Free cash flow remains deeply negative with margins exceeding -100% in multiple periods, reflecting a persistent cash burn that is only partially mitigated by stock-based compensation like the $22.6 million recorded in 2025Q4.
| Cash from Operations | -446.05M | -391.78M | -446.35M | -778.78M | 1.66B | -47.59M | -190.94M | -129.63M | -94.1M | -66.38M |
| Operating CF Margin % | - | -571.48% | -601.51% | -903.67% | 102.94% | -4.34% | -283.95% | -18232.35% | -10840.55% | -44551.01% |
| Operating CF Growth % | -51.15% | 12.23% | 42.69% | -146.82% | 3595.04% | 75.08% | -47.29% | -37.77% | -41.75% | - |
| Net Income | -442.72M | -437.99M | -521.96M | -615.06M | 515.84M | 528.58M | -298.67M | -174.68M | -115.88M | -69.85M |
| Depreciation & Amortization | 18.23M | 21.15M | 14.56M | 19.45M | 6.78M | 5.81M | 5.44M | 4.52M | 2.76M | 432K |
| Stock-Based Compensation | 35.01M | 49.07M | 78.46M | 0 | 102.08M | 83.78M | 27.6M | 8.72M | 5.05M | 4.78M |
| Deferred Taxes | 0 | 0 | -2.95M | -1.06M | -15.19M | 15.19M | -52K | 0 | -480K | -10.92M |
| Other Non-Cash Items | 14.61M | -1.57M | 69.55M | 122.48M | 388.37M | -52.56M | 45.21M | 23.61M | 1.97M | 4.32M |
| Working Capital Changes | -71.19M | -22.45M | -84.01M | -304.59M | 665.37M | -628.39M | 29.52M | 8.2M | 12.49M | 4.86M |
| Change in Receivables | 0 | 0 | -6.51M | -565K | 770.04M | -773.08M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 52.81M | 0 | 0 | 0 | 0 |
| Change in Payables | 2.19M | 5M | -988K | 732K | 797K | -171K | -790K | 964K | 1.47M | 2.01M |
| Cash from Investing | 195.39M | 310.37M | 499.37M | 164.73M | -1.19B | -140.81M | -9.86M | -256.16M | -60.44M | -29.99M |
| Capital Expenditures | 1.24M | -4.83M | -7.3M | -21.57M | -68.01M | -21.82M | -6.55M | -8.94M | -8.19M | -2.74M |
| CapEx % of Revenue | 1.89% | 7.05% | 9.84% | 25.03% | 4.21% | 1.99% | 9.74% | 1257.38% | 943.78% | 1840.27% |
| Acquisitions | 0 | 253K | 3.37M | 100K | 0 | 140.81M | 0 | 0 | 25K | -27.25M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.86M | 0 | 0 | 0 | 0 | -140.81M | 180K | 0 | -1.74M | 0 |
| Cash from Financing | 165.71M | 3.79M | 4.39M | 7.38M | 34.76M | 100.33M | 529.47M | 449.24M | 24.98M | 271.18M |
| Debt Issued (Net) | -361K | -361K | -165K | -287K | -260K | -259K | -250K | 4.37M | 0 | 0 |
| Equity Issued (Net) | 166.07M | 4.15M | 4.55M | 7.77M | 28.46M | 85.21M | 529.91M | 443.74M | 24.39M | 271.18M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -100K | 6.56M | 15.38M | -189K | 1.13M | 584K | 0 |
| Net Change in Cash | -84.95M | -77.63M | 57.4M | -606.47M | 504.55M | -88.07M | 328.67M | 63.45M | -129.56M | 174.81M |
| Free Cash Flow | -444.81M | -396.61M | -453.65M | -800.36M | 1.6B | -69.41M | -197.49M | -138.57M | -102.29M | -69.12M |
| FCF Margin % | -679.15% | -578.52% | -611.35% | -928.71% | 98.73% | -6.34% | -293.69% | -19489.73% | -11784.33% | -46391.28% |
| FCF Growth % | -5.37% | 12.57% | 43.32% | -150.17% | 2398.43% | 64.86% | -42.52% | -35.47% | -47.98% | - |
| FCF per Share | -3.02 | -2.86 | -3.33 | -5.97 | 11.83 | -0.52 | -1.66 | -1.29 | -1.06 | -9.91 |
| FCF Conversion (FCF/Net Income) | 1.00x | 0.89x | 0.86x | 1.27x | 3.22x | -0.09x | 0.64x | 0.74x | 0.81x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 786K | 0 | 252.03M | 0 | 0 | 0 | 0 | 0 |
Clinical binary execution risk
As reported in financial statements, Vir's operating cash flow consistently tracks closely with net losses, with an OCF/NI ratio often near 1.0, indicating that the company lacks meaningful non-cash accruals to bridge the gap between its accounting losses and actual cash burn from operations.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based R&D expenditures rather than non-cash accounting charges. This lack of divergence implies that the company's cash burn is a direct reflection of its core clinical development activities, leaving little room for operational efficiency gains.
Based on quarterly data, Vir's free cash flow remains deeply negative, with margins frequently exceeding -100% as the company continues to fund its pipeline development without a reliable, recurring revenue stream to offset the substantial cash outflows required for ongoing clinical trial execution.
The persistent negative free cash flow trajectory highlights the company's reliance on external capital to sustain its operations. Investors should monitor whether the company can achieve any meaningful reduction in cash burn as it transitions its pipeline, or if the current trajectory necessitates further dilutive financing.
According to recent SEC filings, Vir's working capital movements are highly erratic, with quarterly changes ranging from a $26.1 million inflow to an $82.1 million outflow, reflecting the unpredictable timing of milestone payments and collaboration-related settlements inherent in its current project-based revenue model.
This volatility suggests that the company's cash position is highly sensitive to the timing of partner-driven inflows rather than steady commercial operations. Such fluctuations complicate liquidity planning and underscore the risks associated with a business model dependent on milestone-based revenue recognition.
As indicated by financial disclosures, Vir utilizes stock-based compensation, such as the $22.6 million recorded in 2025Q4, to manage its cash expenses, which effectively obscures the true economic cost of talent retention during periods of significant clinical development and operational restructuring.
While stock-based compensation preserves cash in the short term, it represents a real economic cost to shareholders through dilution. Analysts should adjust for these non-cash expenses to understand the true underlying burn rate required to maintain the company's current R&D infrastructure.
Quick answers to the most common questions about buying VIR stock.
Vir Biotechnology, Inc. (VIR) generated $-391.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vir Biotechnology, Inc. (VIR) reported negative free cash flow of $396.6M in 2025, indicating capital requirements exceeded cash from operations.
Vir Biotechnology, Inc. (VIR) spent $4.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.