Liquidity is tightening rapidly as the cash balance fell to $7.0 million in 2025Q4, while quarterly free cash flow remains deeply negative with outflows consistently exceeding $2 million.
| Cash from Operations | -11.3M | -10.97M | -9.13M | -10.26M | -8.81M | -5.92M | -3.53M | -3.35M |
| Operating CF Margin % | - | -977.11% | -21220.93% | - | - | - | - | - |
| Operating CF Growth % | -37.66% | -20.25% | 11.04% | -16.42% | -48.94% | -67.69% | -5.31% | - |
| Net Income | -12.27M | -11.17M | -8.81M | -10.23M | -9.89M | -6.32M | -3.8M | -3.84M |
| Depreciation & Amortization | 2K | 2K | 0 | 0 | 6K | 9K | 0 | 0 |
| Stock-Based Compensation | 979K | 1.27M | 1.17M | 1.08M | 644K | 147K | 50K | 38K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 172K | -827K | -1.76M | -1.71M | 0 | 517K | 489K | 8K |
| Working Capital Changes | -185K | -247K | 280K | 605K | 428K | -265K | -269K | 443K |
| Change in Receivables | -38K | -96K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -107K | -189K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 86K | 213K | 25K | 27K | 9K | 363K | -376K | 343K |
| Cash from Investing | 0 | -2K | -12K | 2.03M | -2.03M | -15K | 0 | -1K |
| Capital Expenditures | 0 | -2K | -12K | 0 | 0 | -15K | 0 | 0 |
| CapEx % of Revenue | 0% | 0.18% | 27.91% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K |
| Cash from Financing | 9.08M | 10.85M | 15.12M | 5.01M | 42K | 19.33M | 3.2M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.98M | 3.16M | 0 |
| Equity Issued (Net) | 10.35M | 12.14M | 15.02M | 5M | 42K | 14.56M | 43K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.26M | -1.3M | 102K | 8K | 0 | 2.79M | 0 | 0 |
| Net Change in Cash | -2.22M | -130K | 5.98M | -3.22M | -10.8M | 13.4M | -329K | -3.35M |
| Free Cash Flow | -11.3M | -10.97M | -9.14M | -10.26M | -8.81M | -5.93M | -3.53M | -3.35M |
| FCF Margin % | -758.97% | -977.29% | -21248.84% | - | - | - | - | - |
| FCF Growth % | -9.55% | -20.12% | 10.93% | -16.42% | -48.56% | -68.11% | -5.31% | - |
| FCF per Share | -0.30 | -0.31 | -0.39 | -0.50 | -0.49 | -0.33 | -0.20 | -0.19 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.98x | 1.04x | 1.00x | 0.89x | 0.94x | 0.93x | 0.87x |
| Interest Paid | -5K | 16K | 21K | 14K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1K | 2K | 38K | 0 | 0 | 0 | 0 |
Binary clinical trial outcome
As reported in recent financial statements, RNXT's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating between 0.64 and 2.05, suggesting that the company's cash burn is primarily driven by operational expenses rather than significant non-cash accruals or accounting adjustments.
The persistent alignment between net income and operating cash flow indicates that the company lacks meaningful non-cash earnings to offset its cash-based expenditures. Investors should monitor this tight correlation, as it confirms that the company's cash position is directly tethered to the ongoing funding of its clinical trial activities.
Based on the company's reported figures, free cash flow remains deeply negative, with quarterly outflows consistently exceeding $2 million, reflecting a structural inability to generate internal capital while the firm remains in the high-intensity, pre-commercial phase of its TIGeR-PaC clinical development program.
The lack of positive free cash flow is an expected outcome for a clinical-stage entity, yet the consistency of these outflows warrants caution regarding the company's long-term liquidity. The absence of a clear path to self-funding suggests that future operations will likely remain dependent on external financing.
According to quarterly data, working capital changes have been highly erratic, swinging from a $688,000 outflow in 2025Q1 to a $446,000 inflow in 2025Q3, which appears to reflect the timing of clinical trial milestone payments and vendor obligations rather than operational efficiency.
This volatility suggests that the company's cash position is sensitive to the timing of research-related expenditures and collaboration receipts. Analysts should interpret these fluctuations as a byproduct of the company's current business model rather than a sign of underlying operational improvement or deterioration.
As indicated by the company's financial disclosures, stock-based compensation has consistently added back to the cash flow statement, with quarterly amounts ranging from $221,000 to $423,000, effectively masking the true economic cost of talent retention during this capital-intensive clinical development phase.
While stock-based compensation is a non-cash expense, it represents a real dilution risk to shareholders that is not fully captured in the headline cash burn figures. Investors should consider the impact of this ongoing dilution when evaluating the company's total cost of capital and future equity requirements.
Quick answers to the most common questions about buying RNXT stock.
RenovoRx, Inc. (RNXT) generated $-11.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
RenovoRx, Inc. (RNXT) reported negative free cash flow of $11.0M in 2025, indicating capital requirements exceeded cash from operations.
RenovoRx, Inc. (RNXT) 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.