Liquidity remains under severe pressure, with an OCF/NI ratio of 1.39 in 2026Q1, indicating that cash outflows are structurally decoupled from accounting losses due to ongoing operational inefficiencies.
| Cash from Operations | -52.08M | -47.84M | -46M | -79.74M | -74.11M | -60.25M | -37.83M | 47.93M | -11.61M |
| Operating CF Margin % | - | -5980.5% | -1314.4% | -870.56% | -474.51% | -194.46% | -411.42% | 348.48% | -1172.53% |
| Operating CF Growth % | -180.88% | -4% | 42.31% | -7.6% | -23% | -59.29% | -178.92% | 512.88% | - |
| Net Income | -45.07M | -52.4M | -49.23M | -68.17M | -68.77M | -34.12M | -44.26M | -16.82M | -40.87M |
| Depreciation & Amortization | 616K | 328K | 490K | 1.02M | 751K | 544K | 300K | 243K | 422K |
| Stock-Based Compensation | 1.39M | 15.39M | 5.29M | 0 | 7.53M | 5.18M | 1.8M | 1.17M | 314K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.13M | 8.02M | 1.42M | 9.07M | 1.52M | 1.17M | 12.1M | -121K | 29.02M |
| Working Capital Changes | -21.14M | -19.19M | -3.98M | -21.67M | -15.14M | -33.03M | -7.77M | 63.45M | 58K |
| Change in Receivables | 0 | 0 | 0 | 0 | -291K | 361K | 519K | -1.33M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.33M | 0 |
| Change in Payables | -3.6M | -2.82M | -1.17M | -2.87M | 0 | 0 | 0 | -1.33M | 602K |
| Cash from Investing | -14.19M | -5.81M | -34.9M | 64.14M | -99.28M | -1.76M | 2.92M | -316K | 10.97M |
| Capital Expenditures | 0 | 0 | 0 | -414K | -1.43M | -1.76M | -766K | -316K | -305K |
| CapEx % of Revenue | - | - | - | 4.52% | 9.16% | 5.68% | 8.33% | 2.3% | 30.81% |
| Acquisitions | -5.21M | -5.21M | 0 | 0 | 0 | 0 | 3.69M | 0 | 11.27M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -7.07M | 0 | 0 | 0 | 0 | 0 | 11.27M |
| Cash from Financing | 132.22M | 135.47M | 0 | 75.98M | 1.09M | 131.74M | 116.18M | 16.32M | 0 |
| Debt Issued (Net) | 15M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 62.59M | 65.84M | 0 | 36.89M | 0 | 131.16M | 116.11M | 16.29M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -663K | 0 | 0 | -57K | 0 | 0 |
| Other Financing | 54.63M | 54.63M | 0 | 39.09M | 1.09M | 582K | 70K | 25K | 0 |
| Net Change in Cash | 39.28M | 82.41M | -80.91M | 59.98M | -172.3M | 69.73M | 81.28M | 63.93M | -639K |
| Free Cash Flow | -52.08M | -47.84M | -46M | -80.16M | -75.54M | -62.01M | -38.59M | 47.61M | -11.91M |
| FCF Margin % | - | -5980.5% | -1314.4% | -875.08% | -483.67% | -200.14% | -419.75% | 346.19% | -1203.33% |
| FCF Growth % | -36.12% | -4% | 42.61% | -6.11% | -21.82% | -60.69% | -181.06% | 499.66% | - |
| FCF per Share | -4.65 | -9.82 | -0.95 | -1.92 | -2.09 | -1.72 | -2.76 | 1.33 | -0.33 |
| FCF Conversion (FCF/Net Income) | 1.16x | 1.06x | 1.26x | 1.17x | 1.08x | 1.77x | 0.85x | -2.85x | 0.28x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Burn Rate
According to recent financial disclosures, ImageneBio consistently reports operating cash outflows that exceed net losses, with the OCF/NI ratio reaching 1.39 in 2026Q1, suggesting that the company's cash burn is structurally decoupled from its accounting losses due to ongoing working capital requirements and operational inefficiencies.
The consistent OCF/NI ratio above 1.0 indicates that the company is consuming more cash than its net income figures would imply. This divergence suggests that the firm's operational model is inherently cash-intensive, requiring constant liquidity to fund activities that do not currently translate into revenue.
As reported in quarterly filings, ImageneBio has maintained a negative free cash flow trajectory for ten consecutive periods, with the 2026Q1 cash outflow of $14.8 million highlighting a persistent inability to generate self-sustaining capital despite the absence of significant capital expenditure requirements during this timeframe.
The lack of positive free cash flow over the observed period underscores the company's reliance on external financing to maintain operations. Investors should monitor whether this trend of sustained cash depletion can be reversed without a fundamental change in the company's operational or commercial strategy.
Based on the company's reported cash flow statements, working capital changes have frequently acted as a significant drag on liquidity, most notably in 2025Q3 when a $13.3 million outflow occurred, further exacerbating the firm's overall cash burn and limiting its available financial runway for operations.
The erratic nature of working capital movements suggests potential inefficiencies in managing current assets and liabilities. These fluctuations appear to be a primary driver of the company's periodic spikes in cash consumption, which warrants further investigation into the underlying causes of these sudden liquidity drains.
As indicated by historical data, stock-based compensation remains a recurring non-cash expense for ImageneBio, totaling $876,000 in 2026Q1, which effectively obscures the true magnitude of the company's cash-based operational burn by artificially inflating the net income figure relative to actual cash outflows.
While stock-based compensation is a standard practice, its presence in a company with no revenue and negative cash flow suggests that the firm is utilizing equity to preserve cash. This practice may provide temporary relief but does not address the fundamental issue of the company's inability to generate cash from its core business activities.
Quick answers to the most common questions about buying IMA stock.
ImageneBio Inc (IMA) generated $-47.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ImageneBio Inc (IMA) reported negative free cash flow of $47.8M in 2025, indicating capital requirements exceeded cash from operations.
ImageneBio Inc (IMA) 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.