Cash flow management is highly questionable, evidenced by a $2.5 billion operating cash outflow in 2026Q1 that bears no logical correlation to the reported $3.9 million net loss.
| Cash from Operations | -2.49B | -11.22M | -10.18M | -7.36M | -8.35M | -8.07M |
| Operating CF Margin % | - | - | -135.78% | -1073.23% | -2939.95% | -7333.96% |
| Operating CF Growth % | -80592.18% | -10.22% | -38.32% | 11.82% | -3.5% | - |
| Net Income | -11.81M | -10.96M | -8.97M | -11.28M | -10.68M | -8.94M |
| Depreciation & Amortization | 116.99M | 453.14K | 448.24K | 425.55K | 405.98K | 84.77K |
| Stock-Based Compensation | 6.18M | 62.74K | 245.05K | 151.5K | 184.47K | 306.06K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.33B | 12.58K | -1.47M | 4.1M | 1.43M | -164.86K |
| Working Capital Changes | 54.13K | -797.23K | -441.72K | -753.43K | 310.76K | 646.35K |
| Change in Receivables | -57.7K | -39.4K | 133.15K | 42.73K | 66.67K | 194.17K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 595.19K | 0 | -140.53K | -68.68K | 420.75K | 282.98K |
| Cash from Investing | -37.3M | -182.91K | -379.25K | -318.26K | -336.76K | -652.27K |
| Capital Expenditures | -15.01M | -24.21K | -8.57K | -26.54K | -33.1K | -446.14K |
| CapEx % of Revenue | - | - | 0.11% | 3.87% | 11.66% | 405.58% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -22.29M | -158.7K | -370.68K | -291.71K | -303.66K | -206.14K |
| Cash from Financing | 10.5B | 8.92M | 13.32M | 5.98M | 4.13M | 992.86K |
| Debt Issued (Net) | -114.97K | -16.06K | -14.6K | -7.39K | 4.35M | 984.39K |
| Equity Issued (Net) | 17.88M | 9.03M | 13.35M | 5.99M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 10.49B | -96.86K | -18.38K | 0 | -215.38K | 8.47K |
| Net Change in Cash | 7.98B | -2.49M | 2.76M | -1.7M | -4.55M | -7.73M |
| Free Cash Flow | -2.5B | -11.41M | -10.56M | -7.68M | -8.69M | -8.72M |
| FCF Margin % | - | - | -140.84% | -1119.63% | -3060.03% | -7926.94% |
| FCF Growth % | -23582.41% | -8.02% | -37.53% | 11.62% | 0.33% | - |
| FCF per Share | -161.14 | -2.34 | -18.61 | -222.53 | -143.66 | -144.14 |
| FCF Conversion (FCF/Net Income) | 211.65x | 1.02x | 1.14x | 0.65x | 0.78x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, the relationship between net income and operating cash flow is severely distorted, highlighted by a 2026Q1 operating cash outflow of $2.5 billion that bears no logical correlation to the reported net loss of $3.9 million for the same period.
The extreme divergence between net income and operating cash flow suggests that standard accrual accounting metrics are currently failing to capture the underlying economic reality of the firm. Investors should monitor whether these figures represent genuine operational cash requirements or significant data reporting anomalies that mask the company's true burn rate.
Based on Azitra's reported figures, the company has maintained a consistent trajectory of negative free cash flow, with quarterly outflows frequently exceeding $2 million, confirming that the firm remains entirely dependent on external capital to sustain its ongoing research and development activities.
The lack of positive free cash flow is expected for a pre-revenue biotechnology firm, yet the absence of any narrowing in these deficits suggests that the company has not yet achieved operational efficiency. This trend implies that the firm will likely require continued dilutive financing to reach critical clinical milestones.
According to recent SEC filings, Azitra's capital expenditure patterns are erratic, with a massive $14.9 million outflow in 2026Q1 that contrasts sharply with the negligible spending observed in prior quarters, suggesting a potential shift toward intensive infrastructure investment or significant reporting errors.
Such lumpy capital allocation warrants further investigation, as it is unclear whether these expenditures represent necessary investments in GMP manufacturing capabilities or one-time costs associated with clinical trial infrastructure. The lack of consistent capital intensity makes it difficult to forecast the company's long-term asset replacement needs.
As indicated by the provided data, working capital changes have fluctuated between inflows and outflows, with a notable $701.4K inflow in 2026Q1 that appears inconsistent with the company's broader cash burn profile and lack of commercial revenue generation.
These erratic movements in working capital suggest that the firm's cash management is highly sensitive to timing differences in vendor payments and research-related accruals. Without a stable revenue base, these fluctuations may indicate underlying volatility in the company's ability to manage its short-term liabilities effectively.
Based on the provided financial data, the reported $2.5 billion cash outflow in 2026Q1 appears to be a significant outlier that contradicts the company's micro-cap status, suggesting that the cash flow statement may be obscuring the firm's actual liquidity position and operational runway.
The presence of such anomalous figures makes it impossible to perform a reliable assessment of the company's true cash position or its ability to fund future clinical trials. Analysts should treat these reported figures with extreme skepticism until the company provides audited reconciliations that clarify these discrepancies.
Quick answers to the most common questions about buying AZTR stock.
Azitra, Inc. (AZTR) generated $-11.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Azitra, Inc. (AZTR) reported negative free cash flow of $11.4M in 2025, indicating capital requirements exceeded cash from operations.
Azitra, Inc. (AZTR) 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.