The firm exhibits a structural cash burn profile with free cash flow outflows reaching $18.0 million in 2025Q4, highlighting a persistent reliance on external funding to cover operational deficits.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -45.31M | -49.47M | -29.77M | -24.48M | -37.57M | -29.44M | -13.47M | -15.22M | -10.62M | -9.11M | -29.68M | -9.1M | -17.31M | -35.93M | -43.49M | -20.26M | -26.84M | 34.88M | -12.31M | -23.34M | -19.68M | -8.36M | -14.62M | -9.91M | -10.4M | 1.25M | -3.97M | -100K | -10.3M | 1.4M | 3.5M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | -586.39% | -50.12% | -63.83% | -120.23% | -216.44% | -368.69% | -197.12% | 136.57% | -61.13% | -115.92% | -87.89% | -101.27% | -5.52% | -39638.26% | -41599.2% | 14.28% | -973.07% | -0.83% | -201.96% | 7.41% | 21.08% |
| Operating CF Growth % | -151.69% | -66.16% | -21.61% | 34.84% | -27.61% | -118.49% | 11.45% | -43.24% | -16.65% | 69.32% | -226.15% | 47.42% | 51.82% | 17.4% | -114.64% | 24.5% | -176.95% | 383.4% | 47.26% | -18.57% | -135.44% | 42.83% | -47.54% | 4.71% | -932.43% | 131.44% | -3874.09% | 99.03% | -835.71% | -60% | 144.87% |
| Net Income | -51.99M | -54.65M | -39.83M | -29.82M | -42.35M | -33.15M | -14.73M | -16.39M | -12.69M | -10.58M | -20.13M | -16.8M | -26.24M | -31.85M | -21.1M | -14.67M | -12.58M | -5.48M | -4.2M | -13.06M | -23.55M | -21.1M | -16.31M | -10.47M | -11.64M | 542.18K | -2.15M | 400K | -11.2M | 1M | 1.7M |
| Depreciation & Amortization | 223K | 228K | 229K | 228K | 236K | 250K | 255K | 254K | 282K | 282K | 188K | 244K | 223K | 227K | 100K | 75K | 52K | 50K | 89K | 655.69K | 609.62K | 586.16K | 515.48K | 380.43K | 580.62K | 258.1K | 357.54K | 600K | 800K | 600K | 500K |
| Stock-Based Compensation | 5.23M | 0 | 5.33M | 3.44M | 3.27M | 2.19M | 1.29M | 1.2M | 854K | 348K | 1.65M | 2.33M | 3.86M | 2.83M | 2.17M | 1.19M | 642K | 380K | 174K | 1.66B | 2.17B | 0 | 0 | 0 | 0 | 50.22M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2.32M | 0 | 0 | -3.05M | -2.52M | -4.22M | -3.21M | -6.04M | -4.46M | 7.29M | 5.07M | -380K | 0 | -1.66B | -2.17B | 0 | 0 | 0 | 0 | -50.22M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 698K | 9.22M | 2.09M | 2.45M | 1.2M | 41K | 2.32M | -3K | 1.49M | 6.99M | 1.85M | 2.33M | -3.52M | 2.83M | -1.81M | -14.67M | -96K | 380K | -4.12M | 1.26M | 1.87M | -4.16K | 0 | 0 | 0 | 50.38K | -20.42K | 0 | 9.71M | 100K | 200K |
| Working Capital Changes | 531K | -4.27M | 2.41M | -778K | 79K | 1.23M | -285K | -273K | 928K | -3.09M | -10.72M | 7.03M | 11.58M | -3.93M | -18.4M | 535K | -19.92M | 39.92M | -4.25M | -12.21M | 1.39M | 12.16M | 1.17M | 177.11K | 655.38K | 400.85K | -2.16M | -1.1M | -9.61M | -300K | 1.1M |
| Change in Receivables | 0 | 0 | 111K | 0 | 48K | -153K | 0 | -1K | 2K | -9K | -464K | 5.66M | 2.98M | -7.94M | -265K | 0 | 0 | -2.96M | 0 | 8.04B | -987.13M | -7.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 285K | -3.66M | -4.92M | -4.86M | 8.97M | 5.04M | -3.12M | 0 | 0 | 954K | 0 | -8.61B | 1.36B | 4.56B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -824K | -1.08M | 1.33M | -1.04M | 799K | 509K | -527K | 715K | -69K | 118K | 778K | 1.27M | -67K | -1.19M | 3.83M | -13.56M | -13.56M | 12.2M | -2.24M | 563.96M | -362.03M | 2.49B | 1.53B | 602.23M | 602.23M | 398.21M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 9.03M | 6.11M | -21.58M | -21K | 0 | 0 | -17K | 5.04M | -5.13M | 12.65M | 10.61M | -2.08M | 5.37M | 32.43M | -21.19M | 25.07M | -59.13M | 2.23M | 15.09M | -6.15M | -23M | 20.1M | -2.64M | -2.7M | -2.43M | -8.02M | 4.19M | 800K | 9.1M | -4.6M | -5.9M |
| Capital Expenditures | -3K | -3K | 0 | -21K | 0 | 0 | -17K | -53K | -46K | 0 | -46K | -371K | -82K | -253K | -291K | -79K | -68K | -15K | -3K | -1.4M | -789.39K | -119.44K | -426K | -686.64K | -904.93K | -188.18K | -38.67K | 0 | -500K | -1.2M | -500K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.91% | 2.04% | 0.3% | 0.85% | 1.45% | 1.44% | 0.5% | 0.06% | 0.01% | 6.93% | 3.53% | 1.45% | 0.16% | 2746.54% | 3619.73% | 2.15% | 9.47% | - | 9.8% | 6.35% | 3.01% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.09K | 10K | 12.65M | 0 | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 426M | 904.93M | 904.93M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3K | 3K | 0 | 0 | 0 | 0 | 0 | 5.09K | 10K | 12.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66M | 0 | 0 | 4.16K | -426M | -904.93M | -904.93M | 6.24K | 33.27K | 0 | 0 | 0 | 0 |
| Cash from Financing | 51.55M | 51.53M | 48.53M | 15.28M | 19.32M | 36.61M | 32.68M | 17.32M | 19.76M | 2M | -2K | 17.59M | 25.25M | 10K | 54.24M | 219K | 47.48M | 17.35M | 121K | 248K | 29.14M | 37.16M | 15.97M | 13.94M | 12.75M | 5.52M | 584.5K | 100K | 1.2M | 1.2M | 4M |
| Debt Issued (Net) | 5M | 5M | -8.29M | 0 | 0 | 14.93M | 0 | 0 | 0 | 64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.76K | -27.41K | -78.44K | -151.37K | -137.6K | 42.7K | 0 | 0 | -62.4K | 1.06M | 600K | -200K |
| Equity Issued (Net) | 46.55M | 46.53M | 56.08M | 15.27M | 19.21M | 21.34M | 29.5M | 13.13M | 18.43M | 1.94M | 0 | 17.63M | 25.25M | 0 | 53.78M | 0 | 32.32M | 17.35M | 124K | 263K | 29.16M | 37.24M | 16.12M | 14.07M | 12.71M | 5.17M | 584.5K | 53.59K | 149.13K | 600K | 4.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 746K | 7K | 103K | 338K | 3.18M | 4.2M | 1.32M | -5K | -2K | -38K | 1K | 10K | 462K | 219K | 15.16M | 0 | -3K | -235 | 0 | 0 | 0 | 0 | 0 | 350K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 15.06M | 8.18M | -2.82M | -9.22M | -18.25M | 7.17M | 19.19M | 7.15M | 4.01M | 5.54M | -19.08M | 6.41M | 13.3M | -3.48M | -10.44M | 4.98M | -38.52M | 54.43M | 2.99M | -29.24M | -13.55M | 48.9M | -1.29M | 1.33M | -77.07K | -1.24M | 802.42K | 700K | 0 | -2M | 1.6M |
| Free Cash Flow | -45.31M | -49.47M | -29.77M | -24.5M | -37.57M | -29.44M | -13.49M | -15.27M | -10.67M | -9.11M | -29.73M | -9.47M | -17.39M | -36.18M | -43.78M | -20.34M | -26.91M | 34.86M | -12.31M | -24.73M | -20.47M | -8.48M | -15.05M | -10.6M | -11.3M | 1.06M | -4.01M | -100K | -10.8M | 200K | 3M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | -587.3% | -52.16% | -64.13% | -121.08% | -217.89% | -370.12% | -197.62% | 136.51% | -61.15% | -122.85% | -91.42% | -102.72% | -5.68% | -42384.8% | -45218.93% | 12.13% | -982.54% | -0.83% | -211.76% | 1.06% | 18.07% |
| FCF Growth % | -27.39% | -66.17% | -21.51% | 34.79% | -27.61% | -118.22% | 11.64% | -43.12% | -17.15% | 69.37% | -213.86% | 45.53% | 51.93% | 17.37% | -115.24% | 24.4% | -177.18% | 383.21% | 50.23% | -20.82% | -141.43% | 43.65% | -42% | 6.27% | -1165.33% | 126.44% | -3912.76% | 99.07% | -5500% | -93.33% | 137.04% |
| FCF per Share | -0.85 | -1.13 | -0.93 | -1.24 | -3.55 | -3.63 | -4.96 | -37.03 | -60.79 | -379.90 | -2178.43 | -796.97 | -2114.03 | -5421.04 | -7123.98 | -4600.18 | -8421.91 | 13528.52 | -4912.21 | -26450.68 | -22010.69 | -10996.96 | -27915.82 | -23391.17 | -32767.34 | 3609.36 | -16581.64 | -440.53 | -49769.59 | 921.66 | 13953.49 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.91x | 0.75x | 0.82x | 0.89x | 0.89x | 0.92x | 0.93x | 0.84x | 0.86x | 1.47x | 0.54x | 0.66x | 1.13x | 2.06x | 1.38x | 2.13x | 6.37x | 2.93x | 1.79x | 0.84x | 0.40x | 0.90x | 0.95x | 0.89x | 2.30x | 1.85x | -0.25x | 0.92x | 1.40x | 2.06x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and regulatory dependence
According to reported financial statements, Achieve Life Sciences consistently records operating cash outflows that track closely with net losses, as evidenced by the 2026Q1 OCF/NI ratio of 0.68, which highlights the company's ongoing reliance on external capital to fund its pre-revenue clinical development and regulatory activities.
The persistent gap between net income and operating cash flow suggests that non-cash expenses, such as stock-based compensation, provide only a modest buffer against the underlying cash burn. Investors should monitor this conversion ratio, as any significant deviation may indicate changes in the timing of clinical trial accruals rather than an improvement in operational efficiency.
Based on historical data, the company's free cash flow remains deeply negative, with quarterly outflows reaching as high as $18.0 million in 2025Q4, underscoring a structural cash burn profile that is entirely dependent on the successful advancement of cytisinicline through the final stages of the regulatory pipeline.
The lack of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of these outflows relative to the remaining cash reserves warrants caution. This trajectory suggests that the company is operating under significant financial pressure, necessitating a clear path to commercialization to stabilize its cash position.
As indicated by quarterly filings, working capital changes have been highly erratic, swinging from a $4.1 million inflow in 2026Q1 to a $4.8 million outflow in 2025Q4, which reflects the lumpy nature of clinical trial site payments and the timing of vendor obligations in a pre-revenue environment.
These fluctuations appear to be driven by the timing of R&D-related payables rather than operational improvements in the supply chain. Analysts should interpret these swings as a reflection of clinical trial intensity, which may continue to cause unpredictable quarterly cash flow volatility until the company reaches a commercial stage.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $2.9 million in 2025Q2, effectively masks the true cash cost of operations, as reported in recent SEC filings, thereby complicating the assessment of the company's actual burn rate and long-term capital requirements for shareholders.
While these non-cash adjustments are standard for the biotech sector, they obscure the true economic cost of talent retention during a period of high financial vulnerability. Investors should adjust for these figures to gain a more accurate understanding of the company's true cash runway and the potential for future equity dilution.
Quick answers to the most common questions about buying ACHV stock.
Achieve Life Sciences, Inc. (ACHV) generated $-49.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Achieve Life Sciences, Inc. (ACHV) reported negative free cash flow of $49.5M in 2025, indicating capital requirements exceeded cash from operations.
Achieve Life Sciences, Inc. (ACHV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.