Free cash flow remains persistently negative, with outflows of $1.6 million in 2025Q3 underscoring a critical reliance on external capital to sustain clinical development.
| Cash from Operations | -4.43M | -4.53M | -12.85M | -17.6M | -10.2M | -10.31M | -11.58M | -23.6M | -27.72M | -32.05M | -20.75M |
| Operating CF Margin % | - | - | - | - | - | -197.03% | -334.2% | -2815.59% | -2175.14% | -3171.39% | - |
| Operating CF Growth % | 61.79% | 64.77% | 26.99% | -72.5% | 1.08% | 10.96% | 50.93% | 14.87% | 13.51% | -54.5% | - |
| Net Income | -5M | -5.58M | -12.54M | -31.61M | -12.77M | -7.35M | -6.94M | -21.92M | -34.43M | -39.49M | -29.14M |
| Depreciation & Amortization | 4.42K | 4.42K | 10.05K | 6.68K | 19.18K | 18.06K | 127.41K | 228.16K | 324.55K | 277.23K | 49.88K |
| Stock-Based Compensation | 130.58K | 273.73K | 524.84K | 796.8K | 559.04K | 319.39K | 751.62K | 1.94M | 4.22M | 6.57M | 6.6M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.52K |
| Other Non-Cash Items | 0 | 0 | 130K | 10.84M | -44.69K | -258.55K | -1.31M | 31.85K | -66.36K | 19.59K | 4.12K |
| Working Capital Changes | 436.54K | 772.29K | -968.33K | 2.37M | 2.03M | -3.04M | -4.21M | -3.88M | 2.23M | 571.22K | 1.73M |
| Change in Receivables | 0 | 0 | 1.48M | 0 | 2.25M | -3.86M | 690 | 7.21K | 1.8K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 1.17K | 227.98K | 22.24K | 0 | 0 |
| Change in Payables | 798.33K | 334.14K | -2.26M | 1.31M | -310.66K | -2.78K | -519.28K | -1.66M | 819.36K | 309.44K | 621.39K |
| Cash from Investing | -200K | 0 | 0 | -1.5M | 0 | -2.6K | 5.61M | 14.12M | 24.49M | -12.24M | -27.27M |
| Capital Expenditures | 0 | 0 | -3 | 0 | 0 | -2.6K | 0 | 0 | -113.5K | -559.38K | -265.62K |
| CapEx % of Revenue | - | - | - | - | - | 0.05% | - | - | 8.91% | 55.35% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 5.61M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -200K | 0 | 3 | -1.5M | 0 | 0 | 0 | 4.8K | 5.34K | 5.25K | 0 |
| Cash from Financing | 6.16M | 1.06M | 6.64M | 1.99M | 28.3M | 17.69M | 3.58M | 118.01K | 2.63K | 22.1K | 80.84M |
| Debt Issued (Net) | -328.85K | -466.5K | -280.92K | 0 | -477.03K | -974.43K | -417.88K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 626.24K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 2.63K | 22.1K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -133.59K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.86M | 0 | 0 | 0 | 1.49M | 3.87M | 0 | 118.01K | 0 | 0 | 400K |
| Net Change in Cash | 1.53M | -3.47M | -6.21M | -17.11M | 18.1M | 7.38M | -2.39M | -9.36M | -3.23M | -44.27M | 32.83M |
| Free Cash Flow | -4.43M | -4.53M | -12.85M | -19.1M | -10.2M | -10.31M | -11.58M | -23.6M | -27.84M | -32.61M | -21.01M |
| FCF Margin % | - | - | - | - | - | -197.08% | -334.2% | -2815.59% | -2184.05% | -3226.72% | - |
| FCF Growth % | 16.26% | 64.77% | 32.73% | -87.21% | 1.1% | 10.93% | 50.93% | 15.22% | 14.64% | -55.2% | - |
| FCF per Share | -9.21 | -70.20 | -58.73 | -134.15 | -736.08 | -1976.30 | -10575.61 | -19.55 | -24.07 | -29.98 | -13967.93 |
| FCF Conversion (FCF/Net Income) | 0.89x | 0.81x | 1.02x | 0.56x | 0.80x | 1.40x | 1.67x | 1.08x | 0.81x | 0.81x | 0.71x |
| Interest Paid | 285 | 0 | 0 | 0 | 1.47K | 8.66K | 9.01K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and financing
According to recent financial disclosures, the OCF/NI ratio has fluctuated significantly, reaching 1.89 in 2025Q3, which suggests that net income is a poor proxy for the actual cash consumption required to sustain the company's ongoing clinical development and research activities in the current fiscal environment.
The persistent divergence between net losses and operating cash outflows indicates that non-cash items and working capital swings are masking the true velocity of cash depletion. Investors should monitor this ratio closely, as the lack of alignment between accounting losses and cash burn complicates the assessment of the company's operational efficiency.
As reported in quarterly filings, Salarius has consistently generated negative free cash flow over the last ten quarters, with outflows reaching $1.6 million in 2025Q3, underscoring the company's total reliance on external financing to fund its research-heavy pipeline and operational requirements.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of these outflows relative to the reported cash balance warrants caution. This trajectory suggests that without a significant change in funding or milestone achievement, the company remains tethered to dilutive capital markets.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $797.2K outflow in 2025Q3 to a $493.2K inflow in 2025Q1, which suggests that timing differences in grant receipts and vendor payments are creating significant short-term liquidity noise.
These fluctuations in working capital appear to be the primary driver of quarter-to-quarter variance in operating cash flow rather than underlying operational improvements. Analysts should interpret these swings as evidence of the company's limited control over the timing of its cash inflows and outflows.
As indicated by historical data, stock-based compensation has been a recurring feature of the cash flow statement, with $22.8K recorded in 2025Q3, which effectively serves as a non-cash substitute for salary expenses that would otherwise further accelerate the company's already rapid cash burn rate.
While utilizing equity to preserve cash is a standard practice for micro-cap biotech firms, it obscures the true economic cost of talent retention. Investors should consider the dilutive impact of these compensation structures when evaluating the long-term sustainability of the company's current operating model.
Quick answers to the most common questions about buying SLRX stock.
Salarius Pharmaceuticals, Inc. (SLRX) generated $-4.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Salarius Pharmaceuticals, Inc. (SLRX) reported negative free cash flow of $4.5M in 2024, indicating capital requirements exceeded cash from operations.
Salarius Pharmaceuticals, Inc. (SLRX) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.