Liquidity has improved with a cash position of $82.7M in 2026Q1, yet free cash flow remains erratic, oscillating from a 16.0% margin in 2024Q4 to -2.0% in 2026Q1.
| Metric | TTM | Dec'25 | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 15.56M | 812K | 4.54M | -5.72M | -16.07M | -13.4M | -9.63M | -19.87M | -17.86M | -9.24M | -11.2M | -13.05M | -10.45M | -10.44M | -8.66M | -7.08M | -2.43M | 15.44M | -470.16K | -466.95K | -28.79K | -709.62K | 878.84K | -27.3K | -755.02K | -2.92M | -1.27M | -200K | 1.5M | 100K | 200K |
| Operating CF Margin % | - | 0.36% | 2.42% | -3.59% | -11.59% | -10.53% | -8.57% | -18.62% | -21.28% | -15.29% | -27.26% | -47.75% | -62.14% | -95.41% | -112.61% | -145.98% | -2661.97% | 61.99% | -646.62% | -464.94% | -22.73% | -160.06% | 82.52% | -0.38% | -11.02% | -18.35% | -8.71% | -1.63% | 11.63% | 0.81% | 1.53% |
| Operating CF Growth % | 114.87% | -82.09% | 179.34% | 64.42% | -19.85% | -39.26% | 51.56% | -11.25% | -93.36% | 17.55% | 14.15% | -24.89% | -0.06% | -20.58% | -22.35% | -191.37% | -115.73% | 3384.37% | -0.69% | -1521.74% | 95.94% | -180.74% | 3319.19% | 96.38% | 74.17% | -129.83% | -535.93% | -113.33% | 1400% | -50% | 100% |
| Net Income | -31.45M | -15.7M | -9.96M | -21.72M | -28.95M | -26.98M | -23.79M | -29.14M | -22.4M | -10.45M | -14.41M | -13.36M | -17.71M | -14.56M | -9.42M | -9.22M | -1.32M | 15.05M | -1.04M | -748.98K | -367.18K | -530.61K | -123.15K | -1.28M | -2.6M | 1.34M | -2.86M | -1.7M | -400K | -2.3M | -600K |
| Depreciation & Amortization | 8.56M | 8.19M | 7.84M | 5.55M | 4.85M | 4.74M | 3.46M | 2.88M | 851K | 566.6K | 436.49K | 248.97K | 198.89K | 138.33K | 314.83K | 340.68K | 19.77K | 23.01K | 23.12K | 22.27K | 25.46K | 20.04K | 212.28K | 523.27K | 625.14K | 521.28K | 908.02K | 900K | 800K | 1M | 1.1M |
| Stock-Based Compensation | 34.05M | 30.11M | 15.91M | 14.42M | 15.59M | 10.92M | 8.47M | 10.3M | 7.61M | 3.61M | 1.39M | 1.32M | 956.45K | 671.89K | 495.08K | 250.04K | 245.26K | 0 | 455.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.37M | 2.21M | 0 | 4.38M | 223.32K | 830.07K | 125.37K | 936.67K | 68.04K | 447.48K | 10.47M | -586K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 157K | 0 | 0 | 0 | -100K |
| Other Non-Cash Items | 18.46M | 2.83M | 797K | 415K | 2M | 831K | 232K | 1.53M | 81K | 246.56K | 2.05M | 589.56K | 5.28M | 3.96M | 1.3M | -9.21M | 0 | -130K | 0 | 332.93K | 31.65K | 86.78K | 2.04M | 52.38K | 27.11K | -4.39M | 730K | -100K | 100K | 2.3M | 0 |
| Working Capital Changes | -14.05M | -24.62M | -10.04M | -4.39M | -9.56M | -6.28M | -209K | -5.45M | -8.38M | -3.44M | -1.5M | -1.98M | -114.13K | -728.44K | -1.8M | 294.19K | -792.39K | 454.6K | 92.34K | -73.17K | 281.28K | -285.83K | -1.25M | 678.82K | 1.2M | -400.38K | -207.61K | 700K | 1M | -900K | -200K |
| Change in Receivables | -2.11M | -2.46M | 392K | -2.69M | -4.64M | -499K | -635K | -2.14M | -5.11M | -3.24M | -3.35M | -2.04M | -1.01M | -902.23K | -252.44K | -368.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -10.57M | -9.19M | -10.16M | -6.05M | -3.66M | -7.48M | -910K | -3.77M | -6.01M | -1.86M | -1.52M | -720.34K | 184.82K | -247.33K | -1.39M | 142.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -82.68K | 516.75K | -177.65K | -336.16K | -300K | 900K | -600K | -300K |
| Change in Payables | 1.35M | -7.16M | 125K | 6.51M | 660K | -270K | 4.96M | 2.92M | 3.71M | 1.93M | 3.44M | 1.12M | 498.29K | 430.58K | -105.35K | 0 | -22.35K | 58.5K | 12.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -22.62M | -5.32M | -10.3M | 19.25M | -3.2M | -23.65M | -16.96M | 27.27M | -98.19M | -1.29M | -1.19M | -555.52K | -594.05K | -243.97K | -127.28K | 7.11M | -2M | -8.68K | -29.91K | 0 | 0 | -60K | 862.68K | 773.09K | -102.07K | 6.16M | -563K | -500K | 100K | -300K | -600K |
| Capital Expenditures | -6.28M | -3.75M | 0 | -13.87M | -21.25M | -28.4M | -22.6M | -4.66M | -6.6M | -1.29M | -1.19M | -555.52K | -594.05K | -243.97K | -127.28K | -89.47K | -40.7K | -8.68K | -29.91K | 0 | 0 | 0 | -74.55K | -22K | -21.07K | -371.91K | -424.45K | -400K | -400K | -200K | -400K |
| CapEx % of Revenue | 2.64% | 1.66% | 2.41% | 8.72% | 15.34% | 22.3% | 20.12% | 4.37% | 7.87% | 2.14% | 2.89% | 2.03% | 3.53% | 2.23% | 1.65% | 1.84% | 44.59% | 0.03% | 41.14% | - | - | - | 7% | 0.3% | 0.31% | 2.33% | 2.91% | 3.25% | 3.1% | 1.63% | 3.05% |
| Acquisitions | 0 | 0 | 0 | 0 | 3.2M | -589K | 692K | 0 | 321K | 0 | 0 | 0 | 0 | 0 | 0 | 7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.62M | -1.85M | -10.3M | -1.05M | -3.2M | 1.54M | -692K | -562K | -321K | -187K | -226K | -146.74K | -52K | -65.19K | -78.83K | 0 | 0 | 0 | 0 | 0 | 0 | -60K | 937.23K | 795.1K | -81K | 6.53M | -138.55K | -100K | -100K | -100K | -200K |
| Cash from Financing | 67.62M | 10.5M | 2.29M | 1.95M | 1.79M | 20.45M | 40.47M | 4.03M | 109.84M | 17.02M | 16.5M | 31.3M | -808.85K | 16.85M | 14.51M | 6.36M | -4.26M | 0 | 0 | 18.09K | 0 | -159.12K | 13.96K | -933.54K | 103.48K | 34.73K | 913.01K | -500K | -100K | 0 | 300K |
| Debt Issued (Net) | -69.79M | -32K | -10K | -10K | -12K | 14.98M | 34.99M | 29K | -22.51M | -21K | -3.25M | 0 | -1.75M | 0 | 15.8M | 5.77M | 0 | 0 | 0 | 0 | 0 | -2.52K | -12.57K | -936.73K | 101.2K | 0 | 7K | 859.42K | 0 | 0 | 0 |
| Equity Issued (Net) | 143.23M | 10.53M | 2.3M | 1.96M | 1.81M | 5.47M | 3.5M | 0 | 0 | 15.89M | 19.75M | 30.97M | 1.63M | 16.78M | 0 | 1M | 39K | 0 | 0 | 18.09K | 0 | 6.45K | 8.75K | 3.19K | 2.27K | 0 | 28K | 53.59K | -500K | -200K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.3M | 0 | 0 | 0 | 0 | -246.82K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K | -200K | -200K |
| Other Financing | -5.82M | 0 | 0 | 0 | 0 | 0 | 1.99M | 4M | 132.35M | 1.15M | 0 | 332.66K | -684.6K | 73.33K | -1.29M | -408.29K | 0 | 0 | 0 | 0 | 0 | 83.78K | 17.78K | 0 | 0 | 34.73K | 878.01K | 0 | 0 | 100K | 0 |
| Net Change in Cash | 60.56M | 5.99M | -3.47M | 15.49M | -17.47M | -16.6M | 13.88M | 11.43M | -6.21M | 6.49M | 4.1M | 17.69M | -11.85M | 6.16M | 5.72M | 6.39M | -8.69M | 15.43M | -500.08K | -448.86K | -28.79K | -928.74K | 1.76M | -187.74K | -753.62K | 3.28M | -921.85K | -1.2M | 1.5M | -200K | -100K |
| Free Cash Flow | 8.93M | -2.93M | 11K | -20.63M | -37.32M | -41.8M | -32.22M | -25.1M | -24.46M | -10.53M | -12.39M | -13.61M | -11.05M | -10.69M | -8.79M | -7.17M | -2.47M | 15.43M | -500.08K | -466.95K | -28.79K | -709.62K | 804.29K | -49.3K | -776.09K | -3.3M | -1.7M | -600K | 1.1M | -100K | -200K |
| FCF Margin % | 3.75% | -1.3% | 0.01% | -12.98% | -26.93% | -32.82% | -28.69% | -23.52% | -29.15% | -17.43% | -30.15% | -49.79% | -65.68% | -97.64% | -114.27% | -147.83% | -2706.56% | 61.95% | -687.76% | -464.94% | -22.73% | -160.06% | 75.52% | -0.68% | -11.33% | -20.69% | -11.62% | -4.88% | 8.53% | -0.81% | -1.53% |
| FCF Growth % | 4781.42% | -26763.64% | 100.05% | 44.71% | 10.73% | -29.74% | -28.39% | -2.59% | -132.34% | 15.04% | 8.92% | -23.2% | -3.33% | -21.61% | -22.6% | -190.19% | -116.01% | 3186.18% | -7.09% | -1521.74% | 95.94% | -188.23% | 1731.38% | 93.65% | 76.45% | -94.25% | -182.72% | -154.55% | 1200% | 50% | 85.71% |
| FCF per Share | 0.17 | -0.06 | 0.00 | -0.48 | -0.89 | -1.01 | -0.81 | -0.64 | -0.66 | -0.32 | -0.40 | -0.52 | -0.62 | -0.79 | -0.79 | -1.94 | -0.57 | 3.58 | -0.12 | -0.11 | -0.01 | -0.17 | 0.20 | -0.01 | -0.20 | -0.84 | -0.44 | -0.15 | 0.27 | -0.03 | -0.05 |
| FCF Conversion (FCF/Net Income) | -0.28x | -0.05x | -0.46x | 0.26x | 0.55x | 0.50x | 0.40x | 0.68x | 0.80x | 0.88x | 0.78x | 0.98x | 0.59x | 0.72x | 0.92x | 0.77x | 1.85x | 1.03x | 0.45x | 0.62x | 0.08x | 1.34x | 0.38x | 0.02x | 0.29x | -2.18x | 0.44x | 0.12x | -3.75x | -0.04x | -0.33x |
| Interest Paid | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BLA regulatory approval timeline
According to reported financial data, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios swinging from -0.08 in 2026Q1 to 19.41 in 2024Q4, suggesting that GAAP earnings are currently poor indicators of the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow appears driven by heavy non-cash charges and working capital fluctuations. Investors should monitor whether this volatility persists as the company attempts to stabilize its manufacturing output at the new Alachua facility.
As reported in quarterly filings, AXGN's free cash flow trajectory is erratic, oscillating between a peak margin of 16.0% in 2024Q4 and a low of -32.9% in 2024Q1, indicating that the business has yet to achieve a self-sustaining cash flow profile.
The inability to maintain positive FCF suggests that the company's growth strategy remains heavily reliant on external capital or cash reserves. This pattern warrants further investigation into whether the current cost structure can support long-term profitability without continued cash burn.
Based on recent SEC filings, AXGN's capital expenditure as a percentage of revenue has fluctuated between 0.5% and 4.5%, reflecting the lumpy nature of investments required to transition to the new centralized processing facility in Alachua, Florida.
While current capex levels appear manageable, the investment cycle is clearly tied to operational scaling rather than routine maintenance. Analysts should interpret these figures as a commitment to long-term capacity, though the immediate impact on cash flow remains a drag.
Data from financial statements reveals significant working capital swings, including a $14.7M outflow in 2025Q1, which suggests that inventory management and collection cycles are currently creating substantial, unpredictable pressure on the company's quarterly operating cash flow.
These fluctuations may indicate challenges in aligning tissue procurement and processing with actual surgical demand. Investors should monitor whether these working capital dynamics normalize as the company gains experience with its new manufacturing footprint.
As reported in recent filings, stock-based compensation reached $16.6M in 2025Q4, a figure that significantly exceeds net income and suggests that the company's reported cash flow metrics may be artificially supported by non-cash equity-based incentives.
The reliance on SBC as a primary tool for talent retention effectively shifts the cost of growth from cash to dilution. This practice appears to mask the true economic cost of operations, making it difficult to assess the company's underlying path to cash-flow neutrality.
Quick answers to the most common questions about buying AXGN stock.
AxoGen, Inc. (AXGN) generated $0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AxoGen, Inc. (AXGN) reported negative free cash flow of $2.9M in 2025, indicating capital requirements exceeded cash from operations.
AxoGen, Inc. (AXGN) spent $3.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.