Persistent free cash flow burn remains a critical concern, with quarterly outflows ranging between $3.5 million and $6.1 million over the last ten quarters.
| Cash from Operations | -19.37M | -18.47M | -18.87M | -18.87M | -14.69M | -12.37M | -3.24M | -1.87M | -744.51K |
| Operating CF Margin % | - | - | - | -34189.69% | -10486.3% | -7494.62% | -11219.27% | -4524.13% | -3612.57% |
| Operating CF Growth % | -27.05% | 2.16% | -0.04% | -28.41% | -18.81% | -281.63% | -73.41% | -150.97% | - |
| Net Income | -21.24M | -20.16M | -20.41M | -22.27M | -17.59M | -13.89M | -3.58M | -2.19M | -1.11M |
| Depreciation & Amortization | 94.69K | 94.05K | 84.07K | 83.58K | 64.17K | 15.48K | 9.59K | 2.57K | 741 |
| Stock-Based Compensation | 1.38M | 1.8M | 2.39M | 3.26M | 1.53M | 839.37K | 81.64K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.33M | 804.94K | 143.52K | -383.19K | -206.86K | 999.87K | 8.71K | 10.1K | 41.05K |
| Working Capital Changes | -939.36K | -1.01M | -1.08M | 442.23K | 1.51M | -329.78K | 237.5K | 312.26K | 319.23K |
| Change in Receivables | 0 | 0 | 0 | 0 | 3.63K | -63.35K | -21.65K | -8.35K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.05M | -468.61K | 274.89K | -643.16K | 1.07M | -521.39K | 395.54K | 5.11K | 117.69K |
| Cash from Investing | 0 | 0 | 4.98M | 10.22M | -14.77M | -94.21K | -20.83K | -13.72K | -7.99K |
| Capital Expenditures | 0 | 0 | -22.49K | -15.36K | -118.95K | -94.21K | -20.83K | -13.72K | -7.99K |
| CapEx % of Revenue | - | - | - | 27.83% | 84.9% | 57.1% | 72.11% | 33.23% | 38.75% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 26.46M | 28.45M | 13.01M | 12.64M | -78.77K | 41.77M | 10.49M | 1.75M | 983.78K |
| Debt Issued (Net) | -99.78K | -96.5K | -90.88K | -89.07K | -78.77K | -21.95K | 738.28K | 0 | 983.78K |
| Equity Issued (Net) | 26.91M | 28.54M | 13.21M | 12.73M | 0 | 42.63M | 10.22M | 1.75M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -353.73K | 0 | -109.36K | 0 | 0 | -841.27K | -470.75K | 0 | 0 |
| Net Change in Cash | 7.47M | 10.46M | -1.41M | 4.49M | -29.57M | 29.41M | 7.19M | -97.19K | 237.88K |
| Free Cash Flow | -19.37M | -18.47M | -18.9M | -18.88M | -14.81M | -12.46M | -3.26M | -1.88M | -752.5K |
| FCF Margin % | - | - | - | -34217.53% | -10571.2% | -7551.72% | -11291.38% | -4557.35% | -3651.32% |
| FCF Growth % | -1.26% | 2.28% | -0.08% | -27.48% | -18.87% | -282.08% | -73.26% | -150.13% | - |
| FCF per Share | -0.46 | -0.56 | -0.83 | -1.45 | -1.25 | -1.23 | -0.27 | -0.22 | -0.13 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.92x | 0.92x | 0.85x | 0.84x | 0.89x | 0.91x | 0.85x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 86.31K | 134.96K | 2.74K | 4.47K | 4.57K | 9.44K | 0 |
Clinical trial funding shortfall
As reported in financial statements, the company consistently records negative operating cash flows that closely track net losses, with OCF/NI ratios fluctuating between 0.71 and 1.35, indicating that the firm lacks any meaningful non-cash revenue offsets to mitigate its ongoing operational cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. Investors should note that the absence of significant depreciation or amortization means the reported net loss is a reliable proxy for the actual cash depletion occurring each quarter.
Based on quarterly data, Gain Therapeutics exhibits a persistent free cash flow burn, with quarterly outflows ranging from $3.5 million to $6.1 million, reflecting the heavy capital requirements necessary to sustain clinical development in the absence of any commercial revenue streams or self-funding capabilities.
The trajectory of free cash flow remains deeply negative, which is typical for a pre-revenue biotech firm but highlights the binary nature of the company's financial health. Without a shift toward partnership-driven milestone payments, the current burn rate suggests a continued reliance on external capital markets to maintain operations.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $1.9 million outflow in 2024Q3 to a $416.8K inflow in 2024Q1, which suggests that timing differences in vendor payments and grant receipts create significant quarterly noise in cash flow.
The volatility in working capital appears to be a function of the company's project-based cost structure rather than operational efficiency. Analysts should monitor these fluctuations closely, as they can temporarily mask or exacerbate the underlying cash burn rate during periods of intense clinical trial activity.
As indicated by historical data, stock-based compensation has served as a recurring non-cash expense, peaking at $1.5 million in 2024Q2, which effectively masks the true magnitude of the cash-based operational expenses required to retain the specialized talent necessary for the SEE-Tx platform.
While stock-based compensation is a standard tool for talent retention in biotechnology, it creates a divergence between reported net losses and actual cash outflows. Investors should adjust their burn rate models to account for these non-cash expenses to better understand the true runway available before additional financing is required.
Quick answers to the most common questions about buying GANX stock.
Gain Therapeutics, Inc. (GANX) generated $-18.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gain Therapeutics, Inc. (GANX) reported negative free cash flow of $18.5M in 2025, indicating capital requirements exceeded cash from operations.
Gain Therapeutics, Inc. (GANX) 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.