Operating cash flow remains deeply negative, with a 2026Q1 outflow of $49.8 million, highlighting a persistent inability to achieve self-sustaining liquidity without external capital injections.
| Cash from Operations | -173.06M | -184.03M | -229.91M | -184.16M | -20.33M | 298.55M | -166.73M | -99.31M | 127.46M | -17.77M | -12.99M |
| Operating CF Margin % | - | -874.46% | -228.63% | -189.74% | -15.21% | 144.17% | -790.28% | -468.01% | 460.54% | -475.8% | -3123.32% |
| Operating CF Growth % | 100.1% | 19.95% | -24.84% | -805.91% | -106.81% | 279.06% | -67.9% | -177.91% | 817.26% | -36.77% | - |
| Net Income | -125.39M | -142.93M | -119.05M | -130.39M | -133.31M | -36.33M | -190.23M | -105.39M | -52.25M | -32.48M | -15.11M |
| Depreciation & Amortization | 8.78M | -861K | 8.84M | 8.85M | 8.47M | 8.31M | 7.26M | 5.57M | 1.02M | 680K | 201K |
| Stock-Based Compensation | 21.21M | 26.66M | 39.46M | 42.8M | 46.15M | 40.78M | 30.52M | 16.28M | 6.92M | 5.35M | 1.96M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -879K | 7.16M | -12.17M | -15.27M | -1.16M | 2.1M | 929K | -3.5M | -2.59M | 6.78M | 1.88M |
| Working Capital Changes | -76.79M | -74.06M | -146.99M | -90.15M | 59.53M | 283.68M | -15.22M | -12.27M | 174.36M | 8.68M | -47K |
| Change in Receivables | 0 | 0 | 0 | 2.59M | 4.8M | -7.39M | 0 | 0 | 238K | -20K | -218K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.45M | 6.58M | -560K |
| Change in Payables | -903K | -524K | -1.44M | -377K | -572K | 1.92M | 2.41M | 152K | -809K | -41K | 708K |
| Cash from Investing | 191.81M | 196.6M | 107.13M | 101.92M | -159.01M | -49.66M | -105.05M | -48.87M | -224.12M | -801K | -2.25M |
| Capital Expenditures | -139K | -41K | -1.25M | -2.38M | -4.12M | -3.25M | -5.03M | -15.27M | -1.88M | -801K | -2.25M |
| CapEx % of Revenue | 0.75% | 0.19% | 1.25% | 2.45% | 3.08% | 1.57% | 23.85% | 71.94% | 6.81% | 21.45% | 540.87% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 100.02M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -100.02M | 0 | -222.24M | 0 | 0 |
| Cash from Financing | 20.24M | 20.21M | 81.54M | 2.55M | 4.51M | 30.3M | 232.11M | 172.35M | 131.15M | -15K | -77K |
| Debt Issued (Net) | 0 | 0 | 9.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 20.02M | 20M | 71.11M | 2.55M | 4.51M | 0 | 224.6M | 172.35M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9M | -15K | -77K |
| Other Financing | 217K | 217K | 1.04M | 0 | 0 | 30.3M | 7.51M | 0 | 131.15M | -15K | -77K |
| Net Change in Cash | 38.99M | 32.78M | -41.23M | -79.69M | -174.83M | 279.18M | -39.67M | 24.17M | 34.49M | -18.59M | -15.32M |
| Free Cash Flow | -173.2M | -184.07M | -231.16M | -186.54M | -24.45M | 295.3M | -171.77M | -114.57M | 125.58M | -18.57M | -15.24M |
| FCF Margin % | -940.44% | -874.66% | -229.88% | -192.19% | -18.3% | 142.6% | -814.13% | -539.95% | 453.73% | -497.24% | -3664.18% |
| FCF Growth % | 24.72% | 20.37% | -23.92% | -663.08% | -108.28% | 271.92% | -49.92% | -191.24% | 776.18% | -21.84% | - |
| FCF per Share | -1.57 | -1.79 | -2.39 | -2.23 | -0.30 | 3.67 | -2.21 | -1.86 | 1.84 | -0.36 | -1.79 |
| FCF Conversion (FCF/Net Income) | 1.38x | 1.29x | 1.93x | 1.41x | 0.15x | -8.22x | 0.88x | 0.94x | -2.44x | 0.55x | 0.86x |
| Interest Paid | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcome
According to the provided cash flow statements, Alector consistently reports operating cash outflows that significantly exceed net losses, with OCF/NI ratios frequently surpassing 1.5x, indicating that non-cash accounting adjustments are failing to bridge the gap between reported paper losses and the actual depletion of corporate liquidity.
The persistent divergence between net income and operating cash flow suggests that the company's accrual-based accounting does not fully capture the intensity of its cash-based R&D expenditures. Investors should monitor this gap, as it implies that the firm's operational burn is more severe than the headline net income figures might otherwise suggest.
As reported in financial statements, Alector's free cash flow remains deeply negative across all observed periods, with quarterly burn rates often exceeding $50 million, highlighting a trajectory that is entirely dependent on external financing or milestone-driven inflows rather than self-sustaining operational cash generation from its pipeline.
The consistent negative FCF margin underscores the company's status as a pre-commercial entity where capital is consumed rapidly to fund late-stage clinical trials. This trajectory appears unsustainable without either a significant reduction in R&D intensity or the successful achievement of major clinical milestones that trigger substantial partnership payments.
Based on the company's reported figures, working capital changes have been a consistent drag on cash flow, with a notable $62.7 million outflow in 2024Q4, suggesting that the timing of collaboration-related receivables and payables creates significant, unpredictable fluctuations in the firm's available cash reserves.
The volatility in working capital appears to be a byproduct of the complex accounting associated with milestone-based collaboration agreements. This suggests that liquidity management is highly sensitive to the timing of contractual settlements, which may force the company to maintain higher cash buffers than would otherwise be necessary.
As indicated by the quarterly cash flow data, stock-based compensation consistently adds back millions to the cash flow statement, with figures reaching as high as $11.5 million in 2023Q4, which effectively obscures the true economic cost of talent retention required to sustain the firm's immuno-neurology research platform.
While stock-based compensation is a non-cash expense, its magnitude relative to the company's total cash burn warrants investigation into the dilution risk for shareholders. This practice may be artificially inflating the reported operating cash flow, thereby masking the full extent of the cash required to support the company's ongoing clinical development efforts.
Quick answers to the most common questions about buying ALEC stock.
Alector, Inc. (ALEC) generated $-184.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alector, Inc. (ALEC) reported negative free cash flow of $184.1M in 2025, indicating capital requirements exceeded cash from operations.
Alector, Inc. (ALEC) 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.