Free cash flow remains deeply negative, with quarterly outflows frequently exceeding $1.5 million and capital expenditure reaching 53.2% of revenue in 2026Q1, indicating an unsustainable cash burn rate.
| Cash from Operations | -7.57M | -5.93M | -5.49M | -4.56M | -1.59M | -660.93K | -217.16K |
| Operating CF Margin % | - | -1005.6% | -222.39% | -266.08% | -206.96% | -79919.47% | - |
| Operating CF Growth % | -471.49% | -8.14% | -20.41% | -187.34% | -139.94% | -204.35% | - |
| Net Income | -10.42M | -7.75M | -6.25M | -4.3M | -1.8M | -784.74K | -222.91K |
| Depreciation & Amortization | 86.36K | 96.66K | 12.95K | 11.65K | 6.51K | 2.76K | 0 |
| Stock-Based Compensation | 15.84K | -19.16K | 97.17K | 487.74K | 171.87K | 142.35K | 0 |
| Deferred Taxes | 0 | 30.97K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.26M | 1.12M | 396.97K | 68.51K | 23.58K | 600 | -1.04K |
| Working Capital Changes | 808.54K | 588.12K | 251.67K | -823.19K | 12.43K | -21.91K | 6.79K |
| Change in Receivables | 96.11K | -100.59K | -12.97K | -23.22K | -11.55K | -1.35K | -605 |
| Change in Inventory | 10.33K | 147.87K | -403.3K | -265.52K | -69.33K | -160.82K | 0 |
| Change in Payables | 814.59K | 957.76K | 207.5K | 466.89K | 65.19K | 192.09K | 0 |
| Cash from Investing | -5.03M | -2.77M | -610.56K | -11.19K | -32.03K | -32.48K | 0 |
| Capital Expenditures | -363.09K | 0 | -9.16K | -11.19K | -35.53K | -32.48K | 0 |
| CapEx % of Revenue | 18.58% | 75.96% | 0.37% | 0.65% | 4.64% | 3927.69% | - |
| Acquisitions | 0 | -2.16M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -4.83M | -689.47K | -462.32K | 0 | 3.5K | 0 | 0 |
| Cash from Financing | 21.59M | 10.12M | 6.76M | 6.74M | 2.36M | 1.09M | 238.28K |
| Debt Issued (Net) | 319.17K | 0 | -235.56K | 0 | 183.97K | 0 | 0 |
| Equity Issued (Net) | 21.32M | 6.13M | 6.99M | 7.46M | 2.15M | 1.09M | 115K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -179 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -51.85K | 3.99M | 0 | -724.7K | 25K | 0 | 123.28K |
| Net Change in Cash | 8.99M | 1.42M | 657.6K | 2.17M | 743.04K | 398.51K | 19.61K |
| Free Cash Flow | -9.92M | -6.38M | -5.49M | -4.57M | -1.62M | -693.42K | -217.16K |
| FCF Margin % | -507.63% | -1081.56% | -222.39% | -266.73% | -211.59% | -83847.16% | - |
| FCF Growth % | -84.31% | -16.31% | -20.12% | -181.73% | -133.83% | -219.31% | - |
| FCF per Share | -991.95 | -313.59 | -5794.07 | -160.53 | -14.29 | -6.16 | -1.93 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.77x | 0.88x | 1.06x | 0.88x | 0.84x | 0.97x |
| Interest Paid | -789 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical failure
As evidenced by the quarterly cash flow data, PMGC Holdings exhibits a chronic inability to convert net income into operating cash, with OCF/NI ratios frequently exceeding 1.0 or turning negative, signaling that reported accounting losses are consistently exacerbated by actual cash outflows from core operations.
The divergence between net income and operating cash flow suggests that the company's accrual-based accounting does not capture the full extent of its cash burn. Investors should monitor this gap, as it implies that the company's operational activities are consistently more cash-intensive than the income statement might suggest.
Based on reported financial statements, the company's free cash flow trajectory remains consistently negative, with quarterly outflows often exceeding $1.5 million, indicating that the business is currently unable to self-fund its R&D initiatives or maintain its legacy aesthetic operations without external capital injections.
The persistent negative FCF margin underscores the company's reliance on external financing to sustain its pivot toward the EL-22 therapeutic platform. This trend warrants further investigation into how long the current $5.4 million cash position can support such a high rate of cash consumption.
According to recent SEC filings, the company's capital expenditure relative to revenue reached as high as 53.2% in 2026Q1, reflecting a disproportionate investment in infrastructure or equipment that appears disconnected from the company's rapidly declining commercial revenue base.
High capital intensity in a period of revenue contraction suggests that the company is attempting to build out R&D capabilities despite a lack of commercial scale. This capital allocation strategy appears risky, as it prioritizes long-term therapeutic development over the stabilization of the core business.
As reported in financial statements, working capital changes have fluctuated significantly, ranging from a $993.9K outflow in 2023Q4 to a $632.9K inflow in 2025Q3, suggesting that the company's cash position is highly sensitive to the timing of payables and inventory management.
The erratic nature of these working capital swings may indicate difficulties in managing supplier relationships or inventory levels during the company's transition. Such volatility makes it difficult to forecast future cash requirements and suggests that operational efficiency remains a significant challenge for management.
Quick answers to the most common questions about buying ELAB stock.
PMGC Holdings Inc. (ELAB) generated $-5.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PMGC Holdings Inc. (ELAB) reported negative free cash flow of $6.4M in 2025, indicating capital requirements exceeded cash from operations.
PMGC Holdings Inc. (ELAB) 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.
In 2025, PMGC Holdings Inc. (ELAB) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.