Free cash flow remains deeply negative, with the company burning $3.1M in 2026Q1, reflecting a persistent disconnect between commercial revenue and operational expenditures.
| 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 |
|---|
| Cash from Operations | -11.58M | -9.42M | -14.09M | -2.76M | -13.7M | 2.5M | -4.45M | -5.7M | -1.22M | -4.97M | -5.02M | -3.72M | -3.33M | -3.82M | -3.86M |
| Operating CF Margin % | - | -397.26% | -2736.5% | -25.21% | -4581.27% | 15.99% | -72.53% | -246.03% | -25.42% | -1034.76% | -6618.46% | - | - | - | - |
| Operating CF Growth % | -99.49% | 33.17% | -410.06% | 79.83% | -647.7% | 156.19% | 21.95% | -368.61% | 75.49% | 1.16% | -35.04% | -11.87% | 12.92% | 1.18% | - |
| Net Income | -13.13M | -11.49M | -16.61M | -7.02M | -16.93M | 237K | -5.77M | -11.16M | -6.25M | -6.05M | -7.24M | -4.79M | -3.34M | -4.75M | -4.6M |
| Depreciation & Amortization | 878K | 912K | 1.04M | 1.1M | 1.08M | 773K | 660K | 539K | 342K | 230K | 224.25K | 202.23K | 205.84K | 274.25K | 327.02K |
| Stock-Based Compensation | 818K | 0 | 1.72M | 1.94M | 2.17M | 1.62M | 1.67M | 1.13M | 1.43M | 956K | 927.12K | 1.05M | 52.61K | 133.23K | 489.86K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -567.83K | 904K | 21K | 216K | 588K | -284K | -870K | 2.39M | 4.03M | -502K | 691.19K | 192.22K | -207.63K | 132.66K | 409.78K |
| Working Capital Changes | 429.82K | 254K | -262K | 1M | -611K | 155K | -141K | 1.41M | -773K | 401K | 372.98K | -375.98K | -34.13K | 390.18K | -42.05K |
| Change in Receivables | 92.75K | 359K | -150K | 9K | 261K | 560K | -751K | 437K | -439K | -38K | -141.2K | -434.49K | 46.2K | 375.19K | -42.05K |
| Change in Inventory | -4.39K | -129K | 280K | 749K | -312K | 181K | -374K | -74K | -653K | -59K | -126.4K | 0 | 0 | 0 | 0 |
| Change in Payables | 12.74K | -260K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -26.09K | -27K | -539K | -1.16M | 28.92M | -31.56M | -519K | -1.46M | -832K | -127K | -127.7K | -356.47K | -101.89K | -114.49K | -147.84K |
| Capital Expenditures | -26.1K | -28K | -483K | -954K | -1.27M | -1.43M | -437K | -1.49M | -832K | -127K | -127.7K | -356.47K | -86.23K | -136.69K | -116.24K |
| CapEx % of Revenue | 6.71% | 1.18% | 93.79% | 8.71% | 426.09% | 9.13% | 7.12% | 64.32% | 17.38% | 26.46% | 168.22% | - | - | - | - |
| Acquisitions | 15 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -56K | -202K | 30.2M | -30.13M | -82K | 30K | 0 | 0 | 0 | 0 | -15.65K | 22.2K | -31.6K |
| Cash from Financing | 4.87M | 3.1M | 9K | 1.11M | 1.87M | 38.76M | 4.46M | 5.41M | 2.75M | 9.11M | 4.8M | 2.58M | 11.55K | 7.9M | 3.48M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -24K | -20K | 46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 5.01M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 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 | 0 |
| Other Financing | -141.58K | 0 | 9K | 1.11M | 1.87M | 38.76M | 4.49M | 5.43M | 2.71M | 9.11M | 4.8M | 2.58M | 11.55K | 7.9M | 3.48M |
| Net Change in Cash | -6.39M | -6.21M | -14.77M | -3.19M | 16.49M | 9.85M | -445K | -1.69M | 379K | 4.3M | -379.04K | -1.47M | 2.84M | 6.86M | 2.76M |
| Free Cash Flow | -11.6M | -9.45M | -14.58M | -3.72M | -14.97M | 1.07M | -4.89M | -7.19M | -2.05M | -5.09M | -5.15M | -4.08M | -3.41M | -3.96M | -3.98M |
| FCF Margin % | -2982.55% | -398.44% | -2830.29% | -33.92% | -5007.36% | 6.86% | -79.65% | -310.35% | -42.79% | -1061.23% | -6786.68% | - | - | - | - |
| FCF Growth % | 6.56% | 35.19% | -292.14% | 75.17% | -1495.34% | 121.95% | 32.05% | -251.1% | 59.77% | 1.14% | -26.36% | -19.49% | 13.75% | 0.63% | - |
| FCF per Share | -0.84 | -0.77 | -1.27 | -0.33 | -1.36 | 0.09 | -0.71 | -1.44 | -0.47 | -1.91 | -2.56 | -2.41 | -2.12 | -3.80 | -4.65 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.82x | 0.85x | 0.39x | 0.81x | 10.55x | 0.77x | 0.51x | 0.19x | 0.86x | 0.69x | 0.78x | 0.91x | 0.84x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 62K | 8K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
According to the provided financial statements, the OCF/NI ratio consistently hovers below 1.0, with a recent reading of 0.98, suggesting that the company's reported net losses are closely mirrored by actual cash outflows rather than being significantly mitigated by non-cash accounting adjustments or accrual-based revenue recognition.
The tight correlation between net income and operating cash flow indicates that the company's losses are fundamentally cash-based rather than driven by non-cash charges. Investors should monitor this relationship, as it confirms that the business lacks the accrual-based cushion often seen in more mature firms, leaving little room for operational error.
As reported in quarterly filings, CLGN's free cash flow remains deeply negative, with the company burning through approximately $3.1 million in the most recent quarter, a trend that highlights the ongoing disconnect between current commercial revenue generation and the high costs of maintaining its proprietary production platform.
The consistent negative FCF trajectory suggests that the company is far from achieving self-sustaining operations. This persistent cash drain necessitates frequent reliance on external financing, which may continue to pressure shareholder value as the company attempts to scale its rhCollagen technology.
Based on the provided data, CLGN's capital intensity is remarkably low, with CapEx/Revenue ratios fluctuating significantly but often remaining below 10% in recent periods, which may indicate that the company is currently prioritizing R&D expense over heavy investment in physical manufacturing infrastructure or large-scale asset expansion.
The low level of capital expenditure relative to revenue suggests that the company is not yet in a phase of aggressive physical capacity build-out. While this preserves cash in the short term, it may also imply that the company is relying on existing infrastructure that could become a bottleneck if commercial demand for BioInk or dermal fillers accelerates.
As evidenced by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $1.5 million inflow in 2023Q4 to a $328,000 outflow in 2026Q1, reflecting the lumpy nature of milestone-driven revenue and the complexities of managing inventory for a plant-based production cycle.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of partner payments and the harvest cycles of its tobacco crops. Such volatility makes short-term liquidity forecasting difficult and warrants caution regarding the company's ability to manage its cash runway effectively.
Quick answers to the most common questions about buying CLGN stock.
CollPlant Biotechnologies Ltd. (CLGN) generated $-9.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CollPlant Biotechnologies Ltd. (CLGN) reported negative free cash flow of $9.4M in 2025, indicating capital requirements exceeded cash from operations.
CollPlant Biotechnologies Ltd. (CLGN) 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.