Free cash flow remains consistently negative with quarterly outflows frequently exceeding $8 million, while the 511.84 OCF/NI ratio in 2026Q1 highlights significant distortion from non-cash compensation.
| Cash from Operations | -9.03B | -25.62B | -21.89B | -39.97M | -17.31M | -9.13M | -3.97M | -476.54K | -558.61K | -537.48K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -111234.07% | -17.01% | -54681.29% | -130.85% | -89.58% | -129.98% | -733.26% | 14.69% | -3.93% | - |
| Net Income | -40.92M | -28.85B | -24.59B | -56.2M | -25.33M | -14.49M | -5.46M | -990.98K | -713.87K | -682.35K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 0 | 0 |
| Stock-Based Compensation | 184.12M | 1.8B | 3.84B | 4.63M | 9.15M | 4.7M | 1.86M | 8.48K | 82.73K | 48.49K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | 0 | 0 |
| Other Non-Cash Items | 8.4B | 1.44B | -1.14B | 11.84M | 0 | 0 | 27.02K | 84.43K | 85.41K | 11.58K |
| Working Capital Changes | 12.76M | 1.58M | 681.71K | -228.6K | -1.14M | 657.35K | -400.71K | 421.53K | 72.53K | 96.37K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 735.08K | -735.08K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 735.08K | 0 | 0 |
| Change in Payables | 3.91M | 284.54K | 1.01M | -2.67M | 3.27M | 346.22K | -695.66K | 969.09K | -2.68K | 61.83K |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.71B | 34.6B | 26.69B | 17.34M | 4.61K | 46.74M | 12.04M | 443.09K | 246.45K | 332.5K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 12.03M | 530K | 0 | 0 |
| Equity Issued (Net) | 18.52M | 34.6M | 18.67M | 16.89M | 4.61K | 46.65M | 9.22K | 0 | 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 | 3.69B | 34.57B | 26.67B | 458.38K | 0 | 95.1K | 0 | -86.91K | 246.45K | 332.5K |
| Net Change in Cash | -5.32B | 8.98B | 4.8B | -22.62M | -17.31M | 37.61M | 8.07M | -33.45K | -312.16K | -204.99K |
| Free Cash Flow | -9.03B | -25.62B | -21.89B | -39.97M | -17.31M | -9.13M | -3.97M | -476.54K | -558.61K | -537.48K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -39223.8% | -17.01% | -54681.29% | -130.85% | -89.58% | -129.98% | -733.26% | 14.69% | -3.93% | - |
| FCF per Share | -324.23 | -1246.58 | -1789.51 | -4.43 | -2.12 | -1.20 | -0.63 | -0.07 | -0.13 | -0.12 |
| FCF Conversion (FCF/Net Income) | 220.63x | 887.90x | 890.37x | 0.71x | 0.68x | 0.63x | 0.73x | 0.48x | 0.78x | 0.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to recent SEC filings, the massive discrepancy between net income and operating cash flow, highlighted by a 511.84 OCF/NI ratio in 2026Q1, suggests that non-cash stock-based compensation is significantly distorting the company's reported financial performance and masking the true underlying cash burn of the business.
The extreme volatility in the OCF/NI ratio indicates that traditional accrual-based net income is a poor proxy for the company's actual liquidity needs. Investors should monitor how these non-cash adjustments continue to decouple from the actual cash required to sustain clinical trial operations.
As reported in financial statements, Annovis Bio's free cash flow trajectory remains consistently negative, with quarterly outflows frequently exceeding $8 million, which underscores the company's total dependence on external capital markets to fund its ongoing research and development activities without any offsetting commercial revenue streams.
The lack of a positive FCF trend is expected for a pre-revenue biotech, yet the magnitude of these outflows relative to the remaining cash balance warrants further investigation. The absence of any meaningful FCF improvement suggests that the company is currently in a high-intensity capital consumption phase.
Based on ANVS's reported figures, working capital changes have fluctuated significantly, swinging from a $3.4 million inflow in 2025Q3 to a $3.2 million outflow in 2024Q4, which suggests that the timing of clinical trial payments and vendor management creates unpredictable quarterly liquidity pressures for the firm.
These swings in working capital appear to be driven by the lumpy nature of R&D-related payables rather than operational efficiency. This volatility makes it difficult to forecast the exact timing of cash depletion, increasing the risk of sudden liquidity crunches between financing rounds.
As indicated by the company's financial statements, the cash flow statement obscures the true economic cost of operations by burying significant stock-based compensation expenses, which reached $182.8 million in 2026Q1, effectively hiding the dilution and real compensation costs from the headline cash burn metrics.
By focusing on operating cash flow alone, investors may underestimate the total cost of talent retention and the potential for future equity dilution. This accounting treatment warrants further investigation to determine the true cost of maintaining the current R&D platform.
Quick answers to the most common questions about buying ANVS stock.
Annovis Bio, Inc. (ANVS) generated $-25619.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Annovis Bio, Inc. (ANVS) reported negative free cash flow of $25.62B in 2025, indicating capital requirements exceeded cash from operations.
Annovis Bio, Inc. (ANVS) 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.