Persistent cash burn is evident as the company has failed to generate positive free cash flow in any of the last ten quarters, with outflows reaching $8.3 million in 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 |
|---|
| Cash from Operations | -23.96M | -22.18M | -20.71M | -23.32M | -45.57M | -35.94M | -25.98M | -19.71M | -11.65M | -13.38M | -7.52M | -4.23M | -1.16M | -710K |
| Operating CF Margin % | - | -547.08% | -1101.17% | -1551.9% | -4756.58% | -1635.17% | -2136.51% | - | - | - | - | - | - | - |
| Operating CF Growth % | -20.11% | -7.1% | 11.2% | 48.81% | -26.79% | -38.34% | -31.78% | -69.24% | 12.97% | -77.94% | -77.87% | -263.32% | -63.94% | - |
| Net Income | -47.84M | -50.22M | -60.66M | -27.78M | -72.9M | -64.1M | -29.93M | -22.43M | -15.75M | -19.38M | -11.17M | -8.73M | -4.99M | -3.5M |
| Depreciation & Amortization | 2.34M | 2.2M | 1.56M | 1.68M | 5.22M | 4.21M | 394K | 351K | 559K | 580K | 387K | 283K | 281K | 277K |
| Stock-Based Compensation | 1.23M | 2.22M | 1.91M | 6.57M | 10.04M | 6.84M | 5.07M | 3M | 1.48M | 1.63M | 922K | 1.81M | 318K | 326K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -9.26M | -1.25M | 483K | 956K | 4.38M | 0 | 65K | 0 | -326K |
| Other Non-Cash Items | 16.42M | 20.89M | 37.79M | 174K | 14.01M | 26.22M | -2.24M | 437K | 118K | 83K | 1.7M | 18K | 291K | 326K |
| Working Capital Changes | 3.89M | 2.73M | -1.32M | -3.97M | -1.94M | 149K | 1.98M | -1.55M | 993K | -686K | 2.34M | 2.33M | 3.22M | 2.18M |
| Change in Receivables | 3.38M | 485K | -1.13M | 109K | -575K | -1.23M | -182K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 77K | -36K | -410K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 337K | 2.65M | 967K | -4.76M | 297K | -1.35M | 848K | 741K | 1M | -48K | 229K | 1.04M | 291K | 48K |
| Cash from Investing | -3.49M | -3.19M | -512K | -932K | -4.34M | -13.96M | -11.75M | -12.41M | -31K | 843K | -181K | 315K | 1.32M | -25K |
| Capital Expenditures | -3.49M | -3.19M | -516K | -281K | -4.34M | -2.25M | -1.23M | -918K | -31K | -91K | -106K | -500K | -9K | -25K |
| CapEx % of Revenue | 179.12% | 78.55% | 27.43% | 18.7% | 453.03% | 102.23% | 100.9% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -11.71M | -10.51M | -11.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 4K | -1.02M | 0 | 0 | -7K | -252K | -240K | 934K | -75K | 815K | 1.33M | 0 |
| Cash from Financing | 24.21M | 28.07M | 20.43M | 12.19M | 35.81M | 78.36M | 22.8M | 47.87M | 12.11M | 9.97M | 9.88M | 11.65M | 0 | 0 |
| Debt Issued (Net) | -555K | -510K | -201K | -117K | -1.43M | -1.53M | 695K | 1.36M | -1.18M | 1.58M | -114K | 0 | 0 | 0 |
| Equity Issued (Net) | 24.84M | 28.66M | 22.43M | 12.73M | 37.72M | 77.75M | 20.79M | 46.51M | 13.59M | 0 | 10.55M | 11.65M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -239K | -14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -74K | -74K | -1.79M | -427K | -483K | 2.15M | 1.31M | 0 | -201K | 8.38M | -555K | 4K | 0 | 0 |
| Net Change in Cash | -3.01M | 3.68M | -796K | -12.07M | -14.1M | 28.46M | -14.93M | 15.74M | 434K | -2.57M | 2.18M | 7.74M | 156K | -735K |
| Free Cash Flow | -27.46M | -25.37M | -21.23M | -23.61M | -49.91M | -38.19M | -27.21M | -20.63M | -11.68M | -13.48M | -7.63M | -4.73M | -1.17M | -735K |
| FCF Margin % | -1408.72% | -625.62% | -1128.6% | -1570.59% | -5209.6% | -1737.4% | -2237.42% | - | - | - | - | - | - | - |
| FCF Growth % | -18.15% | -19.5% | 10.07% | 52.7% | -30.69% | -40.36% | -31.86% | -76.65% | 13.33% | -76.66% | -61.3% | -303.15% | -59.59% | - |
| FCF per Share | -0.80 | -0.83 | -1.62 | -3.09 | -9.01 | -8.59 | -8.31 | -8.04 | -6.17 | -8.93 | -5.75 | -4.50 | -1.08 | -2.26 |
| FCF Conversion (FCF/Net Income) | 0.57x | 0.44x | 0.34x | 0.84x | 0.63x | 0.56x | 0.87x | 0.88x | 0.74x | 0.69x | 0.67x | 0.48x | 0.23x | 0.20x |
| Interest Paid | 24K | 0 | 0 | 0 | 0 | 114K | 209K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in financial statements, IMDX's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, reaching 1.78 in 2026Q1, which suggests that non-cash charges and accrual accounting are obscuring the underlying reality of the company's persistent and substantial cash-based operating losses.
The wide variance between net income and operating cash flow indicates that the company's reported losses are heavily influenced by non-cash items, yet the actual cash outflow remains consistently negative. Investors should monitor this divergence as it suggests that the business model is not yet generating the operational efficiency required to bridge the gap between accounting losses and cash sustainability.
Based on reported figures, IMDX has failed to generate positive free cash flow in any of the last ten quarters, with quarterly cash outflows ranging from $3.9 million to $8.3 million, indicating a structural inability to fund operations through internal revenue generation at the current scale.
The consistent negative FCF trajectory highlights the company's reliance on external capital to sustain its commercial infrastructure. This trend appears to confirm that the current revenue ramp is insufficient to cover the high fixed costs associated with maintaining specialized diagnostic laboratory facilities.
According to recent SEC filings, IMDX's capital expenditure as a percentage of revenue has been highly erratic, peaking at 187% in 2024Q3, which suggests that the company is struggling to balance necessary infrastructure investment with the limited cash inflows generated by its diagnostic testing services.
The high capital intensity relative to revenue indicates that the company is still in a heavy investment phase, likely attempting to build out lab capacity that has not yet reached optimal utilization. This capital-heavy approach warrants further investigation into whether the shift toward decentralized testing models will successfully reduce these recurring maintenance requirements.
Financial data reveals that working capital changes for IMDX have been inconsistent, swinging from a $1.3 million inflow in 2026Q1 to a $1.2 million outflow in 2024Q4, which may indicate challenges in managing the timing of collections from insurers and the procurement of specialized diagnostic reagents.
The lack of a stable working capital cycle suggests that the company's cash conversion process is highly sensitive to the timing of reimbursement payments. This volatility appears to exacerbate the company's liquidity risk, as unpredictable cash inflows make it difficult to forecast the exact timing of future capital requirements.
As noted in quarterly filings, stock-based compensation (SBC) has been a recurring non-cash adjustment, reaching as high as $721,000 in 2025Q4, which effectively masks the true economic cost of talent retention while failing to alleviate the company's underlying cash burn and liquidity pressures.
While SBC is a standard practice for growth-stage firms, its presence in the cash flow statement serves to artificially inflate operating cash flow figures. Analysts should be cautious, as this accounting treatment does not change the fact that the company is consuming cash at a rate that threatens its long-term viability.
Quick answers to the most common questions about buying IMDX stock.
Insight Molecular Diagnostics Inc. (IMDX) generated $-22.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Insight Molecular Diagnostics Inc. (IMDX) reported negative free cash flow of $25.4M in 2025, indicating capital requirements exceeded cash from operations.
Insight Molecular Diagnostics Inc. (IMDX) spent $3.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.