The company faces critical liquidity pressure as cash reserves dwindled to $4.3 million in 2026Q3, down from $11.3 million in 2025Q4, while maintaining a consistently negative free cash flow.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'11 |
|---|
| Cash from Operations | -10.62M | -9.46M | -14.65M | -12.41M | -8.45M | -13.32M | -14.88M | -20.38M | -28.86M | -29.18M | -29.37M | -19.6M | -15.56M | -9.69M | -109.42K |
| Operating CF Margin % | - | -6570.14% | -13443.12% | -3353.51% | -563.53% | - | -677.69% | -659.17% | -626.92% | -689.95% | -1980.31% | -3432.75% | -4105.8% | -809.77% | - |
| Operating CF Growth % | -24.37% | 35.43% | -18.09% | -46.79% | 36.55% | 10.48% | 26.96% | 29.39% | 1.12% | 0.62% | -49.83% | -25.96% | -60.54% | -8758.12% | - |
| Net Income | -1.23M | -2.49M | -14.67M | -17.26M | -11.45M | -16.83M | -18.71M | -26.64M | -34.8M | -38.45M | -38.58M | -30.08M | -25.85M | -43.55M | 0 |
| Depreciation & Amortization | 233K | 266K | 280K | 293K | 142K | 41K | 1.14M | 980K | 1.27M | 1.15M | 815K | 472K | 387K | 195K | 2.28K |
| Stock-Based Compensation | 236K | 532K | 1.51M | 2.38M | 2.26M | 5.56M | 4.11M | 5.19M | 6.9M | 7.39M | 8.56M | 7.02M | 4.6M | 1.44M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -9.26M | -8.81M | -154K | -125K | 0 | 19K | -424K | 63K | 21K | 52K | -75K | 373K | 5.54M | 32.8M | -114.89K |
| Working Capital Changes | -607K | 1.04M | -1.62M | 2.31M | 597K | -2.11M | -998K | 24K | -2.25M | 669K | -89K | 2.62M | -239K | -565K | 3.19K |
| Change in Receivables | -7K | 3K | 119K | -152K | 0 | 111K | 447K | 470K | -381K | -388K | -259K | 0 | 101K | -162K | 0 |
| Change in Inventory | 0 | -501K | -297K | 0 | 0 | 0 | 276K | 352K | -292K | -216K | -268K | -3K | 25K | -459K | 0 |
| Change in Payables | -166K | 1.02M | 296K | -148K | 134K | -439K | 92K | 164K | -707K | 384K | -600K | 1.06M | -315K | -233K | 0 |
| Cash from Investing | 9M | 9.03M | 816K | -966K | -409K | -393K | 747K | -76K | -292K | -1.39M | -2.13M | -1.52M | -268K | -445K | -30K |
| Capital Expenditures | 9M | -13K | -42K | -396K | -409K | -405K | 0 | -79K | -226K | -1.35M | -2.11M | -1.52M | -277K | -357K | -30K |
| CapEx % of Revenue | 6338.03% | 9.03% | 38.53% | 107.03% | 27.27% | - | - | 2.56% | 4.91% | 32.01% | 142.55% | 265.67% | 73.09% | 29.82% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 9M | 0 | 0 | 0 | 12K | 747K | 3K | -66K | -37K | -21K | 0 | 9K | -88K | 0 |
| Cash from Financing | 4.75M | 8.85M | 1.44M | 0 | 205K | 23.84M | 4.93M | 13.15M | 10.11M | 31.25M | 43.45M | 23.09M | 48.37M | 24.61M | 75 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5K | -10K | -10K | -117K | 0 |
| Equity Issued (Net) | 5M | 8.85M | 1.44M | 0 | 251K | 23.8M | 5M | 13.33M | 9.38M | 30.66M | 43.14M | 22.75M | 48.02M | 24.71M | 75 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -246K | 0 | 0 | 0 | -46K | 38K | -61K | -173K | 732K | 582K | 320K | 351K | 362K | 18K | 0 |
| Net Change in Cash | 3.13M | 8.41M | -12.4M | -13.37M | -8.66M | 10.12M | -9.2M | -7.3M | -19.02M | 660K | 11.95M | 1.98M | 32.54M | 14.48M | -139.35K |
| Free Cash Flow | -10.62M | -9.47M | -14.7M | -12.8M | -8.86M | -13.73M | -14.88M | -20.45M | -29.15M | -30.54M | -31.52M | -21.12M | -15.84M | -10.05M | -139.43K |
| FCF Margin % | -7481.69% | -6579.17% | -13481.65% | -3460.54% | -590.8% | - | -677.69% | -661.73% | -633.35% | -721.96% | -2125.22% | -3698.42% | -4178.89% | -839.6% | - |
| FCF Growth % | -5.08% | 35.53% | -14.77% | -44.48% | 35.45% | 7.75% | 27.24% | 29.84% | 4.54% | 3.1% | -49.24% | -33.34% | -57.59% | -7108.18% | - |
| FCF per Share | -7.26 | -6.47 | -19.28 | -17.63 | -12.22 | -23.87 | -27.57 | -42.55 | -65.24 | -74.97 | -83.99 | -63.63 | -51.97 | -55.90 | -0.46 |
| FCF Conversion (FCF/Net Income) | 8.66x | 3.80x | 1.00x | 0.72x | 0.74x | 0.79x | 0.80x | 0.76x | 0.83x | 0.76x | 0.76x | 0.65x | 0.60x | 0.22x | 0.74x |
| Interest Paid | 8K | 10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 0 |
| Taxes Paid | 0 | 2K | 2K | 2K | 2K | 2K | 2K | 3K | 2K | 23K | 3K | 4K | 0 | 1K | 0 |
Binary clinical trial failure
As reported in financial statements, VIVS exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating, most notably reaching 1.39 in 2026Q1, which suggests that accounting accruals are failing to capture the true, ongoing cash-based nature of the company's operational losses.
The lack of alignment between net income and cash flow indicates that the company's reported earnings are largely irrelevant to its actual liquidity position. Investors should monitor this divergence as it suggests that the business is consuming cash at a rate that standard accounting metrics fail to fully contextualize.
Based on recent SEC filings, VIVS has maintained a consistently negative free cash flow trajectory, with quarterly outflows frequently exceeding $2 million, a trend that underscores the company's status as a cash-burning entity with no current ability to generate self-sustaining capital from its core research operations.
The FCF margins remain deeply negative, reflecting the heavy reliance on external financing to fund clinical development. This trajectory appears unsustainable without a significant shift in the business model or a successful, high-value licensing event that could alter the current cash-depletion profile.
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $1.3 million outflow in 2026Q1 to an $815,000 inflow in 2025Q3, which suggests that the company's liquidity is subject to significant, unpredictable fluctuations tied to project-based research milestones.
These swings in working capital appear to be driven by the timing of research collaborations rather than operational efficiency. Such volatility warrants further investigation, as it complicates the ability to forecast the company's actual cash runway with any degree of precision.
As evidenced by the historical cash flow statements, the company's reliance on stock-based compensation, which reached $675,000 in 2024Q2, serves as a critical non-cash adjustment that masks the true economic cost of talent retention required to maintain the company's proprietary bioprinting platform and drug discovery efforts.
While these adjustments are standard for the biotech sector, they effectively dilute existing shareholders to fund operations that are not yet producing commercial revenue. Investors should interpret these figures as a necessary, albeit costly, mechanism for maintaining the company's R&D capabilities in the absence of operational cash flow.
Quick answers to the most common questions about buying VIVS stock.
VivoSim Labs, Inc. (VIVS) generated $-9.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VivoSim Labs, Inc. (VIVS) reported negative free cash flow of $9.5M in 2025, indicating capital requirements exceeded cash from operations.
VivoSim Labs, Inc. (VIVS) 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.