Liquidity is rapidly eroding, with cash reserves falling from $72.4 million in 2023Q4 to just $8.6 million in 2026Q1, driven by consistent quarterly free cash flow outflows often exceeding $20 million.
| Cash from Operations | -97.39M | -92.92M | -72.4M | -64.64M | -81.34M | -60.6M | -10.97M | -6.03M |
| Operating CF Margin % | - | -3318.75% | -1596.87% | -1130.4% | -1415.33% | -1267.21% | -229.5% | -292.82% |
| Operating CF Growth % | -113.4% | -28.35% | -12.02% | 20.54% | -34.23% | -452.4% | -81.86% | - |
| Net Income | -118.44M | -115.18M | -103.11M | -110.57M | -104.9M | -100.96M | -14.35M | -6.58M |
| Depreciation & Amortization | 11.4M | 11.74M | 13.39M | 14M | 13.1M | 6.65M | 1.13M | 491K |
| Stock-Based Compensation | 13.53M | 18.32M | 19.45M | 11.42M | 12.54M | 10.61M | 420K | 42K |
| Deferred Taxes | 0 | 0 | 0 | -52K | -505K | -8.9M | 0 | 0 |
| Other Non-Cash Items | -3.97M | -8.23M | -1.77M | 19.05M | -30K | 35.15M | 824K | 108K |
| Working Capital Changes | 81K | 423K | -368K | 1.52M | -1.54M | -3.15M | 1.01M | -89K |
| Change in Receivables | 1.38M | 0 | 2.24M | -666K | -148K | 230K | -1.37M | -102K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.17M | 1.09M | 2.03M | -786K | -533K | 1.57M | 903K | 82K |
| Cash from Investing | -27.75M | -50.16M | -41.58M | 81.94M | -126.98M | -67.38M | -2.17M | -1.09M |
| Capital Expenditures | -1.11M | -1.11M | -404K | -860K | -16.18M | -38.05M | -2.18M | -1.1M |
| CapEx % of Revenue | 60.57% | 39.54% | 8.91% | 15.04% | 281.45% | 795.63% | 45.63% | 53.3% |
| Acquisitions | 1.2M | 1.31M | 0 | 0 | -8M | -28.13M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 939K | 254K | 783K | 0 | 10K | 9K |
| Cash from Financing | 70.71M | 105.95M | 82.53M | -4.48M | 5.24M | 336.19M | 70.97M | 12.71M |
| Debt Issued (Net) | -2.85M | -3.2M | -4.03M | -5.34M | 4.58M | 120.85M | 1.64M | 2.38M |
| Equity Issued (Net) | 73.56M | 109.14M | 86.56M | 862K | 656K | 215.34M | 69.33M | 10.33M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -54.44M | -37.14M | -31.45M | 12.82M | -203.08M | 208.22M | 57.83M | 5.58M |
| Free Cash Flow | -98.5M | -94.03M | -72.81M | -65.5M | -97.51M | -98.64M | -13.15M | -7.13M |
| FCF Margin % | -5365.2% | -3358.29% | -1605.78% | -1145.44% | -1696.78% | -2062.84% | -275.13% | -346.12% |
| FCF Growth % | -28.25% | -29.15% | -11.16% | 32.83% | 1.15% | -650.09% | -84.45% | - |
| FCF per Share | -0.64 | -0.69 | -0.66 | -0.71 | -1.07 | -1.06 | -0.14 | -0.08 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.81x | 0.70x | 0.58x | 0.78x | 0.60x | 0.76x | 0.92x |
| Interest Paid | 0 | 0 | 561K | 970K | 895K | 652K | 508K | 202K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial statements, Absci's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.55 and 0.99, suggesting that the company's accounting losses are not merely non-cash charges but reflect a genuine, ongoing consumption of liquid capital resources.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based losses are being compounded by actual cash outflows required to sustain its laboratory operations. Investors should monitor this relationship closely, as the inability to bridge this gap suggests that the platform's current service-heavy model lacks the operational leverage required to achieve self-sustaining cash generation.
Based on the provided quarterly data, Absci's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $20 million, which underscores the company's reliance on external financing to fund its high-burn research and development activities in the absence of meaningful, recurring commercial revenue streams.
The consistent negative free cash flow margins, which reached as low as -122.5% in 2026Q1, highlight the structural difficulty of scaling a platform that requires significant upfront investment without a corresponding increase in high-margin milestone payments. This trajectory suggests that the company is currently operating as a capital-intensive research entity rather than a commercial-stage biotechnology firm.
According to the cash flow statements, Absci exhibits significant volatility in working capital changes, with swings ranging from a $6.7 million inflow in 2025Q2 to a $3.1 million outflow in 2026Q1, indicating that the timing of partner payments and operational expenses remains highly unpredictable and sensitive to contract milestones.
These fluctuations in working capital suggest that the company's cash position is heavily dependent on the timing of milestone-based receipts from its pharmaceutical partners. The lack of a stable working capital cycle implies that the firm's liquidity is subject to the inherent uncertainty of drug discovery timelines, which may complicate short-term cash management.
As disclosed in the quarterly filings, stock-based compensation consistently adds back millions to the cash flow statement, with figures reaching $5.3 million in 2024Q2, which effectively obscures the true economic cost of retaining the specialized talent necessary to maintain the company's generative AI and wet-lab infrastructure.
While SBC is a standard tool for talent retention in the biotech sector, its magnitude relative to the company's negative operating cash flow suggests that the true cost of operations is significantly higher than the headline cash burn figures imply. Investors should consider the dilutive impact of these non-cash expenses as a hidden cost of maintaining the firm's competitive technical advantage.
Quick answers to the most common questions about buying ABSI stock.
Absci Corporation (ABSI) generated $-92.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Absci Corporation (ABSI) reported negative free cash flow of $94.0M in 2025, indicating capital requirements exceeded cash from operations.
Absci Corporation (ABSI) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.