Free cash flow remains deeply negative, with a quarterly burn rate reaching $90.8 million in 2025Q4, highlighting a structural inability to self-fund operations without external inflows.
| Cash from Operations | -85.93M | -71.1M | -247.58M | -115.22M | -87.17M | -55.78M | 55.46M | -39.31M | -27.62M | -12.22M |
| Operating CF Margin % | - | -32.51% | -3536.91% | -492.73% | -171.16% | -199.63% | 283.87% | - | - | - |
| Operating CF Growth % | 299.9% | 71.28% | -114.87% | -32.18% | -56.29% | -200.57% | 241.08% | -42.34% | -125.95% | - |
| Net Income | -140.06M | -113.7M | -274.48M | -112.96M | -58.66M | -49.76M | -34.49M | -41.98M | -34.35M | -11.86M |
| Depreciation & Amortization | 4.6M | 4.59M | 3.83M | 4.01M | 2.1M | 1.73M | 1.38M | 1.25M | 886K | 391K |
| Stock-Based Compensation | 24.09M | 0 | 34.75M | 18.49M | 11.63M | 8.24M | 3.61M | 2.17M | 950K | 136K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -873K | -27K |
| Other Non-Cash Items | 18.92M | 36.14M | -23.23M | -11.55M | -695K | 1.83M | 562K | -467K | 4.11M | -2.43M |
| Working Capital Changes | 6.53M | 1.87M | 11.55M | -13.21M | -41.55M | -17.81M | 84.41M | -284K | 1.65M | 1.56M |
| Change in Receivables | 0 | 0 | 15K | 193K | 892K | 774K | -1.88M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 3.79M | 2.29M | 0 | 0 | 0 |
| Change in Payables | 3.02M | 2.7M | 8.28M | 2.63M | 1.86M | 1.17M | 225K | -195K | 322K | 254K |
| Cash from Investing | 109.11M | 69.98M | -502.56M | -158.46M | -33.4M | -69.67M | -146.24M | 2.27M | -63.18M | -8.93M |
| Capital Expenditures | -2M | -2.37M | -3.86M | -2.37M | -3.44M | -2.64M | -493K | -1.35M | -1.71M | -1.76M |
| CapEx % of Revenue | 0.89% | 1.08% | 55.1% | 10.13% | 6.76% | 9.46% | 2.52% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 33.4M | 67.02M | -18K | -8K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -33.4M | -67.02M | 18K | 8K | 0 | 0 |
| Cash from Financing | 4.82M | 29.78M | 677.55M | 362.72M | 97.17M | 145.45M | 128.75M | 50.61M | 105.38M | 17.49M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 4.82M | 29.78M | 663.63M | 351.94M | 94.96M | 143.25M | 127.23M | 50.32M | 105.36M | 17.26M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 13.92M | 10.77M | 2.2M | 2.2M | 1.52M | 289K | 20K | 226K |
| Net Change in Cash | 27.53M | 28.45M | -72.59M | 89.04M | -23.41M | 20.01M | 37.97M | 13.56M | 14.58M | -3.66M |
| Free Cash Flow | -87.93M | -73.47M | -251.44M | -117.59M | -90.62M | -58.42M | 54.97M | -40.67M | -29.33M | -13.98M |
| FCF Margin % | -39.03% | -33.59% | -3592.01% | -502.85% | -177.92% | -209.09% | 281.35% | - | - | - |
| FCF Growth % | 67.19% | 70.78% | -113.82% | -29.77% | -55.11% | -206.28% | 235.17% | -38.66% | -109.77% | - |
| FCF per Share | -0.99 | -0.83 | -3.08 | -2.04 | -2.19 | -1.66 | 2.22 | -2.01 | -2.06 | -0.98 |
| FCF Conversion (FCF/Net Income) | 0.63x | 0.63x | 0.90x | 1.02x | 1.49x | 1.12x | -1.61x | 0.94x | 0.80x | 1.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 71K | 82K | 91K | 99K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 4K | 1K | 1K | 1K | 0 |
Clinical Milestone Liquidity Dependency
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio fluctuating from 0.76 in 2026Q1 to a peak of 1.19 in 2025Q3, reflecting the episodic nature of milestone-driven revenue recognition versus actual cash receipts.
The divergence between accounting earnings and cash flow suggests that investors should be wary of relying on net income as a proxy for operational health. The reliance on non-cash adjustments and lumpy milestone payments implies that the company's cash conversion quality is inherently unstable and tied to specific contractual events rather than recurring operations.
According to recent SEC filings, the company's free cash flow trajectory remains deeply negative, with a quarterly burn rate reaching $90.8 million in 2025Q4, highlighting the structural inability of current operations to self-fund the aggressive clinical development pipeline without external capital injections or milestone-related inflows.
The consistent negative free cash flow, punctuated only by the 2025Q3 anomaly, underscores the high-burn nature of the business model. This trend suggests that the company remains in a capital-intensive phase where cash outflows are dictated by trial enrollment and R&D intensity rather than commercial viability.
Based on reported figures, working capital changes have been erratic, swinging from a $18.7 million outflow in 2025Q4 to an $8.9 million inflow in 2026Q1, which indicates that the timing of collaboration-related payments and vendor obligations creates significant, unpredictable noise in the company's quarterly cash position.
This volatility in working capital suggests that the company's liquidity is highly sensitive to the timing of milestone-related cash settlements. Investors should monitor these fluctuations closely, as they may obscure the underlying burn rate and complicate the assessment of the company's remaining cash runway.
As noted in the quarterly data, stock-based compensation has been a consistent feature of the company's expense structure, reaching $12.2 million in 2025Q3, which effectively masks the true economic cost of talent retention and dilutes the impact of the company's ongoing cash burn on existing shareholders.
The inclusion of significant non-cash compensation in operating expenses warrants further investigation into the true cash-based cost of operations. By failing to account for the dilutive impact of these grants, analysts may underestimate the total cost of capital required to sustain the current clinical development trajectory.
Quick answers to the most common questions about buying IDYA stock.
IDEAYA Biosciences, Inc. (IDYA) generated $-71.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IDEAYA Biosciences, Inc. (IDYA) reported negative free cash flow of $73.5M in 2025, indicating capital requirements exceeded cash from operations.
IDEAYA Biosciences, Inc. (IDYA) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.