Persistent negative free cash flow, reaching an outflow of $5.1 million in 2025Q4, highlights a reliance on external funding that is further obscured by massive, non-cash stock-based compensation charges.
| Cash from Operations | -15.86M | -13.54B | -7.86M | -7.86M | -8.48M | -5.72M | -1.34M | -5.71M | -6.57M | -4.98M | -3.77M | -1.98M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | 2347.83% | - | 1345.36% | - |
| Operating CF Growth % | -300.67% | -172236.28% | 0.09% | 7.27% | -48.26% | -327.31% | 76.55% | 13.17% | -32.04% | -32.16% | -89.85% | - |
| Net Income | -16.98M | -15.8B | -9.01M | -8.69M | -9.38M | -21.46M | -2.1M | -4.72M | -5.59M | -7.91M | -4M | -2.62M |
| Depreciation & Amortization | 100M | 100M | 100K | 103.71K | 104.04K | 104.04K | 104.04K | 227.06K | 125.72K | 104.22K | 89.13K | 18.27K |
| Stock-Based Compensation | 1.15B | 1.15B | 1.26M | 1.09M | 764.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 14.54B | 1.02B | -209.05K | -471.31K | 127.06K | 15.01M | 378.33K | -858.83K | -1.1M | 2.54M | 215.9K | 134.59K |
| Working Capital Changes | -811.6K | 1.24M | -2.14K | 95.2K | -94.35K | 632.33K | 274.36K | -358.69K | 233.92K | 245.71K | 54.89K | 258.64K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 60.19K | 108.05K | 11.96K | 131.68K | -274.19K | -84.41K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -60.19K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -460.26K | 1.34M | 275.95K | 53.78K | -217.81K | 1.35M | 227.31K | 0 | 0 | 114.03K | 329.08K | 343.05K |
| Cash from Investing | -3.01M | -4.28B | -1.89M | 2.19M | -10.15M | -625K | -125K | -30.31K | 3.81M | 2.83M | -4.71M | 817.09K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -250K | -625K | -125K | -34.52K | -182.46K | -74.53K | -330.64K | -85.44K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | -65.16% | - | -118.09% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.68K | 0 | 0 | 24.83K | 19.82K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.35B | -10.63B | -9.68B | 5.64K | -14.88B | 0 | 0 | 0 | 3.83M | 2.99M | 0 | 0 |
| Cash from Financing | 18.19M | 18.01B | 10.97M | 5.22M | 14.01M | 13.5M | 1.79M | 6.14M | 3.55M | 4.43M | 9.13M | 1.65M |
| Debt Issued (Net) | -300K | 0 | -600K | -600K | -311.67K | 3.48M | 909.98K | -146.5K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 18.79M | 18.76M | 11.62M | 5.83M | 14.82M | 0 | -142.33K | 6.28M | 3.55M | 4.43M | 9.13M | 1.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | -65.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -14.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -300.97K | 18B | -54.9K | -17.51K | 64.77M | 10.03M | 1.02M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -697.66K | 194.75M | 1.22M | -459.43K | -4.62M | 7.16M | -4.92M | 476.13K | 809.83K | 2.32M | 653.45K | 478.93K |
| Free Cash Flow | -15.86M | -13.54B | -7.86M | -7.86M | -8.73M | -6.35M | -1.46M | -5.74M | -6.76M | -5.05M | -4.1M | -2.07M |
| FCF Margin % | - | - | - | - | - | - | - | - | 2413% | - | 1463.45% | - |
| FCF Growth % | -75.91% | -172236.28% | 0.09% | 9.92% | -37.6% | -333.52% | 74.51% | 15.01% | -33.71% | -23.32% | -97.99% | - |
| FCF per Share | -8.09 | -9037.43 | -58.65 | -305.52 | -21.62 | -3973.13 | -73.09 | -1620.30 | -3132.31 | -2708.01 | -2699.38 | -1667.69 |
| FCF Conversion (FCF/Net Income) | 0.93x | 856.77x | 0.88x | 0.91x | 0.90x | 0.27x | 0.64x | 3.66x | -0.43x | -0.49x | -0.25x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 393.61K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
According to the provided financial data, Quoin's operating cash flow frequently deviates from net income, with the OCF/NI ratio reaching 1.57 in 2023Q4, suggesting that non-cash accounting adjustments and working capital fluctuations are masking the true, more aggressive pace of the company's underlying cash consumption.
The persistent gap between net income and operating cash flow indicates that the company's reported losses do not fully capture the liquidity pressure exerted by its clinical development activities. Investors should monitor this divergence, as it suggests that the cash-based burn rate is more sensitive to operational timing than the accrual-based income statement implies.
As reported in the quarterly cash flow statements, Quoin has maintained a consistent negative free cash flow trajectory, with quarterly outflows ranging from $1.4 million to $5.1 million, reflecting the heavy reliance on external financing to sustain its pre-revenue clinical development pipeline through the current period.
The lack of positive free cash flow is expected for a clinical-stage biotech, yet the volatility in quarterly outflows warrants caution regarding the company's ability to manage its burn rate during extended trial timelines. The absence of any meaningful FCF margin improvement suggests that the firm remains entirely dependent on capital markets for survival.
Based on the reported figures, Quoin's working capital changes have been erratic, swinging from a $899.7K inflow in 2025Q1 to a $923.5K outflow in 2025Q4, which highlights the unpredictable nature of cash management for a firm without a stable revenue base or predictable operational cycle.
These fluctuations in working capital appear to be driven by the timing of clinical trial payments and vendor settlements rather than operational efficiency. Such volatility complicates cash forecasting and suggests that the company's liquidity position is highly susceptible to the timing of specific R&D-related cash outflows.
As indicated by the cash flow statements, the company's stock-based compensation charges, including a massive $1.1 billion entry in 2025Q4, significantly distort the relationship between reported earnings and cash usage, necessitating a careful adjustment to understand the actual cash-based cost of talent and operational overhead.
The magnitude of these non-cash charges obscures the true economic cost of operations and makes traditional cash flow analysis difficult without stripping out these equity-based expenses. Analysts should focus on the underlying cash burn excluding these accounting entries to better assess the company's actual runway and capital requirements.
Quick answers to the most common questions about buying QNRX stock.
Quoin Pharmaceuticals, Ltd. (QNRX) generated $-13541.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quoin Pharmaceuticals, Ltd. (QNRX) reported negative free cash flow of $13.54B in 2025, indicating capital requirements exceeded cash from operations.
Quoin Pharmaceuticals, Ltd. (QNRX) 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.