Free cash flow remains deeply negative at $32.3 million for 2025Q3, with an OCF/NI ratio of 1.02 confirming that net losses are directly translating into significant cash burn.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -119.73M | -81.21M | -68.44M | -43.53M | -30.15M | -32.48M | -26.57M | -23.46M | -26.84M | -32.86M | -29.79M | -20.41M | -16.37M | -15.58K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | -5367.2% | - | - | - | - | - |
| Operating CF Growth % | -165.81% | -18.65% | -57.23% | -44.38% | 7.18% | -22.27% | -13.23% | 12.56% | 18.33% | -10.29% | -45.96% | -24.72% | -104924.71% | - |
| Net Income | -124.03M | -94.26M | -72.89M | -51.83M | -194.91M | -37.3M | -26.29M | -25.87M | -27.36M | -36.06M | -32.63M | -21.88M | -18.12M | -15.67K |
| Depreciation & Amortization | -1.89M | 0 | 0 | 0 | 0 | 0 | 26K | 119K | 304K | 395K | 202K | 248K | 320K | 327 |
| Stock-Based Compensation | 11.59M | 13.04M | 6.31M | 4.55M | 3.36M | 1.39M | 1.51M | 1.77M | 2.01M | 2.16M | 1.66M | 897K | 343K | 196 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 23K | -303K | -4K | 96K | 0 | 0 | -343K | 0 |
| Other Non-Cash Items | 3.49M | -4.54M | 545K | 1.1M | 164.7M | 58K | 33K | 56K | 155K | 277K | 293K | 74K | 343K | -241 |
| Working Capital Changes | -8.89M | 4.54M | -2.41M | 2.65M | -3.31M | 3.37M | -1.87M | 762K | -1.93M | 274K | 684K | 253K | 1.09M | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -142K | 2.81M | 725K | -766K | -1.97M | 347K | -211K | 662K | -632K | 77K | 196K | 481K | -129K | 0 |
| Cash from Investing | 135.11M | -191.86M | 135.05M | -167.13M | -12.55M | 6.3M | -4.08M | -21.91M | 14.88M | -15.49M | -421K | -228K | -43K | -360 |
| Capital Expenditures | -590K | -325K | -25K | -91K | -21K | -33K | -12K | 18K | -57K | -459K | -421K | -228K | -43K | -360 |
| CapEx % of Revenue | 83.57% | - | - | - | - | - | - | - | 11.4% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 167.04K | 6.47M | -6.33K | 4.07K | -18K | 45.54M | 52K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -167.04K | 0 | 6.33K | -4.07K | 369K | 30K | 52K | 0 | 0 | 0 | 0 |
| Cash from Financing | 3K | 157.2M | 88.4M | 144.72M | 104.28M | 40.86M | 25.62M | 44.3M | 4.73M | 9.16M | 78.33M | 4.83M | 41.45M | 8.75K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.85M | -3.33M | -3.33M | 4.17M | 5M | 0 | 0 |
| Equity Issued (Net) | 3K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 4.79M | 420K | 84K | 23K | 31K | 54K | 4K | 23K | 503K | 84K | -166K | 27K | 0 |
| Net Change in Cash | 15.38M | -115.87M | 155M | -65.94M | 61.58M | 14.68M | -5.03M | -1.07M | -7.23M | -39.18M | 48.11M | -15.81M | 25.04M | -7.2K |
| Free Cash Flow | -120.32M | -81.54M | -68.47M | -43.62M | -30.17M | -32.52M | -26.58M | -23.45M | -26.89M | -33.32M | -30.21M | -20.64M | -16.41M | -15.94K |
| FCF Margin % | -17042.92% | - | - | - | - | - | - | - | -5378.6% | - | - | - | - | - |
| FCF Growth % | -27.42% | -19.08% | -56.95% | -44.58% | 7.21% | -22.34% | -13.37% | 12.81% | 19.28% | -10.27% | -46.39% | -25.78% | -102822.91% | - |
| FCF per Share | -2.07 | -1.45 | -2.27 | -2.98 | -3.38 | -10.63 | -14.24 | -27.83 | -74.42 | -123.17 | -225.42 | -142.91 | -113.62 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.86x | 0.94x | 0.84x | 0.15x | 0.87x | 1.01x | 0.91x | 0.98x | 0.91x | 0.91x | 0.93x | 0.90x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single-asset clinical dependency
Based on reported financial statements, ATXS exhibits a high correlation between net losses and operating cash outflows, with the OCF/NI ratio hovering near 1.02 in 2025Q3, indicating that the company's reported losses are almost entirely representative of actual cash being consumed by ongoing clinical development activities.
The tight alignment between net income and operating cash flow suggests that there are minimal non-cash adjustments or accruals masking the true burn rate. This implies that the company's financial reporting is transparent regarding its cash-intensive nature, leaving little room for investors to interpret the losses as anything other than direct operational depletion.
As indicated by recent quarterly data, ATXS continues to experience a deepening free cash flow deficit, which reached $32.3 million in 2025Q3, reflecting the company's ongoing reliance on external financing to sustain its research-heavy business model in the absence of any meaningful commercial revenue streams.
The consistent negative trajectory of free cash flow underscores the company's status as a pre-revenue entity that is entirely dependent on capital markets. Investors should monitor whether the current cash burn rate accelerates as the firm moves toward more expensive late-stage clinical trials, which may necessitate further dilutive financing.
According to historical cash flow filings, working capital changes have been inconsistent, with a $4.6 million outflow in 2025Q3 following a $5.9 million inflow in 2024Q4, suggesting that the company's cash position is subject to lumpy, unpredictable fluctuations driven by the timing of clinical trial vendor payments.
These fluctuations in working capital appear to be a byproduct of the project-based nature of biotech R&D rather than operational efficiency. The lack of a stable working capital cycle suggests that cash management is secondary to the immediate requirements of clinical trial execution, which may lead to unexpected liquidity crunches.
Based on the provided financial data, stock-based compensation has consistently added back to the company's cash flow statements, reaching $4.4 million in 2025Q2, which effectively obscures the true economic cost of talent retention while providing a temporary, non-cash buffer to the reported net loss figures.
While stock-based compensation is a standard practice in the biotechnology sector, its role in the cash flow statement warrants careful scrutiny as it represents a dilution of shareholder equity that is not captured in the headline cash burn. Investors should adjust their valuation models to account for this ongoing dilution, as it effectively shifts the burden of funding operations from cash to equity holders.
Quick answers to the most common questions about buying ATXS stock.
Astria Therapeutics, Inc. (ATXS) generated $-81.2M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Astria Therapeutics, Inc. (ATXS) reported negative free cash flow of $81.5M in 2024, indicating capital requirements exceeded cash from operations.
Astria Therapeutics, Inc. (ATXS) spent $0.3M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.