Greenwich LifeSciences, Inc. (GLSI) Cash Flow Statement
Where GLSI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$9.9M
- Capital expenditures
- $3
- Free cash flow
- −$9.9M
- Returned to shareholders
- —
- Change in cash
- $2.1M cash at year-end $6.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GLSI operating cash flow, capex and free cash flow
GLSI cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$120,8472017 | −$9.9M2025 | — | |
| Capital expenditures | $02017 | $32025 | — | |
| Free cash flow | −$120,8472017 | −$9.9M2025 | — | |
| Stock-based compensation | $194,9432019 | $6.8M2025 | +80.8%/yr | |
| Share buybacks (net) | $90,0002017 | $02023 | −100.0% |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLSI cash flow by activity
GLSI 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).
GLSI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$19.4M | −$15.8M | −$8.9M | −$7.8M | −$4.6M | −$1.9M | −$3.4M | −$1.7M | −$1.6M |
| Depreciation & amortization | $1,779 | $3,612 | $3,612 | $3,612 | $3,612 | $3,609 | $3,607 | $3,607 | $3,607 |
| Stock-based compensation | $6.8M | $7.3M | $2.4M | $1.7M | $660,582 | $677,988 | $194,943 | — | — |
| Change in working capital | $2.6M | $1.3M | $31,501 | −$122,267 | −$385,166 | $28,403 | $2.9M | $1.6M | $1.4M |
| Other non-cash items | $0 | $0 | $0 | $0 | $0 | $0 | −$2 | $0 | $0 |
| Cash from operating activities | −$9.9M | −$7.3M | −$6.5M | −$6.2M | −$4.3M | −$1.2M | −$293,267 | −$114,952 | −$120,847 |
| Investing activities | |||||||||
| Capital expenditures | −$3 | −$3 | $0 | −$3 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | $0 | −$7.5M | $3.1M | $30.2M | — | — | −$90,000 |
| Net borrowing (repayment) | — | — | — | — | −$275,154 | −$360,000 | $215,000 | $100,000 | — |
| Shares issued | $11.9M | $4.4M | $0 | $562,596 | $3.1M | $30.2M | $0 | $0 | $0 |
| Other financing | $145,000 | $0 | $0 | −$562,596 | −$3.1M | −$30.2M | $0 | $100,000 | −$39,845 |
| Cash from financing activities | $12.0M | $4.4M | $0 | −$7.5M | $2.8M | $29.8M | $215,000 | $200,000 | −$129,845 |
| Summary | |||||||||
| Net change in cash | $2.1M | −$2.9M | −$6.5M | −$13.7M | −$1.5M | $28.7M | −$78,267 | $85,048 | −$250,692 |
| Cash at end of period | $6.2M | $4.1M | $7.0M | $13.5M | $27.2M | $28.7M | $6,835 | $85,102 | $54 |
| Free cash flow | −$9.9M | −$7.3M | −$6.5M | −$6.2M | −$4.3M | −$1.2M | −$293,267 | −$114,952 | −$120,847 |
| 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 | −$3.9M | −$5.7M | −$7.9M | −$4.2M | −$4.0M | −$3.3M | −$8.0M | −$2.7M | −$2.6M | −$2.5M | −$2.7M | −$2.4M |
| Depreciation & amortization | $445 | $0 | $0 | $0 | $876 | $903 | $903 | $903 | $903 | $903 | $903 | $903 |
| Stock-based compensation | $1.5M | $1.5M | $2.2M | $1.5M | $1.5M | $1.5M | $5.5M | $594,522 | $594,522 | $594,522 | $594,522 | $594,522 |
| Change in working capital | $370,156 | −$589,575 | $2.6M | −$63,608 | $247,085 | −$121,209 | $717,349 | −$510,644 | $963,417 | $95,205 | −$2,881 | −$4,259 |
| Other non-cash items | $153,566 | $0 | −$3 | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $1 | $0 |
| Cash from operating activities | −$1.9M | −$4.7M | −$3.2M | −$2.7M | −$2.2M | −$1.8M | −$1.9M | −$2.6M | −$1.0M | −$1.8M | −$2.2M | −$1.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$3 | $0 | −$7 | −$3 | −$4 | $0 | $0 | $0 | −$5 | $0 | $0 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Shares issued | $310,664 | $9.0M | $5.5M | $3.2M | $2.6M | $492,423 | $121,829 | $1.2M | $2.8M | $299,116 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $145,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | $310,664 | $9.0M | $5.5M | $3.4M | $2.6M | $492,423 | $121,829 | $1.2M | $2.8M | $299,116 | $0 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$1.6M | $4.3M | $2.4M | $681,877 | $375,142 | −$1.3M | −$1.7M | −$1.4M | $1.7M | −$1.5M | −$2.2M | −$1.8M |
| Cash at end of period | $8.9M | $10.5M | $3.8M | $3.8M | $3.1M | $2.7M | $4.1M | $5.8M | $7.2M | $5.5M | $7.0M | $9.1M |
| Free cash flow | −$1.9M | −$4.7M | −$3.2M | −$2.7M | −$2.2M | −$1.8M | −$1.9M | −$2.6M | −$1.0M | −$1.8M | −$2.2M | −$1.8M |
| Free cash flow margin | — | −132,166.9% | — | — | — | −50,787.8% | — | — | — | −32,900.8% | — | — |
| Capex / revenue | — | 0.1% | — | — | — | 0.1% | — | — | — | 0.1% | — | — |
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.
GLSI cash generation
In fiscal 2025 (ended December 31, 2025), Greenwich LifeSciences generated -$9.9 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$9.9 million. Cash and equivalents rose by $2.1 million over the year.
Related: GLSI income statement, GLSI balance sheet. See the GLSI stock overview for the latest quote and news.
GLSI cash flow FAQ
What is Greenwich LifeSciences's free cash flow?
Greenwich LifeSciences's free cash flow was -$9.9 million in fiscal 2025: -$9.9 million of operating cash flow minus $0.0 million of capital expenditures It was -$7.3 million a year earlier..
How much cash does Greenwich LifeSciences generate from operations?
Greenwich LifeSciences generated -$9.9 million of cash from operating activities in fiscal 2025.
How much does Greenwich LifeSciences spend on capital expenditures?
Greenwich LifeSciences spent $0.0 million on capital expenditures in fiscal 2025, compared with $0.0 million the year before.