Free cash flow remains deeply negative, with a $7.1M outflow in 2026Q1 highlighting the firm's ongoing reliance on external capital to fund its clinical development programs.
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -20.84M | -20.77M | -10.55M | -12.85M | -12.97M | -10.28M | -8.43M | -5.91M | -11.97M | -18.13M | -19.53M | -20.47M | -30.33M | -34.56M | -32.19M | -35.32M | -23.57M | -23.81M | -33.39M | -30M | -16.48M | -1.1M | -12.57M | -7.25M | -6.89M | -8.32M | -2.98M | -5.11M | -1.52M |
| Operating CF Margin % | - | -398.52% | -181.22% | -261.57% | -5791.07% | - | -2783.5% | -84.4% | -401.44% | -282.76% | -171.64% | -175.56% | -399.18% | -283.4% | -222.01% | -353.37% | -221.83% | -161.62% | -487.22% | -495.87% | -207.93% | -18.33% | -184.42% | -51.43% | -75.13% | -147.34% | -47.7% | -337.54% | - |
| Operating CF Growth % | -791.16% | -96.84% | 17.87% | 0.93% | -26.19% | -21.89% | -42.8% | 50.68% | 33.94% | 7.19% | 4.57% | 32.52% | 12.25% | -7.36% | 8.86% | -49.84% | 0.98% | 28.7% | -11.32% | -81.98% | -1397.09% | 91.24% | -73.55% | -5.21% | 17.26% | -179.07% | 41.61% | -235.33% | - |
| Net Income | -11.93M | -22.39M | -12.98M | -13.32M | -20.27M | -13.4M | -8.24M | -10.89M | -12.63M | -22.69M | -22.05M | -18.74M | -37.37M | -26.18M | -32.28M | -32.45M | -27.49M | -23.22M | -30.04M | -28.67M | -25.45M | -26.54M | -2.09M | -9.13M | -13M | -11.21M | -8.64M | -4.57M | -2.09M |
| Depreciation & Amortization | 540K | 445K | 723K | 628K | 619K | 395K | 366K | 896K | 2M | 2.15M | 1.18M | 1.09M | 779K | 1.63M | 933K | 855K | 931K | 1.68M | 1.53M | 1.62M | 2.12M | 1.72M | 1.75M | 1.66M | 1.47M | 1.18M | 441K | 0 | 0 |
| Stock-Based Compensation | 2.41M | 1.54M | 550K | 569K | 606K | 606K | 247K | 127K | 355K | 753K | 1.08M | 2.04M | 3.1M | 3.61M | 3.9M | 3.32M | 3.06M | 2.65M | 2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.31B | -2.31B | -3.22B | -404M | 0 | -997M | -1.3B | -1.14B | 0 | 0 | 0 |
| Other Non-Cash Items | -6.84M | 5.67M | -2.07M | 384K | 481K | 880K | -925K | 4.9M | -668K | 2.69M | 1.02M | -6.16M | 2.79M | -8.76M | 1.37M | -2.22M | 59K | 5.05M | 2.31B | 2.31B | 3.22B | 407.03M | -14.45M | 996.23M | 1.31B | 1.14B | 6.69M | -536K | 567K |
| Working Capital Changes | -5.02M | -6.04M | 3.22M | -1.12M | 5.6M | 1.24M | 119K | -938K | -1.03M | -1.04M | -772K | 1.3M | 364K | -4.86M | -6.12M | -4.83M | -125K | -9.97M | -8.5M | -3.5M | 7.44M | 20.68M | 2.21M | 996K | 0 | 0 | -1.47M | 0 | 0 |
| Change in Receivables | -2.05M | 249K | -571K | 0 | 0 | 0 | 1.17M | -1.2M | -173K | 1.13M | -179K | 328K | 2.06M | -1.21M | -1.81M | -670K | -902K | -986K | 217M | 217K | 598K | 46M | 472K | -53M | -775M | 230M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 259K | 475K | 251K | 471K | 490K | -815K | -459K | 143K | 60K | -777K | -446K | 0 | 0 | 6K | -159K | 33K | 319K | -860K | -1.16M | -1.14M | 0 | 0 |
| Change in Payables | 50K | -5.62M | 4.7M | -3.68M | 0 | 1.73M | -1.23M | -23K | -1.42M | -1.82M | -673K | 771K | -1.15B | -409M | -1.44B | -1.44B | 811M | -2.22B | -2.22M | 0 | 281K | 3.03B | 0 | 337M | 458M | -209M | 0 | 0 | 0 |
| Cash from Investing | -12.95M | -854K | -4.11M | -160K | -759K | -82K | -493K | 5.57M | -133K | -1.38M | 64K | -613K | -1.34M | 3.69M | -1.2M | -560K | -1.29M | -221K | -393K | 5.98M | 591K | 911K | 13.43M | 5.95M | 17.27M | 2.26M | -39.45M | -381K | -598K |
| Capital Expenditures | -889K | -67K | -146K | -160K | -509K | -144K | -93K | -67K | -133K | -1.5M | -67K | -611K | -764K | -519K | -1.2M | -560K | -610K | -221K | -393K | -868K | -3.14M | -1.85M | -789K | -1.74M | -909K | -2.66B | -2.73M | 0 | 0 |
| CapEx % of Revenue | 17.16% | 1.29% | 2.51% | 3.26% | 227.23% | - | 30.69% | 0.96% | 4.46% | 23.33% | 0.59% | 5.24% | 10.06% | 4.26% | 8.3% | 5.6% | 5.74% | 1.5% | 5.73% | 14.35% | 39.59% | 30.74% | 11.57% | 12.37% | 9.92% | 47167.14% | 43.7% | - | - |
| Acquisitions | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 5.64M | 0 | 0 | 0 | 0 | 0 | 5K | 0 | 0 | -330K | 0 | -2.57B | 3.17M | 150M | 0 | -28K | -654K | -2.9M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.78M | 30K | -545K | 0 | -250K | 62K | -400K | 0 | 0 | 113K | 131K | -2K | -579K | 4.2M | 0 | 0 | -20K | 0 | 2.57B | 0 | -150M | 0 | 13.43M | 57K | 9.88M | 2.66B | 0 | -381K | -598K |
| Cash from Financing | 26.94M | 30.31M | 6.19M | 3.44M | 13.45M | 20.42M | -319K | 12.63M | 7.17M | 16.82M | 17.61M | 20.8M | 30.87M | 20.77M | 22.19M | 20.14M | 64.68M | 24.27M | 34.93M | 26.58M | 16.79M | 5.36M | -831K | -997K | -7.97M | 1.28M | 47.44M | 7.92M | 1.84M |
| Debt Issued (Net) | 2.14M | -4.76M | -704K | -1.61M | -1.61M | -276K | -5.42M | -3.82M | 0 | -4.72M | 0 | -7.33M | -1.96M | 4.7M | -2.69M | 4.92M | 14.55M | -2.05M | 6.03M | -1.2M | -352K | 444K | 192K | 694K | -1.42M | 2.23M | -105K | 0 | 0 |
| Equity Issued (Net) | 9.93M | 15.7M | 6.89M | 5.4M | 15.83M | 18.68M | 4.01M | 15.96M | 7.23M | 21.54M | 21.47M | 29.05M | 32.5M | 18M | 24.95M | 13.29M | 45.49M | 25.79M | 28.1M | 29.38M | 17.14M | 4.91M | -1.02M | -1.69M | -6.55M | -949K | 43.45M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -374K | -126K | 0 | 0 | 0 | 0 | 0 | -2.08M | 0 | 0 | 0 | 0 | 0 | -194K | -1.92M | -1.34M | -850K | 0 | 0 | 0 | -1.05M | -2.27M | -7.44M | -1.08M | 0 | 0 | 0 |
| Other Financing | 14.87M | 19.37M | 0 | -348K | -773K | 2.02M | 1.1M | 490K | -66K | 0 | -3.86M | -850K | 335K | -1.92M | -69K | 1.94M | 4.65M | 531K | 795K | -1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 4.09M | 7.92M | 1.84M |
| Net Change in Cash | -6.84M | 8.68M | -8.48M | -9.57M | -280K | 10.05M | -9.25M | 12.29M | -4.92M | -2.33M | -1.78M | -284K | -884K | -10.21M | -11.21M | -15.75M | 39.81M | 243K | 1.15M | 2.56M | 895K | 5.17M | 20K | -2.29M | 2.41M | -4.78M | 5M | 7.92M | -319K |
| Free Cash Flow | -21.72M | -20.84M | -10.7M | -13.01M | -13.73M | -10.42M | -8.93M | -5.97M | -12.11M | -19.62M | -19.6M | -21.09M | -31.35M | -35.08M | -33.4M | -35.88M | -24.18M | -24.03M | -33.78M | -30.56M | -19.62M | -2.95M | -13.36M | -8.99M | -7.79M | -10.99M | -5.71M | -5.11M | -1.52M |
| FCF Margin % | -419.2% | -399.81% | -183.72% | -264.83% | -6129.91% | - | -2946.2% | -85.35% | -405.9% | -306.1% | -172.23% | -180.91% | -412.6% | -287.65% | -230.31% | -358.97% | -227.57% | -163.12% | -492.95% | -505.17% | -247.52% | -49.08% | -196% | -63.8% | -85.04% | -194.51% | -91.41% | -337.54% | - |
| FCF Growth % | -68.83% | -94.78% | 17.76% | 5.24% | -31.72% | -16.77% | -49.46% | 50.67% | 38.3% | -0.12% | 7.07% | 32.72% | 10.64% | -5.05% | 6.93% | -48.38% | -0.65% | 28.87% | -10.55% | -55.74% | -565.8% | 77.95% | -48.68% | -15.3% | 29.05% | -92.26% | -11.89% | -235.33% | - |
| FCF per Share | -3.27 | -6.70 | -34.74 | -103560.26 | -196117.92 | -323347.13 | -756041.04 | -999999.00 | -999999.00 | -999999.00 | -28338.55 | -3745.10 | -9695.88 | -12939.40 | -14228.52 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -515209.79 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -124433.80 | -911964.29 | -271964.29 |
| FCF Conversion (FCF/Net Income) | 1.82x | 0.93x | 0.81x | 0.97x | 0.64x | 0.77x | 1.02x | 0.54x | 0.95x | 0.80x | 0.89x | 1.09x | 0.81x | 1.32x | 1.00x | 1.09x | 0.86x | 1.03x | 1.11x | 1.05x | 0.65x | 0.04x | 6.02x | 0.78x | 0.53x | 0.74x | 0.34x | 1.12x | 0.73x |
| Interest Paid | 0 | 0 | 0 | 0 | 327K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
According to the latest quarterly data, the OCF/NI ratio of 0.90 in 2026Q1 highlights a persistent disconnect between accounting losses and actual cash outflows, suggesting that reported net income figures provide little insight into the company's true operational cash requirements for its ongoing clinical development programs.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and accruals are significant components of the firm's financial reporting. Investors should interpret this as a signal that the company's cash burn is driven by structural R&D costs rather than temporary accounting fluctuations.
As reported in financial statements, the company's free cash flow trajectory remains deeply negative, with a 2026Q1 outflow of $7.1M, underscoring a reliance on external capital to bridge the gap between research-driven expenditures and the absence of sustainable, recurring commercial revenue streams from its radiopharmaceutical pipeline.
The consistent negative FCF margins suggest that the company is in a high-intensity capital consumption phase. This trend appears to be accelerating, which may necessitate further dilutive financing to maintain the current pace of clinical trial enrollment and isotope procurement.
Based on the provided figures, the company's capital intensity spiked to 79.6% of revenue in 2026Q1, indicating that the firm is prioritizing investment in specialized manufacturing or delivery infrastructure necessary to support its convection-enhanced delivery trials, despite the lack of a commercial-scale revenue base to justify such spending.
This elevated level of capital expenditure relative to revenue suggests that the firm is building out the technical capabilities required for its niche radiopharmaceutical delivery. Analysts should monitor whether these investments lead to improved clinical trial efficiency or if they represent an unsustainable burden on liquidity.
Data from recent filings reveals significant volatility in working capital, with a $419.0K outflow in 2026Q1 following a $1.4M outflow in 2025Q4, reflecting the unpredictable nature of grant-funded operations and the timing of payments related to clinical trial site management and specialized isotope supply chain logistics.
The erratic nature of these working capital swings suggests that the company lacks a stable operational cycle. This instability may indicate that the firm is struggling to manage its cash conversion cycle effectively while navigating the complex regulatory and logistical requirements of its clinical-stage radiopharmaceutical assets.
Quick answers to the most common questions about buying PSTV stock.
Plus Therapeutics, Inc. (PSTV) generated $-20.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Plus Therapeutics, Inc. (PSTV) reported negative free cash flow of $20.8M in 2025, indicating capital requirements exceeded cash from operations.
Plus Therapeutics, Inc. (PSTV) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.