | -858K | -200K |
| Capital Expenditures | -6.01K | -11K | -245K | -2.18M | -5.66M | -5.42M | -12.54M | -4.49M | -2.17M | -3.68M | -4.61M | -420K | -588K | -1.45M |
| CapEx % of Revenue | 0.13% | 0.23% | 7.36% | 104.11% | 56.73% | 65.03% | 144.31% | 27.43% | 334% | 82.96% | 39.27% | 20.87% | 8.38% | 18.32% |
| Acquisitions | 269.63K | -105.97M | -13.78M | -20.44M | 321K | -10M | -16.04M | -13.39M | -16.34M | 0 | 1.16M | 53K | 79K | 617K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 49.11K | 255K | 865K | 416K | -14.91M | 350K | 191K | 125K | -16.34M | -39.55M | -1.16M | -53K | 57K | -617K |
| Cash from Financing | -6.34M | -16.96M | 78.14M | -29.83M | 22.73M | 38.87M | 49.91M | 156.89M | 14.7M | 29.49M | 285.94M | 64.72M | 5.94M | 1.26M |
| Debt Issued (Net) | 0 | -3.39M | -3.34M | 393K | 2.21M | 39.79M | 1.43M | 5.96M | 2.45M | 2.33M | 1.48M | 9.06M | 1.83M | -2.05M |
| Equity Issued (Net) | -1.95M | -106.66M | -18.5M | -26.15M | -13.33M | 1.99M | 50.27M | -35K | 12.33M | 0 | 0 | 55.84M | 0 | 698K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -112K | -8K | -91K | 0 | 0 | -96K | -2K | -136K |
| Share Repurchases | -2.06M | -107.56M | -19.65M | -26.49M | 0 | 0 | -1.28M | -35K | -66K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.39M | 93.1M | 99.98M | -4.07M | 33.84M | -2.91M | -1.68M | 150.96M | 0 | 27.16M | 284.46M | -78K | 4.11M | 2.74M |
| Net Change in Cash | -28.22M | 89.56M | 41.22M | -315.84M | 61.83M | 271.52M | 15.31M | 44.4M | 9.69M | -71.79M | 72.79M | 54.79M | -3.68M | -403K |
| Free Cash Flow | -85.34M | -134.38M | -106.16M | -180.97M | -163.94M | -137.25M | -110.69M | -77.29M | -90.86M | -61.71M | -33.22M | -10.96M | -9.36M | -2.9M |
| FCF Margin % | -1831.64% | -2783.35% | -3188.05% | -8658.76% | -1642.8% | -1645.5% | -1274.1% | -472.09% | -13978.31% | -1392.67% | -282.97% | -544.88% | -133.38% | -36.62% |
| FCF Growth % | 36.5% | -26.58% | 41.34% | -10.39% | -19.44% | -23.99% | -43.23% | 14.94% | -47.24% | -85.75% | -203.03% | -17.1% | -222.27% | - |
| FCF per Share | -35.44 | -4.98 | -3.84 | -6.36 | -5.72 | -4.69 | -3.79 | -2.82 | -3.80 | -2.69 | -1.79 | -1.33 | -1.47 | -0.46 |
| FCF Conversion (FCF/Net Income) | 0.78x | -2.51x | 1.61x | 3.55x | 2.61x | -22.03x | -0.23x | 1.67x | -2.87x | 1.19x | 0.73x | 0.25x | 2.04x | 0.13x |
| 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 |
Clinical trial binary outcomes
As reported in financial statements, PureTech's operating cash flow frequently diverges from net income, with OCF/NI ratios reaching as high as 4.34 in 2022Q4, illustrating that accounting profits are often decoupled from the actual cash burn required to sustain the company's clinical-stage research and development activities.
The persistent gap between net income and operating cash flow suggests that non-cash items and working capital fluctuations significantly distort the company's true economic performance. Investors should monitor this divergence, as it indicates that reported earnings are not a reliable proxy for the underlying cash-generating capacity of the business.
Based on reported figures, PureTech consistently records negative free cash flow, with quarterly outflows reaching as high as $100.9M in 2022Q4, highlighting a structural reliance on external capital or asset divestitures to fund its ongoing pipeline development rather than internal cash generation from its therapeutic programs.
The trajectory of free cash flow remains deeply negative, reflecting the high-burn nature of clinical-stage biotechnology. This trend suggests that the company's current business model is not yet self-sustaining, necessitating careful scrutiny of the cash runway as the firm shifts focus toward its wholly-owned pipeline.
According to recent SEC filings, PureTech maintains extremely low capital expenditure levels, with CapEx/Revenue ratios often negligible or below 1%, confirming that the company's primary investment is directed toward intellectual property and clinical trial execution rather than heavy physical infrastructure or manufacturing assets.
The minimal investment in property, plant, and equipment underscores the company's asset-light discovery model. While this preserves cash, it also implies that the firm lacks the operational leverage that would come from owning its own commercial-scale manufacturing capabilities, leaving it dependent on third-party partners.
As evidenced by historical data, PureTech utilizes its cash reserves for periodic share repurchases and strategic acquisitions, with net acquisition activity showing significant volatility, such as the $90.6M outflow in 2024Q4, reflecting a capital allocation strategy tied to the lifecycle of its founded entities.
Management's approach to capital deployment appears opportunistic, leveraging liquidity events to return value to shareholders while simultaneously funding internal R&D. This strategy warrants further investigation to determine if the current pace of share repurchases is sustainable given the increasing capital demands of the wholly-owned pipeline.
Based on reported figures, stock-based compensation and working capital changes frequently mask the true extent of operational cash consumption, with SBC reaching $18.2M in 2024Q4, which effectively subsidizes the company's cash burn while potentially diluting the long-term value for existing equity holders.
The reliance on stock-based compensation as a non-cash expense suggests that the company is managing its cash burn by shifting compensation costs to equity. Investors should be wary of how these adjustments impact the reported cash flow statement, as they may obscure the true cost of talent acquisition.
Quick answers to the most common questions about buying PRTC stock.
PureTech Health plc (PRTC) generated $-85.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PureTech Health plc (PRTC) reported negative free cash flow of $85.3M in 2025, indicating capital requirements exceeded cash from operations.
PureTech Health plc (PRTC) 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.
In 2025, PureTech Health plc (PRTC) spent $2.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.