Free cash flow remains consistently negative, with a 2026Q1 outflow of $23.2M, reflecting a structural inability to fund operations through internal cash generation.
| Cash from Operations | -84.72M | -82.5M | -80.74M | -79M | -79.39M | -115.66M | -74.26M | -46.77M | -6.05M |
| Operating CF Margin % | - | -3774.15% | -2046.72% | -508.71% | -570.86% | -2653.41% | - | - | - |
| Operating CF Growth % | -29.42% | -2.18% | -2.21% | 0.49% | 31.36% | -55.75% | -58.79% | -673.14% | - |
| Net Income | -90.32M | -24.19M | -131.21M | -87.68M | -96.05M | -128.33M | -108.54M | -52.26M | -13.93M |
| Depreciation & Amortization | 1.08M | 930K | 2.62M | 3.07M | 3.67M | 3.78M | 3.33M | 2.3M | 1.29M |
| Stock-Based Compensation | 2.47M | 5.04M | 8.45M | 12.65M | 14.69M | 13.46M | 2.98M | 752K | 179K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -110K |
| Other Non-Cash Items | 438K | -60.5M | 44.35M | 2.49M | -159K | 86K | 11.92M | -1.23M | 1.64M |
| Working Capital Changes | 1.6M | -3.79M | -4.96M | -9.53M | -1.55M | -4.65M | 16.06M | 3.67M | 4.88M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.34M | 1.41M | 54K | -2.22M | 1.72M | -313K | -130K | 385K | 2.98M |
| Cash from Investing | 41.17M | -37.83M | -18.28M | 44.98M | -26.29M | 3.02M | 32.76M | 6.79M | -69.29M |
| Capital Expenditures | -463K | -437K | -130K | -19K | -943K | -892K | -2.06M | -2.79M | -2.52M |
| CapEx % of Revenue | 9.84% | 19.99% | 3.3% | 0.12% | 6.78% | 20.46% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -3.91M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 3.91M | 0 | 0 | -72.84M |
| Cash from Financing | -169K | 101.64M | 355K | 88.33M | 164K | 78.68M | 192.35M | 85.53M | 99.89M |
| Debt Issued (Net) | -76K | -14K | -83K | -96K | -61K | -79K | -58K | -43K | 5M |
| Equity Issued (Net) | -93K | 101.65M | 438K | 17.44M | 225K | 78.58M | 195.54M | 84.96M | 94.81M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 70.98M | 0 | 172K | -3.14M | 612K | 77K |
| Net Change in Cash | -43.72M | -18.69M | -98.67M | 54.31M | -105.52M | -33.96M | 150.84M | 45.56M | 24.55M |
| Free Cash Flow | -85.19M | -82.94M | -80.87M | -79.02M | -80.33M | -116.55M | -76.33M | -49.55M | -8.56M |
| FCF Margin % | -1810.52% | -3794.14% | -2050.01% | -508.83% | -577.64% | -2673.87% | - | - | - |
| FCF Growth % | -7.82% | -2.56% | -2.35% | 1.64% | 31.08% | -52.7% | -54.03% | -478.55% | - |
| FCF per Share | -8.19 | -8.39 | -12.91 | -3.18 | -1.88 | -2.92 | -2.23 | -2.26 | -0.40 |
| FCF Conversion (FCF/Net Income) | 0.94x | 3.41x | 0.62x | 0.90x | 0.83x | 0.90x | 0.68x | 0.89x | 0.43x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 |
Imminent capital dilution risk
As reported in financial statements, the OCF/NI ratio has fluctuated wildly, reaching a low of -3.85 in 2024Q2, which highlights that net income is an unreliable proxy for liquidity due to the lumpy nature of milestone-based revenue recognition and significant non-cash adjustments inherent in clinical-stage biotech operations.
The extreme volatility in the conversion ratio suggests that accounting earnings are heavily influenced by non-recurring events rather than operational cash generation. Investors should monitor the persistent gap between net income and operating cash flow, as it indicates that the company's reported profitability is largely decoupled from its actual ability to fund ongoing R&D activities.
Based on the company's reported quarterly figures, free cash flow has remained consistently negative, with a 2026Q1 outflow of $23.2M, underscoring a structural inability to generate self-sustaining cash flow while the firm continues to prioritize high-cost clinical development over operational efficiency or profitability.
The trajectory of free cash flow appears to be locked in a state of chronic deficit, reflecting the heavy reliance on external capital to bridge the gap between R&D spending and milestone receipts. This trend suggests that the company's survival is entirely dependent on its ability to secure further financing rather than internal cash generation.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $5.5M outflow in 2024Q1 to a $4.1M inflow in 2024Q2, which indicates that the company's cash position is sensitive to the timing of milestone payments and the management of short-term operational liabilities.
The erratic nature of these working capital swings suggests that the company lacks a stable cash conversion cycle, which is typical for firms reliant on project-based revenue. This volatility warrants further investigation into the predictability of future cash inflows, as any delay in milestone achievement could exacerbate the existing liquidity pressure.
As evidenced by the historical data, the cumulative divergence between net income and operating cash flow remains substantial, with the company consistently reporting cash outflows that far exceed the accounting losses, suggesting that the underlying cash reality is more constrained than the headline income figures might imply.
The persistent gap between these two metrics appears to indicate that the company is consuming cash at a rate that is not fully captured by the income statement alone. This divergence suggests that investors should focus on the absolute cash burn rate as the primary indicator of financial health rather than accounting-based profitability metrics.
Based on reported figures, stock-based compensation has remained a consistent feature of the cash flow statement, peaking at $2.6M in 2024Q1, which suggests that the company is utilizing equity-based incentives to preserve cash while managing the high cost of specialized talent in a competitive biotech environment.
The reliance on stock-based compensation may be obscuring the true economic cost of operations by shifting the burden of talent retention away from cash reserves. This practice appears to be a necessary survival mechanism, yet it highlights the potential for significant shareholder dilution as the company attempts to manage its limited liquidity.
Quick answers to the most common questions about buying ALGS stock.
Aligos Therapeutics, Inc. (ALGS) generated $-82.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aligos Therapeutics, Inc. (ALGS) reported negative free cash flow of $82.9M in 2025, indicating capital requirements exceeded cash from operations.
Aligos Therapeutics, Inc. (ALGS) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.