Free cash flow remains consistently negative, with quarterly outflows peaking at $9.9 million in 2025Q1, highlighting a critical dependency on external capital infusions.
| Cash from Operations | -20.25M | -24.59M | -28.47M | -16.02M | -18.53M | -3.63M | -3.43M | -3.1M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 126.64% | 13.65% | -77.76% | 13.57% | -410.41% | -5.77% | -10.81% | - |
| Net Income | -15.01M | -23.49M | -33.97M | -25.79M | -21.4M | -11.72M | -7.84M | -4.84M |
| Depreciation & Amortization | 251K | 228K | 266K | 252K | 235K | 93K | 98K | 81K |
| Stock-Based Compensation | 1.47M | 2.09M | 3.75M | 4.35M | 3.57M | 5.18M | 475K | 361 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 238K |
| Other Non-Cash Items | -971K | 41K | 195K | 318K | 0 | -33K | 766K | 854.64K |
| Working Capital Changes | -1.43M | -3.46M | 1.29M | 4.85M | -943K | 2.84M | 3.07M | 570K |
| Change in Receivables | -5.14M | -7.24M | -1.41M | 2.39M | -1.41M | -1.11M | 3M | -1.12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M |
| Change in Payables | -3.98M | 3.51M | 0 | 0 | -1.09M | 2.17M | -364K | 862K |
| Cash from Investing | 9K | 9K | -4K | -147K | -171K | -27K | -10K | -144K |
| Capital Expenditures | 0 | 0 | -4K | -147K | -171K | -27K | -10K | -144K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 9K | 9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 35.04M | 36.57M | 23.57M | 4.52M | 5.55M | 53.2M | 5.76M | 2.79M |
| Debt Issued (Net) | -235K | -353K | -739K | -811K | -1.4M | -268K | 5.72M | 2.83M |
| Equity Issued (Net) | 35.63M | 37.09M | 24.35M | 5.33M | 5.32M | 44.22M | 47K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -351K | -164K | -46K | 0 | 1.62M | 9.25M | 0 | -34K |
| Net Change in Cash | 14.8M | 11.99M | -4.91M | -11.64M | -13.16M | 49.53M | 2.3M | -508K |
| Free Cash Flow | -20.25M | -24.59M | -28.48M | -16.16M | -18.7M | -3.66M | -3.44M | -3.24M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 34.9% | 13.66% | -76.17% | 13.57% | -411.32% | -6.24% | -6.2% | - |
| FCF per Share | -0.23 | -0.34 | -0.72 | -0.54 | -0.65 | -0.16 | -0.16 | -0.15 |
| FCF Conversion (FCF/Net Income) | 1.35x | 1.05x | 0.84x | 0.62x | -24.48x | 0.31x | 0.34x | 0.45x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, CGTX exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 1.16 in 2025Q1, which suggests that non-cash expenses and working capital timing heavily influence the company's reported bottom-line performance metrics.
The lack of a consistent relationship between net income and operating cash flow highlights the difficulty in assessing the company's true economic burn rate. Investors should monitor these fluctuations as they likely reflect the timing of grant-related reimbursements rather than underlying operational efficiency.
Based on the provided financial data, CGTX's free cash flow remains consistently negative, with quarterly outflows peaking at $9.9 million in 2025Q1, indicating that the company's clinical development programs are entirely reliant on external capital infusions to sustain ongoing research and development activities.
The trajectory of free cash flow underscores the company's status as a pre-revenue entity where cash burn is the primary operational metric. Without a commercial product, the negative FCF trend is expected to continue until clinical milestones are met or a strategic partnership is secured.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $2.1 million inflow in 2024Q3 to a $2.0 million outflow in 2025Q1, which suggests that the timing of vendor payments and grant receivables creates significant quarterly liquidity noise.
This volatility in working capital suggests that the company's cash position is sensitive to the administrative timing of clinical trial expenses. Analysts should look past these quarterly swings to focus on the underlying trend in R&D spending relative to available cash reserves.
As indicated by the historical cash flow statements, stock-based compensation has consistently added back to cash flow, with figures reaching $1.2 million in 2024Q1, which effectively obscures the true magnitude of the company's cash-based operational expenses during periods of high clinical trial activity.
While stock-based compensation is a non-cash expense, its prevalence suggests that the company relies on equity-based incentives to preserve cash. Investors should adjust the reported burn rate to account for these non-cash add-backs to better understand the actual depletion of liquid assets.
Quick answers to the most common questions about buying CGTX stock.
Cognition Therapeutics, Inc. (CGTX) generated $-24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cognition Therapeutics, Inc. (CGTX) reported negative free cash flow of $24.6M in 2025, indicating capital requirements exceeded cash from operations.
Cognition Therapeutics, Inc. (CGTX) 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.