Persistent negative free cash flow, which reached an outflow of $1.8 billion in 2025Q1, highlights a business model entirely dependent on external financing to sustain operations.
| Cash from Operations | -4.14B | -5.11B | -7.56M | -8.72M | -4.89M | -5.08M | -5.11M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -331256.47% | -67553.25% | 13.31% | -78.39% | 3.69% | 0.66% | - |
| Net Income | -1.82B | -24.95B | -9.41M | -98.3M | -14.05M | -8.08M | -12.68M |
| Depreciation & Amortization | 0 | 0 | 6.93K | 10.4K | 9.87K | 10.4K | 10.4K |
| Stock-Based Compensation | 206.41M | 222.83M | 705.57K | 1.19M | 3.52M | 4.14M | 3.83M |
| Deferred Taxes | -851.66M | -851.66M | 6.75K | -9.48M | -745.05K | -441.58K | 333.66K |
| Other Non-Cash Items | 18.74B | 20.47B | 204.61K | 95.25M | -1.92M | 317.83K | 288.37K |
| Working Capital Changes | 1.27M | 1.52M | 929.88K | 2.6M | 8.29M | -1.02M | 3.11M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -134.49M | 689.27K | 750.57K | 2.41M | 6.62M | -311.86K | -601.47K |
| 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 | 2.83B | 3.69B | 5.95M | 5.96M | 1.87M | 5.23M | 4.56M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 5.23M | 1.69M |
| Equity Issued (Net) | 3.04M | 4.05M | 5.95M | 7.41M | 1.87M | 0 | 3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -10.7M | 0 | 0 | 0 |
| Other Financing | 2.83B | 3.68B | 0 | -1.46M | 0 | 0 | -126.4K |
| Net Change in Cash | -1.31B | -1.43B | -1.61M | -2.76M | 5.57M | 153.91K | -549.76K |
| Free Cash Flow | -4.14B | -5.11B | -7.56M | -8.72M | -1.49M | -5.08M | -5.11M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 14.68% | -67553.25% | 13.31% | -483.47% | 70.56% | 0.66% | - |
| FCF per Share | -0.51 | -0.86 | -6.81 | -89.44 | -57.60 | -109.04 | -109.77 |
| FCF Conversion (FCF/Net Income) | 2.28x | 0.20x | 0.00x | 0.09x | 0.35x | 0.63x | 0.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from 0.21 to 785.16, suggesting that traditional earnings metrics provide little insight into the actual cash requirements of the firm's clinical development programs.
The extreme variance in the conversion ratio highlights that net income is largely a function of non-cash accounting adjustments rather than operational performance. Investors should monitor these discrepancies, as they indicate that the company's reported losses do not capture the full magnitude of the cash burn required to sustain its pipeline.
Based on ZVSA's reported figures, the company consistently records negative free cash flow, with quarterly outflows reaching as high as $1.8 billion in 2025Q1, reflecting a business model that is entirely dependent on external financing to fund its ongoing research and development activities.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the scale of these outflows relative to the reported cash position warrants caution. This trajectory suggests that the firm remains in a high-intensity cash consumption phase with no immediate path to self-sustaining operations.
According to recent SEC filings, the company frequently utilizes significant stock-based compensation, peaking at $257.4 million in 2024Q3, which serves to decouple the reported net loss from the actual cash outflows necessary to support the company's clinical trial and administrative operations.
The reliance on equity-based incentives appears to be a primary mechanism for preserving cash, yet it introduces significant dilution risk for existing shareholders. Analysts should interpret these figures as a strategic effort to manage liquidity, though it does not mitigate the underlying structural cash deficit.
Data from recent quarterly filings indicates that working capital changes have remained relatively negligible compared to the massive operating cash outflows, suggesting that the firm's cash burn is driven primarily by R&D spending rather than fluctuations in accounts receivable, inventory, or payables management.
The lack of meaningful working capital movement confirms that the company's liquidity profile is not currently sensitive to operational cycle efficiencies. Consequently, management's ability to extend its runway is likely limited to controlling R&D expenditures rather than optimizing the balance sheet through working capital management.
Quick answers to the most common questions about buying ZVSA stock.
ZyVersa Therapeutics, Inc. (ZVSA) generated $-5114.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ZyVersa Therapeutics, Inc. (ZVSA) reported negative free cash flow of $5.11B in 2025, indicating capital requirements exceeded cash from operations.
ZyVersa Therapeutics, Inc. (ZVSA) 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.