Persistent negative free cash flow, which reached an outflow of $7.7 million in 2024Q1, highlights a reliance on external funding that threatens the company's ongoing research activities.
| Cash from Operations | -16.71B | -9.85M | -17.85M | -14.54M | -1.38M | -1.13M | -1.8M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -169509.16% | 44.79% | -22.72% | -950.11% | -22.36% | 37.11% | - |
| Net Income | -12.07M | -15.19M | -21.65M | -12.06M | -4.34M | -3.31M | -2.64M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 134.7M | 544.77K | 745.03K | 974.23K | 1.47M | 678.15K | 384.95K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -16.83B | 599.43K | 745.03K | -61.82K | 153.22K | 564.64K | 14.98K |
| Working Capital Changes | -4.78M | 4.19M | 3.06M | -3.4M | 1.33M | 931.89K | 441.37K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -993.1K | -686.78K | 1.34M | 923.94K | 454.5K |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.08B | 0 | 0 | 51.33M | 1.4M | 1.13M | 1.67M |
| Debt Issued (Net) | 0 | 0 | 0 | -1.5M | 72.1K | 500K | 554.77K |
| Equity Issued (Net) | 6.32M | 0 | 0 | 58.02M | 1.38M | 0 | 1.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 9.08B | 0 | 0 | -5.19M | -50.88K | 625K | 0 |
| Net Change in Cash | -7.63B | -9.85M | -17.85M | 36.79M | 13.26K | -6.83K | -124.87K |
| Free Cash Flow | -16.71B | -9.85M | -17.85M | -14.54M | -1.38M | -1.13M | -1.8M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -169509.16% | 44.79% | -22.72% | -950.11% | -22.36% | 37.11% | - |
| FCF per Share | -3928.38 | -8.41 | -15.24 | -12.41 | -2.80 | -2.17 | -0.36 |
| FCF Conversion (FCF/Net Income) | 1384.98x | 0.65x | 0.83x | 1.20x | 0.31x | 0.33x | 0.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion risk
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios fluctuating between 0.44 and 2.40 over the last ten quarters, indicating that accruals and working capital shifts dominate the company's reported cash usage rather than core operations.
The wide variance in the OCF/NI ratio suggests that cash burn is heavily influenced by timing differences in payables and accruals rather than a steady operational cadence. Investors should interpret this as a sign that the company's cash position is highly sensitive to administrative and vendor payment cycles, which may mask the underlying intensity of R&D spending.
According to recent SEC filings, Virpax has maintained a consistent pattern of negative free cash flow, with quarterly outflows reaching as high as $7.7 million in 2024Q1, confirming that the firm remains entirely dependent on external financing to sustain its preclinical development pipeline and administrative overhead.
The absence of positive free cash flow is expected for a pre-revenue biotech, yet the magnitude of these outflows relative to the remaining $1.5 million cash balance suggests a precarious trajectory. This trend implies that the company may be forced into highly dilutive capital raises to maintain its current research momentum.
Based on reported figures, working capital changes have been a primary driver of quarterly cash flow variance, with swings ranging from a $4.6 million outflow in 2024Q1 to a $3.1 million inflow in 2023Q3, highlighting the company's reliance on managing payables to extend its limited operational runway.
The frequent shifts in working capital suggest that management is actively attempting to preserve cash by modulating the timing of vendor payments. This behavior may indicate that the company is operating under significant liquidity constraints, where the ability to fund future R&D is directly tied to the management of short-term liabilities.
As indicated by historical financial filings, the cash flow statement obscures the true cost of development by failing to reflect the full impact of stock-based compensation and patent maintenance, which continue to drain resources without providing the tangible clinical milestones necessary to justify the current burn rate.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not fully captured in the operating cash flow. Analysts should monitor whether these non-cash adjustments are being used to soften the appearance of the company's aggressive cash consumption.
Quick answers to the most common questions about buying VRPX stock.
Virpax Pharmaceuticals, Inc. (VRPX) generated $-16712.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Virpax Pharmaceuticals, Inc. (VRPX) reported negative free cash flow of $16.71B in 2024, indicating capital requirements exceeded cash from operations.
Virpax Pharmaceuticals, Inc. (VRPX) 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.