Free cash flow remains structurally negative with quarterly outflows frequently exceeding $80M, further pressured by a decline in cash and equivalents to $155.5M by 2025Q4.
| Cash from Operations | -363.15M | -348.88M | -348.88M | -394.09M | -333.29M | -225.03M | -49.91M | -103.24M | -61.26M | -65.28M | 36.11M | -1.76M | -3.48M |
| Operating CF Margin % | - | -515.55% | -602.8% | -1086.38% | -639.45% | -680.82% | -86.06% | -239.52% | -201.28% | -249.94% | 219.12% | -29.17% | - |
| Operating CF Growth % | -21.97% | 0% | 11.47% | -18.24% | -48.11% | -350.85% | 51.65% | -68.54% | 6.16% | -280.77% | 2148.16% | 49.38% | - |
| Net Income | -394.6M | -519.02M | -519.02M | -481.19M | -474.19M | -267.89M | -134.23M | -99.53M | -85.34M | -67.54M | -31.63M | -12.4M | -14.31M |
| Depreciation & Amortization | 9.99M | 10.29M | 10.29M | 8.98M | 7.57M | 6.89M | 6.31M | 5.59M | 4.46M | 2.99M | 1.1M | 328K | 4.5K |
| Stock-Based Compensation | 132.43M | 154.27M | 154.27M | 134.05M | 91.4M | 47.01M | 19.9M | 15.09M | 17.05M | 15.32M | 6.71M | 1.31M | 462K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 8.93M | 0 | 0 | 0 | 0 | -6.7M | -1.01M | 0 |
| Other Non-Cash Items | 47.48M | 79.33M | -6.29M | -3.47M | 95.8M | 2.94M | 573K | -3.72M | -601K | 166K | 6.71M | 9K | 9.33M |
| Working Capital Changes | -52.13M | -73.75M | 11.88M | -52.45M | -53.87M | -22.9M | 57.53M | -20.66M | 3.18M | -16.21M | 59.91M | 10M | 1.03M |
| Change in Receivables | 1.37M | -951K | 27.94M | -32.69M | -1.74M | 99K | 2.49M | 2.93M | 2.92M | -4.02M | -5.45M | -1.01M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 7.82M | 0 | 1.65M | 3.96M | 1.28M | -4.39M | 0 | 0 |
| Change in Payables | 6.44M | 5.99M | 6.8M | 2.52M | -4.58M | 529K | 5.06M | 1.88M | 232K | -488K | 1.78M | 335K | 0 |
| Cash from Investing | 200.01M | 125.57M | 125.57M | -31.35M | 160.31M | -550.78M | -214.49M | 25.18M | -260.78M | -10.09M | -6.17M | -2.55M | -862.5K |
| Capital Expenditures | -5.12M | -5.78M | -5.78M | -13.98M | -58.39M | -12.76M | -3.58M | -6.79M | -6.36M | -10.09M | -6.17M | -2.55M | -412.5K |
| CapEx % of Revenue | 7.75% | 8.54% | 9.98% | 38.55% | 112.03% | 38.59% | 6.18% | 15.76% | 20.89% | 38.64% | 37.41% | 42.26% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -44.68M | -3M | 0 | -31.97M | 131K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 123.43M | 20.97M | 0 | 0 | 44.83M | 0 | 0 | 31.97M | 131K | -10.1K | 0 | 0 | -450K |
| Cash from Financing | 165.06M | 185.75M | 185.75M | 130.32M | 582.96M | 736.69M | 371.78M | 76.43M | 40.22M | 142.98M | 167.3M | 70.29M | 19.11M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 130.15M | 131.49M | 176.9M | 119.8M | 565.79M | 693.57M | 358.65M | 72.26M | 28.55M | 141M | 170.41M | 71.99M | 0 |
| Dividends Paid | 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 | -2.67M | 0 |
| Other Financing | 34.9M | 54.26M | 8.85M | 10.53M | 17.17M | 43.12M | 13.13M | 4.18M | 11.67M | 1.98M | -3.1M | -1.7M | 19.11M |
| Net Change in Cash | 465K | -37.57M | -37.57M | -295.11M | 409.98M | -39.12M | 107.38M | -1.63M | -281.82M | 67.61M | 197.25M | 65.97M | 14.77M |
| Free Cash Flow | -363.63M | -354.66M | -354.66M | -408.07M | -391.68M | -237.79M | -53.5M | -110.03M | -67.61M | -75.37M | 29.94M | -4.32M | -3.9M |
| FCF Margin % | -550.18% | -524.09% | -612.78% | -1124.94% | -751.48% | -719.41% | -92.25% | -255.28% | -222.17% | -288.57% | 181.71% | -71.43% | - |
| FCF Growth % | 4.6% | 0% | 13.09% | -4.19% | -64.72% | -344.48% | 51.38% | -62.74% | 10.29% | -351.69% | 793.63% | -10.82% | - |
| FCF per Share | -3.07 | -3.27 | -3.59 | -4.60 | -5.09 | -3.35 | -0.96 | -2.33 | -1.57 | -2.09 | 0.87 | -0.24 | -0.38 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.85x | 0.67x | 0.82x | 0.70x | 0.84x | 0.37x | 1.04x | 0.72x | 0.97x | -1.14x | 0.14x | 0.24x |
| Interest Paid | 0 | 0 | 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 |
Insufficient Liquidity Runway
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios fluctuating between 0.40 and 1.30, suggesting that non-cash items and working capital swings significantly distort the company's true cash-generating capability during this pre-commercial phase.
The wide variance in the OCF/NI ratio indicates that reported net income is a poor proxy for the actual cash burn experienced by the business. Investors should monitor these fluctuations as they likely reflect the timing of milestone-based revenue recognition rather than underlying operational efficiency.
Based on recent SEC filings, Intellia's free cash flow remains consistently negative, with quarterly outflows frequently exceeding $80M, highlighting a structural inability to self-fund its extensive R&D pipeline through current collaboration-based revenue streams without relying on external capital markets for ongoing operations.
The persistent FCF deficit underscores the high-risk nature of the company's current business model. Without a transition to commercialized products, the trajectory of these cash outflows suggests that the company will remain dependent on dilutive financing to sustain its clinical development programs.
According to the provided cash flow data, working capital changes have been highly erratic, including a significant $58.8M outflow in 2025Q1, which suggests that the timing of partner payments and operational payables creates unpredictable liquidity pressure on the company's already constrained cash reserves.
These swings in working capital appear to be driven by the lumpy nature of collaboration milestones. The inability to maintain a stable working capital cycle complicates cash management and increases the risk of liquidity shortfalls during periods of heavy clinical trial investment.
As indicated by financial disclosures, stock-based compensation reached $90.8M in 2025Q4, a figure that significantly obscures the true economic cost of operations and suggests that the company's reported cash burn may be understated when accounting for the dilution required to retain specialized scientific talent.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution. Analysts should adjust the cash burn metrics to include the impact of this compensation to better understand the sustainability of the current R&D spending levels.
Quick answers to the most common questions about buying NTLA stock.
Intellia Therapeutics, Inc. (NTLA) generated $-348.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intellia Therapeutics, Inc. (NTLA) reported negative free cash flow of $354.7M in 2025, indicating capital requirements exceeded cash from operations.
Intellia Therapeutics, Inc. (NTLA) spent $5.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.