Persistent negative free cash flow remains a primary concern, with quarterly burn rates ranging as high as $51.9M in 2023Q4, further exacerbated by $4.6M in quarterly stock-based compensation that masks the true operational deficit.
| Cash from Operations | -87.75M | -130.87M | -166.52M | -98.77M | -38.65M | -6.2M | -2.64M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 164.91% | 21.41% | -68.59% | -155.55% | -523.89% | -134.48% | - |
| Net Income | -106.61M | -135.12M | -192.96M | -108.43M | -83.75M | -28.17M | -4.33M |
| Depreciation & Amortization | 1.32M | 1.35M | 941K | 470K | 30K | 0 | 0 |
| Stock-Based Compensation | 19.37M | 22.93M | 28.59M | 16.57M | 2.73M | 45K | 198K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.04M | -9.47M | -8.89M | -2.23M | 38.32M | 21.12M | 896K |
| Working Capital Changes | 4.21M | -10.56M | 5.81M | -5.16M | 4.02M | 812K | 591K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.31M | -2.64M | -745K | 1.61M | 2.44M | 591K | 361K |
| Cash from Investing | 57.66M | -15.51M | 100.94M | -74.93M | -214.37M | 0 | 0 |
| Capital Expenditures | -114K | -241K | -514K | -275K | -262K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 74.66K | 1.9M | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -74.66K | 0 | 0 | 0 |
| Cash from Financing | 246K | 122.11M | 53.33M | 167.77M | 323.55M | 6.13M | 2.95M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 450K | 6.13M | 2.95M |
| Equity Issued (Net) | -179K | 1000K | 1000K | 1000K | 1000K | 2K | 1K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 68K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 425K | 466K | 4.92M | 2.37M | 65K | 0 | 0 |
| Net Change in Cash | -29.8M | -24.32M | -12.27M | -5.97M | 70.55M | -65K | 309K |
| Free Cash Flow | -87.87M | -131.11M | -167.04M | -99.05M | -38.91M | -6.2M | -2.64M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 44.99% | 21.51% | -68.64% | -154.54% | -528.12% | -134.48% | - |
| FCF per Share | -1.23 | -1.91 | -2.85 | -1.89 | -0.77 | -0.12 | -1.35 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.97x | 0.86x | 0.91x | 0.46x | 0.22x | 0.59x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 3K | 1K | 0 |
Critical liquidity and funding
According to quarterly cash flow statements, Ventyx consistently reports an OCF/NI ratio below 1.0, with the 2025Q3 figure of 0.77 indicating that cash outflows are currently tracking slightly lower than accounting losses, largely due to the impact of non-cash stock-based compensation and working capital adjustments.
The divergence between net income and operating cash flow suggests that the company's accounting losses are partially mitigated by non-cash expenses, yet the underlying cash burn remains substantial. Investors should interpret this as a sign that the firm's operational reality is defined by persistent cash depletion rather than any near-term path to self-sustaining profitability.
As reported in financial disclosures, Ventyx has maintained a consistent negative free cash flow trajectory, with quarterly burn rates ranging from $17.6M to $51.9M over the last ten quarters, reflecting the heavy capital requirements inherent in the firm's current clinical-stage development pipeline.
The lack of positive free cash flow is expected for a pre-revenue biotech, but the volatility in these figures suggests that clinical trial milestones drive lumpy expenditure patterns. This trend implies that the company remains entirely dependent on external capital markets to fund its ongoing research initiatives.
Based on historical cash flow data, working capital changes have been highly erratic, swinging from a $13.2M inflow in 2023Q3 to a $14.0M outflow in 2024Q1, which complicates the assessment of the company's underlying operational efficiency and core cash requirements.
These fluctuations likely stem from the timing of clinical trial payments and vendor accruals rather than operational improvements. Analysts should monitor these swings closely, as they may temporarily mask the true underlying rate of cash consumption during periods of intense trial activity.
As evidenced by recent SEC filings, stock-based compensation has remained a significant non-cash add-back, averaging approximately $5.5M per quarter, which effectively serves to bridge the gap between reported net losses and the actual cash required to sustain the company's scientific workforce.
While this practice is standard for retaining talent in the biotech sector, it effectively dilutes shareholders while masking the true economic cost of operations. This warrants further investigation into whether the current compensation structure is sustainable given the company's limited cash runway and the need for future dilutive financing.
Quick answers to the most common questions about buying VTYX stock.
Ventyx Biosciences, Inc. (VTYX) generated $-130.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Ventyx Biosciences, Inc. (VTYX) reported negative free cash flow of $131.1M in 2024, indicating capital requirements exceeded cash from operations.
Ventyx Biosciences, Inc. (VTYX) spent $0.2M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.