Free cash flow remains deeply negative with a quarterly burn of $3.3 million in 2026Q1, significantly outpacing the company's limited cash reserves.
| Cash from Operations | -8.69M | -8.27M | -18.32M | -7.29M | -11.22M | -11.09M | -215.07K | 0 |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 137.87% | 54.86% | -151.45% | 35.06% | -1.16% | -5056.63% | - | - |
| Net Income | -9.87M | -8.91M | -15.04M | -120.25K | -10.83M | -11.99M | -1.63M | -3.64K |
| Depreciation & Amortization | 27.04K | 27.06K | 27.92K | 25.05K | 25.05K | 16.78K | 0 | 0 |
| Stock-Based Compensation | 371.91K | 595.37K | 168.85K | 155.72K | 301.12K | 470.88K | 43.85K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 549.07K | 27.68K | -56.44K | -8.33M | 14.96K | 52.38K | 1.45M | 0 |
| Working Capital Changes | 233.57K | -6.04K | -3.42M | 982.13K | -730.97K | 356.22K | -80.5K | 3.64K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 169.34K | -206.12K | -576.28K | 749.66K | -666.04K | -269.64K | 0 | 0 |
| Cash from Investing | -71.88K | 0 | -19.17K | 0 | 0 | -131.96K | -74.04M | 0 |
| Capital Expenditures | -71.88K | 0 | -19.17K | 0 | 0 | -131.96K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -525.29K | 0 | 0 |
| Cash from Financing | 19.17M | 12.47M | 12.85M | 14.03M | 15.2M | 8M | 74.26M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -796.88K | 0 | 15K | 0 |
| Equity Issued (Net) | 19.17M | 12.47M | 12.85M | 14.02M | 4.46M | 8M | 74.25M | -10K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 34 | 11.54M | 0 | 0 | 10K |
| Net Change in Cash | 10.41M | 4.2M | -5.49M | 6.74M | 3.98M | -3.22M | 11.73K | 0 |
| Free Cash Flow | -8.76M | -8.27M | -18.34M | -7.29M | -11.22M | -11.22M | -215.07K | 0 |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 52.06% | 54.91% | -151.71% | 35.06% | 0.03% | -5118.09% | - | - |
| FCF per Share | -2.73 | -13.32 | -106.94 | -509.89 | -9990.56 | -19099.53 | -1191.46 | - |
| FCF Conversion (FCF/Net Income) | 0.89x | 0.93x | 1.22x | 60.59x | 1.04x | 0.93x | 0.13x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to the provided financial data, REVB's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.07 in 2026Q1, suggesting that the company's cash burn is driven by fundamental operational requirements rather than non-cash accounting adjustments or significant accrual-based earnings volatility.
The persistent gap between net income and operating cash flow highlights the company's reliance on cash-intensive R&D activities that do not generate immediate accounting offsets. Investors should monitor this relationship, as the inability to align cash outflows with development milestones suggests a structural dependency on external financing to bridge the gap between clinical progress and liquidity.
As reported in financial statements, REVB's free cash flow remains deeply negative, with a quarterly burn of $3.3 million in 2026Q1, underscoring a trajectory where capital consumption is accelerating relative to the company's limited cash reserves of approximately $10.7 million.
The consistent negative free cash flow trajectory indicates that the firm is currently in a pure capital-consumption phase with no offsetting revenue to mitigate the burn. This trend warrants further investigation into the company's ability to extend its runway without resorting to highly dilutive equity offerings that could impair long-term shareholder value.
Based on reported figures, working capital changes have been highly erratic, swinging from a $739.7K outflow in 2026Q1 to a $5.9M inflow in 2024Q2, which suggests that timing differences in vendor payments and clinical trial accruals are significantly distorting the company's quarterly cash flow profile.
These fluctuations appear to be a byproduct of managing clinical trial vendor contracts rather than operational efficiency. Analysts should look past these quarterly swings to focus on the underlying cash burn rate, as the volatility in working capital may temporarily mask the true pace of liquidity depletion.
Analysis of the cash flow statement reveals that stock-based compensation, while modest at $370.2K in 2025Q4, represents a non-cash expense that effectively subsidizes operations at the cost of future equity dilution, a factor that is often overlooked when assessing the company's true cash-based operational burn.
While the cash flow statement captures the direct impact of R&D spending, it obscures the long-term cost of equity-based incentives used to retain talent in a capital-constrained environment. Investors should consider the cumulative impact of these non-cash charges alongside the primary cash burn to fully appreciate the total cost of maintaining the current clinical pipeline.
Quick answers to the most common questions about buying REVB stock.
Revelation Biosciences, Inc. (REVB) generated $-8.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Revelation Biosciences, Inc. (REVB) reported negative free cash flow of $8.3M in 2025, indicating capital requirements exceeded cash from operations.
Revelation Biosciences, Inc. (REVB) 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.