Operational cash flow remains structurally negative, with a $410.4K outflow in 2025Q4 underscoring the company's inability to self-fund its clinical development pipeline.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'15 | Jun'14 | Jun'13 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 | Jul'95 |
|---|
| Cash from Operations | -4.14M | -4.22M | -3.7M | -1.99M | -2.8M | -1.35M | -487.99K | -1.07M | -1.38M | -1.14M | -378K | -790K | -324K | -11.25M | -3.02M | 4.36M | -5.21M | 931K | -44K | -842K | 1.87M | 2.35M | 1.5M | 3.51M | 331K | -434K | -2.2M | -230K | -600K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -381.18% | -28.11% | -4.36% | 3.82% | -14.09% | 4.97% | - | - | - | 12.63% | 6.95% | 16.4% | 1.76% | -2.78% | -17.51% | -2.32% | -8.7% |
| Operating CF Growth % | 1.81% | -13.84% | -85.76% | 28.76% | -107.49% | -176.39% | 54.44% | 22.38% | -21.03% | -201.67% | 52.15% | -143.83% | 97.12% | -273.13% | -169.23% | 183.59% | -659.61% | 2215.91% | 94.77% | -145.03% | -20.29% | 55.98% | -57.13% | 959.82% | 176.27% | 80.28% | -856.96% | 61.67% | - |
| Net Income | -5.16M | -5.53M | -5M | -3.56M | -4.52M | -2.55M | -1.75M | -2.56M | -2.26M | -2.28M | -476K | -1.08M | -1.03M | -19.73M | -29.44M | -115.77M | -4.15M | 677K | -94.47K | -1.33M | -7.9M | -728K | 144K | 1.14M | -674K | 648K | -858K | -500K | -800K |
| Depreciation & Amortization | 255.92K | 50.29K | 28.22K | 30 | 427.14K | 286 | 339 | 347 | 148 | 534 | 1K | 0 | 1 | 1.64M | 3.7M | 5.87M | 1.35M | 25K | 0 | 0 | 2.49M | 2.09M | 2.03M | 1.89M | 1.91M | 1.55M | 1.12M | 1.05M | 1.1M |
| Stock-Based Compensation | 562.95K | 923.14K | 666.83K | 864.68K | 1.52M | 1.65M | 797.76K | 1.13M | 888.28K | 546.13K | 479 | 275K | 604 | 1.11M | 857K | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -427.14K | -248.55K | -348.29K | 0 | -91.8K | 440.78K | 0 | 0 | 0 | -1.54M | 3.65M | -2.35M | -1.15M | 183K | 0 | 0 | 0 | 0 | -241K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 73.63K | -132.14K | 716.09K | 156.85K | 345.95K | 154.9K | 110.91K | 246.19K | 99.78K | 150K | -7K | -46K | 107 | 4.81M | 19.44M | 116.07M | 419K | 375K | 0 | 485K | 10.85M | 0 | 0 | 0 | 0 | 174K | 150K | -470K | 20K |
| Working Capital Changes | 123.4K | 467.54K | -114.41K | 540.13K | -140.39K | -361.43K | 702.2K | 109.73K | -16.87K | -1.94K | 104K | 60K | 703K | 2.45M | -1.22M | -752K | -1.96M | -329K | 50.47K | 0 | -3.57M | 980K | -426K | 482K | -907K | -2.8M | -2.62M | -310K | -920K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 308K | 0 | 3.2M | 6.69M | 4.53M | 0 | 0 | 0 | 0 | 1.96M | 0 | 0 | 0 | 0 | 0 | 0 | -800K | 0 |
| Change in Inventory | -37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -308K | 0 | 0 | 0 | 0 | 0 | -702K | 0 | 0 | 1.35M | 245K | -369K | 430K | -370K | -1.26M | -1.46M | -820K | 0 |
| Change in Payables | 211.57K | 0 | -27.33K | -91.6K | 340.12K | 0 | 99.54K | 98.59K | 17.26K | 52.25K | 30K | -33K | -292K | -1.79M | -937K | -3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 943.18K | 2.8M | 4.78M | 1.6M | -9.91M | 0 | 250K | 1.05M | -1.29M | 0 | -1K | -1K | 15K | 679K | 2.37M | 17.77M | -5.18M | -200K | 0 | 6.43M | -1.48M | -1.78M | -1.95M | -1.66M | -1.81M | -3.73M | -1.46M | -1.42M | -1.33M |
| Capital Expenditures | 0 | 0 | -149.78K | -1.8K | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -1K | 0 | -41K | -682K | -2.03M | -266K | -77K | 0 | 0 | -1.48M | -1.78M | -3.79M | -3.23M | -81K | -65K | -2.86M | -1.42M | -1.33M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.1% | 0.99% | 1.78% | 0.72% | 0.41% | - | - | - | 9.6% | 17.52% | 15.1% | 0.43% | 0.42% | 22.73% | 14.34% | 19.28% |
| Acquisitions | 0 | 0 | 0 | 46.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.74M | 4.18M | -970K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 943.18K | 51.73K | 0 | -46.05K | 0 | 0 | 0 | 1.05K | -1.29K | 0 | 0 | 15K | 15K | 0 | -480K | 0 | -1.05M | -123K | 0 | 6.43M | 0 | 0 | 1.84M | 1.57M | -1.73M | -3.67M | 1.4M | 0 | 0 |
| Cash from Financing | 4.51M | 1.96M | 0 | 0 | 12.58M | 1.22M | 670K | 0 | 0 | 4.28M | 340K | 175K | 31K | -9K | -2.84M | -2.8M | 17.46M | -537K | 44K | 0 | -300K | -568K | 462K | -1.98M | 1.58M | 3.88M | 3.85M | 1.24M | 2.1M |
| Debt Issued (Net) | 62.35K | 0 | 0 | 0 | 0 | 1.33M | 670K | 0 | 0 | 19K | 340K | 175K | 0 | 0 | -1.75M | -111K | -587K | -324K | 14K | 0 | 0 | -604K | 482K | 764K | 0 | 3.88M | -3.24M | 0 | 0 |
| Equity Issued (Net) | 497.99K | 1.96M | 0 | 0 | 11.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9K | -939K | -3.71M | 18.52M | 0 | 0 | 0 | 0 | 45K | -20K | -967K | 0 | 0 | 7.09M | 0 | 0 |
| 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 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100 | -9K | -939K | -4.05M | 0 | 0 | 0 | 0 | 0 | 0 | -20K | -967K | 0 | 0 | 0 | 0 | 1.5M |
| Other Financing | 3.95M | -454 | 0 | 0 | 869.63K | -104.09K | 0 | 0 | 0 | 4.26M | 0 | 0 | 31K | 0 | -150K | 1.02M | -469K | -213K | 30K | 0 | -300K | -9K | 0 | -1.77M | 1.58M | 0 | 0 | 1.24M | 2.1M |
| Net Change in Cash | 4.46M | 550.58K | 1.07M | -325.98K | -129.92K | -127.53K | 436.14K | -37.2K | -2.7M | 3.1M | -39K | -616K | -278K | -10.59M | -3.5M | 19.3M | 7.07M | 194K | 0 | 4.42M | 90K | -5K | 16K | -133K | 99K | -289K | 189K | -400K | 170K |
| Free Cash Flow | -4.14M | -4.22M | -3.85M | -2M | -2.8M | -1.35M | -487.99K | -1.07M | -1.38M | -1.14M | -379K | -791K | -324K | -11.29M | -3.7M | 2.33M | -5.48M | 854K | -44K | -842K | 390K | 563K | -2.29M | 278K | 250K | -499K | -5.06M | -1.65M | -1.93M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -381.18% | -28.21% | -5.35% | 2.04% | -14.81% | 4.56% | - | - | - | 3.03% | -10.57% | 1.3% | 1.33% | -3.2% | -40.24% | -16.67% | -27.97% |
| FCF Growth % | 1.81% | -9.42% | -93.1% | 28.69% | -107.49% | -176.39% | 54.44% | 22.38% | -21.03% | -200.88% | 52.09% | -144.14% | 97.13% | -205.41% | -258.94% | 142.48% | -741.22% | 2040.91% | 94.77% | -315.9% | -30.73% | 124.64% | -921.94% | 11.2% | 150.1% | 90.14% | -206.61% | 14.51% | - |
| FCF per Share | -2.14 | -0.86 | -0.89 | -0.46 | -0.76 | -0.52 | -0.19 | -0.42 | -0.54 | -0.86 | -3.21 | -121.69 | -0.00 | -110696.08 | -44011.90 | 27046.51 | -111755.10 | - | -999999.00 | -0.20 | 0.09 | - | - | - | - | - | - | -0.39 | -0.46 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.76x | 0.74x | 0.56x | 0.62x | 0.53x | 0.28x | 0.42x | 0.61x | 0.50x | 0.79x | 0.73x | 0.32x | 0.57x | 0.10x | -0.04x | 1.26x | 1.38x | 0.47x | 0.38x | -0.24x | -3.22x | 10.44x | 3.09x | -0.49x | -0.67x | 2.45x | 0.77x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 76K | 35K | 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 | 3.46M | 867K | 2.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to recent SEC filings, the relationship between net income and operating cash flow is highly erratic, with the 2025Q4 net income of $2.2 million contrasting sharply against a negative operating cash flow of $410.4K, suggesting significant non-cash adjustments are masking the underlying cash burn.
The divergence between reported net income and cash usage indicates that GAAP figures are not reflective of the company's actual liquidity position. Investors should monitor these non-cash items, as they appear to obscure the persistent depletion of capital required to sustain clinical development.
As reported in financial statements, PTIX consistently generates negative free cash flow, with quarterly outflows frequently exceeding $1 million, highlighting a structural inability to self-fund operations and a total reliance on external financing to maintain the current clinical trial trajectory for its lead candidate.
The lack of positive free cash flow is expected for a pre-revenue biotech, yet the magnitude of these outflows relative to the $2.2 million cash balance suggests a precarious runway. This trend implies that the company remains highly sensitive to capital market conditions and dilution risks.
Based on PTIX's reported figures, working capital changes have been highly inconsistent, swinging from a $556.4K inflow in 2024Q4 to a $441.0K outflow in 2025Q3, which suggests that timing differences in vendor payments and clinical trial accruals are creating significant noise in quarterly cash flow.
These fluctuations in working capital appear to be a byproduct of the company's lean operational structure rather than a sign of efficient cash management. The volatility warrants further investigation into whether these shifts represent genuine operational efficiencies or merely the deferral of necessary clinical expenses.
As indicated by the cash flow statements, the company's reliance on stock-based compensation, which reached $206.8K in 2025Q4, serves as a critical non-cash expense that effectively subsidizes operations while simultaneously creating a long-term dilution overhang for existing shareholders that is not captured in operating cash flow.
The use of equity-based incentives appears to be a strategic necessity to preserve cash, yet it masks the true cost of talent acquisition in a competitive biotech environment. Analysts should consider the impact of this ongoing dilution when evaluating the long-term value proposition of the equity.
Quick answers to the most common questions about buying PTIX stock.
Protagenic Therapeutics, Inc. (PTIX) generated $-4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Protagenic Therapeutics, Inc. (PTIX) reported negative free cash flow of $4.1M in 2025, indicating capital requirements exceeded cash from operations.
Protagenic Therapeutics, Inc. (PTIX) 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.