Free cash flow remains deeply negative, with quarterly outflows consistently exceeding $25 million throughout 2025, necessitating a reliance on existing cash reserves to fund clinical operations.
| Cash from Operations | -120.4M | -123.34M | -167.65M | 11.92M | -179.87M | -74.8M | -36.7M | -10.69M |
| Operating CF Margin % | - | - | -191.88% | 3.13% | -809.14% | - | -5645.69% | -749.44% |
| Operating CF Growth % | 149.13% | 26.43% | -1506.55% | 106.63% | -140.47% | -103.83% | -243.38% | - |
| Net Income | -150.11M | -144.74M | -301.74M | 49.27M | -198.38M | -87.93M | -42.28M | -13.72M |
| Depreciation & Amortization | 467K | 525K | 904K | 1.09M | 487K | 52K | 1K | 0 |
| Stock-Based Compensation | 20.81M | 27.64M | 33.04M | 37.16M | 21.71M | 3.14M | 243K | 108K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.57M | -5.7M | 145.99M | -9.94M | -2.06M | 5.35M | 2.74M | -583K |
| Working Capital Changes | 2.86M | -1.08M | -45.83M | -65.66M | -1.64M | 4.59M | 2.6M | 3.5M |
| Change in Receivables | 170K | 383K | 39.6M | -24.74M | -15.31M | -144K | 0 | 0 |
| Change in Inventory | 0 | 0 | -9.25M | -73.13M | -9.77M | 0 | 0 | 0 |
| Change in Payables | -1.28M | 580K | -19.1M | 15.88M | 1.85M | 670K | 1.42M | 1.28M |
| Cash from Investing | 93.96M | 14.04M | 75.65M | 92.05M | -238.99M | -46.41M | -151K | 0 |
| Capital Expenditures | -4.13M | -138K | -157K | -1.24M | -2.53M | -353K | -151K | 0 |
| CapEx % of Revenue | - | - | 0.18% | 0.33% | 11.36% | - | 23.23% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 236.46M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -36.2M | 0 | -236.46M | 0 | 0 | 0 |
| Cash from Financing | 194.58M | 257.03M | 348K | 3.54M | 431.79M | 158.51M | 46.82M | 668K |
| Debt Issued (Net) | 191.11M | 0 | 0 | 0 | 0 | 25.9M | 16.82M | 641K |
| Equity Issued (Net) | 266.58M | 260.39M | 2.13M | 6.86M | 432.45M | 135M | 29.96M | 27K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -263.11M | -3.36M | -1.78M | -3.31M | -658K | -2.39M | 48K | 0 |
| Net Change in Cash | 169.37M | 148.8M | -92.08M | 107.67M | 12.87M | 37.31M | 9.97M | 3.09M |
| Free Cash Flow | -120.53M | -123.48M | -167.8M | 10.68M | -182.4M | -75.15M | -36.85M | -10.69M |
| FCF Margin % | - | - | -192.06% | 2.8% | -820.5% | - | -5668.92% | -749.44% |
| FCF Growth % | 41.8% | 26.41% | -1671.49% | 105.85% | -142.7% | -103.95% | -244.79% | - |
| FCF per Share | -1.09 | -1.31 | -2.46 | 0.15 | -2.74 | -1.30 | -0.65 | -0.19 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.85x | 0.56x | 0.24x | 0.91x | 0.85x | 0.87x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 708K | 0 | 27K | 0 | 0 | 0 |
Rapid cash runway depletion
According to recent SEC filings, AMLX exhibits a persistent gap between net losses and operating cash flow, with OCF/NI ratios fluctuating significantly; in 2025Q2, the company reported an OCF/NI ratio of 0.61, highlighting the impact of non-cash expenses on the firm's reported bottom-line performance.
The divergence between net income and operating cash flow suggests that non-cash items, such as stock-based compensation and depreciation, are masking the true extent of the company's cash-based operational losses. Investors should monitor whether these accruals continue to provide a buffer against the underlying cash burn as the company transitions fully into a clinical-stage entity.
As reported in financial statements, the company's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $25 million throughout 2025, underscoring the lack of self-sustaining commercial revenue to offset the heavy capital requirements of ongoing clinical trials like ORION and HELIOS.
The consistent negative FCF indicates that the company is entirely reliant on its existing cash reserves to fund its research pipeline. This trajectory warrants further investigation into whether the current liquidity levels can support the firm through the 2026 data readouts without requiring additional dilutive financing.
Based on reported figures, working capital changes have been highly erratic, swinging from a $10 million inflow in 2025Q2 to an $11.1 million outflow in 2025Q1, reflecting the complex process of winding down commercial operations and settling liabilities associated with the discontinued Relyvrio product line.
These fluctuations appear to be driven by the timing of payments related to the commercial exit rather than core operational efficiency. Analysts should interpret these swings as temporary noise that may obscure the underlying structural cash burn rate of the business.
As indicated by quarterly data, stock-based compensation remains a notable non-cash expense, with figures reaching $7.3 million in 2025Q2, which effectively reduces the reported net loss while failing to mitigate the actual cash outflow required to sustain the company's current clinical-stage workforce and operations.
The reliance on equity-based compensation may be a necessary tool for talent retention during a period of strategic uncertainty, but it complicates the assessment of the company's true cash-based cost structure. Investors should be cautious of viewing these non-cash adjustments as a sign of improved operational efficiency.
Quick answers to the most common questions about buying AMLX stock.
Amylyx Pharmaceuticals, Inc. (AMLX) generated $-123.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amylyx Pharmaceuticals, Inc. (AMLX) reported negative free cash flow of $123.5M in 2025, indicating capital requirements exceeded cash from operations.
Amylyx Pharmaceuticals, Inc. (AMLX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.