Persistent cash burn remains a critical concern, with negative free cash flow margins of 5.8% in 2025Q4 and an OCF/NI ratio that dropped to 0.20 in 2025Q2, indicating poor earnings quality.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -4.14M | -5.1M | -5.89M | -7.92M | -5.06M | -4.31M | -4.7M | -7.13M | -4.58M | -1.48M | -1.32M | -1.89M | -2.74M | -3.95M | -3.78M | -3.77M | -1.91M | -3.22M | -3.18M | -1.46M |
| Operating CF Margin % | -483.29% | -390.81% | -204.48% | -587.75% | -473.43% | -783.09% | -942.97% | -851.07% | -940.25% | - | - | - | - | - | - | -228.47% | - | - | - | - |
| Operating CF Growth % | 18.95% | 13.3% | 25.64% | -56.43% | -17.51% | 8.28% | 34.16% | -55.75% | -209.55% | -11.86% | 30.02% | 31.04% | 30.69% | -4.5% | -0.31% | -97.55% | 40.79% | -1.55% | -117.34% | - |
| Net Income | -12.56M | -7.47M | -5.12M | -2.59M | -5.79M | -3.54M | -4.69M | -8.95M | -6.24M | -2M | -2.61M | -1.87M | 60.01K | -3.54M | -3.72M | -3.55M | -2.57M | -3.64M | -4.88M | -1.72M |
| Depreciation & Amortization | 234K | 482K | 538K | 187K | 33K | 164K | 179K | 147K | 5K | 3.64K | 2.82K | 37.49K | 48.81K | 76.29K | 205.97K | 196.13K | 135.45K | 68.95K | 50.13K | 16.16K |
| Stock-Based Compensation | 1.19M | 569K | 196K | 897K | 43K | 91K | 553K | 604K | 862K | 326.52K | 1.14M | 36.98K | -44.22K | 204.23K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 795K | 1.22M | -60K | 1K | -33.8K | 6.4K | 149.46K | -2.07M | -61.3K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.56M | 1.18M | -666K | -5.71M | 9K | -476K | 156K | -269K | 525K | -5.2K | 8.97K | -95.79K | -543.29K | -437.91K | 389.86K | 929.46K | -81.22K | -115.01K | 1.66M | 407.09K |
| Working Capital Changes | 1.45M | 136K | -833K | -703K | 643K | -1.35M | -2.12M | 1.4M | 272K | 233.45K | 128.85K | -145.1K | -186.65K | -190.05K | -660.39K | -1.35M | 602.41K | 462.55K | 1.7K | -162.25K |
| Change in Receivables | 790K | -523K | -354K | -77K | 170K | -519K | 329K | -99K | -143K | -109.45K | -45.34K | 5.14K | 15.22K | 68.52K | -933.15K | -171.74K | 97.52K | -7.26K | -8.28K | -125.45K |
| Change in Inventory | 38K | 629K | -74K | -668K | -170K | 519K | -329K | 649K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -164K | 25K | -397K | 0 | 353K | -752K | -840K | 177K | 349K | 232.15K | 152.93K | -96.05K | -175.74K | -159.26K | 243.98K | 89.76K | -66.2K | 20.38K | 205.16K | -85.5K |
| Cash from Investing | -1.4M | -1.63M | -1.11M | -7.08M | -70K | 24K | 1.27M | -2.09M | -53K | -4.42K | -512 | -94.76K | 11.77K | -12.04K | -38.57K | 2.15M | 3.59M | -2.32M | 5.83M | -660.24K |
| Capital Expenditures | 0 | 0 | 0 | -4.87M | -35K | 0 | -1K | -17K | -44K | -4.16K | -1.02K | -514 | -1.15K | -18.74K | -38.57K | -108.78K | -46.34K | -168.33K | -47.95K | -189.86K |
| CapEx % of Revenue | - | - | - | 361.47% | 3.27% | - | 0.2% | 2.03% | 9.03% | - | - | - | - | - | - | 6.59% | - | - | - | - |
| Acquisitions | 600K | -600K | 2.58M | -700K | 0 | 0 | 724K | 14K | 2K | -261 | 515 | 0 | 0 | 0 | 0 | 6.7K | 326.16K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2M | -4.03M | -5K | -15K | -35K | 24K | 1.27M | -2.09M | -11K | 261 | -2 | 129.18K | 12.92K | 6.69K | 0 | 2.25M | 1M | -3.1M | 4.33M | 0 |
| Cash from Financing | 8.59M | 6.19M | 5.5M | 11.7M | 10.06M | 5.36M | 2.8M | 1.54M | 13.18M | 563.87K | 2.74M | 826.67K | 3.37M | 1.37M | 1.81M | 547.92K | 578.99K | 6.3M | -1.42M | 673 |
| Debt Issued (Net) | 4.5M | -54K | -47K | -70K | -207K | 224K | -47K | 1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.45M | 0 | 0 | -2.35M | 0 |
| Equity Issued (Net) | 4.09M | 6.25M | 5.55M | 9.01M | 10.27M | 2.65M | 2.22M | 0 | 13.19M | 0 | 1.45M | 826.67K | 2.93M | 470.83K | 1.28M | 1.98M | 509 | 5.89M | 0 | 673 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5K | -8K | -7K | 2.77M | -19K | 2.48M | 635K | -36K | -18K | 565K | 1.3M | 73.2K | 441.64K | 856.82K | 529.32K | 12.59K | 578.48K | 417.05K | 929.7K | 0 |
| Net Change in Cash | 3.05M | -536K | -1.5M | -3.3M | 4.93M | 1.08M | -615K | -7.71M | 8.52M | -919.77K | 1.41M | -1.16M | 645.23K | -2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -4.14M | -5.1M | -5.89M | -12.79M | -5.1M | -4.31M | -4.7M | -7.15M | -4.62M | -1.48M | -1.32M | -1.89M | -2.74M | -3.97M | -3.82M | -3.88M | -1.96M | -3.39M | -3.22M | -1.65M |
| FCF Margin % | -483.29% | -390.81% | -204.48% | -949.22% | -476.71% | -783.09% | -943.17% | -853.1% | -949.28% | - | - | - | - | - | - | -235.06% | - | - | - | - |
| FCF Growth % | 18.95% | 13.3% | 53.96% | -150.9% | -18.32% | 8.3% | 34.3% | -54.64% | -211.65% | -12.09% | 29.98% | 31.05% | 30.99% | -3.94% | 1.51% | -98.43% | 42.36% | -5.26% | -95.25% | - |
| FCF per Share | -0.30 | -7.89 | -25.97 | -130.77 | -58.06 | - | - | - | - | - | - | - | - | -1.68 | -44.74 | -53.65 | -28.86 | -51.38 | -54.65 | -28.84 |
| FCF Conversion (FCF/Net Income) | 0.34x | 0.81x | 1.15x | 3.05x | 0.87x | 1.23x | 0.88x | 0.84x | 0.73x | 0.74x | 0.52x | 1.02x | -46.10x | 1.12x | 1.02x | 1.06x | 0.74x | 0.89x | 0.65x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, SciSparc's OCF/NI ratio has fluctuated wildly, reaching a low of 0.20 in 2025Q2, which suggests that net income figures are frequently distorted by non-cash items and do not reliably reflect the company's actual ability to generate cash from its core operations.
The significant divergence between net income and operating cash flow indicates that accounting accruals and non-cash adjustments play a disproportionate role in the company's reported results. Investors should monitor this disconnect, as it implies that the reported bottom line may not be a meaningful proxy for the firm's underlying cash-generating capacity.
Based on historical data, SciSparc has consistently burned cash, with FCF margins remaining deeply negative, such as the -5.8% margin observed in 2025Q4, confirming that the company's current business model is entirely dependent on external financing to sustain its ongoing clinical and operational activities.
The persistent negative free cash flow trajectory underscores the company's status as a capital-consuming entity rather than a self-sustaining enterprise. This trend suggests that without a major shift in commercial success or a reduction in R&D intensity, the firm will likely continue to face significant liquidity pressures.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $842,000 inflow in 2025Q2 to a $504,000 outflow in 2024Q4, which indicates that the company's cash position is highly sensitive to the timing of payables and receivables management.
These fluctuations in working capital suggest that the company lacks a stable operational rhythm, potentially complicating cash flow forecasting. The reliance on these swings to offset operating losses warrants further investigation into the sustainability of the firm's current vendor and partner payment cycles.
Analysis of the cash flow statement reveals that stock-based compensation and other non-cash adjustments, such as the $543,000 in SBC recorded in 2024Q4, frequently obscure the true extent of the company's cash burn, masking the underlying economic cost of maintaining the current clinical pipeline.
By adjusting for these non-cash items, it becomes clear that the actual cash drain is often more severe than the headline net income figures might suggest. This practice of relying on non-cash adjustments to manage the optics of the cash flow statement may indicate a lack of transparency regarding the true cost of operations.
Quick answers to the most common questions about buying SPRC stock.
SciSparc Ltd. (SPRC) generated $-4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SciSparc Ltd. (SPRC) reported negative free cash flow of $4.1M in 2025, indicating capital requirements exceeded cash from operations.
SciSparc Ltd. (SPRC) 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.