The firm demonstrates a total absence of operational cash generation, with zero free cash flow recorded over the last ten quarters, highlighting a critical reliance on external capital to fund operations.
XTL Biopharmaceuticals Ltd. (XTLB) cash flow statement — 23-year operating, investing & financing cash flows
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 0 | -1.02M | -1.62M | -707K | -901K | -1.05M | -850K | -908K | -816K | -1.13M | -1.73M | -1.86M | -2.47M | -2.5M | -1.51M | -1.8M | -735K | -2.49M | -10.58M | -21.46M | -12.59M | -10.47M | -14.49M | -13.33M |
| Operating CF Margin % | - | - | -358.76% | - | - | - | - | - | - | - | - | - | - | -105.49% | -160.55% | - | - | - | -178.08% | -2365.71% | -2772.47% | -327.37% | -419.66% | - |
| Operating CF Growth % | 0% | 36.65% | -128.85% | 21.53% | 14.11% | -23.41% | 6.39% | -11.27% | 27.47% | 35.05% | 6.93% | 24.66% | 1.16% | -65.94% | 16.38% | -145.03% | 70.46% | 76.48% | 50.7% | -70.47% | -20.27% | 27.8% | -8.77% | - |
| Net Income | -1.03M | -6.97M | -1.03M | -1.78M | -1.35M | 435K | -2.95M | -1.35M | 2.99M | -781K | -2.54M | -4.31M | -2.87M | -3.71M | -1.74M | 0 | -1.26M | 2.59M | -9.25M | -24.94M | -15.13M | -14.02M | -16.47M | -14.29M |
| Depreciation & Amortization | 988.75K | 0 | 199K | 1K | 1K | 1K | 1K | 842K | 1K | 1K | 3K | 7K | 53K | 313K | 136K | 94K | 42K | 13K | 39K | 108K | 243K | 242K | 319K | 440K |
| Stock-Based Compensation | 264K | 346K | 264K | 3K | 14K | 37K | 51K | 5K | 24K | 40K | 182K | 148K | 278K | -65K | 1.3M | 73K | 0 | 0 | 345K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -130K | 0 | 487K | 0 | 0 | 0 | 0 | -755K | -182K | 2.31M | 156K | 1.48M | -1.36M | 0 | 0 | 0 | -284K | 48K | -48K | 0 | 0 | 0 |
| Other Non-Cash Items | -225.75K | 5.6M | -1.11M | 1.01M | -36K | -1.47M | 2.01M | -358K | -3.82M | -437K | 848K | 2.31M | 218K | 1.45M | -1.44M | -1.71M | 207K | -4.49M | 49K | 3.55M | 2.02M | 4.42M | 72K | 463K |
| Working Capital Changes | 0 | -2K | 189K | 64K | -19K | -54K | 45K | -50K | -8K | 52K | -220K | -16K | -154K | -483K | 238K | -254K | 273K | -597K | -1.76M | -220K | 332K | -1.11M | 1.59M | 59K |
| Change in Receivables | 0 | 157K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -114 | 36 | 58K | -50K | 3K | 47K | 0 | 249K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 184K | -73K | -44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -187K | 208K | 19K | -44K | -23K | 22K | -21K | -47K | -13K | -101K | -117K | -210K | -86K | 199K | -301K | 278K | -846K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 522K | -844K | 41K | 36K | 8K | 32K | 2.11M | 778K | -2.5M | -66K | -110K | 1.5M | 3.34M | -1.21M | -185K | -103K | -24K | 10.91M | 10.64M | -20.83M | 9.53M | 7.65M | 15.49M |
| Capital Expenditures | 0 | 0 | -54K | 0 | 0 | 0 | -1K | -2K | 0 | 0 | -66K | -66K | -10K | -84K | -86K | -12K | -16K | 0 | -2K | -65K | -21K | -38K | -180K | -81K |
| CapEx % of Revenue | - | - | 11.97% | - | - | - | - | - | - | - | - | - | - | 3.55% | 9.17% | - | - | - | 0.03% | 7.17% | 4.63% | 1.19% | 5.21% | - |
| Acquisitions | 0 | -5K | -410K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55K | 0 | 0 | -925K | 8K | 0 | 0 | 0 | 0 | 0 | -548K | 0 | 2K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -250K | -366K | 41K | 36K | 8K | 33K | 93K | 74K | 5K | -64K | -43K | 2K | 366K | -108K | -8K | -6K | 31K | 317K | 458K | 33K | -23K | -131K | -110K |
| Cash from Financing | 0 | 208K | 1.45M | 0 | 0 | 385K | 0 | 0 | 0 | 4.89M | 0 | 3.58M | 309K | 317K | 4.28M | 1.74M | 1.48M | 0 | 210K | 8.8M | 24.46M | 1.51M | 15.45M | 4K |
| Debt Issued (Net) | 0 | 208K | -13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 1.46M | 0 | 0 | 385K | 0 | 0 | 0 | 4.89M | 0 | 3.56M | 309K | 283K | 2.42M | 1.74M | 0 | 0 | 0 | 8.8M | 24.46M | 1.51M | 15.45M | 4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 0 | 34K | 1.86M | 3K | 1.48M | 0 | 210K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 0 | -295K | -1.03M | -693K | -875K | -662K | -824K | 1.2M | -34K | 1.27M | -1.8M | 1.66M | -728K | 1.19M | 1.57M | -244K | 654K | -2.51M | 547K | -2.02M | -8.96M | 572K | 8.6M | 2.17M |
| Free Cash Flow | 0 | -1.02M | -1.67M | -707K | -901K | -1.05M | -851K | -910K | -816K | -1.13M | -1.8M | -1.93M | -2.48M | -2.58M | -1.59M | -1.81M | -751K | -2.49M | -10.58M | -21.52M | -12.61M | -10.5M | -14.68M | -13.41M |
| FCF Margin % | - | - | -370.73% | - | - | - | - | - | - | - | - | - | - | -109.03% | -169.72% | - | - | - | -178.11% | -2372.88% | -2777.09% | -328.56% | -424.87% | - |
| FCF Growth % | - | 38.7% | -136.49% | 21.53% | 14.11% | -23.27% | 6.48% | -11.52% | 27.47% | 37.43% | 6.69% | 22.3% | 3.99% | -62.25% | 12.19% | -141.41% | 69.82% | 76.48% | 50.84% | -70.7% | -20.03% | 28.42% | -9.46% | - |
| FCF per Share | 0.00 | -2.33 | -3.80 | -2.08 | -2.65 | -2.73 | -2.65 | -2.83 | -2.54 | -3.83 | -10.50 | -46.76 | -68.64 | -73.93 | -46.80 | -56.87 | -42.39 | -89.47 | -380.48 | -3014.29 | -2000.00 | -199.44 | -342.11 | -3840.45 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.15x | 1.58x | 396.75x | 0.67x | -2.41x | 1.09x | 0.67x | -0.27x | 1.44x | 0.68x | 0.43x | 0.98x | 1.01x | 1.08x | 1.49x | 0.58x | -0.96x | 1.14x | 0.86x | 0.83x | 0.75x | 0.88x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 260K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying XTLB stock.
XTL Biopharmaceuticals Ltd. (XTLB) generated $-1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XTL Biopharmaceuticals Ltd. (XTLB) reported negative free cash flow of $1.0M in 2025, indicating capital requirements exceeded cash from operations.
XTL Biopharmaceuticals Ltd. (XTLB) 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.
Key Metrics
Top Statement Risk
Imminent liquidity and clinical failure
Absence of Operational Cash Generation
As reported in financial statements, XTLB has consistently recorded zero operating cash flow over the last ten quarters, suggesting that the company's net losses are not being mitigated by any underlying cash-generative activities or effective management of non-cash accruals within its current clinical-stage business model.
The complete lack of reported operating cash flow indicates that the company is entirely reliant on external financing to sustain its operations. This disconnect between accounting losses and cash reality suggests that the firm lacks a functional core business engine capable of self-funding its research and development requirements.
Free Cash Flow Remains Nonexistent
Based on XTLB's reported figures, free cash flow has remained at zero for the past ten quarters, reflecting a total inability to generate surplus capital after accounting for the company's ongoing, albeit minimal, capital expenditure requirements during its pre-commercial development phase.
The absence of positive free cash flow highlights the company's precarious financial position, as it lacks the internal resources to advance its pipeline independently. Investors should monitor this trend as it implies that any future clinical progress is strictly contingent upon the successful procurement of external capital.
Capital Expenditure Stagnation Signals Risk
According to recent SEC filings, XTLB has reported zero capital expenditure over the last ten quarters, which may indicate a strategic decision to defer infrastructure investment or a lack of capacity to fund the necessary equipment for clinical trial advancement.
The lack of investment in capital assets suggests that the company is not currently scaling its internal capabilities or manufacturing footprint. This stagnation may imply that the firm is operating in a holding pattern, waiting for a potential licensing event rather than actively building out its own operational infrastructure.
Financial Statements Obscure Operational Reality
As indicated by the provided data, the company's cash flow statement is essentially devoid of activity, which obscures the true extent of its cash burn and reliance on stock-based compensation to preserve liquidity during periods of significant net losses.
The reliance on stock-based compensation, as seen in the $250,000 charge in 2024Q3, suggests that management is attempting to conserve cash by paying for services with equity. This practice warrants further investigation, as it may lead to significant shareholder dilution without providing the necessary capital to reach critical clinical milestones.