The firm faces a critical liquidity threshold with cash reserves declining to $6.4 million in 2025Q4, reflecting a total absence of operational cash generation across all ten observed quarters.
| Cash from Operations | 0 | -21.96M | -17.24M | -34.32M | -32.39M | -21.6M | -17.36M | -16.68M | -12.31M | -9.73M | -6.57M | -2.52M | -1.86M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 100% | -27.43% | 49.77% | -5.96% | -49.96% | -24.42% | -4.08% | -35.46% | -26.5% | -48.08% | -161.04% | -35.59% | - |
| Net Income | -34.17M | -29.02M | -23.86M | -39.56M | -42.6M | -36.87M | -6.91M | 5.92M | -54.49M | -11.39M | -9.75M | -3.88M | -1.79M |
| Depreciation & Amortization | 0 | 1.62M | 1.82M | 1.72M | 1.12M | 1.01M | 947K | 411K | 205K | 127K | 108K | 71K | 60K |
| Stock-Based Compensation | 0 | 0 | 0 | 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 |
| Other Non-Cash Items | 34.17M | 3.52M | 4.92M | 4.6M | 4.75M | 15.95M | -10.39M | -23.48M | 42.16M | 1.77M | 655K | 659K | -26K |
| Working Capital Changes | 0 | 1.92M | -110K | -1.08M | 4.35M | -1.69M | -1.01M | 472K | -187K | -237K | 2.41M | 636K | -101K |
| Change in Receivables | 0 | 0 | 0 | 0 | 123K | -1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 1.64M | -369K | -3.1M | 2.22M | -607K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -330K | 3.8M | 16.57M | 36.9M | -40.77M | -23.56M | 10.96M | -8.38M | -8.07M | -102K | -48K | -145K |
| Capital Expenditures | 0 | -76K | -196K | -1.77M | -2.99M | -1.18M | -879K | -3.07M | -1.88M | -539K | -113K | -48K | -145K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | 32.42M | 9.98M | 16.43M | 1.03M | 62.77M | 37.65M | 9.39M | 14.38M | 26.34M | 6.19M | 2.92M | 2.58M |
| Debt Issued (Net) | 0 | -3.32M | -2.62M | 11.31M | 0 | 0 | 0 | 0 | 0 | 0 | 2.31M | 0 | 0 |
| Equity Issued (Net) | 0 | 35.86M | 12.72M | 5.12M | 1.03M | 62.77M | 37.65M | 9.39M | 14.38M | 26.34M | 3.82M | 2.59M | 2.56M |
| Dividends Paid | 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 | 3.82M | 0 | 0 |
| Other Financing | 0 | -125K | -125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57K | 330K | 22K |
| Net Change in Cash | -9.21M | 10.2M | -3.45M | -1.15M | 5.51M | 410K | -3.25M | 3.64M | -6.31M | 8.54M | 351K | 351K | 977K |
| Free Cash Flow | 0 | -22.04M | -17.43M | -36.08M | -35.38M | -22.77M | -18.24M | -19.75M | -14.2M | -10.27M | -6.69M | -2.57M | -2M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 100% | -26.43% | 51.69% | -1.99% | -55.36% | -24.87% | 7.67% | -39.14% | -38.2% | -53.63% | -160.56% | -28.17% | - |
| FCF per Share | - | -3.73 | -12.41 | -27.86 | -28.35 | -17.82 | -20.57 | -22.28 | -24.14 | -17.46 | -7.65 | -6.54 | -2.26 |
| FCF Conversion (FCF/Net Income) | - | 0.76x | 0.72x | 0.87x | 0.80x | 0.61x | 2.51x | -2.82x | 0.23x | 0.85x | 0.80x | 0.65x | 1.04x |
| Interest Paid | 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 |
Binary clinical trial dependency
As reported in financial statements, PolyPid exhibits a complete lack of operating cash flow, with the company recording zero cash inflows across all ten observed quarters while simultaneously reporting consistent net losses, most recently reaching $8.5 million in 2025Q4, highlighting a total reliance on external financing.
The absence of operating cash flow is a direct consequence of the company's pre-revenue status and its singular focus on the SHIELD II clinical trial. This suggests that the firm's net income figures are purely accounting representations of cash burn rather than indicators of operational efficiency or earnings quality.
Based on the company's reported figures, free cash flow remains non-existent as the firm continues to consume capital to fund research and development, with no evidence of a trajectory toward self-sustainability given the lack of any commercial revenue streams or positive cash flow generation to date.
The lack of free cash flow trajectory underscores the company's status as a pure-play development firm where cash is consumed rather than generated. Investors should monitor the burn rate closely, as the absence of positive cash flow metrics suggests that the company remains entirely dependent on capital markets for survival.
According to recent SEC filings, PolyPid has reported zero capital expenditures over the last ten quarters, indicating that the company is currently avoiding investment in physical infrastructure or manufacturing capacity while it prioritizes the completion of its primary clinical trial program over long-term asset development.
The lack of reported capital expenditure suggests that the company is likely utilizing contract research organizations and third-party manufacturing to manage its clinical needs. This strategy appears to minimize immediate capital intensity but may limit the company's control over its future supply chain and production costs.
As indicated by the provided financial data, the cash flow statement currently provides no insight into operational efficiency, as the reported figures for operating cash flow, capital expenditures, and working capital changes are all zero, effectively masking the true underlying cash burn of the clinical development process.
The lack of granular cash flow data suggests that the company's financial reporting is currently focused on basic liquidity management rather than operational performance. This warrants further investigation into how the company accounts for its clinical trial expenses, as the current reporting structure obscures the true cost of its development activities.
Quick answers to the most common questions about buying PYPD stock.
PolyPid Ltd. (PYPD) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PolyPid Ltd. (PYPD) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
PolyPid Ltd. (PYPD) 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.