The firm faces persistent free cash flow pressure, evidenced by a $27.6 million outflow in 2026Q1, which underscores the high capital requirements of its current clinical development strategy.
| Cash from Operations | -62.3M | -51.77M | -47.42M | -33.45M | -20.39M | -9.26M |
| Operating CF Margin % | - | - | - | - | - | -4410.48% |
| Operating CF Growth % | -54.49% | -9.16% | -41.78% | -64.01% | -120.19% | - |
| Net Income | -74.31M | -63.24M | -61.43M | -36.3M | -27.71M | -9.19M |
| Depreciation & Amortization | 674K | 661K | 502K | 373K | 342K | 145K |
| Stock-Based Compensation | 4.19M | 8.11M | 7.63M | 2.89M | 1.76M | 227K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.83M | 2.67M | 1.81M | 291K | 632K | 125K |
| Working Capital Changes | 299K | 33K | 4.06M | -698K | 4.58M | -572K |
| Change in Receivables | 0 | 0 | 0 | 325K | 1.16M | -1.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.98M | 221K | 516K | -632K | 1.01M | 458K |
| Cash from Investing | -556K | -24K | -2.08M | -470K | -732K | -680K |
| Capital Expenditures | -556K | -24K | -2.08M | -470K | -732K | -680K |
| CapEx % of Revenue | - | - | - | - | - | 323.81% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 165.89M | 60.08M | 135.69M | 68.13M | 43.79M | 31.69M |
| Debt Issued (Net) | 750K | 10.1M | 1.25M | 0 | 9.82M | 0 |
| Equity Issued (Net) | 164.91M | 49.98M | 137.58M | 70M | 34.3M | 31.89M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -167K | -167K | 0 | 0 | 0 | 0 |
| Other Financing | 229K | 0 | -3.14M | -1.87M | -341K | -205K |
| Net Change in Cash | 103.01M | 8.26M | 86.18M | 34.2M | 22.64M | 21.7M |
| Free Cash Flow | -62.86M | -51.79M | -49.5M | -33.92M | -21.13M | -9.94M |
| FCF Margin % | - | - | - | - | - | -4734.29% |
| FCF Growth % | -14.56% | -4.63% | -45.94% | -60.55% | -112.49% | - |
| FCF per Share | -1.91 | -1.80 | -2.01 | -1.26 | -0.83 | -0.39 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.82x | 0.77x | 0.92x | 0.74x | 1.01x |
| Interest Paid | 0 | 0 | 0 | 912K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial outcomes
As reported in financial statements, ANRO's operating cash flow reached a deficit of $27.1 million in 2026Q1, reflecting a tight correlation with net losses as the company lacks the commercial revenue streams necessary to decouple accounting losses from actual cash outflows during this intensive development phase.
The OCF/NI ratio of 1.03 in 2026Q1 suggests that the company's cash burn is almost entirely driven by its operational losses rather than non-cash accruals. Investors should monitor this tight alignment, as it indicates that the firm has little room to manage its cash position through working capital adjustments while R&D spending remains elevated.
Based on the company's reported figures, free cash flow has remained consistently negative, culminating in a $27.6 million outflow in 2026Q1, which underscores the significant capital requirements inherent in maintaining a multi-asset clinical pipeline without any offsetting commercial revenue or positive cash flow margins.
The trajectory of FCF appears to be deteriorating as the company scales its clinical trial activity, moving from quarterly outflows near $11 million in 2024 to over $27 million in the most recent period. This trend suggests that the company's cash runway is being consumed at an accelerating pace, necessitating careful management of its remaining liquidity.
According to recent SEC filings, working capital fluctuations have become a material driver of quarterly cash variance, with a $4.4 million outflow in 2026Q1 highlighting the sensitivity of the company's cash position to the timing of clinical trial vendor payments and other operational liabilities.
The erratic nature of working capital changes, which swung from a $2.1 million inflow in 2025Q4 to a $4.4 million outflow in 2026Q1, suggests that management's cash forecasting may be subject to significant timing risks. This volatility warrants further investigation into whether these shifts represent structural changes in payment terms or merely the lumpy nature of clinical trial site expenses.
As indicated by historical data, the company utilizes stock-based compensation to preserve cash, with non-cash charges reaching $2.2 million in 2025Q3, a practice that effectively lowers the reported cash burn but obscures the true economic cost of talent acquisition required for the biomarker platform.
While SBC provides a necessary buffer for a pre-revenue entity, the reliance on equity-based incentives suggests that the company's actual operational cost is higher than the cash flow statement implies. Investors should interpret these adjustments as a form of financing that, while non-dilutive to cash, represents a long-term cost to shareholders that is not fully captured in the current cash burn metrics.
Quick answers to the most common questions about buying ANRO stock.
Alto Neuroscience, Inc. (ANRO) generated $-51.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alto Neuroscience, Inc. (ANRO) reported negative free cash flow of $51.8M in 2025, indicating capital requirements exceeded cash from operations.
Alto Neuroscience, Inc. (ANRO) 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.
In 2025, Alto Neuroscience, Inc. (ANRO) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.