Enlivex Therapeutics Ltd. (ENLV) Cash Flow Statement
Where ENLV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.4M
- Capital expenditures
- $68,000
- Free cash flow
- −$10.5M
- Returned to shareholders
- —
- Change in cash
- −$1.4M cash at year-end $2.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ENLV operating cash flow, capex and free cash flow
ENLV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$15.5M2016 | −$10.4M2025 | — | |
| Capital expenditures | $18,0002016 | $68,0002025 | +15.9%/yr | |
| Free cash flow | −$15.5M2016 | −$10.5M2025 | — | |
| Stock-based compensation | $700,0002016 | $1.8M2025 | +10.9%/yr | |
| Share buybacks (net) | $02016 | $02019 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ENLV cash flow by activity
ENLV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ENLV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.24B | −$15.0M | −$29.1M | −$31.1M | −$14.5M | −$11.8M | −$9.4M | −$4.2M | −$5.9M | −$16.0M |
| Depreciation & amortization | $332,000 | $545,000 | $835,000 | $777,000 | $546,000 | $286,000 | $206,000 | $121,000 | $12,000 | $25,000 |
| Stock-based compensation | $1.8M | $2.1M | $2.0M | $2.7M | $2.9M | $670,000 | $810,000 | $1.0M | $408,000 | $700,000 |
| Change in working capital | $815,000 | −$1.2M | −$1.8M | $804,000 | −$1.4M | −$306,000 | $1.0M | $83,000 | −$886,000 | −$241,000 |
| Other non-cash items | −$1.25B | $614,000 | $4.6M | $2.8M | −$5.2M | $167,000 | $287,000 | −$132,000 | $59,000 | $52,000 |
| Cash from operating activities | −$10.4M | −$13.0M | −$23.5M | −$24.0M | −$17.5M | −$11.0M | −$7.0M | −$3.2M | −$6.4M | −$15.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$68,000 | −$103,000 | −$236,000 | −$8.1M | −$1.6M | −$1.0M | −$193,000 | −$461,000 | −$2,000 | −$18,000 |
| Investments (net) | −$1.3M | $9.1M | −$33.0M | $62.5M | −$36.8M | −$20.0M | −$6.4M | −$533,000 | $3.0M | $9.0M |
| Acquisitions & other investing | $1,000 | $103,000 | $7.2M | $8.1M | $0 | $0 | $193,000 | $461,000 | $2,000 | $18,000 |
| Cash from investing activities | −$1.3M | $9.1M | −$26.0M | $62.5M | −$38.4M | −$21.0M | −$6.4M | −$533,000 | $3.0M | $9.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | $8.3M | $1,000 | — | $6.1M |
| Shares issued | $10.4M | $6.5M | $360,000 | $318,000 | $53.2M | $24.5M | $7.7M | $5.2M | $0 | $0 |
| Other financing | $0 | $2,000 | $0 | −$168,000 | $7.8M | $8.6M | −$7.7M | −$1,000 | $8.1M | $0 |
| Cash from financing activities | $10.4M | $6.5M | $360,000 | $150,000 | $61.0M | $33.1M | $8.3M | $5.2M | $8.1M | $6.1M |
| Summary | ||||||||||
| Net change in cash | −$1.4M | $2.5M | −$49.1M | $38.7M | $4.6M | $1.5M | −$4.3M | $731,000 | −$3.3M | −$415,000 |
| Cash at end of period | $2.0M | $3.7M | $1.2M | $50.4M | $11.6M | $7.0M | $5.5M | $9.7M | $3.5M | $6.9M |
| Free cash flow | −$10.5M | −$13.1M | −$23.8M | −$32.1M | −$19.2M | −$12.0M | −$7.2M | −$3.6M | −$6.4M | −$15.5M |
| Free cash flow margin | — | — | — | — | — | −528.2% | — | — | — | — |
| Capex / revenue | — | — | — | — | — | 44.8% | — | — | — | — |
| Operating cash flow / net income | −0.01 | — | — | — | — | — | — | — | — | — |
| 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 | $1.89B | $974.5M | $1.24B | −$2.2M | −$1.9M | −$3.5M | −$5.2M | −$2.6M | −$3.1M | −$4.1M | −$9.1M | −$6.0M |
| Depreciation & amortization | $60,500 | $60,500 | $76,000 | $81,000 | $85,000 | $90,000 | $36,000 | $161,000 | $160,000 | $188,000 | $200,000 | $214,000 |
| Stock-based compensation | — | — | $915,000 | $280,000 | $295,000 | $293,000 | $917,000 | $377,000 | $388,000 | $383,000 | $400,000 | $407,000 |
| Change in working capital | $3.7M | $3.7M | $1.4M | −$196,197 | $172,000 | −$470,000 | $663,793 | −$1.5M | $570,000 | −$962,000 | $993,353 | −$415,000 |
| Other non-cash items | −$1.90B | −$983.7M | −$1.25B | $72,197 | $118,000 | −$1.1M | −$524,793 | $944,000 | $181,000 | $21,000 | $2.5M | $318,000 |
| Cash from operating activities | −$5.5M | −$5.5M | −$2.9M | −$2.0M | −$1.2M | −$4.6M | −$4.1M | −$2.6M | −$1.8M | −$4.5M | −$5.0M | −$5.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4,500 | −$4,500 | −$9,383 | −$23,554 | −$7,000 | −$32,000 | −$35,000 | −$9,000 | −$16,000 | −$42,999 | −$5,938 | −$29,000 |
| Investments (net) | — | — | −$8.5M | $3.8M | $1.1M | $3.2M | $5.2M | $1.4M | −$794,000 | $5.1M | $4.1M | $3.9M |
| Acquisitions & other investing | −$4.2M | −$4.2M | −$1.3M | $23,554 | $7,000 | $32,000 | −$1.8M | $9,000 | $16,000 | $42,999 | −$31,881 | $29,000 |
| Cash from investing activities | −$4.2M | −$4.2M | −$9.8M | $3.8M | $1.1M | $3.2M | $3.4M | $1.4M | −$794,000 | $5.1M | $4.1M | $3.9M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $9.8M | $352,000 | $0 | $197,000 | $1.3M | $250,000 | $4.4M | $524,000 | $0 | $0 |
| Other financing | $11.5M | $11.5M | $604,046 | $0 | $823 | $0 | $2,000 | $0 | $0 | $0 | −$1,283 | −$5,564 |
| Cash from financing activities | $11.5M | $11.5M | $10.4M | $352,000 | $823 | $197,000 | $1.3M | $250,000 | $4.4M | $524,000 | −$1,283 | −$5,564 |
| Summary | ||||||||||||
| Net change in cash | — | −$2.4M | −$2.2M | $2.2M | −$129,000 | −$1.3M | $535,000 | −$970,000 | $1.8M | $1.1M | −$1.2M | −$1.5M |
| Cash at end of period | — | — | $2.0M | $4.2M | $2.0M | $2.5M | $3.7M | $3.2M | $4.2M | $2.0M | $926,000 | $2.4M |
| Free cash flow | −$5.5M | −$5.5M | −$2.9M | −$2.3M | −$1.2M | −$4.7M | −$4.1M | −$2.6M | −$1.8M | −$4.6M | −$5.0M | −$5.5M |
| Operating cash flow / net income | −0.00 | −0.01 | −0.00 | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ENLV cash generation
In fiscal 2025 (ended December 31, 2025), Enlivex Therapeutics generated -$10.4 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$10.5 million. Cash and equivalents fell by $1.4 million over the year.
Related: ENLV income statement, ENLV balance sheet. See the ENLV stock overview for the latest quote and news.
ENLV cash flow FAQ
What is Enlivex Therapeutics's free cash flow?
Enlivex Therapeutics's free cash flow was -$10.5 million in fiscal 2025: -$10.4 million of operating cash flow minus $0.1 million of capital expenditures It was -$13.1 million a year earlier..
How much cash does Enlivex Therapeutics generate from operations?
Enlivex Therapeutics generated -$10.4 million of cash from operating activities in fiscal 2025, −0.01 times its net income of $1.2 billion.
How much does Enlivex Therapeutics spend on capital expenditures?
Enlivex Therapeutics spent $0.1 million on capital expenditures in fiscal 2025, compared with $0.1 million the year before.