Free cash flow remains deeply negative with quarterly outflows reaching up to $18.5 million in 2026Q1, confirming a high-burn profile driven by core R&D activities.
| Cash from Operations | -49.7M | -45.34M | -55M | -48.97M | -44.1M | -30.85M | -14.62M | -4.44M |
| Operating CF Margin % | - | - | - | - | -13914.18% | -1483.24% | -632.52% | -231.41% |
| Operating CF Growth % | 30.41% | 17.55% | -12.32% | -11.04% | -42.95% | -111.01% | -229.11% | - |
| Net Income | -54.44M | -56.02M | -61.04M | -53.47M | -50.51M | -33.54M | -17.04M | -7.71M |
| Depreciation & Amortization | 531.13K | 698.89K | 385.07K | 352.08K | 796.79K | 159.07K | 79.31K | 18.08K |
| Stock-Based Compensation | 1.52M | 0 | 6.5M | 5.73M | 0 | 1.8M | 1.09M | 596.63K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -307.49K | 0 | 0 |
| Other Non-Cash Items | 4.34M | 6.16M | 75.98K | -601.59K | 3.9M | 130.24K | 0 | 2.22M |
| Working Capital Changes | -1.66M | 3.82M | -925.38K | -974.64K | 1.72M | 900.42K | 1.25M | 437.13K |
| Change in Receivables | 0 | 0 | 0 | 12.42K | 233.62K | 279.71K | -290.17K | 614.11K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 197.49K | -400.8K | -112.14K | -1.11M | 1.76M | -130.4K | 1.19M | 270.5K |
| Cash from Investing | -151.8M | -88.74M | 26.43M | 7.3M | 41.83M | -75.62M | -53.41K | -20.53K |
| Capital Expenditures | -213.21K | -142.23K | -84.88K | -342.75K | -742.48K | -60.79K | -53.41K | -20.53K |
| CapEx % of Revenue | - | - | - | - | 234.26% | 2.92% | 2.31% | 1.07% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 70.35K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 247 | 0 | 0 | 0 | -75.62M | 0 | 0 |
| Cash from Financing | 212.95M | 226.58M | 5.3M | 28.44M | 19K | 144.26M | 37.98M | 17.17M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.83M |
| Equity Issued (Net) | 212.95M | 226.58M | 4.24M | 28.2M | 19K | 145.11M | 37.98M | 13.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -147 | 1.07M | 241.07K | 0 | -842.76K | 0 | -56.24K |
| Net Change in Cash | 11.46M | 92.5M | -23.26M | -13.23M | -2.25M | 37.8M | 23.31M | 12.71M |
| Free Cash Flow | -49.91M | -45.49M | -55.08M | -49.31M | -44.84M | -30.91M | -14.67M | -4.46M |
| FCF Margin % | - | - | - | - | -14148.44% | -1486.17% | -634.83% | -232.48% |
| FCF Growth % | 6.96% | 17.42% | -11.71% | -9.96% | -45.07% | -110.65% | -228.8% | - |
| FCF per Share | -1.13 | -1.03 | -1.84 | -1.74 | -1.70 | -1.17 | -1.09 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.81x | 0.90x | 0.92x | 0.87x | 0.92x | 0.86x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to recent financial disclosures, Immuneering's operating cash flow consistently tracks below net income, with the OCF/NI ratio fluctuating between 0.65 and 1.37, highlighting that the company's cash burn is primarily driven by core R&D activities rather than non-cash accounting adjustments or significant working capital swings.
The divergence between net income and operating cash flow suggests that the company's GAAP losses are a reasonable proxy for actual cash depletion. Investors should monitor this relationship, as the lack of significant non-cash add-backs implies that the company's runway is highly sensitive to the direct costs of clinical trial execution.
As reported in quarterly filings, Immuneering's free cash flow remains deeply negative, with quarterly outflows ranging from $9.4 million to $18.5 million, confirming that the company is currently in a pure capital-consumption phase with no offsetting revenue streams to mitigate the ongoing R&D expenditure requirements.
The consistent negative trajectory of free cash flow underscores the company's reliance on external financing to sustain its clinical pipeline. This trend appears likely to continue until the company reaches a meaningful clinical inflection point that could potentially attract partnership capital or milestone-based funding.
Based on reported figures, Immuneering maintains an extremely low capital intensity, with quarterly CapEx rarely exceeding $0.1 million, which indicates that the company's cash burn is almost entirely concentrated in operational R&D rather than the acquisition or maintenance of physical infrastructure or heavy laboratory equipment.
The negligible level of capital expenditure suggests that the company operates with a highly variable cost structure, allowing it to pivot resources toward clinical trials without being burdened by significant fixed asset maintenance. This lean approach is appropriate for a pre-revenue entity, though it leaves little room for operational efficiency gains.
Analysis of recent quarterly statements reveals that working capital changes have been erratic, swinging from a $6.4 million outflow in 2026Q1 to a $1.7 million inflow in 2024Q4, which suggests that the timing of vendor payments and clinical site accruals creates significant noise in short-term cash flow.
These fluctuations appear to be driven by the lumpy nature of clinical trial milestones and CRO payment schedules rather than fundamental shifts in business operations. Investors should look past these quarterly variances to focus on the underlying trend of cash burn, which remains the primary determinant of the company's financial runway.
Quick answers to the most common questions about buying IMRX stock.
Immuneering Corporation (IMRX) generated $-45.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immuneering Corporation (IMRX) reported negative free cash flow of $45.5M in 2025, indicating capital requirements exceeded cash from operations.
Immuneering Corporation (IMRX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.