Free cash flow remains consistently negative, with quarterly outflows reaching $13.2 million in 2024Q2, highlighting a reliance on external financing to support operations.
Aldeyra The (ALDX) cash flow statement — 15-year operating, investing & financing cash flows
| 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 | -13.82T | -33.35M | -43.21M | -30.33M | -56.64M | -42.56M | -37.49M | -44.98M | -29.86M | -19.22M | -15.15M | -9.31M | -4.78M | -1.71M | -778.05K | -2.39M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 161.35% | 22.83% | -42.48% | 46.46% | -33.09% | -13.5% | 16.65% | -50.66% | -55.32% | -26.9% | -62.67% | -94.97% | -179.85% | -119.34% | 67.48% | - |
| Net Income | -3.76T | -33.85M | -55.85M | -37.54M | -62.02M | -57.78M | -37.55M | -60.83M | -38.89M | -22.34M | -18.7M | -12.09M | -5.19M | 13.06M | -23.07M | -2.38M |
| Depreciation & Amortization | 292.02B | 251.99K | 249.62K | 262.78K | 258.71K | 264.18K | 56.22K | 96.31K | 71K | 37.85K | 35.79K | 18.78K | 1.07K | 0 | 3.74K | 1.59K |
| Stock-Based Compensation | 1.77T | 6.09M | 7.97M | 5.75M | 8.29M | 7.11M | 7.08M | 8.08M | 4.14M | 2.71M | 2.76M | 2.19M | 2.04M | 1.7M | 84.4K | 49.59K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -479.26K | -1.31M | -237.54K | 129.25K | 266.11K | 0 | -2.33M | 0 | 134.5K | 0 |
| Other Non-Cash Items | -3.22T | -664.03K | -1.49M | 339.65K | 283.9K | 409.47K | 2.23M | 6.23M | 59.32K | 20.34K | 27.31K | 35.83K | 150.85K | -16.73M | 21.98M | 0 |
| Working Capital Changes | 673 | -5.18M | 5.91M | 861.18K | -3.44M | 7.44M | -8.83M | 2.74M | 5M | 215.45K | 462.97K | 536.83K | 549.77K | 259.62K | 91.74K | -65.88K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -14.02B | -21.99K | -1.16M | 1.2M | -886.08K | 638.06K | -426.66K | -2.85M | 2.05M | 725.52K | -575.72K | 509.87K | -559 | 269.31K | 47.24K | -165.53K |
| Cash from Investing | -23.08B | 47.74M | -44.92M | 30M | -29.95M | -7.81K | 29.02M | 18.48M | -23.34M | -10.2M | -225.23K | -13.04M | -14.06K | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -16.32K | -7.81K | 0 | -9.53K | -262.97K | -24.76K | -11.81K | -86.12K | -14.06K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 16.32K | 0 | 0 | 609.46K | 262.97B | 24.76B | 11.81K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -23.1B | 0 | 0 | 0 | -16.32K | 0 | 0 | 0 | -262.97B | -24.76B | -11.81K | -12.95M | -14.06K | 0 | 0 | 0 |
| Cash from Financing | -15.22T | 1.12M | -171.42K | -1.27M | 1.22M | 194.5M | 41.9M | 23.58M | 80.53M | 37.43M | 12.74M | 28.47M | 10.06M | 3.75M | 1.75M | 0 |
| Debt Issued (Net) | -15.3M | 0 | -292.5K | -1.04M | 0 | 0 | 0 | 14.45M | 0 | 0 | 0 | 0 | 0 | 1.07M | 500K | 0 |
| Equity Issued (Net) | 71.14K | 1.12M | 121.08K | 305.23K | 1.22M | 189.81M | 40.72M | 7.89M | 81.92M | 37.59M | 12.74M | 28.51M | 10.06M | 2.76M | 1.25M | 0 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -15.22T | 0 | 0 | -532.95K | 0 | 4.68M | 1.19M | 1.23M | -1.4M | -165.93K | 0 | -36.24K | 0 | -78.1K | 0 | 0 |
| Net Change in Cash | 40.97T | 15.51M | -88.3M | -1.6M | -85.37M | 151.93M | 33.43M | -2.93M | 27.33M | 8.01M | -2.63M | 6.12M | 5.26M | 2.04M | 972.68K | -2.39M |
| Free Cash Flow | -13.82T | -33.35M | -43.21M | -30.33M | -56.65M | -42.56M | -37.49M | -44.99M | -30.12M | -19.25M | -15.16M | -9.4M | -4.79M | -1.71M | -778.05K | -2.39M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -34488218.07% | 22.83% | -42.48% | 46.47% | -33.1% | -13.52% | 16.67% | -49.38% | -56.49% | -26.97% | -61.31% | -96.2% | -180.68% | -119.34% | 67.48% | - |
| FCF per Share | -229056.46 | -0.56 | -0.73 | -0.51 | -0.97 | -0.79 | -1.10 | -1.66 | -1.39 | -1.21 | -1.34 | -1.09 | -1.24 | -0.36 | -0.65 | -0.50 |
| FCF Conversion (FCF/Net Income) | 3.67x | 0.99x | 0.77x | 0.81x | 0.91x | 0.74x | 1.00x | 0.74x | 0.77x | 0.86x | 0.81x | 0.77x | 0.92x | -0.13x | 0.03x | 1.01x |
| Interest Paid | 837.13K | 1.69M | 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 |
Quick answers to the most common questions about buying ALDX stock.
Aldeyra The (ALDX) generated $-33.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aldeyra The (ALDX) reported negative free cash flow of $33.3M in 2025, indicating capital requirements exceeded cash from operations.
Aldeyra The (ALDX) 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.
Key Metrics
Top Statement Risk
Regulatory and liquidity constraints
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
As reported in financial statements, the persistent gap between net losses and operating cash flow, exemplified by the 2025Q1 period where cash burn of $12.5 million exceeded the $9.9 million net loss, suggests that accruals and non-cash items are failing to mitigate the underlying cash drain.
The lack of a positive correlation between net income and operating cash flow highlights the company's reliance on external capital to fund its R&D-heavy operations. Investors should monitor this divergence, as it indicates that the reported net loss figures may actually understate the true intensity of the company's cash consumption.
Free Cash Flow Remains Negative
Based on recent SEC filings, the company's free cash flow trajectory remains consistently negative, with quarterly outflows reaching as high as $13.2 million in 2024Q2, confirming that the business model is currently structured to consume rather than generate liquidity for its shareholders.
The absence of positive free cash flow is a direct consequence of the company's pre-revenue status and the high costs associated with its clinical trial programs. This trend suggests that the company will remain dependent on capital markets until it can successfully commercialize its lead assets.
Working Capital Volatility Impacts Liquidity
According to the provided quarterly data, working capital changes have been highly erratic, swinging from a $5.9 million inflow in 2023Q4 to a $4.8 million outflow in 2025Q1, which indicates significant instability in the timing of payments and potential reliance on vendor credit terms.
These fluctuations in working capital suggest that the company's cash position is sensitive to the timing of clinical trial expenditures and partnership-related settlements. Such volatility warrants further investigation into the company's ability to manage its short-term liabilities without disrupting its ongoing research activities.
SBC Masks True Operational Burn
As indicated by the company's financial disclosures, stock-based compensation has been a recurring feature, peaking at $3.2 million in 2024Q3, which effectively masks the true cash cost of talent retention while the company continues to report significant quarterly net losses.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution. The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet this strategy does not alleviate the fundamental pressure on the company's liquidity position.