The firm exhibits a persistent negative free cash flow trajectory, with quarterly outflows reaching $5.9 million in 2024Q4 and a current cash balance of only $1.4 million as of 2026Q1.
| Cash from Operations | -6.89M | -6.5M | -8.51M | -1.18M | -1.26M | -1.59M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -172.54% | 23.56% | -620.29% | 6.06% | 20.77% | - |
| Net Income | -9.67M | -9.16M | -5.86M | -2.04M | -1.4M | -1.21M |
| Depreciation & Amortization | -219.19K | -52.91K | 267.38K | 196.94K | 147.75K | 59.41K |
| Stock-Based Compensation | 2.17M | 1.99M | 1.13M | 281.54K | 216.5K | 198.46K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 952K | 341.33K | -19.4K | 158.73K | -35.15K | -99K |
| Working Capital Changes | 300.58K | 380.17K | -4.02M | 220.31K | -190.07K | -536.48K |
| Change in Receivables | 187.09K | 114.72K | 145.04K | -72.79K | -341.18K | -317.07K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 162.28K | 311.08K | 221.34K | 272.89K | 118.5K | -214.43K |
| Cash from Investing | -176.78K | -150.22K | -359.22K | -311.17K | -87.21K | -312.25K |
| Capital Expenditures | -196.47K | -169.92K | -396.45K | -288.71K | -185.98K | -422.59K |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 19.7K | 19.7K | 37.23K | -22.45K | 98.77K | 110.33K |
| Cash from Financing | 2.81K | -27.71K | 18.52M | 1M | 1.36M | 2.31M |
| Debt Issued (Net) | 2.81K | -27.71K | 3.98M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 14.53M | 0 | 1.36M | 2.31M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 11.82K | 1M | 0 | 0 |
| Net Change in Cash | -7.07M | -6.68M | 9.65M | -492.04K | 10.76K | 413.45K |
| Free Cash Flow | -7.09M | -6.67M | -8.9M | -1.47M | -1.44M | -2.01M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 30.49% | 25.05% | -505.76% | -1.84% | 28.18% | - |
| FCF per Share | -0.84 | -0.80 | -1.10 | -0.18 | -0.18 | -0.25 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.71x | 1.45x | 0.58x | 0.90x | 1.31x |
| Interest Paid | 2.38K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 63.56K | 0 | 0 |
Imminent liquidity exhaustion
As reported in quarterly financial statements, EXOZ consistently exhibits an OCF/NI ratio that fluctuates significantly, with a notable spike to 3.11 in 2024Q4, suggesting that net income figures are heavily distorted by non-cash items and volatile working capital adjustments rather than reflecting core operational cash generation.
The wide variance in the OCF/NI ratio indicates that the company's net losses do not provide a reliable proxy for actual cash consumption. Investors should monitor this divergence, as it implies that the firm's cash burn is driven by factors beyond simple operating losses, likely including timing differences in R&D spending and accruals.
Based on the provided cash flow data, EXOZ has maintained a consistently negative free cash flow trajectory, with quarterly outflows reaching as high as $5.9 million in 2024Q4, underscoring the firm's total reliance on external financing to sustain its ongoing research and development activities.
The lack of positive free cash flow over the ten-quarter period suggests that the company has yet to achieve a self-sustaining operational model. This trend warrants further investigation into whether the firm can reach a commercial inflection point before its current cash reserves are fully depleted.
According to recent SEC filings, the company's working capital changes have been highly erratic, swinging from a $4.3 million outflow in 2024Q4 to a $1.1 million inflow in 2024Q1, which suggests significant instability in the timing of vendor payments and potential fluctuations in research-related procurement cycles.
Such volatility in working capital often indicates a lack of predictable operational rhythm, which is common in pre-revenue biotech firms. This instability may complicate cash forecasting and suggests that management is managing liquidity on a reactive basis rather than through a structured working capital strategy.
As evidenced by the provided data, stock-based compensation has consistently added back to cash flow, reaching $677.9K in 2025Q4, which effectively masks the true economic cost of talent acquisition and obscures the underlying cash burn rate required to maintain the firm's specialized R&D workforce.
While SBC is a non-cash expense, its persistent use as a primary compensation tool suggests that the company is preserving cash at the expense of shareholder dilution. Analysts should adjust the burn rate to include these equity-based costs to better understand the true cost of maintaining the SimplePath platform.
Quick answers to the most common questions about buying EXOZ stock.
eXoZymes, Inc. (EXOZ) generated $-6.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
eXoZymes, Inc. (EXOZ) reported negative free cash flow of $6.7M in 2025, indicating capital requirements exceeded cash from operations.
eXoZymes, Inc. (EXOZ) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.