Free cash flow remains consistently negative, with quarterly outflows frequently exceeding $10 million, reflecting a high cash burn rate that necessitates constant external funding.
| Cash from Operations | -38.48M | -36.95M | -37.07M | -32.69M | -22.18M | -23.94M | -22.89M | -24.59M | -8.02M | 1.89M | 1.07M |
| Operating CF Margin % | - | - | - | - | - | -84.55% | -794.72% | -1653.6% | -199.06% | 28.75% | 14.6% |
| Operating CF Growth % | -45.47% | 0.31% | -13.38% | -47.41% | 7.35% | -4.59% | 6.92% | -206.6% | -523.82% | 77.65% | - |
| Net Income | -40.19M | -39.57M | -51.9M | -35.2M | -28.21M | -26.4M | -80.11M | -40.66M | -20.02M | 632.24K | 307.3K |
| Depreciation & Amortization | 1.14M | 1.13M | 1.18M | 1.17M | 1.06M | 251.45K | 628K | 496K | 2K | 460.34K | 463.22K |
| Stock-Based Compensation | 2.18M | 2.7M | 1.45M | 1.18M | 579K | 617.76K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 52.96K | 0 | 0 | 0 | -118K | -212K |
| Other Non-Cash Items | 3.51M | 2.24M | 8.24M | 209K | 4.54M | 667.05K | 30.82M | 5.82M | 8.29M | 1.58M | 1.18M |
| Working Capital Changes | -5.12M | -3.44M | 3.96M | -57K | -150K | 872.43K | 25.77M | 9.75M | 3.09M | 332.64K | -74.98K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 440K | -333K | 180K | 94.62K | 224.91K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.83M | -366K | -3.33M | 23K | 1.13M | 30.23K | -5.61M | -118K | 449K | -171.89K | 103.5K |
| Cash from Investing | -16K | -16K | -84K | -32K | -654K | -525.36K | -41K | -242K | 0 | -67.58K | -47.73K |
| Capital Expenditures | -16K | -16K | -87K | -66K | -654K | -525.36K | -41K | -242K | 0 | -17.57K | -47.73K |
| CapEx % of Revenue | - | - | - | - | - | 1.86% | 1.42% | 16.27% | - | 0.27% | 0.65% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 3K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 34.39M | 36.7M | 42.32M | 38.61M | 21.2M | 19.39M | 52.41M | 4.89M | 31.74M | -1.17M | -429.23K |
| Debt Issued (Net) | 9.87M | 9.87M | 19.73M | 10M | 0 | 14.03M | 32.12M | 5.26M | 3.15M | 0 | 0 |
| Equity Issued (Net) | 14.61M | 26.83M | 5.63M | 6.85M | 21.12M | 5.05M | 20.29M | -375K | 28.6M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -150K | 0 | 0 | -36K | -375K | 0 | 0 | 0 |
| Other Financing | 9.92M | 0 | 16.96M | 21.76M | 82K | 314.88K | 0 | 0 | 0 | -1.17M | -429.23K |
| Net Change in Cash | -4.08M | -233K | 5.19M | 5.89M | -1.63M | -5.07M | 29.04M | -19.94M | 23.45M | 652.76K | 588.23K |
| Free Cash Flow | -38.49M | -36.97M | -37.16M | -32.76M | -22.83M | -24.46M | -22.93M | -24.83M | -8.02M | 1.87M | 1.02M |
| FCF Margin % | - | - | - | - | - | -86.41% | -796.15% | -1669.87% | -199.06% | 28.49% | 13.94% |
| FCF Growth % | -9.51% | 0.5% | -13.42% | -43.48% | 6.67% | -6.7% | 7.66% | -209.61% | -527.79% | 84.26% | - |
| FCF per Share | -2.11 | -2.41 | -3.04 | -6.48 | -7.37 | -7.65 | -2.81 | -3.05 | -2.72 | 306.33 | 166.25 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.93x | 0.71x | 0.93x | 0.79x | 0.91x | 0.29x | 0.60x | 0.40x | 2.99x | 3.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to quarterly financial statements, ELTX consistently reports operating cash outflows that closely track net losses, with the OCF/NI ratio hovering near 1.00, indicating that the company's reported accounting losses are a direct and accurate reflection of its actual cash-based operational burn rate.
The tight correlation between net income and operating cash flow suggests that there are minimal non-cash adjustments masking the underlying cash consumption. This lack of divergence implies that the company's financial statements provide a transparent, albeit concerning, view of its ongoing capital depletion.
As reported in recent filings, ELTX's free cash flow remains consistently negative, with quarterly outflows frequently exceeding $10 million, underscoring the company's total reliance on external financing to sustain its clinical development pipeline in the absence of any meaningful commercial revenue generation.
The trajectory of free cash flow shows no signs of stabilization, as the company continues to prioritize R&D investment over cash preservation. Investors should monitor whether the current burn rate accelerates as clinical trial cohorts expand, which would further compress the remaining runway.
Based on the provided cash flow data, working capital fluctuations have been significant, with swings ranging from a $4.2 million outflow in 2025Q3 to a $3.7 million inflow in 2024Q4, reflecting the irregular timing of clinical trial payments and vendor obligations inherent in the firm's operations.
These working capital movements appear to be driven by the timing of clinical site payments rather than operational efficiency. The volatility suggests that cash management is highly sensitive to the cadence of trial-related milestones, which may complicate short-term liquidity forecasting.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $772,000 in 2025Q4, serves as a non-cash expense that effectively subsidizes the company's talent retention without impacting the immediate cash burn, though it represents a future dilutive cost to existing shareholders.
While stock-based compensation provides a buffer for cash reserves, it obscures the true cost of human capital required to maintain the AMP platform. Analysts should treat these figures as a deferred cost that will eventually manifest as equity dilution, further pressuring the company's valuation.
Quick answers to the most common questions about buying ELTX stock.
Elicio Therapeutics, Inc. (ELTX) generated $-37.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Elicio Therapeutics, Inc. (ELTX) reported negative free cash flow of $37.0M in 2025, indicating capital requirements exceeded cash from operations.
Elicio Therapeutics, Inc. (ELTX) 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.