Free cash flow remains deeply negative with quarterly outflows often exceeding $100 million, highlighting a structural reliance on external funding to offset persistent operational cash burn.
| 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 |
|---|
| Cash from Operations | -380.41M | -372.98M | -389.84M | -296.06M | -309.48M | -407.32M | -290.76M | -370.62M | -304.42M | -285.23M | 38.56M | -76.95M | -59.35M | -56.4M | -49.55M | -15.22M |
| Operating CF Margin % | - | -690.34% | -1068.12% | -1103.76% | -2173.3% | - | - | -314.32% | -322.52% | -663.16% | 55.17% | -130.16% | -90.81% | -220.76% | -197.36% | -69.69% |
| Operating CF Growth % | 10.17% | 4.33% | -31.68% | 4.33% | 24.02% | -40.09% | 21.55% | -21.75% | -6.73% | -839.67% | 150.11% | -29.65% | -5.24% | -13.83% | -225.57% | - |
| Net Income | -422.6M | -412.78M | 673.73M | -352.09M | -231.8M | -356.51M | -329.31M | -411.47M | -346.03M | -314.67M | -198.47M | -117.73M | -53.5M | -39.41M | -20.1M | -23.71M |
| Depreciation & Amortization | 5.26M | 5.18M | 5.65M | 6.62M | 8.56M | 9.24M | 18.77M | 8.09M | 7.17M | 6.43M | 5.71M | 3.34M | 1.37M | 1.44M | 1.18M | 801K |
| Stock-Based Compensation | 56.73M | 52.55M | 42.85M | 44.77M | 49.3M | 53.51M | 0 | 72.37M | 73.36M | 47.81M | 42.09M | 31.96M | 11.51M | 3.03M | 742K | 371K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.14M | 0 | 0 | 0 | 0 | 0 | 3.84M | 6.71M | -10.66M |
| Other Non-Cash Items | 15.54M | 15.12M | -1.09B | 23.69M | -119.1M | -76.74M | 17.81M | 8.53M | -3.82M | 29K | 773K | 572K | 538K | 284K | 297K | 391K |
| Working Capital Changes | -35.34M | -33.04M | -19.77M | -19.06M | -16.43M | -36.82M | 1.97M | -46M | -35.1M | -24.83M | 188.47M | 4.91M | -19.26M | -25.59M | -38.37M | 17.58M |
| Change in Receivables | -12.79M | -6.47M | -1.3M | -604K | -2.21M | -4.38M | 0 | -3.62M | -6.1M | 1.22M | 3.34M | -1.73M | -6.02M | -476K | 0 | 0 |
| Change in Inventory | -5.48M | -5.3M | -8.54M | -10.58M | -8.49M | 0 | -7.37M | -6.46M | -869K | -2.08M | 14.43M | -3.17M | 19K | 0 | 0 | 0 |
| Change in Payables | -426K | 1.75M | 6.6M | -8.73M | 3.44M | 1.86M | 3.33M | 3.72M | -5.49M | 5.33M | 3.5M | 4.21M | 7.58M | 30K | -322K | 809K |
| Cash from Investing | 405.91M | 377.18M | 363.44M | 239.57M | 243.26M | 1.25B | 75.75M | 91.44M | -273.82M | -57.91M | -119.35M | 128.31M | -333.34M | -87.22M | 23.04M | -22.36M |
| Capital Expenditures | -4.32M | -4.32M | -1.69M | -999K | -4.88M | -5.74M | -14.11M | -12.17M | -6.99M | -4.63M | -9.91M | -20.16M | -2.22M | -1.29M | -1.48M | -1.91M |
| CapEx % of Revenue | 6.54% | 7.99% | 4.62% | 3.72% | 34.28% | - | - | 10.32% | 7.4% | 10.76% | 14.19% | 34.11% | 3.39% | 5.07% | 5.88% | 8.73% |
| Acquisitions | 0 | 0 | 40K | 0 | 132.75M | 0 | 0 | -103.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10M | -10M | 1.09B | -16.18M | 0 | 1.8B | -803K | 103.47M | -266.84M | -53.28M | -109.44M | 148.47M | 571K | -85.92M | 24.52M | 0 |
| Cash from Financing | 9.13M | 8.68M | 14.44M | 5.43M | 2.35M | -765.77M | 261.52M | 289.61M | 546.02M | 285.11M | 169.78M | 6.37M | 335.16M | 123.88M | 142K | 77.36M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -331K | -578K | -336K | -113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 9.13M | 8.68M | 14.44M | 5.43M | 2.68M | -802.49M | 11.32M | 277.2M | 516.21M | 270.25M | 162.15M | 0 | 333.58M | 126.12M | 0 | 77.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -802.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 37.3M | 250.54M | 12.52M | 29.82M | 14.86M | 7.63M | 6.37M | 1.58M | -2.24M | 142K | 57K |
| Net Change in Cash | 34.64M | 12.88M | -11.96M | -51.05M | -63.87M | 75.69M | 46.51M | 10.43M | -32.22M | -58.03M | 88.99M | 57.73M | -57.53M | -19.74M | -26.36M | 39.78M |
| Free Cash Flow | -384.73M | -377.29M | -391.53M | -297.06M | -314.36M | -413.06M | -304.87M | -382.79M | -311.41M | -289.86M | 28.65M | -97.11M | -61.57M | -57.69M | -51.02M | -17.13M |
| FCF Margin % | -582.5% | -698.33% | -1072.73% | -1107.49% | -2207.58% | - | - | -324.64% | -329.93% | -673.92% | 40.99% | -164.27% | -94.2% | -225.83% | -203.23% | -78.42% |
| FCF Growth % | 4.72% | 3.64% | -31.8% | 5.5% | 23.9% | -35.49% | 20.36% | -22.92% | -7.43% | -1111.83% | 129.5% | -57.73% | -6.72% | -13.07% | -197.94% | - |
| FCF per Share | -6.54 | -6.51 | -6.76 | -5.34 | -5.74 | -6.83 | -4.42 | -6.38 | -5.42 | -6.22 | 0.73 | -2.59 | -1.83 | -3.74 | -2.18 | -0.73 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.90x | -0.58x | 0.84x | 1.34x | -0.25x | 0.89x | 0.90x | 0.88x | 0.91x | -0.19x | 0.65x | 1.11x | 1.43x | 2.46x | 0.64x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -871K | 628K | 43.15M | 1.57M | 0 | 16.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidity Shortfall
As evidenced by the provided financial data, AGIO consistently reports operating cash outflows that exceed net losses, with an OCF/NI ratio frequently above 1.0, indicating that the company's cash burn is structurally decoupled from its accounting losses due to significant working capital volatility and non-cash adjustments.
The recurring divergence between net income and operating cash flow suggests that the company's reported earnings do not fully capture the cash-intensive nature of its commercial scaling. Investors should monitor this trend, as the consistent negative cash conversion implies that the company's operational footprint is expanding faster than its ability to generate internal liquidity.
According to the quarterly cash flow statements, AGIO's free cash flow remains deeply negative, with quarterly outflows often exceeding $100 million, a trend that highlights the company's ongoing reliance on external capital to fund its commercial infrastructure and late-stage clinical development programs for its metabolic platform.
The persistent negative FCF margins, which have reached as low as -12.9%, underscore the high cost of maintaining a specialized sales force and clinical trial operations. This trajectory suggests that the company is currently in a high-burn phase where revenue growth is insufficient to offset the substantial cash requirements of its orphan drug strategy.
Based on reported figures, AGIO exhibits significant quarter-to-quarter volatility in working capital, with swings ranging from a $45.4 million inflow in 2024Q3 to a $46.3 million outflow in 2024Q4, suggesting that the company's cash position is highly sensitive to the timing of collections and inventory management.
This erratic working capital behavior may indicate challenges in managing the supply chain or the timing of payments associated with the commercial rollout of PYRUKYND. Such fluctuations warrant further investigation, as they complicate the predictability of the company's cash runway and increase the risk of liquidity surprises.
Analysis of the cash flow statement reveals that stock-based compensation, which consistently adds over $10 million per quarter, serves as a critical non-cash expense that masks the true magnitude of the company's operational cash burn and dilutes the impact of its negative free cash flow on shareholders.
While SBC is a standard practice in biotech, its magnitude relative to the company's total cash burn suggests that the actual cost of talent acquisition is significantly higher than what is reflected in the cash flow statement. This obscures the true economic cost of operations and warrants caution regarding the sustainability of the current compensation structure.
Quick answers to the most common questions about buying AGIO stock.
Agios Pharmaceuticals, Inc. (AGIO) generated $-373.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agios Pharmaceuticals, Inc. (AGIO) reported negative free cash flow of $377.3M in 2025, indicating capital requirements exceeded cash from operations.
Agios Pharmaceuticals, Inc. (AGIO) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.