Free cash flow remains consistently negative, with quarterly outflows reaching as high as $63.6 million in 2024Q2, highlighting a structural inability to fund operations internally.
| Cash from Operations | -109.23M | -149.25M | -200.3M | -237.73M | -220.52M | -184.81M | -115.09M | -137.35M | -44.65M | 0 |
| Operating CF Margin % | - | - | -910454.55% | -250245.26% | -141358.33% | -161.99% | - | - | - | - |
| Operating CF Growth % | 171.72% | 25.49% | 15.75% | -7.81% | -19.32% | -60.58% | 16.2% | -207.59% | - | - |
| Net Income | -173.76M | -190.89M | -257.59M | -327.26M | -332.63M | -257M | -250.22M | -184.59M | -211.5M | -24K |
| Depreciation & Amortization | 12.13M | 12.36M | 13.64M | 14.2M | 14.29M | 10.45M | 7.59M | 5.03M | 1.5M | 0 |
| Stock-Based Compensation | 25.47M | 37.64M | 51.74M | 65.95M | 83.6M | 80.82M | 65.26M | 46.06M | 18.57M | 0 |
| Deferred Taxes | 0 | 0 | 443K | 0 | 8.08M | 10.4M | 4.4M | -331K | -117K | 0 |
| Other Non-Cash Items | 11.15M | 2.52M | 16.26M | 24.69M | 2.43M | 2.61M | 3.96M | 3.36M | 134.81M | 0 |
| Working Capital Changes | 15.79M | -10.88M | -24.8M | -15.3M | 3.71M | -32.09M | 53.92M | -6.88M | 12.1M | 24K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -232K | -1.23M | -503K | -7.5M | 4.87M | -767K | 615K | -985K | 8.8M | 0 |
| Cash from Investing | 59.8M | 95.56M | 75.69M | 163.29M | 106.16M | 163.66M | -505.12M | 164.08M | -632.8M | 0 |
| Capital Expenditures | -296K | -386K | -694K | -1.52M | -5.19M | -21.45M | -65.96M | -50.79M | -3.23M | 0 |
| CapEx % of Revenue | - | - | 3154.55% | 1595.79% | 3327.56% | 18.8% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -111.35M | -17.71M | 439.17M | -5.08M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 111.35M | 0 | -439.17M | 0 | -2.1M | 0 |
| Cash from Financing | 37.29M | 30.16M | 116.67M | 95.69M | 2.95M | 11.96M | 633.59M | 58.96M | 771.18M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.84M | 0 |
| Equity Issued (Net) | 33.73M | 23.25M | 114.39M | 91.11M | 2.95M | 11.96M | 621.93M | 54.22M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.56M | 6.91M | 2.28M | 4.58M | 0 | 0 | 11.66M | 4.74M | 654.34M | 0 |
| Net Change in Cash | -12.15M | -23.53M | -7.94M | 21.25M | -111.41M | -9.19M | 13.38M | 85.69M | 93.73M | 0 |
| Free Cash Flow | -109.53M | -149.63M | -200.99M | -239.25M | -225.71M | -206.26M | -181.05M | -188.14M | -47.89M | 0 |
| FCF Margin % | - | - | -913609.09% | -251841.05% | -144685.9% | -180.79% | - | - | - | - |
| FCF Growth % | 44.72% | 25.55% | 15.99% | -6% | -9.43% | -13.92% | 3.77% | -292.89% | - | - |
| FCF per Share | -0.46 | -0.68 | -1.03 | -1.52 | -1.58 | -1.52 | -1.50 | -1.86 | -0.53 | - |
| FCF Conversion (FCF/Net Income) | 0.63x | 0.78x | 0.78x | 0.73x | 0.65x | 1.02x | 0.46x | 0.74x | 0.21x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall risk
As reported in financial statements, the persistent gap between net income and operating cash flow, with OCF/NI ratios fluctuating between 0.30 and 0.96 over the last ten quarters, suggests that non-cash expenses like stock-based compensation are masking the true magnitude of the company's underlying cash consumption.
The consistent divergence between accounting losses and cash outflows indicates that the company's reported net income significantly understates the actual cash required to sustain clinical operations. Investors should monitor this relationship closely, as the reliance on non-cash adjustments to bridge the gap may become less effective as the cash runway narrows.
Based on the provided quarterly data, Allogene has maintained a consistently negative free cash flow trajectory, with quarterly outflows ranging from $12.9 million to $63.6 million, highlighting a structural inability to generate internal funding for its ongoing research and development initiatives without external capital support.
The lack of a positive free cash flow trend confirms that the business remains in a high-burn phase, with no clear path to self-sustainability in the near term. This trajectory suggests that the company's survival is entirely contingent upon its ability to secure additional financing or partnership milestones.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $21.2 million inflow in 2024Q3 to a $16.8 million outflow in 2024Q2, which appears to reflect the lumpy nature of milestone-driven receivables rather than stable operational efficiency in managing current assets.
This volatility in working capital suggests that cash flow is heavily influenced by the timing of contractual payments rather than predictable operational cycles. Such fluctuations make it difficult to forecast the exact timing of liquidity needs, warranting further investigation into the underlying terms of collaboration agreements.
As indicated by the company's financial filings, stock-based compensation has consistently added back significant amounts to cash flow, reaching as high as $15.2 million in 2023Q4, which effectively obscures the true economic cost of talent retention in a pre-revenue, high-burn biotechnology environment.
While SBC is a non-cash expense, it represents a real dilution risk to shareholders that is not captured in the headline cash burn figures. Analysts should adjust for this to understand the true cost of operations, as the reliance on equity-based incentives may increase if cash reserves continue to dwindle.
Quick answers to the most common questions about buying ALLO stock.
Allogene Therapeutics, Inc. (ALLO) generated $-149.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Allogene Therapeutics, Inc. (ALLO) reported negative free cash flow of $149.6M in 2025, indicating capital requirements exceeded cash from operations.
Allogene Therapeutics, Inc. (ALLO) 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.