Persistent negative free cash flow, averaging approximately $7 million per quarter, highlights a total dependence on external financing to sustain clinical operations.
| Cash from Operations | -28.66M | -31.32M | -28.57M | -18.28M | -15.65M | -5.77M | -1.46M | -1.18M | -775K |
| Operating CF Margin % | - | - | - | -2708.59% | -1645.74% | - | - | - | - |
| Operating CF Growth % | 9.55% | -9.6% | -56.29% | -16.82% | -171.39% | -295.27% | -24.06% | -51.74% | - |
| Net Income | -39.95M | -26.55M | -36.73M | -30.54M | -18.06M | -10.02M | -2.26M | -2.17M | -1.12M |
| Depreciation & Amortization | 648K | 572K | 428K | 284K | 161K | 13K | 0 | 0 | 0 |
| Stock-Based Compensation | 2.1M | 2.64M | 2.35M | 1.77M | 1.05M | 966K | 232K | 24K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.87M | -2.02M | 5.8M | 10.3M | 21K | 3.38M | 739K | 660K | 308K |
| Working Capital Changes | -3.32M | -5.95M | -427K | -93K | 1.18M | -105K | -166K | 305K | 6K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.01M | -2.5M | 790K | 1.28M | 1.27M | 1.24M | -68K | 308K | 31K |
| Cash from Investing | -17.23M | -12.1M | -72K | -12K | -2K | -29K | 0 | 0 | 0 |
| Capital Expenditures | -16K | -24K | -72K | -12K | -2K | -29K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | 1.78% | 0.21% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 63.49M | 46.47M | 45.09M | 27.54M | -471K | 22.38M | 1.44M | 1.17M | 800K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -15K | 1.42M | 0 | 0 |
| Equity Issued (Net) | 61.96M | 48.08M | 50.68M | 30.19M | 11K | 22.27M | 141K | 1.17M | 0 |
| Dividends Paid | 0 | 0 | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.53M | -1.61M | -4.5M | -2.65M | -482K | 119K | -117K | 0 | 800K |
| Net Change in Cash | 17.6M | 3.06M | 16.44M | 9.25M | -16.12M | 16.58M | -15K | -10K | 25K |
| Free Cash Flow | -28.67M | -31.34M | -28.65M | -18.3M | -15.65M | -5.8M | -1.46M | -1.18M | -775K |
| FCF Margin % | - | - | - | -2710.37% | -1645.95% | - | - | - | - |
| FCF Growth % | 7.82% | -9.4% | -56.58% | -16.88% | -170.07% | -297.26% | -24.06% | -51.74% | - |
| FCF per Share | -0.12 | -0.20 | -4.28 | -7.46 | -10.40 | -4.96 | -0.96 | -1.39 | -0.98 |
| FCF Conversion (FCF/Net Income) | 0.72x | 1.18x | 0.78x | 0.60x | 0.87x | 0.58x | 0.58x | 0.51x | 0.69x |
| Interest Paid | 3K | 0 | 0 | 24K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 2K | 0 |
Binary Regulatory Funding Risk
As reported in recent financial statements, Unicycive's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly due to non-operating accounting adjustments, suggesting that reported earnings provide little insight into the actual cash requirements needed to sustain the company's ongoing clinical development programs.
The wide variance in the OCF/NI ratio, ranging from 0.30 to 2.26, indicates that net income is heavily influenced by non-cash items and accounting noise rather than operational efficiency. Investors should focus exclusively on the persistent negative operating cash flow, which confirms that the company remains in a pure cash-consumption phase.
Based on the provided quarterly data, Unicycive has maintained a consistent negative free cash flow trajectory, with quarterly outflows averaging approximately $7 million, which underscores the company's total dependence on external financing to fund its clinical pipeline and regulatory activities ahead of any potential commercial revenue.
The lack of positive free cash flow is expected for a pre-revenue biotech, but the stability of these outflows suggests a high, fixed burn rate that will likely accelerate as the company moves toward commercialization. Without a clear path to revenue, this trajectory implies that the current cash position is insufficient for long-term operations.
According to historical cash flow filings, Unicycive exhibits significant quarter-to-quarter swings in working capital, with changes ranging from a $2.1 million outflow to a $1.7 million inflow, reflecting the irregular timing of clinical trial payments and regulatory filing costs rather than underlying operational efficiency.
These fluctuations in working capital are typical for clinical-stage firms where large, lumpy payments to contract research organizations dominate the cash cycle. Analysts should view these movements as timing differences in R&D spending rather than indicators of improved liquidity or operational health.
As disclosed in recent SEC filings, stock-based compensation consistently adds back hundreds of thousands of dollars to the cash flow statement each quarter, effectively masking the true economic cost of talent retention and diluting the impact of the company's ongoing operational losses on the balance sheet.
While SBC is a standard non-cash expense, its persistence in the absence of revenue highlights the reliance on equity-based incentives to preserve cash. This practice warrants further investigation, as it suggests that the true cost of operations is higher than the headline cash burn figures might otherwise imply.
Quick answers to the most common questions about buying UNCY stock.
Unicycive Therapeutics, Inc. (UNCY) generated $-31.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Unicycive Therapeutics, Inc. (UNCY) reported negative free cash flow of $31.3M in 2025, indicating capital requirements exceeded cash from operations.
Unicycive Therapeutics, Inc. (UNCY) 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.