Filing Flows

Filing Flows › Companies › Keenova Therapeutics › Cash flow

Keenova Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$142M in Q2 2026 · $197M over twelve months

Operating cash flow$146M
Capital spending−$3.5M
Free cash flow+$142M
Cash conversion cycle212 days

Analysis

In Q2 2026, Keenova Therapeutics generated $146M of operating cash flow and spent $3.5M on capital projects, leaving free cash flow of $142M.

Over the twelve months to Jun 30, 2026, operating cash flow was $245M; the largest uses were net borrowing (+) / repaid (−) ($879M), other financing ($306M), capital spending ($47.6M); besides operations, cash came from other investing ($439M); the cash balance rose by $547M.

Operating cash flow was $146M against net income of −$220M. The largest differences: impairments +$208M, inventory +$94.1M, depreciation & amortization +$59.8M.

Its cash conversion cycle was 212 days (receivables 61 + inventory 186 − payables 35).

Free cash flow

Keenova Therapeutics: free cash flow by quarterKeenova Therapeutics: free cash flow by quarter$118MQ3 2024−$8.3MQ4 2024$55.7MQ1 2025$89.3MQ2 2025−$89.4MQ3 2025$12.7MQ1 2026$142MQ2 2026
Operating cash flow less capital spending.
Keenova Therapeutics: operating cash flow against capital spendingKeenova Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending$139M$20.6MQ3 2024−$25.0M−$16.7MQ4 2024$66.3M$10.6MQ1 2025$95.4M$6.1MQ2 2025−$35.3M$54.1MQ3 2025$23.1M$10.4MQ1 2026$146M$3.5MQ2 2026
Latest (Q2 2026): Operating cash flow $146M, Capital spending $3.5M.

Capital allocation, year by year

Keenova Therapeutics: where the cash came from (up) and went (down), by fiscal yearKeenova Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2019: Operating cash flow $743MFY2019: Net borrowing −$1.2BFY2019: Shares issued $600KFY2019: Asset sales $95.1MFY2019: Capital spending −$133MFY2019: Buybacks −$2.6M$839MFY2019FY2020: Operating cash flow $499MFY2020: Net borrowing −$279MFY2020: Asset sales −$700KFY2020: Capital spending −$47.7MFY2020: Buybacks −$400K$499MFY2020FY2021: Operating cash flow $455MFY2021: Net borrowing −$138MFY2021: Asset sales $15.7MFY2021: Capital spending −$55.3M$471MFY2021FY2024: Operating cash flow $161MFY2024: Net borrowing −$782MFY2024: Asset sales $876MFY2024: Capital spending −$54.8M$1.0BFY2024FY2025: Operating cash flow $125MFY2025: Net borrowing −$873MFY2025: Asset sales −$6.2MFY2025: Capital spending −$50.4M$125MFY2025
Over these 5 years operating cash flow totalled $2.0B; the largest uses were net borrowing ($3.3B) and capital spending ($341M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$964M
Debt$2.5B
Net debt$1.6B
Due within a year$15.0M

Keenova Therapeutics funds itself: free cash flow was $197M over the last twelve months, and $964M of cash and investments stands against $2.5B of debt ($15.0M due within a year, 64.2× covered by cash).

Keenova Therapeutics: debt maturities by year (FY2025)Keenova Therapeutics: debt maturities by year (FY2025)$15.0MYear 1$15.0MYear 2$15.0MYear 3$15.0MYear 4$15.0MYear 5
Principal due in each year as disclosed in the annual report, against $964M of cash and investments now.

Where the cash came from and went

Keenova Therapeutics: sources (+) and uses (−) of cash, Q2 2026Keenova Therapeutics: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$146MCash drawn (+) / kept (−)−$140MOther investing$4.3MNet borrowing (+) / repaid (−)−$3.7MCapital spending−$3.5MOther financing−$1.3MExchange rates−$1.2M
Keenova Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Keenova Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Not reconciled$1.1BNet borrowing (+) / repaid (−)−$879MCash drawn (+) / kept (−)−$547MOther investing$439MOther financing−$306MOperating cash flow$245MCapital spending−$47.6MExchange rates−$3.1M

From profit to cash

Keenova Therapeutics: net income to operating cash flow, Q2 2026Keenova Therapeutics: net income to operating cash flow, Q2 2026Net income−$220MDepreciation & amortization$59.8MStock-based pay$21.0MDeferred taxes−$42.4MImpairments$208MOther non-cash−$4.7MReceivables$14.4MInventory$94.1MPayables$4.3MIncome taxes payable−$6.2MOther operating capital−$45.3MOperating cash flow$146M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20266118635212
Q1 20266316627202
Q3 20257117522223
Q2 202514049263569
Q1 202511545353515
Q3 20247024327286

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$146M−$3.5M—−$3.7M−$140M$142M
Q1 2026$23.1M−$10.4M−$1.9M−$3.8M−$11.7M$12.7M
Q3 2025−$35.3M−$54.1M—−$867M−$644M−$89.4M
Q2 2025$95.4M−$6.1M—−$1.0M−$73.3M$89.3M
Q1 2025$66.3M−$10.6M−$1.9M−$1.0M−$40.0M$55.7M
Q4 2024−$25.0M$16.7M——$30.3M−$8.3M
Q3 2024$139M−$20.6M——−$120M$118M

Keenova Therapeutics: income statement and cash flow

Keenova Therapeutics, Q2 2026: revenue $517M (+96% year over year), operating margin -39.3%. The chart follows the revenue to costs, profit and cash.

Keenova Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.