Persistent negative free cash flow, averaging approximately $2.6 million in quarterly outflows, highlights a reliance on cash reserves that are being depleted without any offsetting commercial revenue.
| Cash from Operations | -12.28M | -8.26M | -6.65M | -1.85M | -387.31K |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -48.73% | -24.22% | -258.5% | -378.79% | - |
| Net Income | -16.71M | -11.41M | -15.43M | -1.99M | -13.33M |
| Depreciation & Amortization | 12K | 183K | 81K | 0 | 0 |
| Stock-Based Compensation | 529K | 1.63M | 618 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4M | 101K | 8.62M | 0 | 12.74M |
| Working Capital Changes | -107K | 1.24M | 79K | 136.08K | 204.41K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 24K | 184K | 320K | 80.91K | 87.08K |
| Cash from Investing | -10K | -14K | -19K | 0 | 0 |
| Capital Expenditures | -10K | -14K | -19K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.16M | 8.8M | 14.41M | 675K | 2.43M |
| Debt Issued (Net) | 0 | 0 | 2M | 0 | 536K |
| Equity Issued (Net) | 2.61M | 10.03M | 13.71M | 675K | 1.89M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.55M | -1.23M | -1.3M | 0 | 0 |
| Net Change in Cash | -2.13M | 528K | 7.74M | -1.18M | 2.04M |
| Free Cash Flow | -12.29M | -8.27M | -6.67M | -1.85M | -387.31K |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | -48.6% | -24.07% | -259.52% | -378.79% | - |
| FCF per Share | -35.77 | -98.36 | -191.45 | -2.07 | -0.43 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.72x | 0.43x | 0.93x | 0.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in financial statements, Autonomix Medical consistently records operating cash outflows that track closely with net losses, with the OCF/NI ratio reaching 1.08 in 2026Q4, indicating that the company lacks any meaningful non-cash accruals to bridge the gap between accounting losses and actual cash depletion.
The tight correlation between net income and operating cash flow suggests that the company's losses are almost entirely cash-based rather than driven by non-cash accounting charges. This implies that every dollar of reported loss represents a direct reduction in the company's limited liquidity, leaving little room for operational inefficiency.
Based on recent SEC filings, the company has maintained a consistent negative free cash flow trajectory, with quarterly outflows averaging approximately $2.6 million over the last ten quarters, reflecting the heavy financial burden of funding clinical development without any offsetting revenue streams to mitigate the burn.
The lack of positive free cash flow is expected for a development-stage firm, yet the stability of these outflows suggests a fixed-cost structure that is difficult to scale down. Investors should monitor whether this burn rate accelerates as clinical trial enrollment reaches more intensive phases.
According to the provided data, working capital changes have fluctuated significantly, ranging from a $620,000 inflow in 2025Q2 to a $230,000 outflow in 2026Q4, which suggests that timing differences in vendor payments and clinical site accruals are creating noise in the quarterly cash flow reporting.
These fluctuations appear to be timing-related rather than indicative of a fundamental shift in operational efficiency. The reliance on these shifts to manage cash suggests that management is actively navigating a tight liquidity environment by modulating the timing of payables.
As indicated by the company's financial statements, stock-based compensation has been a recurring feature, peaking at $445,000 in 2025Q2, which effectively serves as a non-cash mechanism to preserve the company's limited $7 million cash balance while compensating personnel during the critical development phase.
While stock-based compensation preserves cash, it creates a future dilution risk that investors must weigh against the immediate need for liquidity. The reliance on equity-based incentives suggests that the company is attempting to align employee interests with long-term clinical success while managing a precarious cash runway.
Quick answers to the most common questions about buying AMIX stock.
Autonomix Medical, Inc. (AMIX) generated $-12.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Autonomix Medical, Inc. (AMIX) reported negative free cash flow of $12.3M in 2026, indicating capital requirements exceeded cash from operations.
Autonomix Medical, Inc. (AMIX) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.