Free cash flow remains consistently negative, with quarterly outflows reaching $3.4M in 2025Q2, highlighting a total dependence on external financing to sustain operations.
| Cash from Operations | -9.37M | -9.48M | -7.33M | -5.58M | -2.67M | -300.34K | -26.83K | -566.69K | -202.71K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -103.01% | -29.4% | -31.29% | -109.31% | -787.81% | -1019.36% | 95.27% | -179.56% | - |
| Net Income | -10.82M | -11.72M | -9.14M | -6.59M | -5M | -1.15M | -805.73K | -626.14K | -213.59K |
| Depreciation & Amortization | 922.44K | 290.11K | 5.46K | 6.81K | 5.97K | 60.83K | 54.95K | 18K | 18.74K |
| Stock-Based Compensation | 430.94K | 932.97K | 259.74K | 181.96K | 237.55K | 910.07K | 459.59K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 346.88K | 476.33K | 1.41M | 602.17K | 2.55M | -638.26K | 256.58K | 63.79K | 58.51K |
| Working Capital Changes | -251.15K | 540.62K | 138.91K | 220.63K | -462.79K | 519.15K | 7.78K | 16.65K | -9.03K |
| Change in Receivables | 0 | 0 | 14.9K | -14.9K | 0 | 211.46K | 164.93K | 45.38K | -30.43K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 679.43K | 422.99K | 313.3K | 154.06K | -370.38K | 311.35K | -51.13K | -48.37K | 10.58K |
| Cash from Investing | -3.09M | -3.06M | 2.92M | -2.83M | 0 | 0 | -10.82K | 0 | 0 |
| Capital Expenditures | -48K | -12K | 0 | -19.05K | 0 | 0 | -10.82K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.04M | 10.95M | 3.76M | 2.57M | 10.58M | 687.93K | 70.07K | 868.37K | 160.62K |
| Debt Issued (Net) | -152.88K | -264.42K | 133.46K | 3.25M | 600.72K | 687.93K | 70.07K | 205.87K | 160.52K |
| Equity Issued (Net) | 9.19M | 11.22M | 3.99M | 0 | 10M | 0 | 0 | 912.5K | 100 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.9K | 0 | -370.95K | -679.44K | -17.36K | 0 | 0 | -250K | 0 |
| Net Change in Cash | -3.42M | -1.59M | -656.27K | -5.84M | 7.91M | 387.6K | 32.42K | 301.68K | -42.09K |
| Free Cash Flow | -9.37M | -9.48M | -7.33M | -5.6M | -2.67M | -300.34K | -37.65K | -566.69K | -202.71K |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -8.79% | -29.4% | -30.84% | -110.03% | -787.81% | -697.73% | 93.36% | -179.56% | - |
| FCF per Share | -18.63 | -57.89 | -7.10 | -3.52 | -2.58 | -0.22 | -0.03 | -0.42 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.81x | 0.80x | 0.85x | 0.53x | 0.26x | 0.03x | 0.91x | 0.95x |
| Interest Paid | 0 | 0 | 86.59K | 164.81K | 39.2K | 293 | 1.89K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity insolvency risk
As reported in financial statements, SHPH consistently records operating cash outflows that frequently exceed net losses, with the OCF/NI ratio reaching 1.68 in 2024Q4, suggesting that the company's cash burn is driven by factors beyond simple accounting losses, such as significant working capital volatility.
The divergence between net income and operating cash flow indicates that the company's cash position is being eroded by more than just operational expenses. Investors should monitor the OCF/NI ratio closely, as the recurring inability to align cash usage with reported losses suggests a lack of predictability in the firm's cash management.
Based on the company's historical cash flow data, SHPH has maintained a consistent negative free cash flow trajectory, with quarterly outflows peaking at $3.4M in 2025Q2, underscoring the firm's total dependence on external financing to sustain its clinical-stage research and development activities.
The absence of positive free cash flow is expected for a pre-revenue biotech, yet the magnitude of these outflows relative to the company's limited cash reserves warrants extreme caution. This trajectory suggests that the firm is effectively consuming its remaining capital at a rate that necessitates immediate and potentially dilutive funding events.
According to recent SEC filings, SHPH exhibits significant quarterly fluctuations in working capital, including a notable $940.1K outflow in 2024Q4, which highlights the inherent instability in managing clinical trial-related payables and other short-term obligations within a resource-constrained environment.
The erratic nature of working capital changes suggests that the company may be managing its cash position by delaying or accelerating payments to vendors based on available liquidity. This behavior may indicate a strained relationship with service providers and underscores the fragility of the firm's current operational model.
As indicated by the provided cash flow data, SHPH frequently utilizes stock-based compensation to manage its cash burn, with a peak of $537.0K in 2025Q1, which serves to mask the true extent of the company's operational cash requirements from its core clinical activities.
While stock-based compensation is a standard tool for preserving cash in early-stage firms, its reliance here suggests that the company is attempting to mitigate its severe liquidity constraints through equity dilution. Analysts should interpret these adjustments as a signal that the firm's cash flow statement may be obscuring the full cost of talent retention.
Quick answers to the most common questions about buying SHPH stock.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) generated $-9.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) reported negative free cash flow of $9.5M in 2025, indicating capital requirements exceeded cash from operations.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) 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.