Persistent operational inefficiency is evidenced by ten consecutive quarters of negative free cash flow, culminating in a $21.2M outflow during 2026Q1.
| Cash from Operations | -87.22M | -88.89M | -109.07M | -91.41M | 29.72M | 24.26M |
| Operating CF Margin % | - | -352.61% | -208.57% | -204.24% | 172.81% | 9982.3% |
| Operating CF Growth % | 57.13% | 18.5% | -19.32% | -407.53% | 22.54% | - |
| Net Income | -85.89M | -87.87M | -78.06M | -68.25M | -43.59M | -21.44M |
| Depreciation & Amortization | 5.23M | 5.32M | 5.41M | 4.21M | 1.73M | 387K |
| Stock-Based Compensation | 8.93M | 11.85M | 16.2M | 6.92M | 1.96M | 375K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.24M | 3.9M | 7.04M | -7.85M | 135K | -1.32M |
| Working Capital Changes | -22.73M | -22.09M | -59.67M | -26.43M | 69.49M | 46.26M |
| Change in Receivables | 1.01M | 952K | 1.19M | -1.18M | -1.27M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -361K | 1.05M | -1.11M | -84K | 721K | 695K |
| Cash from Investing | 82.79M | 103.53M | -88.16M | 45.73M | -122.2M | -74.32M |
| Capital Expenditures | -311K | -574K | -3.11M | -9.81M | -13.98M | -2.9M |
| CapEx % of Revenue | 1.39% | 2.28% | 5.95% | 21.93% | 81.26% | 1194.65% |
| Acquisitions | 37K | 37K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 470K | 3M | 0 | 0 | 0 | 0 |
| Cash from Financing | -306K | -356K | 84.01M | 1.01M | 239.59M | 39.92M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 29.97M |
| Equity Issued (Net) | 202K | 202K | 84.01M | 4.29M | 239.59M | 9.95M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -508K | -558K | 0 | -3.28M | 0 | 0 |
| Net Change in Cash | -3.94M | 14.28M | -113.22M | -44.66M | 147.12M | -10.14M |
| Free Cash Flow | -87.54M | -89.47M | -112.19M | -101.22M | 15.75M | 21.35M |
| FCF Margin % | -391.99% | -354.88% | -214.53% | -226.17% | 91.55% | 8787.65% |
| FCF Growth % | 16.28% | 20.25% | -10.83% | -742.81% | -26.26% | - |
| FCF per Share | -2.33 | -2.40 | -3.00 | -2.70 | 0.42 | 3.60 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.01x | 1.40x | 1.34x | -0.68x | -1.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.5M | 2.25M | 0 | 0 |
Liquidity and partnership concentration
According to quarterly cash flow statements, MGX consistently reports operating cash outflows that exceed net losses, with OCF/NI ratios frequently hovering above 1.0, suggesting that non-cash expenses like stock-based compensation are failing to bridge the widening gap between accounting losses and actual cash depletion.
The persistent divergence between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but represent a genuine, ongoing erosion of liquid assets. Investors should monitor this trend, as the inability to align cash burn with reported earnings suggests that the platform's operational costs are structurally disconnected from its current revenue-generating capacity.
As reported in financial filings, MGX has maintained a negative free cash flow trajectory for ten consecutive quarters, with the most recent period showing a $21.2M outflow, underscoring the company's total reliance on external financing to sustain its high-intensity research and development operations.
The lack of a clear path toward positive free cash flow suggests that the company remains in a deep pre-commercial phase where capital intensity is decoupled from any meaningful product-led cash generation. This trajectory warrants further investigation into how long the current cash runway can support these levels of expenditure before requiring dilutive capital raises.
Based on reported figures, working capital changes have been a significant drag on cash flow, with a peak outflow of $20.7M in 2024Q2, reflecting the inherent instability of a business model dependent on lumpy, project-based milestone payments rather than predictable, recurring operational inflows.
The erratic nature of these working capital swings appears to be a direct consequence of the company's reliance on collaboration-based revenue recognition. This volatility complicates cash flow forecasting and suggests that the company's liquidity position is highly sensitive to the timing of partner payments and the successful achievement of research milestones.
Data from the cash flow statement reveals that while capital expenditures appear minimal, the company's true operational cost is obscured by high stock-based compensation and R&D spending, which together effectively function as the primary cash-consuming activities of the business.
By focusing solely on traditional CapEx, investors may overlook the massive, recurring cash requirements needed to maintain the computational infrastructure and specialized talent pool essential to the company's discovery engine. This suggests that the reported cash burn is likely a permanent feature of the current business model rather than a temporary investment phase.
Quick answers to the most common questions about buying MGX stock.
Metagenomi, Inc. Common Stock (MGX) generated $-88.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Metagenomi, Inc. Common Stock (MGX) reported negative free cash flow of $89.5M in 2025, indicating capital requirements exceeded cash from operations.
Metagenomi, Inc. Common Stock (MGX) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.