Molecular Partners AG (MOLN) Cash Flow Statement
Where MOLN’s cash came from and went, 2025
December 31, 2025 · Swiss francs- Cash from operations
- −CHF 51.3M
- Capital expenditures
- CHF 714,000
- Free cash flow
- −CHF 52.0M
- Returned to shareholders
- —
- Change in cash
- CHF 18.8M cash at year-end CHF 82.7M
Cash from operations
−CHF 51.3M
Capital expenditures
−CHF 714,000
Investments (net)
+CHF 71.5M
Acquisitions & other
+CHF 1.7M
Net borrowing (repayment)
−CHF 1.2M
Currency & other
−CHF 1.3M
Change in cash
CHF 18.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MOLN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MOLN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CHF 35.4M2016 | −CHF 51.3M2025 | — | |
| Capital expenditures | CHF 1.1M2016 | CHF 714,0002025 | −4.7%/yr | |
| Free cash flow | −CHF 36.5M2016 | −CHF 52.0M2025 | — | |
| Free cash flow margin | −158.3%2016 | −1,206.7%2024 | −1,048.3 pts | |
| Stock-based compensation | CHF 2.9M2016 | CHF 4.4M2025 | +5.0%/yr | |
| Share buybacks (net) | CHF 02020 | CHF 02024 | — | |
| Capex / revenue | 4.8%2016 | 14.5%2024 | +9.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MOLN cash flow by activity
OperatingInvestingFinancingChange in cash
MOLN 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).
MOLN cash flow statement in Swiss francs
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CHF 61.7M | −CHF 54.0M | −CHF 62.0M | CHF 117.9M | −CHF 63.8M | −CHF 62.8M | −CHF 36.3M | −CHF 37.0M | −CHF 25.4M | −CHF 18.6M |
| Depreciation & amortization | CHF 2.1M | CHF 2.4M | CHF 2.4M | CHF 2.4M | CHF 2.6M | CHF 2.9M | CHF 2.5M | CHF 924,000 | CHF 1.1M | CHF 1.1M |
| Stock-based compensation | CHF 4.4M | CHF 4.1M | CHF 5.2M | CHF 5.1M | CHF 4.1M | CHF 2.9M | CHF 2.4M | CHF 3.7M | CHF 3.6M | CHF 2.9M |
| Change in working capital | CHF 1.2M | −CHF 3.8M | −CHF 6.0M | −CHF 6.0M | −CHF 34.7M | CHF 22.5M | CHF 30.2M | CHF 131,000 | −CHF 217,000 | CHF 1.2M |
| Other non-cash items | CHF 2.7M | −CHF 7.9M | CHF 1.4M | −CHF 753,000 | CHF 850,000 | CHF 5.5M | CHF 1,000 | −CHF 10.2M | −CHF 19.1M | −CHF 21.9M |
| Cash from operating activities | −CHF 51.3M | −CHF 59.2M | −CHF 59.0M | CHF 118.6M | −CHF 91.0M | −CHF 29.0M | −CHF 1.2M | −CHF 42.5M | −CHF 40.0M | −CHF 35.4M |
| Investing activities | ||||||||||
| Capital expenditures | −CHF 714,000 | −CHF 723,000 | −CHF 575,000 | −CHF 1.4M | −CHF 1.3M | −CHF 1.7M | −CHF 1.9M | −CHF 867,000 | −CHF 500,000 | −CHF 1.1M |
| Investments (net) | CHF 71.5M | CHF 40.5M | CHF 61.1M | −CHF 101.1M | −CHF 21.0M | −CHF 20.6M | −CHF 19.4M | CHF 9.7M | CHF 20.7M | — |
| Acquisitions & other investing | CHF 1.7M | CHF 723,000 | −CHF 15.9M | CHF 1.4M | CHF 70,000 | CHF 569,000 | CHF 1.4M | CHF 735,000 | CHF 618,000 | −CHF 10.2M |
| Cash from investing activities | CHF 72.5M | CHF 40.5M | CHF 44.6M | −CHF 101.1M | −CHF 22.2M | −CHF 21.7M | −CHF 19.8M | CHF 9.6M | CHF 20.9M | −CHF 11.2M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −CHF 250,000 | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | CHF 0 | −CHF 3,000 | −CHF 631,000 | CHF 0 | CHF 0 | — | — | — | — |
| Net borrowing (repayment) | −CHF 1.2M | −CHF 1.2M | −CHF 1.2M | −CHF 1.2M | −CHF 1.2M | −CHF 1.3M | −CHF 1.2M | −CHF 1.2M | −CHF 1.2M | — |
| Shares issued | CHF 0 | CHF 17.3M | CHF 0 | CHF 0 | CHF 51.5M | CHF 113.6M | CHF 1.0M | CHF 392,000 | CHF 0 | CHF 0 |
| Other financing | CHF 63,000 | −CHF 1.7M | CHF 34,000 | CHF 500,000 | CHF 267,000 | CHF 840,000 | CHF 0 | CHF 1.2M | CHF 2.0M | CHF 395,000 |
| Cash from financing activities | −CHF 1.1M | CHF 14.4M | −CHF 1.2M | −CHF 1.6M | CHF 50.6M | CHF 113.2M | −CHF 227,000 | CHF 392,000 | CHF 799,000 | CHF 395,000 |
| Summary | ||||||||||
| Net change in cash | CHF 18.8M | −CHF 3.4M | −CHF 20.6M | CHF 16.1M | −CHF 61.9M | CHF 58.0M | −CHF 23.2M | −CHF 32.4M | −CHF 18.4M | −CHF 45.6M |
| Cash at end of period | CHF 82.7M | CHF 63.9M | CHF 67.3M | CHF 87.9M | CHF 71.8M | CHF 133.7M | CHF 75.7M | CHF 99.0M | CHF 131.3M | CHF 149.7M |
| Free cash flow | −CHF 52.0M | −CHF 60.0M | −CHF 59.8M | CHF 117.1M | −CHF 92.3M | −CHF 30.7M | −CHF 3.1M | −CHF 43.3M | −CHF 40.5M | −CHF 36.5M |
| Free cash flow margin | — | −1,206.7% | −849.9% | 61.8% | −988.9% | −328.2% | −15.0% | −418.6% | −202.4% | −158.3% |
| Capex / revenue | — | 14.5% | 8.2% | 0.7% | 14.0% | 18.0% | 9.1% | 8.4% | 2.5% | 4.8% |
| Operating cash flow / net income | — | — | — | 1.01 | — | — | — | — | — | — |
| 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 | −CHF 13.8M | −CHF 13.1M | −CHF 15.8M | −CHF 14.8M | −CHF 20.4M | −CHF 16.8M | −CHF 11.2M | −CHF 16.4M | −CHF 15.1M | −CHF 11.3M | −CHF 19.8M | −CHF 11.4M |
| Depreciation & amortization | CHF 484,000 | CHF 501,000 | CHF 641,873 | CHF 658,569 | CHF 553,000 | CHF 552,000 | CHF 570,000 | CHF 591,000 | CHF 603,000 | CHF 605,000 | CHF 602,000 | CHF 604,000 |
| Stock-based compensation | CHF 907,000 | CHF 936,000 | CHF 973,000 | CHF 1.1M | CHF 1.2M | CHF 1.1M | CHF 1.1M | CHF 1.1M | CHF 1.1M | CHF 854,000 | CHF 1.1M | CHF 1.0M |
| Change in working capital | CHF 1.5M | −CHF 2.6M | −CHF 255,698 | CHF 538,366 | CHF 3.8M | −CHF 2.8M | CHF 1.1M | −CHF 509,000 | −CHF 1.6M | −CHF 2.8M | −CHF 1.2M | −CHF 1.4M |
| Other non-cash items | CHF 49,719 | −CHF 203,881 | CHF 1.0M | −CHF 259,731 | CHF 1.7M | CHF 777,000 | −CHF 4.7M | CHF 2.0M | −CHF 747,000 | −CHF 4.4M | CHF 3.3M | −CHF 2.0M |
| Cash from operating activities | −CHF 10.8M | −CHF 14.5M | −CHF 13.5M | −CHF 12.8M | −CHF 13.1M | −CHF 17.1M | −CHF 13.2M | −CHF 13.3M | −CHF 15.7M | −CHF 17.0M | −CHF 16.0M | −CHF 13.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −CHF 20,459 | CHF 0 | −CHF 174,424 | −CHF 63,127 | −CHF 96,000 | −CHF 448,000 | −CHF 137,000 | −CHF 258,000 | −CHF 197,000 | −CHF 131,000 | −CHF 310,000 | −CHF 156,000 |
| Investments (net) | CHF 14.2M | −CHF 4.0M | CHF 11.7M | CHF 10.7M | CHF 15.0M | CHF 35.0M | −CHF 4.5M | CHF 14.2M | CHF 13.1M | CHF 17.6M | CHF 19.5M | CHF 17.8M |
| Acquisitions & other investing | CHF 338,457 | −CHF 89,623 | CHF 3.1M | CHF 4.0M | CHF 96,000 | CHF 448,000 | CHF 137,000 | CHF 258,000 | CHF 197,000 | CHF 131,000 | CHF 310,000 | CHF 156,000 |
| Cash from investing activities | CHF 14.6M | −CHF 4.1M | CHF 14.6M | CHF 14.6M | CHF 15.0M | CHF 35.0M | −CHF 4.5M | CHF 14.2M | CHF 13.1M | CHF 17.6M | CHF 19.5M | CHF 17.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | CHF 0 | — |
| Net borrowing (repayment) | −CHF 301,000 | −CHF 300,000 | −CHF 300,000 | −CHF 305,000 | −CHF 304,000 | −CHF 303,000 | −CHF 303,000 | −CHF 302,000 | — | — | — | −CHF 300,000 |
| Shares issued | CHF 0 | CHF 8,000 | CHF 0 | CHF 0 | CHF 0 | CHF 1,000 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Other financing | CHF 86,946 | −CHF 6,512 | −CHF 72,243 | −CHF 85,670 | CHF 61,000 | CHF 0 | CHF 15.6M | CHF 1,000 | −CHF 267,000 | −CHF 300,000 | −CHF 298,000 | CHF 2,000 |
| Cash from financing activities | −CHF 214,054 | −CHF 298,512 | −CHF 372,243 | −CHF 390,670 | −CHF 243,000 | −CHF 302,000 | CHF 15.3M | −CHF 301,000 | −CHF 267,000 | −CHF 300,000 | −CHF 298,000 | −CHF 298,000 |
| Summary | ||||||||||||
| Net change in cash | −CHF 11.1M | −CHF 15.6M | −CHF 13.9M | −CHF 12.5M | CHF 604,000 | CHF 17.5M | −CHF 1.9M | CHF 66,000 | −CHF 4.3M | CHF 1.0M | −CHF 1.1M | CHF 5.2M |
| Cash at end of period | CHF 67.7M | CHF 78.5M | CHF 117.5M | CHF 131.4M | CHF 82.0M | CHF 81.4M | CHF 63.9M | CHF 65.8M | CHF 64.1M | CHF 68.3M | CHF 67.3M | CHF 68.4M |
| Free cash flow | −CHF 10.8M | −CHF 14.5M | −CHF 13.6M | −CHF 12.8M | −CHF 13.2M | −CHF 17.5M | −CHF 13.3M | −CHF 13.5M | −CHF 14.7M | −CHF 15.9M | −CHF 15.2M | −CHF 13.3M |
| Free cash flow margin | — | — | — | — | — | — | — | −1,988.3% | −949.1% | −581.3% | −1,470.5% | −525.3% |
| Capex / revenue | — | — | — | — | — | — | — | 37.9% | 12.7% | 4.8% | 30.0% | 6.1% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported; data from EODHD.
MOLN cash generation
In fiscal 2025 (ended December 31, 2025), Molecular Partners generated -CHF 51.3 million of cash from operations and spent CHF 0.7 million on capital expenditures, leaving free cash flow of -CHF 52.0 million. Cash and equivalents rose by CHF 18.8 million over the year.
Related: MOLN income statement, MOLN balance sheet. See the MOLN stock overview for the latest quote and news.
MOLN cash flow FAQ
What is Molecular Partners's free cash flow?
Molecular Partners's free cash flow was -CHF 52.0 million in fiscal 2025: -CHF 51.3 million of operating cash flow minus CHF 0.7 million of capital expenditures It was -CHF 60.0 million a year earlier..
How much cash does Molecular Partners generate from operations?
Molecular Partners generated -CHF 51.3 million of cash from operating activities in fiscal 2025.
How much does Molecular Partners spend on capital expenditures?
Molecular Partners spent CHF 0.7 million on capital expenditures in fiscal 2025, compared with CHF 0.7 million the year before.