Free cash flow remains deeply negative at $21.2 million for 2026Q1, reflecting a persistent reliance on external funding to cover operational requirements.
| Cash from Operations | -77.86M | -76.75M | -55.03M | -47.43M | -50.83M | -15.3M | -13.54M |
| Operating CF Margin % | - | - | -21925.1% | -141.62% | -1030.81% | -764.44% | - |
| Operating CF Growth % | -139.42% | -39.47% | -16.03% | 6.69% | -232.13% | -13.02% | - |
| Net Income | -87.07M | -83.86M | -65.37M | -28.72M | -58.79M | -71.83M | -17.99M |
| Depreciation & Amortization | 2.71M | 717K | 2.43M | 2.27M | 1.16M | 248K | 73K |
| Stock-Based Compensation | 4.77M | 6.82M | 6.98M | 7.05M | 6.58M | 4.31M | 297K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.12M | 0 | 1.25M | 251K | 4.08M | 18.55M | -278K |
| Working Capital Changes | -4.39M | -424K | -325K | -28.28M | -3.87M | 33.41M | 4.36M |
| Change in Receivables | 183K | 79K | 1.61M | -1.23M | -57K | -468K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.01M | -760K | 519K | -408K | 190K | -1.24M | 1.82M |
| Cash from Investing | 68.76M | 63.41M | -120.46M | -25.98M | -6.3M | -1.72M | -284K |
| Capital Expenditures | -2.32M | -2.59M | -642K | -3.26M | -6.3M | -1.72M | -284K |
| CapEx % of Revenue | - | - | 255.78% | 9.73% | 127.74% | 86.11% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -342K | 9K | 162.23M | 24.39M | -1.26M | 152.75M | 37.4M |
| Debt Issued (Net) | -66K | -132K | -149K | 0 | 0 | 0 | 3M |
| Equity Issued (Net) | 131K | 371K | 162.32M | -12K | -5K | 154.61M | 34.85M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -4.18M | -12K | -5K | 0 | 0 |
| Other Financing | -407K | -230K | 51K | 24.4M | -1.26M | -1.86M | -459K |
| Net Change in Cash | -9.45M | -13.33M | -13.27M | -49.01M | -58.39M | 135.73M | 23.57M |
| Free Cash Flow | -80.18M | -79.34M | -55.67M | -50.69M | -57.13M | -17.03M | -13.82M |
| FCF Margin % | - | - | -22180.88% | -151.34% | -1158.55% | -850.55% | - |
| FCF Growth % | -31.61% | -42.5% | -9.84% | 11.27% | -235.49% | -23.17% | - |
| FCF per Share | -3.25 | -3.25 | -2.29 | -2.18 | -3.25 | -0.97 | -0.79 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.92x | 0.94x | 1.71x | 0.87x | 0.21x | 0.75x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 83K | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, Artiva's operating cash flow consistently tracks its net losses, with the 2026Q1 operating cash outflow of $20.9 million highlighting the company's ongoing inability to generate internal cash to support its intensive research and development activities.
The relationship between net income and operating cash flow remains tightly coupled, suggesting that the company's losses are primarily driven by cash-based operational expenses rather than non-cash accounting charges. Investors should monitor this tight correlation, as it indicates that any increase in clinical trial activity will directly and immediately translate into accelerated cash depletion.
Based on the provided quarterly data, Artiva's free cash flow trajectory remains deeply negative, with the company recording a $21.2 million outflow in 2026Q1, reflecting the structural necessity of external capital to sustain its clinical-stage pipeline in the absence of commercial revenue.
The consistent negative free cash flow trajectory underscores the company's status as a pure-play research entity that lacks the operational scale to achieve self-funding. This trend appears likely to continue until the company can demonstrate clinical efficacy sufficient to trigger milestone payments or secure a commercial partnership.
According to recent SEC filings, Artiva's working capital movements have been erratic, with a $6.4 million outflow in 2025Q4 followed by a $506,000 inflow in 2026Q1, illustrating the inherent unpredictability of cash management in a clinical-stage biotech environment.
These fluctuations in working capital suggest that the timing of clinical trial payments and vendor settlements can create significant quarterly noise in cash flow figures. Analysts should look past these short-term swings to focus on the underlying burn rate, which remains the primary determinant of the company's financial viability.
As indicated by the company's financial disclosures, stock-based compensation has consistently added back to the cash flow statement, with $1.6 million in non-cash charges recorded in 2025Q4, which effectively obscures the true magnitude of the company's underlying operational cash burn.
While stock-based compensation is a standard tool for talent retention in biotechnology, it serves to artificially improve the appearance of operating cash flow. Investors should adjust their models to exclude these non-cash add-backs to gain a more accurate understanding of the actual capital required to maintain the business.
Quick answers to the most common questions about buying ARTV stock.
Artiva Biotherapeutics, Inc. (ARTV) generated $-76.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Artiva Biotherapeutics, Inc. (ARTV) reported negative free cash flow of $79.3M in 2025, indicating capital requirements exceeded cash from operations.
Artiva Biotherapeutics, Inc. (ARTV) spent $2.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.