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Starling Oncology cash flow, quarter by quarter

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

Free cash flow$8.9M in Q3 2026 · $18.8M over twelve months

Operating cash flow$10.1M
Capital spending−$1.3M
Free cash flow+$8.9M

Analysis

In Q3 2026, Starling Oncology generated $10.1M of operating cash flow and spent $1.3M on capital projects, leaving free cash flow of $8.9M. That is $22.1M more than in Q3 2025 (−$13.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $23.1M; the largest uses were net borrowing (+) / repaid (−) ($85.9M), capital spending ($4.3M); besides operations, cash came from other financing ($72.2M), shares issued ($4.2M); the cash balance rose by $9.2M.

Operating cash flow was $10.1M against net income of −$15.7M. The largest differences: payables +$22.1M, inventory −$16.6M, receivables +$5.5M.

Free cash flow

Starling Oncology: free cash flow by quarterStarling Oncology: free cash flow by quarter$2.2MQ4 2024−$5.3MQ1 2025−$11.4MQ2 2025−$13.2MQ3 2025$2.2MQ4 2025−$3.3MQ1 2026$11.0MQ2 2026$8.9MQ3 2026
Operating cash flow less capital spending.
Starling Oncology: operating cash flow against capital spendingStarling Oncology: operating cash flow against capital spendingOperating cash flowCapital spending$4.0M$1.8MQ4 2024−$5.0M$328KQ1 2025−$10.2M$1.2MQ2 2025−$12.6M$604KQ3 2025$3.2M$1.1MQ4 2025−$2.2M$1.0MQ1 2026$11.9M$908KQ2 2026$10.1M$1.3MQ3 2026
Latest (Q3 2026): Operating cash flow $10.1M, Capital spending $1.3M.

Capital allocation, year by year

Starling Oncology: where the cash came from (up) and went (down), by fiscal yearStarling Oncology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$32.7MFY2021: Net borrowing −$7.3MFY2021: Shares issued $20.0MFY2021: Capital spending −$2.8MFY2021: Acquisitions −$9.1M$20.0MFY2021FY2022: Operating cash flow −$61.8MFY2022: Net borrowing $110MFY2022: Shares issued $858KFY2022: Capital spending −$5.5MFY2022: Acquisitions −$8.6MFY2022: Buybacks −$9.0M$111MFY2022FY2023: Operating cash flow −$36.3MFY2023: Net borrowing −$101KFY2023: Shares issued $252KFY2023: Capital spending −$4.6MFY2023: Acquisitions −$4.5MFY2023: Buybacks −$1.0M$252KFY2023FY2024: Operating cash flow −$26.5MFY2024: Net borrowing −$39KFY2024: Shares issued $75KFY2024: Capital spending −$3.8M$75KFY2024FY2025: Operating cash flow −$24.6MFY2025: Net borrowing −$20.0MFY2025: Shares issued $16.6MFY2025: Asset sales $126KFY2025: Capital spending −$3.2M$16.7MFY2025
Over these 5 years operating cash flow totalled −$182M; the largest uses were operating cash flow ($182M) and net borrowing ($27.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$36.9M
Debt$72.5M
Net debt$35.6M

Starling Oncology funds itself: free cash flow was $18.8M over the last twelve months, and $36.9M of cash and investments stands against $72.5M of debt.

Where the cash came from and went

Starling Oncology: sources (+) and uses (−) of cash, Q3 2026Starling Oncology: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$85.9MOther financing$72.7MOperating cash flow$10.1MCash drawn (+) / kept (−)$4.2MCapital spending−$1.3MShares issued$91K
Starling Oncology: sources (+) and uses (−) of cash, TTM to Q3 2026Starling Oncology: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$85.9MOther financing$72.2MOperating cash flow$23.1MCash drawn (+) / kept (−)−$9.2MCapital spending−$4.3MShares issued$4.2M

From profit to cash

Starling Oncology: net income to operating cash flow, Q3 2026Starling Oncology: net income to operating cash flow, Q3 2026Net income−$15.7MDepreciation & amortization$1.5MStock-based pay$1.3MGains on disposals$119KReceivables$5.5MInventory−$16.6MPayables$22.1MAccrued liabilities$2.1MPrepaid and other assets−$2.2MOther liabilities−$5KOperating cash flow$10.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$10.1M−$1.3M−$85.9M$91K$4.2M$8.9M
Q2 2026$11.9M−$908K−$8K$90K−$10.8M$11.0M
Q1 2026−$2.2M−$1.0M−$9K$21K$3.3M−$3.3M
Q4 2025$3.2M−$1.1M−$9K$4.0M−$5.9M$2.2M
Q3 2025−$12.6M−$604K−$8K$8.0M$2.6M−$13.2M
Q2 2025−$10.2M−$1.2M−$10K$4.4M$9.4M−$11.4M
Q1 2025−$5.0M−$328K−$20.0M$274K$9.9M−$5.3M
Q4 2024$4.0M−$1.8M−$10K—−$2.3M$2.2M

Starling Oncology: income statement and cash flow

Starling Oncology, Q3 2026: revenue $170M (+24% year over year), operating margin -1.8%. The chart follows the revenue to costs, profit and cash.

Starling Oncology: 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.