The company faces significant liquidity pressure, evidenced by a negative free cash flow of $26.4 million in 2026Q1 and an OCF/NI ratio that has fluctuated as low as 0.67 in recent periods.
| 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 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -81.94M | -77.17M | -70.6M | -51.42M | -52.82M | -46.4M | -24.57M | -15.39M | -31.58M | -44.72M | -30.23M | -20.27M | -17.81M | -7.94M | -7.23M | -9.8M |
| Operating CF Margin % | - | - | -7632.76% | - | - | - | - | - | -126.31% | - | - | - | - | - | - | - |
| Operating CF Growth % | -69.95% | -9.31% | -37.3% | 2.65% | -13.84% | -88.81% | -59.64% | 51.25% | 29.39% | -47.95% | -49.13% | -13.83% | -124.31% | -9.76% | 26.19% | - |
| Net Income | -98.64M | -90.35M | -75.14M | -36.32M | -55.19M | -50.52M | -33.28M | -8.1M | -31.59M | -50.18M | -37M | -21.86M | -23.82M | -8.73M | -7.71M | -10.51M |
| Depreciation & Amortization | 3.22M | 3.09M | 3.25M | 3.3M | 3.2M | 947K | 1.82M | 340K | 0 | 0 | 0 | 0 | 135.95K | 59.57K | 130.78K | 125.6K |
| Stock-Based Compensation | 3.41M | 14.18M | 8.32M | 1.42M | 1.25M | 896K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -105K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.18M | -4.37M | -1.06M | -15.69M | 608K | 679K | 5.92M | -5.68M | 5.44M | 4.55M | 2.07M | 2.14M | 2.28M | -346.21K | 396.77K | 163.57K |
| Working Capital Changes | 2.89M | 268K | -5.96M | -4.02M | -2.69M | 1.59M | 966K | -1.95M | -5.43M | 917K | 4.71M | -546K | 3.6M | 1.08M | -45.56K | 419.54K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 290K | 0 | 0 | 0 | 34K | -37.5K | 599 | 190.65K | 644.69K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.34M | 627K | -77K | 667K | -3.61M | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 3.61M | 1.18M | -224.13K | -229K |
| Cash from Investing | 106.01M | 14M | -125.26M | 25.64M | -2.23M | -18.37M | -2.22M | -688K | 55.95M | 64.01M | -48.06M | -47.53M | -23.57M | -2.64M | -6.45K | -62.84K |
| Capital Expenditures | -669.4K | -1.18M | -808K | -321K | -2.23M | -18.37M | -2.22M | -879K | -49K | -494K | -713K | -27K | -113.89K | -11.74K | -6.45K | -62.84K |
| CapEx % of Revenue | - | - | 87.35% | - | - | - | - | - | 0.2% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191K | 0 | 0 | 0 | 1K | 25.89K | 191.82K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 20.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 30.68M | 30.43M | 184.07M | 92.48M | 66.53M | 51.06M | 77.14M | 82.24M | 570K | 423K | 71.11M | 92.95M | 45.28M | 19.58M | 0 | 12.12M |
| Debt Issued (Net) | -51.59K | -61K | -52K | -29K | -1K | 0 | -49K | -9K | -32K | -15K | -4K | 0 | -2.6M | 2.39M | 0 | 0 |
| Equity Issued (Net) | 30.73M | 30.49M | 189.59M | 92.34M | 66.46M | 50.78M | 77.18M | 82.25M | 602K | 438K | 71.12M | 92.95M | 47.88M | 17.78M | 0 | 12.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.59K | 0 | -5.47M | 168K | 73K | 287K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -587.44K | 0 | 0 |
| Net Change in Cash | 53.39M | -32.74M | -11.79M | 66.7M | 11.48M | -13.71M | 49.46M | 66.17M | 24.9M | 19.73M | -7.17M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -82.61M | -78.36M | -71.41M | -51.74M | -55.05M | -64.77M | -26.79M | -16.27M | -31.63M | -45.21M | -30.94M | -20.3M | -17.92M | -7.95M | -7.24M | -9.86M |
| FCF Margin % | - | - | -7720.11% | - | - | - | - | - | -126.5% | - | - | - | - | - | - | - |
| FCF Growth % | -15.94% | -9.73% | -38.01% | 6.01% | 15% | -141.73% | -64.65% | 48.55% | 30.05% | -46.13% | -52.45% | -13.26% | -125.41% | -9.82% | 26.59% | - |
| FCF per Share | -3.70 | -3.70 | -4.07 | -4.03 | -4.29 | -1.18 | -0.52 | -0.60 | -1.34 | -1.93 | -1.64 | -1.61 | -2.07 | -0.79 | -0.72 | -0.98 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.85x | 0.94x | 1.42x | 0.96x | 0.92x | 0.74x | 0.22x | 1.00x | 0.89x | 0.82x | 0.93x | 0.75x | 0.91x | 0.94x | 0.93x |
| Interest Paid | 1K | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Neurogene's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.67 and 0.94 over the last five quarters, indicating that non-cash adjustments are insufficient to bridge the gap between accounting losses and actual cash outflows.
The persistent divergence between net income and operating cash flow suggests that the company's reported losses are not merely accounting artifacts but reflect genuine, ongoing cash consumption. Investors should monitor this relationship, as the inability to achieve cash-flow neutrality remains a primary constraint on the company's long-term viability.
Based on quarterly filings, Neurogene has maintained a negative free cash flow trajectory, with the most recent 2026Q1 period showing a $26.4 million outflow, reflecting the heavy capital requirements inherent in advancing its gene therapy pipeline toward pivotal clinical data readouts.
The consistent negative FCF trend underscores the company's reliance on external capital to fund its R&D-heavy business model. This trajectory appears to be accelerating, which may necessitate further capital market engagement sooner than the current cash runway might otherwise suggest.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $6.7 million outflow in 2024Q1 to a $3.4 million inflow in 2025Q4, highlighting the unpredictable nature of cash management in a pre-revenue clinical-stage biotechnology environment.
These fluctuations suggest that timing differences in vendor payments and clinical trial site expenses are significantly impacting quarterly cash positions. Analysts should interpret these swings as evidence of the operational complexity involved in managing a multi-site clinical program without the benefit of recurring revenue streams.
As indicated by the provided financial data, the company's cash flow statement obscures the impact of stock-based compensation, which reached $4.0 million in 2025Q1, effectively masking the true economic cost of talent retention required to maintain the EXACT platform's development.
While SBC is a non-cash expense, it represents a significant dilution risk that is not captured in the headline cash burn figures. Investors should adjust their valuation models to account for this ongoing equity-based compensation, as it represents a real economic cost to shareholders that is currently excluded from the operating cash flow metrics.
Quick answers to the most common questions about buying NGNE stock.
Neurogene Inc. (NGNE) generated $-77.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Neurogene Inc. (NGNE) reported negative free cash flow of $78.4M in 2025, indicating capital requirements exceeded cash from operations.
Neurogene Inc. (NGNE) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.