Free cash flow remains consistently negative, with a $1.6 million outflow in 2026Q1 and an OCF/NI ratio of 0.12, indicating that accounting losses fail to capture the full extent of the company's cash requirements.
| Cash from Operations | -5.62M | -8.38M | -6.88M | -10.83M | -28.33M | -20.75M | -19.13M | -13.71M | -13.58M | -119.18K | -27.24K | -63 |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | -577.69% | - | - |
| Operating CF Growth % | -46.26% | -21.88% | 36.49% | 61.79% | -36.57% | -8.45% | -39.51% | -1.01% | -11290.84% | -337.53% | -42839.1% | - |
| Net Income | -30.97M | -26.63M | -14.92M | -18.23M | -26.7M | -33.94M | -28.45M | -34.08M | -16.67M | -2.81M | -29.63K | -32.8K |
| Depreciation & Amortization | 543.75K | 555.33K | 490.57K | 2.51M | 4.53M | 4.05M | 3.9M | 1.94M | 134.13K | 0 | 0 | 0 |
| Stock-Based Compensation | 1.85M | 0 | 152.21K | 3.84M | 1.53M | 7.44M | 8.05M | 12.08M | 4.73M | 2.38M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.49M | 15.68M | -2.36M | -576.27K | -575.13K | -1.19M | -3.44M | 5.24M | -1.52M | 0 | 0 | 0 |
| Working Capital Changes | -1.54M | 2.02M | 9.76M | 1.64M | -7.12M | 2.89M | 807.14K | 1.1M | -242.37K | 305.41K | 2.39K | 32.74K |
| Change in Receivables | 1.21M | 1.72M | 4.52M | -728.72K | -7.22M | -106.88K | 435.18K | -387.84K | -487.95K | -217.72K | 2.19K | 881 |
| Change in Inventory | 42.8K | 66.25K | -117.24K | 0 | 0 | 0 | 0 | -721.86K | 0 | 0 | 0 | 0 |
| Change in Payables | -3.44M | 1.2M | 0 | 0 | 0 | 0 | 0 | 825.12K | 318.46K | 790.97K | -8.87K | 12.62K |
| Cash from Investing | -3.45M | -1.99M | -1.5M | -269.58K | 12.12M | 268.96K | 6.51M | -230.89K | -7.34M | -6.09M | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -113.96K | -500K | 0 | -408.89K | -2.96M | -6.09M | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | 29502.01% | - | - |
| Acquisitions | 0 | 0 | 0 | 31.78K | 0 | 768.96K | 0 | 1.75K | 1.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -250K | 0 | 36.62K | -286.06K | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.89M | 6.21M | 11.62M | -3.13M | -2.07M | 38.21M | 24.17M | 4.01M | 32.95M | 9.95M | 34.38K | 0 |
| Debt Issued (Net) | 3.86M | 5.24M | 948.25K | -189.05K | -143.07K | -129.32K | -986.64K | -42.28K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 5.67M | 538.95K | 10.67M | -2.96M | -1.93M | 38.34M | 25.1M | 3.43M | 33.03M | 10.96M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -2.96M | -1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 358.78K | 424.1K | 0 | 20.25K | 0 | 0 | 59.55K | 622.59K | -81.68K | -1.01M | 34.38K | 0 |
| Net Change in Cash | 838.31K | -4.09M | 3.24M | -14.22M | -18.28M | 17.73M | 11.56M | -9.93M | 12.04M | 3.75M | 7.14K | -63 |
| Free Cash Flow | -5.62M | -8.38M | -6.88M | -10.83M | -28.7M | -21.25M | -19.13M | -14.01M | -16.54M | -6.21M | -27.24K | -63 |
| FCF Margin % | - | - | - | - | - | - | - | - | - | -30079.69% | - | - |
| FCF Growth % | 38.66% | -21.88% | 36.49% | 62.27% | -35.07% | -11.06% | -36.59% | 15.3% | -166.48% | -22681.94% | -42839.1% | - |
| FCF per Share | -1.25 | -2.55 | -6.05 | -17.78 | -48.16 | -39.52 | -103.25 | -129.02 | -182.02 | -61.44 | -0.27 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.18x | 0.32x | 0.48x | 0.60x | 1.20x | 0.59x | 0.60x | 0.35x | 0.81x | 0.04x | 0.92x | 0.00x |
| Interest Paid | 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 |
Imminent liquidity shortfall
According to reported financial statements, the persistent gap between net losses and operating cash flow, highlighted by an OCF/NI ratio of 0.12 in 2026Q1, suggests that accounting losses are not fully capturing the underlying cash requirements of the company's ongoing clinical development and administrative activities.
The wide variance between net income and operating cash flow indicates that non-cash items and accruals are significantly distorting the perceived financial performance. Investors should monitor this divergence, as it implies that the company's cash-based burn rate is more aggressive than the headline net loss figures might suggest.
As reported in recent filings, the company's free cash flow remains consistently negative, with a quarterly outflow of $1.6 million in 2026Q1, reflecting a business model that is entirely dependent on external financing to sustain its R&D pipeline and corporate operations without any offsetting organic revenue.
The lack of positive free cash flow is a critical indicator of the company's current development-stage status. This trajectory suggests that the firm will continue to face significant liquidity pressure until it can achieve a major clinical milestone or secure a licensing partnership to stabilize its cash position.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $3.3 million outflow in 2026Q1 to a $7.4 million inflow in 2024Q4, which indicates significant instability in the company's ability to manage its short-term operational liabilities and cash conversion cycle.
This volatility in working capital suggests that the company's cash position is susceptible to timing differences in payments and potential fluctuations in its non-core investment segment. Such unpredictability complicates cash flow forecasting and warrants further investigation into the nature of these large, non-recurring working capital adjustments.
As evidenced by the financial data, the cash flow statement is heavily influenced by non-operating adjustments and stock-based compensation, which reached $996.2K in 2025Q3, potentially masking the true cash cost of maintaining the company's current organizational structure and its pivot-heavy strategic investment portfolio.
The reliance on non-cash compensation and the inclusion of investment-related cash flows obscure the core operational burn rate of the biopharmaceutical segment. Analysts should be cautious, as these items may be used to soften the appearance of the company's ongoing cash depletion.
Quick answers to the most common questions about buying QNTM stock.
Quantum BioPharma Ltd. (QNTM) generated $-8.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quantum BioPharma Ltd. (QNTM) reported negative free cash flow of $8.4M in 2025, indicating capital requirements exceeded cash from operations.
Quantum BioPharma Ltd. (QNTM) 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.