Free cash flow remains highly erratic, oscillating between a peak inflow of $128.7M in 2024Q4 and a persistent burn rate that reached -$39.2M in 2026Q1, highlighting a heavy reliance on episodic partnership cash.
| Cash from Operations | -14.68M | -22.8M | 42M | -43.8M | -92.47M | -59.36M | -23.05M | -6.17M |
| Operating CF Margin % | - | -18.43% | 55.53% | - | - | - | - | - |
| Operating CF Growth % | 437.82% | -154.29% | 195.88% | 52.63% | -55.76% | -157.51% | -273.45% | - |
| Net Income | -130.01M | -38.63M | -72.7M | -135.35M | -108.5M | -73.96M | -35.88M | -7.74M |
| Depreciation & Amortization | 8.97M | 8.36M | 8.12M | 6.22M | 3.75M | 2.13M | 537K | 72K |
| Stock-Based Compensation | 13.57M | 18.86M | 18.13M | 16.67M | 11.66M | 5.2M | 354K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 17K | 0 | 0 |
| Other Non-Cash Items | 122.31M | -2.2M | -2.95M | -3.81M | 2.76M | 960K | 7.68M | -276K |
| Working Capital Changes | -29.51M | -9.19M | 91.4M | 72.47M | -2.13M | 6.29M | 4.25M | 1.77M |
| Change in Receivables | -970K | -7M | 332K | 1.9M | -187 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 187 | 0 | 0 | 0 |
| Change in Payables | -7.34M | -13.71M | 6.25M | 5.76M | -744K | -706K | 3.44M | 2.86M |
| Cash from Investing | -262.6M | -101.83M | -44.45M | 88.8M | -219.22M | -9.65M | -3.39M | -1.39M |
| Capital Expenditures | -4.98M | -4.7M | -3.99M | -19.04M | -12.91M | -9.73M | -3.39M | -1.39M |
| CapEx % of Revenue | 11.6% | 3.8% | 5.27% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 62K | 109K | 79K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 38.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 358.67M | 30.35M | 98.89M | 27.49M | 20.47M | 377.56M | 60.06M | 15M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K |
| Equity Issued (Net) | 358.32M | 30.35M | 303K | 27.49M | 20.05M | 380.75M | 60.06M | 14.25M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -641K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 348K | 0 | 98.59M | 0 | 411K | -3.19M | 0 | 0 |
| Net Change in Cash | 81.4M | -94.28M | 96.44M | 72.49M | -291.22M | 308.55M | 32.45M | 7.44M |
| Free Cash Flow | -19.66M | -27.5M | 38.01M | -62.84M | -105.38M | -69.09M | -26.44M | -7.56M |
| FCF Margin % | -45.76% | -22.23% | 50.26% | - | - | - | - | - |
| FCF Growth % | -164.49% | -172.35% | 160.48% | 40.36% | -52.51% | -161.31% | -249.85% | - |
| FCF per Share | -0.30 | -0.33 | 0.51 | -1.22 | -2.23 | -1.48 | -0.60 | -0.17 |
| FCF Conversion (FCF/Net Income) | 0.15x | 0.59x | -0.58x | 0.32x | 0.85x | 0.80x | 0.64x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone cash dependency
As reported in quarterly filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 9.59 in 2024Q4 to -3.71 in 2025Q3, indicating that accounting-based earnings provide little insight into the company's actual cash-generating capacity.
The extreme volatility in the conversion ratio suggests that non-cash items and working capital adjustments are the primary drivers of reported figures rather than core operational performance. Investors should interpret these fluctuations as evidence that the company's cash position is tethered to the timing of milestone payments rather than sustainable business operations.
Based on the provided cash flow data, free cash flow remains deeply inconsistent, oscillating between a peak inflow of $128.7M in 2024Q4 and a persistent burn rate that reached -$47.1M in 2025Q1, highlighting the company's reliance on episodic partnership inflows to fund ongoing R&D.
The inability to maintain positive free cash flow suggests that the current business model is not yet self-sustaining. The sharp swings in FCF margins indicate that the company's liquidity is highly sensitive to the successful achievement of clinical milestones, which may not occur on a predictable schedule.
According to historical cash flow statements, working capital changes have been the primary determinant of quarterly cash fluctuations, with a massive $109.7M inflow in 2024Q4 followed by a $98.6M outflow in 2025Q1, illustrating the significant impact of deferred revenue recognition on cash availability.
These large swings in working capital suggest that the company's cash flow is heavily influenced by the timing of contract-related payments rather than operational efficiency. Analysts should monitor these movements closely, as they mask the underlying cash burn required to support the company's extensive research pipeline.
As evidenced by the cash flow statements, stock-based compensation consistently adds back between $4.1M and $5.3M per quarter, which effectively masks the true economic cost of talent acquisition and retention required to maintain the QuEEN platform's competitive edge in the biotechnology sector.
While SBC is a standard non-cash expense, its consistent presence suggests that the company's reported operating losses would be even more severe if these costs were settled in cash. This warrants further investigation into the long-term dilution impact on shareholders as the company continues to fund its operations through equity-based incentives.
Quick answers to the most common questions about buying GLUE stock.
Monte Rosa Therapeutics, Inc. (GLUE) generated $-22.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Monte Rosa Therapeutics, Inc. (GLUE) reported negative free cash flow of $27.5M in 2025, indicating capital requirements exceeded cash from operations.
Monte Rosa Therapeutics, Inc. (GLUE) spent $4.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.