Free cash flow remains highly volatile, evidenced by the swing from a $9.3 million outflow in 2025Q4 to a $9.2 million inflow in 2026Q1, reflecting the unpredictable timing of clinical milestone-related cash receipts.
| Metric | TTM | 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 |
|---|
| Cash from Operations | -10.41M | -25.25M | -25.31M | -19.08M | -15.25M | -19.31M | -18M | -23.02M | -26.86M | -44.56M | -48.21M | -36.95M | -30.78M | -41.68M |
| Operating CF Margin % | - | - | -2488.4% | - | -755.5% | -482.1% | -280.64% | -832.78% | -215.99% | -15312.71% | -7603.94% | -7118.69% | -1987.02% | -4270.9% |
| Operating CF Growth % | 212.15% | 0.21% | -32.63% | -25.15% | 21.04% | -7.27% | 21.8% | 14.29% | 39.73% | 7.57% | -30.48% | -20.04% | 26.16% | - |
| Net Income | 2.25M | -31.08M | -22.7M | -20.25M | -19.16M | -17.73M | -12.8M | -21.94M | -23.84M | -54.65M | -55.35M | -41.11M | -36.1M | -48.2M |
| Depreciation & Amortization | 8K | 16K | 89K | 90K | 92K | 89K | 94K | 39K | 218K | 197K | 265K | 501K | 864K | 1.09M |
| Stock-Based Compensation | 1.96M | 3.77M | 2.76M | 1.58M | 0 | 2.36M | 1.01M | 1.52M | 2.68M | 3.65M | 2.64M | 859K | 0 | 2.92M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -3.98M | -1.11M | 626K | 179K | -2K | 38K | 0 | 862K |
| Other Non-Cash Items | 5.4M | 142K | -10K | -4.89M | -1.56M | -4.06M | 380K | 532K | 1.01M | 1.03M | 154K | 722K | 6.14M | 10.47M |
| Working Capital Changes | -18.69M | 1.89M | -5.44M | 4.39M | 5.38M | 35K | -2.71M | -2.05M | -7.54M | 5.04M | 4.09M | 2.04M | -1.68M | -8.82M |
| Change in Receivables | 0 | 0 | 40K | 71K | -116K | 101K | -153K | -5K | 8M | -8M | 69K | -69K | -733K | 3K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -889K | -1.98M | 618K | 0 | 194K | -359K | 547K | 0 | 0 |
| Change in Payables | -1.96M | 1.53M | 0 | 2.93M | -856K | 1.83M | -997K | -618K | -6.2M | 2.45M | 4.79M | 2.93M | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 4.4M | -21K | 0 | 0 | 242K | 7K | -25K | -83K | -79K | 161K | -156K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -21K | 0 | 0 | -70K | -5K | -57K | -87K | -104K | -33K | -181K |
| CapEx % of Revenue | 0% | - | - | - | 1.04% | - | - | 2.53% | 0.04% | 19.59% | 13.72% | 20.04% | 2.13% | 18.55% |
| Acquisitions | 0 | 0 | 0 | 4.4M | 0 | 0 | 0 | 312K | 12K | 32K | 4K | 25K | -140K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -4.4M | 0 | 0 | 0 | 0 | 12K | 32K | 4K | 25K | 334K | 25K |
| Cash from Financing | 77.44M | 77.44M | 52.61M | 12M | 13.98M | 26.98M | 19.47M | 22.87M | 16.61M | 7.5M | 11.79M | 123.64M | 30.91M | 40.8M |
| Debt Issued (Net) | -328K | -392K | -191K | -33K | -808K | 172K | -4.96M | -10.07M | -4.89M | 7.5M | 12.47M | 19.29M | 33.41M | 39.03M |
| Equity Issued (Net) | 16K | 77.49M | 52.8M | 12.03M | 14.79M | 26.76M | 24.43M | 32.94M | 21.5M | 0 | 0 | 104.44M | -2.5M | 1.77M |
| Dividends Paid | 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 | 302K | 923K | 0 | -2.5M | 0 |
| Other Financing | 77.75M | 341K | 0 | 0 | 0 | 47K | 0 | 0 | 0 | 0 | -673K | -89K | 0 | 0 |
| Net Change in Cash | 67.03M | 52.19M | 27.3M | -2.68M | -1.29M | 7.67M | 1.47M | 94K | -10.24M | -37.09M | -36.5M | 86.62M | 295K | -1.03M |
| Free Cash Flow | -10.41M | -25.25M | -25.31M | -19.08M | -15.27M | -19.31M | -18M | -23.09M | -26.86M | -44.62M | -48.3M | -37.05M | -30.81M | -41.87M |
| FCF Margin % | -28.27% | - | -2488.4% | - | -756.54% | -482.1% | -280.64% | -835.31% | -216.03% | -15332.3% | -7617.67% | -7138.73% | -1989.15% | -4289.45% |
| FCF Growth % | 55.98% | 0.21% | -32.63% | -24.98% | 20.93% | -7.27% | 22.04% | 14.05% | 39.8% | 7.62% | -30.35% | -20.25% | 26.4% | - |
| FCF per Share | -1.24 | -3.00 | -4.39 | -9.15 | -7.95 | -12.33 | -15.27 | -30.49 | -86.31 | -184.12 | -202.38 | -179.06 | -148.40 | -203.73 |
| FCF Conversion (FCF/Net Income) | -4.62x | 0.94x | 1.37x | 0.94x | 0.80x | 1.49x | 2.12x | 1.05x | 3.39x | 2.76x | 2.95x | 1.34x | 0.85x | 0.86x |
| Interest Paid | 0 | 0 | 2K | 0 | 0 | 11K | 0 | 1.29M | 2.28M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 100K | 0 | 0 | 115K | 0 | 100K | 1M | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, VTVT's operating cash flow frequently diverges from net income, with the 2026Q1 period showing a net income of $24.1 million against only $9.2 million in operating cash, highlighting the significant impact of non-cash accounting adjustments on the company's reported profitability metrics.
The disconnect between net income and operating cash flow suggests that the company's recent profitability is heavily influenced by non-recurring milestone recognition rather than operational efficiency. Investors should monitor whether future cash inflows can sustain the business without relying on these lumpy, non-operational accounting events.
Based on VTVT's reported figures, free cash flow remains highly erratic, swinging from a $9.3 million outflow in 2025Q4 to a $9.2 million inflow in 2026Q1, which underscores the company's extreme sensitivity to the timing of licensing payments and clinical trial expenditure cycles.
The lack of a consistent free cash flow trajectory indicates that the company is currently unable to self-fund its research operations. This volatility suggests that the firm remains in a precarious position where liquidity is dictated by external partnership milestones rather than internal product-led cash generation.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, notably with a $16.3 million outflow in 2026Q1 that significantly offset the period's net income, illustrating the impact of timing differences in clinical trial-related payables and receivables.
The substantial fluctuations in working capital appear to be a byproduct of the company's reliance on milestone-based revenue and the timing of CRO payments. This suggests that the underlying cash burn is often obscured by these timing differences, warranting further investigation into the sustainability of current payment terms.
As disclosed in financial statements, stock-based compensation has consistently represented a meaningful portion of the company's operating expenses, with quarterly figures often exceeding $800,000, which effectively dilutes shareholders while preserving cash for critical clinical trial activities during periods of high operational burn.
The reliance on stock-based compensation as a non-cash expense suggests that management is attempting to conserve cash by aligning employee incentives with equity rather than salary. However, this practice may indicate that the company's cash-based operating expenses are higher than they appear on the surface, potentially understating the true cost of operations.
Quick answers to the most common questions about buying VTVT stock.
vTv Therapeutics Inc. (VTVT) generated $-25.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
vTv Therapeutics Inc. (VTVT) reported negative free cash flow of $25.3M in 2025, indicating capital requirements exceeded cash from operations.
vTv Therapeutics Inc. (VTVT) 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.