Bright Minds Biosciences Inc. (DRUG) Cash Flow Statement

NASDAQ: DRUGOperating cash, capex, free cash flow and buybacks.

Where DRUG’s cash came from and went, FY2025

September 30, 2025 · Canadian dollars

Cash from operations: −C$8.7M
Capital expenditures: C$0
Free cash flow: −C$8.7M
Returned to shareholders: —
Change in cash: C$77.2M

Cash from operations

−C$8.7M

Net borrowing (repayment)

−C$100,150

Shares issued

+C$82.1M

Other financing

+C$3.6M

Currency & other

+C$312,625

Change in cash

C$77.2M

Drawn to scale: where the cash came from and how it was used. Hover for values.

DRUG operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

DRUG cash flow trends, FY2019–FY2025

Bright Minds Biosciences Inc. cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−C$42,009FY2019	−C$8.7MFY2025	—
Capital expenditures	C$0FY2019	C$0FY2025	—
Free cash flow	−C$42,009FY2019	−C$8.7MFY2025	—
Stock-based compensation	C$161,300FY2020	C$3.2MFY2025	+81.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

DRUG cash flow by activity

OperatingInvestingFinancingChange in cash

DRUG net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

DRUG cash flow statement in Canadian dollars

Bright Minds Biosciences Inc. annual cash flow statement
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Operating activities
Net income	−C$12.2M	−C$2.8M	−C$7.4M	−C$15.0M	−C$8.7M	−C$480,377	−C$78,717
Depreciation & amortization	C$76,868	C$73,357	C$72,450	C$6,037	C$6,037	C$6,037	C$6,037
Stock-based compensation	C$3.2M	C$839,771	C$1.2M	C$875,056	C$880,615	C$161,300	—
Change in working capital	C$554,994	C$39,813	−C$941,719	C$724,133	C$306,084	C$30,685	C$36,708
Other non-cash items	−C$276,836	−C$1,181	C$65,098	−C$227,401	C$138,726	−C$6,037	−C$6,037
Cash from operating activities	−C$8.7M	−C$1.9M	−C$7.0M	−C$13.6M	−C$7.3M	−C$288,392	−C$42,009
Investing activities
Capital expenditures	C$0	C$0	−C$5	C$0	C$0	C$0	C$0
Financing activities
Net borrowing (repayment)	−C$100,150	−C$89,730	−C$86,112	−C$7,162	−C$7,162	−C$7,162	−C$7,162
Shares issued	C$82.1M	C$900,000	C$1.2M	C$4.0M	C$27.7M	C$1.0M	C$0
Other financing	C$3.6M	C$302	C$1.1M	C$1.2M	−C$1.7M	C$7,162	C$129,162
Cash from financing activities	C$85.6M	C$810,572	C$2.2M	C$5.2M	C$26.1M	C$1.0M	C$122,000
Summary
Net change in cash	C$77.2M	−C$1.0M	−C$4.9M	−C$8.1M	C$19.0M	C$719,938	C$79,991
Cash at end of period	C$82.9M	C$5.7M	C$6.7M	C$11.6M	C$19.8M	C$799,929	C$79,991
Free cash flow	−C$8.7M	−C$1.9M	−C$7.0M	−C$13.6M	−C$7.3M	−C$288,392	−C$42,009

Bright Minds Biosciences Inc. quarterly cash flow statement
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Operating activities
Net income	−C$2.5M	−C$10.6M	−C$7.6M	−C$4.1M	−C$5.2M	−C$3.0M	C$49,610	−C$773,441	C$229,903	−C$574,141	−C$1.7M	−C$1.5M
Depreciation & amortization	C$19,973	C$20,130	C$19,789	C$17,009	C$15,845	C$22,481	C$21,533	C$19,019	−C$29,887	C$18,112	C$18,113	C$18,112
Stock-based compensation	C$1.5M	C$1.2M	C$1.3M	C$1.1M	C$1.3M	C$615,908	C$176,391	C$210,239	C$183,941	C$226,642	C$218,949	C$400,497
Change in working capital	−C$1.2M	C$1.4M	−C$996,373	C$1.2M	−C$379,479	−C$138,628	−C$118,561	C$93,387	−C$153,433	−C$479,993	C$579,852	−C$255,359
Other non-cash items	−C$6.4M	−C$1.5M	C$1.4M	C$539,892	C$781,297	C$25,342	−C$1.6M	−C$12,374	C$9,636	C$4,291	C$45,266	C$167,224
Cash from operating activities	−C$8.4M	−C$9.5M	−C$5.8M	−C$1.3M	−C$3.5M	−C$2.4M	−C$1.5M	−C$463,170	C$240,160	−C$805,089	−C$822,087	−C$1.2M
Investing activities
Capital expenditures	C$0	−C$4	C$0	C$0	−C$4	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Financing activities
Net borrowing (repayment)	−C$26,368	−C$26,268	−C$26,025	−C$26,110	−C$25,620	−C$24,630	−C$23,790	−C$23,859	−C$21,957	—	—	—
Shares issued	C$0	C$243.2M	C$13.9M	C$33.5M	C$0	C$0	C$48.6M	C$0	C$0	C$0	C$900,000	C$0
Other financing	−C$2.2M	−C$10.7M	−C$527,371	−C$124,417	C$8,750	C$250,013	C$3.4M	C$302	C$0	−C$21,957	−C$21,957	−C$21,645
Cash from financing activities	−C$2.2M	C$232.5M	C$13.4M	C$33.3M	−C$16,870	C$225,383	C$52.0M	−C$23,557	−C$21,957	−C$21,957	C$878,043	−C$21,645
Summary
Net change in cash	−C$7.0M	C$218.9M	C$6.1M	C$31.5M	−C$4.3M	−C$2.2M	C$52.2M	−C$470,152	C$257,808	−C$829,211	C$13,661	−C$1.4M
Cash at end of period	C$308.2M	C$309.3M	C$89.0M	C$82.9M	C$51.4M	C$55.7M	C$57.9M	C$5.7M	C$6.2M	C$5.9M	C$6.8M	C$6.7M
Free cash flow	−C$8.4M	−C$9.5M	−C$5.8M	−C$1.3M	−C$3.5M	−C$2.4M	−C$1.5M	−C$463,170	C$240,160	−C$805,089	−C$822,087	−C$1.2M
Operating cash flow / net income	—	—	—	—	—	—	−30.12	—	1.04	—	—	—

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.

DRUG cash generation

In fiscal 2025 (ended September 30, 2025), Bright Minds Biosciences generated -C$8.7 million of cash from operations and spent C$0 on capital expenditures, leaving free cash flow of -C$8.7 million. Cash and equivalents rose by C$77.2 million over the year.

Related: DRUG income statement, DRUG balance sheet. See the DRUG stock overview for the latest quote and news.

DRUG cash flow FAQ

What is Bright Minds Biosciences's free cash flow?

Bright Minds Biosciences's free cash flow was -C$8.7 million in fiscal 2025: -C$8.7 million of operating cash flow minus C$0 of capital expenditures It was -C$1.9 million a year earlier..

How much cash does Bright Minds Biosciences generate from operations?

Bright Minds Biosciences generated -C$8.7 million of cash from operating activities in fiscal 2025.