Estrella Immunopharma, Inc. (ESLA) Cash Flow Statement
Where ESLA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.8M
- Capital expenditures
- $0
- Free cash flow
- −$1.8M
- Returned to shareholders
- $29,462
- Change in cash
- $467,386 cash at year-end $1.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ESLA operating cash flow, capex and free cash flow
ESLA cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$670,8202020 | −$1.8M2025 | — | |
| Capital expenditures | $02020 | $02025 | — | |
| Free cash flow | −$670,8202020 | −$1.8M2025 | — | |
| Stock-based compensation | $62,8732020 | $618,9742025 | +58.0%/yr | |
| Share buybacks (net) | $25,0002021 | $29,4622025 | +4.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ESLA cash flow by activity
ESLA 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).
ESLA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$13.1M | −$8.9M | −$7.3M | −$996,104 | −$1.7M | −$733,693 |
| Stock-based compensation | $618,974 | $1.2M | $1.2M | $299,915 | $129,968 | $62,873 |
| Change in working capital | $10.6M | $881,245 | −$10.0M | $576,855 | $113,351 | $0 |
| Other non-cash items | $38,189 | $3.7M | $0 | −$924,514 | $0 | $0 |
| Cash from operating activities | −$1.8M | −$3.1M | −$16.1M | −$1.0M | −$1.4M | −$670,820 |
| Investing activities | ||||||
| Capital expenditures | $0 | −$4 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | $5.0M | −$273,066 | $0 | $0 |
| Acquisitions & other investing | — | $5.0M | — | $36.4M | −$45.2M | −$273,066 |
| Cash from investing activities | — | $5.0M | — | $36.2M | −$45.2M | −$273,066 |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$29,462 | −$214,477 | −$354,440 | −$36.1M | −$25,000 | — |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — |
| Shares issued | $2.4M | $0 | $9.0M | $0 | $5.0M | $0 |
| Other financing | −$117,473 | $79,491 | $4.1M | $548,600 | $555,361 | $670,820 |
| Cash from financing activities | $2.3M | −$134,986 | $12.8M | −$35.6M | $5.5M | $670,820 |
| Summary | ||||||
| Net change in cash | $467,386 | $876,114 | $1.7M | −$438,066 | $4.1M | $4.1M |
| Cash at end of period | $1.4M | $916,916 | $4.2M | $40,802 | $4.1M | $0 |
| Free cash flow | −$1.8M | −$3.1M | −$16.1M | −$1.0M | −$1.4M | −$670,820 |
| 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 | −$2.3M | −$2.3M | −$613,174 | −$4.8M | −$5.5M | −$2.1M | −$1.1M | −$3.4M | −$4.0M | −$469,530 | −$1.0M | −$63,325 |
| Depreciation & amortization | — | — | — | — | — | — | — | — | — | $0 | $0 | — |
| Stock-based compensation | $145,298 | $146,714 | $148,360 | $152,421 | $159,098 | $159,095 | — | $0 | $0 | $0 | $0 | $1.2M |
| Change in working capital | $158,211 | −$4.7M | $316,177 | $3.9M | $5.0M | $1.5M | −$278,032 | $1.2M | $3.7M | −$13.6M | −$10.2M | −$84,903 |
| Other non-cash items | $222,092 | $108,627 | −$28,850 | $67,039 | $0 | $0 | $432,256 | $0 | $0 | −$1.7M | $0 | −$1.3M |
| Cash from operating activities | −$1.8M | −$6.7M | −$177,487 | −$727,332 | −$414,879 | −$465,981 | −$896,066 | −$2.2M | −$291,513 | −$15.8M | −$11.3M | −$275,718 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$4 | −$3 | −$3 | −$3 | $0 | $0 |
| Investments (net) | — | — | — | — | — | — | — | $0 | $0 | $0 | $5.1M | $5.1M |
| Acquisitions & other investing | — | — | — | — | — | — | — | — | — | $5.0M | $0 | −$5.0M |
| Cash from investing activities | — | — | — | — | — | — | — | — | — | $5.0M | $5.1M | $77,773 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | $0 | −$150,465 | $29,462 | $121,003 | −$29,462 | −$64,012 | −$150,465 | −$270,349 | −$84,091 | −$5.1M | −$5.1M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | $0 | $0 | — | — | — |
| Shares issued | $0 | $8.0M | $0 | $1.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19.0M |
| Other financing | $4 | −$758,876 | $85,644 | −$42,114 | $1.2M | $0 | $79,491 | $0 | $0 | $13.1M | −$1.8M | −$13.8M |
| Cash from financing activities | $4 | $7.2M | −$64,821 | $1.0M | $1.3M | −$29,462 | $15,479 | −$150,465 | −$270,349 | $13.1M | −$6.9M | $186,533 |
| Summary | ||||||||||||
| Net change in cash | −$1.8M | $543,102 | −$242,308 | $310,016 | $895,121 | −$495,443 | −$880,587 | −$2.4M | −$561,862 | $4.7M | −$13.1M | −$11,412 |
| Cash at end of period | $146,670 | $1.9M | $1.4M | $1.6M | $1.3M | $421,473 | $916,916 | $1.8M | $4.2M | $4.7M | $9.0M | $29,390 |
| Free cash flow | −$1.8M | −$6.7M | −$177,487 | −$727,332 | −$414,879 | −$465,981 | −$896,070 | −$2.2M | −$291,513 | −$15.8M | −$11.3M | −$275,720 |
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.
ESLA cash generation
In fiscal 2025 (ended December 31, 2025), Estrella Immunopharma generated -$1.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$1.8 million. It returned $0.0 million to shareholders through dividends ($0) and net share buybacks ($0.0 million). Cash and equivalents rose by $0.5 million over the year.
Related: ESLA income statement, ESLA balance sheet. See the ESLA stock overview for the latest quote and news.
ESLA cash flow FAQ
What is Estrella Immunopharma's free cash flow?
Estrella Immunopharma's free cash flow was -$1.8 million in fiscal 2025: -$1.8 million of operating cash flow minus $0 of capital expenditures It was -$3.1 million a year earlier..
How much cash does Estrella Immunopharma generate from operations?
Estrella Immunopharma generated -$1.8 million of cash from operating activities in fiscal 2025.
How much stock does Estrella Immunopharma buy back?
Estrella Immunopharma spent $0.0 million on net share repurchases in fiscal 2025.