Liquidity is under severe strain, evidenced by a persistent negative free cash flow that saw outflows of $20.9 million in 2026Q1 and an OCF/NI ratio as low as 0.23 in 2025Q4.
Athira Pharma, Inc. (ATHA) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -61.93M | -45.73M | -97.17M | -100.75M | -72.47M | -43.1M | -24.11M | -3.71M | -4.48M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -79.67% | 52.94% | 3.56% | -39.03% | -68.15% | -78.73% | -549.42% | 17.18% | - |
| Net Income | -141.46M | -105.61M | -96.94M | -117.67M | -95.64M | -54.85M | -19.95M | -5.16M | -5.1M |
| Depreciation & Amortization | 454K | 643K | 455K | 969K | 845K | 479K | 251K | 0 | 0 |
| Stock-Based Compensation | 6.71M | 6.1M | 11.05M | 10.62M | 10.61M | 4.62M | 633K | 253K | 196K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -251K | 0 | 0 |
| Other Non-Cash Items | 81.29M | 53.13M | 248K | -1.2M | -219K | 648K | 1.65M | 517K | 173K |
| Working Capital Changes | -8.92M | 0 | -11.98M | 6.53M | 11.94M | 6M | -6.45M | 678K | 245K |
| Change in Receivables | 0 | 0 | 1.63M | -401K | 1.11M | -1.04M | -1.3K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 1.3K | 0 | 0 |
| Change in Payables | -13.39M | -21.34M | -5.75M | 7.37M | 2.1M | 5.15M | 2.6M | 701K | 291K |
| Cash from Investing | -8.19M | -15.89M | 54.83M | 95.09M | 57.66M | -4.08M | -210.07M | 1.51M | 2.01M |
| Capital Expenditures | 0 | 0 | -33K | -304K | -1.14M | -1.57M | -2.32M | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 36K | 6K | 7K |
| Cash from Financing | 82.55M | 82.46M | 194K | 493K | 654K | 97.09M | 292.75M | 946K | 1.46M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 1.66M | 874K | 1.27M |
| Equity Issued (Net) | 0 | 0 | 194K | 493K | 654K | 96.76M | 290.44M | 72K | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 90K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 82.55M | 82.46M | 0 | 0 | 0 | 327K | 643K | 0 | 98K |
| Net Change in Cash | 12.44M | 20.84M | -42.15M | -5.17M | -14.15M | 49.91M | 58.57M | -1.26M | -1.01M |
| Free Cash Flow | -61.93M | -45.73M | -97.2M | -101.06M | -73.61M | -44.67M | -26.43M | -3.71M | -4.48M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 12.41% | 52.96% | 3.81% | -37.29% | -64.78% | -69% | -611.9% | 17.18% | - |
| FCF per Share | -2.61 | -10.69 | -25.26 | -26.58 | -19.51 | -12.10 | -8.14 | -1.14 | -1.37 |
| FCF Conversion (FCF/Net Income) | 0.44x | 0.43x | 1.00x | 0.86x | 0.76x | 0.79x | 1.21x | 0.72x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ATHA stock.
Athira Pharma, Inc. (ATHA) generated $-45.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Athira Pharma, Inc. (ATHA) reported negative free cash flow of $45.7M in 2025, indicating capital requirements exceeded cash from operations.
Athira Pharma, Inc. (ATHA) 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.
Key Metrics
Top Statement Risk
Binary Clinical Trial Outcome
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Burn
As reported in financial statements, Athira's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, reaching a low of 0.23 in 2025Q4, which suggests that non-cash adjustments and accruals are masking the true intensity of the firm's ongoing cash consumption.
The divergence between net loss and operating cash flow indicates that accounting losses are not fully capturing the immediate liquidity requirements of the LIFT-AD trial. Investors should monitor this gap, as it suggests that the company's cash burn is driven by operational realities that exceed the headline net loss figures.
Persistent Free Cash Flow Deficit
Based on Athira's reported figures, the company maintains a persistent negative free cash flow trajectory, with quarterly outflows reaching $26.3 million in 2023Q4, underscoring a reliance on external financing to sustain operations in the absence of any commercial revenue or meaningful product-based cash inflows.
The lack of a positive FCF trend confirms the company's status as a pure-play research entity with no self-sustaining operational capacity. This trajectory implies that the firm remains entirely dependent on capital market access, leaving shareholders exposed to significant dilution risk until clinical milestones are achieved.
Lumpy Working Capital Management Trends
According to recent SEC filings, Athira's working capital changes have been highly volatile, including a significant $13.5 million outflow in 2024Q4, which suggests that the timing of payments to clinical research organizations and trial vendors creates lumpy, unpredictable cash requirements for the business.
This volatility in working capital appears to reflect the episodic nature of clinical trial site payments rather than operational efficiency. Analysts should interpret these swings as a function of trial progress milestones, which may cause temporary liquidity pressure that does not necessarily signal a change in long-term strategy.
Stock-Based Compensation Masks Burn
As indicated by the company's quarterly financial statements, stock-based compensation remains a consistent feature of the cost structure, with grants peaking at $3.2 million in 2024Q2, effectively obscuring the true cash-burn rate required to retain specialized scientific talent during this critical late-stage development phase.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not captured in the operating cash flow statement. The reliance on equity-based incentives suggests that management is attempting to preserve cash for clinical trials, though this comes at the expense of existing equity holders.