Persistent negative free cash flow, often exceeding $5 million per quarter, highlights a structural inability to self-fund operations, leaving the company with a thin current ratio of 1.06 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -19.05M | -21.47M | -24.68M | -25.17M | -19.03M | -11.2M | -2.75M | -1.4M | -1.54M | -1.69M | -1.95M | -2.71M | -2.25M | -1.69M | -2.44M | -303.62K | -2.01M | -1.43M | -2.37M | -3.27M | -1.33M | -1.43M | -1.23M | 288.31K | -4.21M | -6.33M | -4.46M | -5.35M | -2.45M | -1.17M |
| Operating CF Margin % | - | -862.7% | -623.97% | - | -23342.5% | -2904.38% | -150.83% | -118.93% | -160.23% | -157.03% | -234.78% | -631.95% | -254.84% | -70.1% | -91.88% | -6.2% | -38.71% | -38.85% | -81.37% | -1377.93% | -155.7% | - | - | - | -160.79% | -735.88% | -195.59% | -99.69% | -89.63% | -1240.33% |
| Operating CF Growth % | -13.41% | 12.97% | 1.98% | -32.28% | -69.97% | -307.06% | -96.68% | 9.37% | 8.61% | 13.24% | 28.06% | -20.23% | -32.78% | 30.59% | -704.04% | 84.87% | -40.84% | 39.81% | 27.49% | -145.93% | 6.91% | -15.53% | -528.24% | 106.84% | 33.42% | -41.95% | 16.7% | -118.69% | -109.99% | - |
| Net Income | -21.37M | -21.46M | -24.99M | -25.97M | -14.02M | -18.57M | -2.96M | -2.37M | -2.56M | -2.17M | -3.27M | -2.69M | -2.73M | -2.28M | -2.14M | -2.35M | -2.75M | -3.28M | -3.73M | -4.24M | -584.17K | -1.41M | -2.21M | -3.08M | -13.25M | -8.82M | -9.31M | -6.13M | -3.99M | -1.39M |
| Depreciation & Amortization | 63.91K | 68.76K | 95.37K | 74.17K | 56.28K | 38.52K | 19.66K | 8.35K | 19.8K | 28.03K | 28.78K | 28.93K | 69.04K | 78.86K | 93.64K | 109.02K | 119.77K | 89.78K | 61.01K | 54.46K | 49.09K | 0 | 269.59K | 519.17K | 1.63M | 827.35K | 1.1M | 318.4K | 93.67K | 33.46K |
| Stock-Based Compensation | 1.04M | 1.12M | 528.64K | 1.07M | 902.07K | 369.99K | 64.46K | 327.5K | 469.72K | 57.22K | 967.67K | 67.91K | 479.1K | 402.1K | 310.08K | 773K | 750.53K | 1.3M | 2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -3.65M | 0 | 0 | 0 | 0 | 0 | -967.67K | -67.91K | -479.1K | -402.1K | -310.08K | 2.35M | -750.53K | -1.3M | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 0 | 0 | 0 | 3.65M | 37.77K | 124.19K | 0 | 18.26K | -296.48K | 967.67K | 67.91K | 479.1K | 402.1K | 310.08K | -1.92M | 750.53K | 1.3M | 2.02M | 1.52M | 58.56K | -145.39K | 809.3K | 346.56K | 7.1M | 2.84M | 4.3M | 902.05K | 13.13K | 0 |
| Working Capital Changes | 1.22M | -1.19M | -307.23K | -356K | -5.97M | 6.93M | -806 | 636.28K | 527.54K | 396.45K | 329.13K | -112.82K | -64.69K | 109.39K | -709.83K | 730.79K | -130.15K | 470.66K | -719.76K | -596.9K | -851.43K | 127.48K | -105.74K | 2.5M | 313.67K | -1.17M | -557.8K | -440.05K | 1.43M | 196.14K |
| Change in Receivables | 1.5M | 659.41K | -659.41K | 0 | 49.01K | 133.66K | -114.06K | 53.21K | -62.06K | -31.68K | 91.9K | -40.64K | 61.57K | 125.34K | -82.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -49.01K | -133.66K | 114.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -390.06K | 470.22K | -361.5K | -1.42M | 1.89M | 22.81K |
| Change in Payables | -690.63K | 0 | -412.55K | -1.23M | -2.69M | 6.81T | 137.96B | 639.28K | 553.12M | 441.44K | -60.03M | -60.03M | -125.33K | -14.69K | -614.5K | 419.93M | 39.03M | 224.94M | -252.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.72K | -27.61K | -20.65K | -48.95K | -134.26K | -47.72K | -156.79K | -7.61K | 0 | -4.35K | -15.85M | -15.85K | -35.5K | -86.6K | 0 | -11.9K | 874 | -270.25K | -99.83K | 0 | -69.47K | 0 | 0 | 7.67K | -661.28K | -6.03M | -15.68K | -1.37M | -201.97K | -81.21K |
| Capital Expenditures | -10.72K | -27.61K | -20.65K | -48.95K | -134.26K | -47.72K | -156.79K | -7.61K | 0 | -4.35K | -15.85M | -15.85K | -35.5K | -86.6K | 0 | -11.9K | -4.71K | -270.25K | -99.83K | 0 | -69.47K | 0 | 0 | 0 | -661.28K | -2.19K | -25.68K | -1.07M | -201.97K | -81.21K |
| CapEx % of Revenue | 1.26% | 1.11% | 0.52% | - | 164.68% | 12.38% | 8.6% | 0.65% | - | 0.4% | 1912.13% | 3.7% | 4.02% | 3.58% | - | 0.24% | 0.09% | 7.37% | 3.43% | - | 8.14% | - | - | - | 25.24% | 0.26% | 1.13% | 19.91% | 7.4% | 86.44% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.03M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.58K | 0 | 0 | 0 | 0 | 0 | 0 | 7.67K | 0 | 0 | 10K | -300K | 0 | 0 |
| Cash from Financing | 12.89M | 19.08M | 23.75M | 4.06M | 35.35M | 12.78M | 12.51M | 1.43M | 1.49M | 1.55M | 1.34M | 2.68M | 873.4K | 3.26M | 2.31M | 404.41K | -430.4K | 3.02M | 2.67M | 3.17M | 2.21M | 1.5M | 1.24M | -393.11K | 2.92M | 15.01M | 4.45M | 3.15M | 5.65M | 1.77M |
| Debt Issued (Net) | 0 | 0 | -15K | 0 | 0 | -27.86K | 1.05M | -10.26K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 476.4K | 1.14M | -1.64K | -89.67K | -373.91K | 286K | 162.61K | -706.39K | 1.17M |
| Equity Issued (Net) | 12.89M | 19.08M | 21.4M | 4.06M | 27.73M | 9.41M | 11.46M | 1.44M | 1.19M | 0 | 1.34M | 2.68M | 873.4K | 3.26M | 2.31M | 404.41K | -430.4K | 3.02M | 2.67M | 3.17M | 2.21M | 550K | 323K | 104.9K | 505.86K | 15.38M | 2.39M | 0 | 6.32M | 604.42K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -341.37K | -1.19M |
| Other Financing | 0 | 0 | 2.37M | 0 | 7.63M | 3.4M | 2.5K | 0 | 0 | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 470.59K | -224.41K | -496.38K | 2.5M | 0 | 1.78M | 2.99M | 31.16K | 0 |
| Net Change in Cash | -6.17M | -2.42M | -945.65K | -21.16M | 16.19M | 1.54M | 9.6M | 23.64K | -53.03K | -141.3K | -606.32K | -41.3K | -1.41M | 1.48M | -132.06K | 88.89K | -2.44M | 1.32M | 200.82K | -97.79K | 815.44K | 70.55K | 7.5K | -97.14K | -1.96M | 2.65M | -24.61K | -3.57M | 3M | 528K |
| Free Cash Flow | -19.05M | -21.5M | -24.7M | -25.22M | -19.16M | -11.24M | -2.91M | -1.41M | -1.54M | -1.69M | -17.8M | -2.72M | -2.29M | -1.78M | -2.44M | -315.52K | -2.01M | -1.7M | -2.47M | -3.27M | -1.4M | -1.43M | -1.23M | 288.31K | -4.87M | -6.33M | -4.48M | -6.42M | -2.65M | -1.25M |
| FCF Margin % | -2234.71% | -863.81% | -624.5% | - | -23507.18% | -2916.76% | -159.42% | -119.58% | -160.23% | -157.43% | -2146.91% | -635.65% | -258.86% | -73.68% | -91.88% | -6.44% | -38.8% | -46.22% | -84.8% | -1377.93% | -163.84% | - | - | - | -186.03% | -736.13% | -196.71% | -119.6% | -97.03% | -1326.78% |
| FCF Growth % | 23.75% | 12.94% | 2.09% | -31.61% | -70.44% | -286.75% | -106.77% | 8.87% | 8.85% | 90.49% | -554% | -19.05% | -28.32% | 27.04% | -673.73% | 84.32% | -18.67% | 31.3% | 24.44% | -133.7% | 2.04% | -15.53% | -528.24% | 105.91% | 22.99% | -41.18% | 30.17% | -142.36% | -112.51% | - |
| FCF per Share | -9.48 | -22.43 | -119.03 | -248.27 | -188.64 | -110.68 | -28.62 | -13.84 | -15.19 | -16.66 | -175.17 | -26.78 | -22.50 | -17.53 | -24.03 | -3.11 | -19.80 | -16.69 | -24.29 | -32.14 | -13.75 | -14.04 | -12.15 | 2.84 | -47.98 | -62.30 | -44.13 | -63.19 | -26.07 | -12.27 |
| FCF Conversion (FCF/Net Income) | 0.89x | 1.00x | 0.99x | 0.97x | 1.36x | 0.60x | 0.93x | 0.59x | 0.60x | 0.78x | 0.59x | 1.01x | 0.82x | 0.74x | 1.14x | 0.13x | 0.73x | 0.43x | 0.64x | 0.77x | 2.27x | 1.01x | 0.56x | -0.09x | 0.32x | 0.72x | 0.48x | 0.87x | 0.61x | -0.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for operations
According to the provided quarterly data, the OCF/NI ratio has fluctuated significantly, reaching as high as 1.60 in 2024Q3, which suggests that net income figures frequently fail to capture the full extent of the company's underlying cash consumption during periods of intense clinical development activity.
The divergence between net income and operating cash flow indicates that non-cash items and working capital swings are obscuring the true velocity of capital depletion. Investors should monitor this relationship closely, as the inability to align accounting losses with cash outflows suggests a lack of operational predictability.
As reported in financial statements, GeoVax consistently records negative free cash flow, with quarterly outflows often exceeding $5 million, highlighting a structural inability to self-fund operations through its current grant-based revenue model without relying on external capital markets for survival.
The persistent negative FCF trajectory confirms that the company remains in a capital-intensive phase where every dollar of research progress is funded by equity dilution. This trend warrants further investigation into whether the company can reach a value-inflection point before its current cash runway is fully exhausted.
Based on GeoVax's reported figures, working capital changes have been highly erratic, swinging from a $3.0 million inflow in 2024Q2 to a $3.6 million outflow in 2024Q3, which reflects the lumpy nature of grant-based receivables and the timing of project-related vendor payments.
These sharp fluctuations in working capital suggest that the company's liquidity is highly sensitive to the timing of government funding disbursements. Such volatility makes it difficult to forecast short-term cash needs, potentially forcing management into suboptimal financing decisions during periods of delayed grant receipts.
Analysis of recent filings reveals that stock-based compensation remains a recurring non-cash expense, while the absence of significant capital expenditures suggests that the company's primary cash drain is driven by operational R&D burn rather than investment in long-term tangible infrastructure or manufacturing capacity.
The reliance on stock-based compensation to preserve cash may indicate management's attempt to mitigate immediate liquidity pressure, though this comes at the cost of ongoing shareholder dilution. The lack of meaningful CAPEX implies that the company is not currently scaling its own production capabilities, keeping it tethered to a high-burn, research-only operational profile.
Quick answers to the most common questions about buying GOVX stock.
GeoVax Labs, Inc. (GOVX) generated $-21.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GeoVax Labs, Inc. (GOVX) reported negative free cash flow of $21.5M in 2025, indicating capital requirements exceeded cash from operations.
GeoVax Labs, Inc. (GOVX) 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.