Compugen Ltd. (CGEN) Cash Flow Statement

The 7.45x ratio reads as a meaningful quality-of-earnings shortfall: cash outflow exceeded the accounting loss by roughly $20M, which may reflect working capital swings, prepaid R&D, or other accrual movements not visible on the loss line. Because nine subsequent quarters report no operating cash flow, investors cannot determine whether this disconnect persisted through the Q4 2025 profit quarter, leaving the conversion profile effectively unassessed for the current period.

With FCF confined to one data point, no defensible margin trend or growth comparison can be constructed against the reported net income path. The absence of cash figures spanning the Q4 2025 revenue spike means the cash durability of that event is untested, so the earnings trajectory and any inferred cash trajectory should be treated as decoupled until filings populate the gap.

Capex modestly exceeding D&A suggests the existing asset base is being replaced roughly in line with consumption, but both magnitudes are so small that capital intensity is effectively negligible next to the $6-8M quarterly R&D spend identified elsewhere in the dataset. This profile implies cash preservation for Compugen hinges almost entirely on operating expense discipline rather than investment decisions, which concentrates the burden on pipeline spending choices.

Returning capital while generating negative operating cash flow suggests the company drew on existing balances or external funding to repurchase shares, a choice that may have prioritized shareholder return over pipeline runway. Since no repurchase, dividend, or acquisition activity is disclosed in any later quarter, this single data point offers limited evidence on whether capital allocation priorities shifted after the Q4 2025 cash event.

The one observable operating cash outflow already exceeds the cumulative accounting loss across all ten periods, suggesting reported results may not capture the full cash cost of sustaining the business. Because operating cash flow is unavailable for the $56.8M Q4 2025 profit quarter, the divergence between that reported gain and actual cash realization cannot be quantified, which is arguably the most consequential gap in this dataset.