Persistent negative free cash flow, including a $8.6 million outflow in 2026Q1, highlights a reliance on external funding as the company burns through its remaining $8.1 million cash reserve.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Oct'13 | Oct'12 |
|---|
| Cash from Operations | -42.43M | -43.06M | -25.24M | -13.95M | -12.74M | -6.47M | -6.05M | -6.03M | -3.94M | -3.3M | -3.55M | -3.73M | -1.76M | -14.49K | 1.93K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -4.26% | 11.87% |
| Operating CF Growth % | -125.03% | -70.63% | -80.89% | -9.48% | -96.82% | -6.95% | -0.43% | -52.88% | -19.55% | 7.17% | 4.7% | -112.4% | -12009.06% | -851.82% | - |
| Net Income | -57.33M | -55.92M | -26.57M | -37.64M | -19.48M | -8.52M | -6.56M | 1.05M | -19.19M | -3.09M | -3.18M | -4.84M | -2.73M | -120.4K | 4.51K |
| Depreciation & Amortization | -176.48M | 723.35K | 298.64K | 124.25K | 115K | 34.13K | 1.87K | 1.46K | 1.54K | 8.04K | 14.92K | 9.95K | 1.91K | 10.87K | 0 |
| Stock-Based Compensation | -2.19B | 7.77M | 8.32M | 987.51K | 629.03K | 869.21K | 302.74K | 680.46K | 674.96K | 608.68K | 706.37K | 414.34K | 10.77K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.69M | 0 | 0 | -1.24M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.71B | -360.75K | -4.66M | 23.05M | 6.76M | 497.01K | 107.76K | 629.29K | 14.47M | -496.78K | 98.56K | 1.11M | 466.2K | -25.37K | 0 |
| Working Capital Changes | 7.47M | 4.73M | -2.63M | -469.31K | -761.9K | 646.94K | 94.19K | 295.71K | 100.19K | -323.85K | 40.52K | -418.57K | 500.08K | 120.4K | -2.58K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.91K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.08M | 1.4M | -586.53K | -701.28K | 799.74K | 518.64K | 241.56K | 134.21K | -85.32K | -173.73K | 149.29K | -274.14K | 407.34K | 0 | 0 |
| Cash from Investing | 4.2M | -19.5M | -245.62K | 6.6M | 5.21M | -90.87K | -7.23K | 0 | -4.38K | -19.65K | -11.12K | -1.98K | -23.26K | -38.12K | 0 |
| Capital Expenditures | 0 | -6.31K | -1.6M | -12.55K | -28.06K | -90.87K | -7.23K | 0 | -4.38K | -19.65K | -11.12K | -1.98K | -23.26K | -49.12K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.45% | - |
| Acquisitions | 270.98K | 0 | 0 | 0 | 5.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 90.62K | 0 | 0 | 6.61M | -66.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 0 |
| Cash from Financing | -41.95K | 29.57K | 83.56M | 16.44M | -208.79K | 13.08M | 6.7M | 6M | 5.54M | 3.51M | 407.67K | 6.74M | 1.99M | 78.39K | 10.56K |
| Debt Issued (Net) | -71.53K | 0 | 0 | 4.71M | -210.76K | 0 | 566.7K | 5.2K | 2.35M | 500K | 0 | 0 | 0 | 0 | 2.46K |
| Equity Issued (Net) | 29.57K | 29.57K | 83.56M | 11.73M | 1.97K | 6.06M | 6.09M | 1.92M | 3.1M | 3.01M | 407.67K | 6.74M | 1.99M | 0 | 8.1K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 5.62K | -6.03K | 0 | 7.02M | 48.53K | 4.08M | 98.7K | 0 | 0 | 0 | 0 | 78.39K | 0 |
| Net Change in Cash | -38.27M | -62.53M | 58.08M | 9.09M | -7.74M | 6.51M | 639.46K | -23.37K | 1.59M | 195.13K | -3.16M | 3.01M | 207.33K | 25.78K | 12.49K |
| Free Cash Flow | -42.43M | -43.07M | -26.84M | -13.96M | -12.77M | -6.57M | -6.06M | -6.03M | -3.95M | -3.32M | -3.56M | -3.73M | -1.78M | -63.61K | 1.93K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -18.71% | 11.87% |
| FCF Growth % | 99.54% | -60.46% | -92.21% | -9.34% | -94.53% | -8.32% | -0.55% | -52.71% | -18.97% | 6.91% | 4.45% | -109.73% | -2695.85% | -3399.33% | - |
| FCF per Share | -1.07 | -1.09 | -0.74 | -1.99 | -5.75 | -4.04 | -6.55 | -11.33 | -7.51 | -27.47 | -44.75 | -54.65 | -42.33 | -1.86 | 0.06 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.77x | 0.95x | 0.37x | 0.65x | 0.76x | 0.92x | -5.73x | 0.21x | 1.07x | 1.12x | 0.77x | 0.64x | 0.12x | 0.43x |
| Interest Paid | 0 | 0 | 433.34K | 198.35K | 333.55K | 44.09K | 117.46K | 371.42K | 23.33K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 5.2K | 3.6K | 6.74K | 1.6K | 1.6K | 1.6K | 1.64K | 1.63K | 0 | 1.72K | 1.71K | 0 | 0 |
Insufficient capital for trials
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching an extreme 827.27 in 2025Q1, suggesting that non-cash accounting adjustments frequently decouple the company's reported losses from its actual cash consumption patterns.
The significant variance in the OCF/NI ratio indicates that investors should exercise caution when using net income as a proxy for operational health. These distortions appear to stem from non-cash items and warrant adjustments that likely reveal a more consistent, albeit negative, cash burn trajectory.
Based on the provided cash flow data, Skye Bioscience has consistently recorded negative free cash flow across all ten quarters, with the burn rate accelerating to a peak of $9.2 billion in 2025Q1, highlighting the company's total dependence on external financing to sustain its clinical pipeline.
The absence of positive free cash flow is expected for a development-stage entity, yet the magnitude of the cash outflow relative to the company's market capitalization warrants further investigation. This trajectory suggests that the firm remains in a high-risk phase where liquidity is entirely contingent on capital market access.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $4.7 million inflow in 2025Q2 to a $2.6 million outflow in 2025Q3, which complicates the predictability of the company's short-term cash requirements during critical clinical trial enrollment periods.
These fluctuations in working capital suggest that the timing of vendor payments and clinical trial expenses is not yet optimized. Investors should monitor these swings as they may indicate underlying challenges in managing the cash conversion cycle while the company lacks a steady revenue stream.
Based on reported figures, the cash flow statement is heavily impacted by non-cash adjustments, including significant stock-based compensation and derivative fair value changes, which obscure the true operational cash burn required to advance the Nimacimab metabolic program through its current clinical development phase.
The presence of these non-cash items suggests that the headline cash flow figures may not fully capture the economic cost of the company's equity-based compensation strategy. Analysts should strip out these accounting artifacts to better understand the underlying cash runway available for research and development activities.
Quick answers to the most common questions about buying SKYE stock.
Skye Bioscience, Inc. (SKYE) generated $-43.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Skye Bioscience, Inc. (SKYE) reported negative free cash flow of $43.1M in 2025, indicating capital requirements exceeded cash from operations.
Skye Bioscience, Inc. (SKYE) 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.