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Clene cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.7M in Q3 2026 · −$16.6M over twelve months

Operating cash flow−$4.6M
Capital spending−$51K
Free cash flow−$4.7M
Cash / net income-1.2×
Cash conversion cycle-5467 days

Analysis

In Q3 2026, Clene generated −$4.6M of operating cash flow and spent $51K on capital projects, leaving free cash flow of −$4.7M. That is $665K less than in Q3 2025 (−$4.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$16.5M; the largest uses were operating cash flow ($16.5M), net borrowing (+) / repaid (−) ($363K), capital spending ($80K); besides operations, cash came from other financing ($18.9M); the cash balance rose by $2.0M.

Operating cash flow was −$4.6M against net income of $3.9M — -1.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$1.1M, prepaid and other assets +$640K, depreciation & amortization +$349K.

Its cash conversion cycle was -5467 days (receivables 71 + inventory 224 − payables 5762): suppliers fund its working capital.

Free cash flow

Clene: free cash flow by quarterClene: free cash flow by quarter−$4.9MQ4 2024−$5.0MQ1 2025−$4.7MQ2 2025−$4.0MQ3 2025−$4.8MQ4 2025−$4.5MQ1 2026−$2.6MQ2 2026−$4.7MQ3 2026
Operating cash flow less capital spending.
Clene: operating cash flow against capital spendingClene: operating cash flow against capital spendingOperating cash flowCapital spending−$4.9M$1KQ4 2024−$5.0M$0Q1 2025−$4.7M$0Q2 2025−$4.0M$11KQ3 2025−$4.8M$28KQ4 2025−$4.5M$0Q1 2026−$2.6M$0Q2 2026−$4.6M$51KQ3 2026
Latest (Q3 2026): Operating cash flow −$4.6M, Capital spending $51K.

Capital allocation, year by year

Clene: where the cash came from (up) and went (down), by fiscal yearClene: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$34.6MFY2021: Net borrowing −$157KFY2021: Shares issued $443KFY2021: Capital spending −$1.3M$443KFY2021FY2022: Operating cash flow −$39.0MFY2022: Net borrowing $5.6MFY2022: Shares issued $11.8MFY2022: Capital spending −$6.5M$17.3MFY2022FY2023: Operating cash flow −$30.2MFY2023: Net borrowing $269KFY2023: Capital spending −$330K$269KFY2023FY2024: Operating cash flow −$21.3MFY2024: Net borrowing −$20.8MFY2024: Shares issued $124KFY2024: Capital spending −$15K$124KFY2024FY2025: Operating cash flow −$18.5MFY2025: Net borrowing −$384KFY2025: Capital spending −$39KFY2025
Over these 5 years operating cash flow totalled −$144M; the largest uses were operating cash flow ($144M) and net borrowing ($21.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.9M
Debt$17.5M
Net debt$7.6M
Due within a year$4.3M
Cash runway7 months

Clene is burning cash: its operations consume cash, a free cash flow of −$16.6M a year at the current rate against $9.9M of cash and investments: a runway of about 7 months; $4.3M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Clene: debt maturities by year (FY2025)Clene: debt maturities by year (FY2025)$4.3MYear 1$7.8MYear 2$5.0MYear 3$600KAfter year 5
Principal due in each year as disclosed in the annual report, against $9.9M of cash and investments now.

Where the cash came from and went

Clene: sources (+) and uses (−) of cash, Q3 2026Clene: sources (+) and uses (−) of cash, Q3 2026Other financing$5.0MOperating cash flow−$4.6MCash drawn (+) / kept (−)−$216KNet borrowing (+) / repaid (−)−$92KCapital spending−$51KExchange rates$19K
Clene: sources (+) and uses (−) of cash, TTM to Q3 2026Clene: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$18.9MOperating cash flow−$16.5MCash drawn (+) / kept (−)−$2.0MNet borrowing (+) / repaid (−)−$363KCapital spending−$80KExchange rates$76K

From profit to cash

Clene: net income to operating cash flow, Q3 2026Clene: net income to operating cash flow, Q3 2026Net income$3.9MDepreciation & amortization$349KStock-based pay$1.1MInventory−$4KPayables−$280KAccrued liabilities$28KPrepaid and other assets$640KOperating cash flow−$4.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026712245762-5467
Q4 202501964522-4326
Q1 2025362385969-5695
Q4 2024325017457-6924

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$4.6M−$51K−$92K—−$216K−$4.7M
Q2 2026−$2.6M—−$92K—−$3.7M−$2.6M
Q1 2026−$4.5M—−$90K—−$750K−$4.5M
Q4 2025−$4.8M−$28K−$89K—$2.7M−$4.8M
Q3 2025−$4.0M−$11K−$124K$3.3M−$640K−$4.0M
Q2 2025−$4.7M—−$171K$2.3M$2.5M−$4.7M
Q1 2025−$5.0M——$2.7M$2.3M−$5.0M
Q4 2024−$4.9M−$1K−$10.8M—$2.5M−$4.9M

Clene: income statement and cash flow

Clene, Q3 2026: revenue $56K (+273% year over year). The chart follows the revenue to costs, profit and cash.

Clene: 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.