Operating cash flow remains structurally negative, with erratic OCF/NI ratios reaching as high as 484.00, suggesting significant instability in core funding requirements.
| Cash from Operations | -1.74B | -5.93B | -9.56M | -15.76M | -18.87M | -12.83M | -8.34M | -14.94M |
| Operating CF Margin % | - | - | - | - | - | - | - | -2167.02% |
| Operating CF Growth % | 50.82% | -61908.09% | 39.38% | 16.45% | -47.09% | -53.84% | 44.21% | - |
| Net Income | -12.47M | -12.49B | -10.78M | -22.46M | -27.99M | -30.21M | -16.24M | -23.8M |
| Depreciation & Amortization | 217.76M | 181.75M | 215.44K | 204.62K | 121.75K | 77.96K | 55.06K | 36.82K |
| Stock-Based Compensation | 3.3B | 2.67B | 1.81M | 3.86M | 3.03M | 1.74M | 87.83K | 219.57K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.97B | 3.71B | -1.26M | -266.78K | -2.79M | 11.83M | 8.08M | 4.49M |
| Working Capital Changes | 3.04M | 3.29M | 459.73K | 2.9M | 8.77M | 3.74M | -324.93K | 4.12M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 |
| Change in Payables | 725.9K | 689.71K | -1.18M | -1.92M | 2.66M | -152.04K | 607.86K | 886.67K |
| Cash from Investing | 0 | 0 | 0 | -73.56K | -250.05K | -248.98K | -95.21K | -426.47K |
| Capital Expenditures | 0 | 0 | 0 | -73.56K | -250.05K | -248.98K | -95.21K | -426.47K |
| CapEx % of Revenue | - | - | - | - | - | - | - | 61.84% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -2.09B | 14.72B | 10.82M | -407.17K | -155.6K | 49.26M | 11.11M | 11.44M |
| Debt Issued (Net) | -5M | 0 | 5M | 0 | 0 | 9.46M | 11.11M | 11.44M |
| Equity Issued (Net) | 18.05M | 14.9M | 5.8M | -477.64K | -157.19K | 39.8M | 901 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -477.64K | -157.19K | 0 | 0 | 0 |
| Other Financing | -2.1B | 14.71B | 19.99K | 70.47K | 1.59K | 150 | 0 | 0 |
| Net Change in Cash | -3.82B | 8.78B | 1.21M | -16.27M | -19.25M | 36.2M | 2.39M | -4.06M |
| Free Cash Flow | -1.74B | -5.93B | -9.56M | -15.84M | -19.12M | -13.08M | -8.43M | -15.37M |
| FCF Margin % | - | - | - | - | - | - | - | -2228.86% |
| FCF Growth % | -28.88% | -61908.09% | 39.66% | 17.16% | -46.2% | -55.06% | 45.14% | - |
| FCF per Share | -362.06 | -1387.63 | -2.47 | -4.61 | -5.68 | -3.91 | -2.55 | -6.38 |
| FCF Conversion (FCF/Net Income) | 139.31x | 474.23x | 0.89x | 0.70x | 0.67x | 0.42x | 0.51x | 0.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical stage liquidity dependence
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.33 to over 484.00, suggesting that traditional accrual-based earnings metrics provide little insight into the company's actual cash-based operational performance or burn rate.
The extreme divergence between net income and operating cash flow indicates that non-cash items and working capital adjustments are the primary drivers of the reported figures rather than core operational efficiency. Investors should monitor these fluctuations as they suggest that the company's cash position is highly sensitive to accounting adjustments rather than sustainable business activities.
Based on EDBL's reported figures, the company has consistently generated negative free cash flow over the last ten quarters, with quarterly outflows frequently exceeding $2 million, highlighting a structural inability to self-fund research and development activities without continuous reliance on external capital markets for survival.
The persistent negative trajectory of free cash flow confirms that the firm remains in a deep investment phase with no near-term path to operational self-sufficiency. This trend warrants further investigation into the company's ability to manage its burn rate as clinical trial cohorts for AGENT-797 continue to expand.
According to recent SEC filings, the company's cash flow statement is heavily impacted by massive stock-based compensation adjustments, which reached $2.7 billion in 2025Q4, effectively masking the true economic cost of talent acquisition and retention within the firm's highly specialized and capital-intensive research environment.
The reliance on equity-based compensation suggests that the company is attempting to preserve cash by diluting shareholders, a common but risky strategy for clinical-stage entities. This practice obscures the true operational burn rate and makes it difficult for investors to assess the underlying sustainability of the current cost structure.
As noted in the provided financial data, working capital changes have been inconsistent, ranging from net inflows of $1.3 million to outflows, which suggests that the company's management of payables and accruals is highly reactive to the timing of clinical trial milestones and vendor payment cycles.
These erratic shifts in working capital appear to reflect the lack of a stable, recurring operational cycle typical of pre-revenue biotechnology firms. Investors should monitor these movements closely, as they may indicate potential liquidity crunches when large, non-recurring clinical expenses coincide with unfavorable shifts in vendor payment terms.
Quick answers to the most common questions about buying INKT stock.
MiNK Therapeutics, Inc. (INKT) generated $-5925.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MiNK Therapeutics, Inc. (INKT) reported negative free cash flow of $5.93B in 2025, indicating capital requirements exceeded cash from operations.
MiNK Therapeutics, Inc. (INKT) 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.