Free cash flow deteriorated to -$202.3M in 2026Q2, a 102% quarter-over-quarter decline, and cumulative operating cash flow of -$1.06B over ten quarters outpaces net losses, indicating that non-cash charges like SBC (e.g., $90.8M in 2025Q4) mask a true cash burn of roughly $169M in the latest quarter.
Intellia Therapeutics, Inc. (NTLA) cash flow statement — 12-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -355.17M | -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 % | 45.36% | 0% | 11.47% | -18.24% | -48.11% | -350.85% | 51.65% | -68.54% | 6.16% | -280.77% | 2148.16% | 49.38% | - |
| Net Income | -426.14M | -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 | 6.58M | 15.92M | 10.29M | 8.98M | 7.57M | 6.89M | 6.31M | 5.59M | 4.46M | 2.99M | 1.1M | 328K | 4.5K |
| Stock-Based Compensation | 136.74M | 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 | 50.39M | 73.7M | -6.29M | -3.47M | 95.8M | 2.94M | 573K | -3.72M | -601K | 166K | 6.71M | 9K | 9.33M |
| Working Capital Changes | -16.43M | -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 | 3.55M | -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 | -2.21M | 5.99M | 6.8M | 2.52M | -4.58M | 529K | 5.06M | 1.88M | 232K | -488K | 1.78M | 335K | 0 |
| Cash from Investing | 14.21M | 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 | -7.55M | -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 | 14.28% | 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 | 123.79M | 20.97M | 0 | 0 | 44.83M | 0 | 0 | 31.97M | 131K | -10.1K | 0 | 0 | -450K |
| Cash from Financing | 305.12M | 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) | 73.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 230.13M | 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 | 1.54M | 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 | -37.29M | -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 | -358.08M | -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 % | -677.06% | -524.09% | -612.78% | -1124.94% | -751.48% | -719.41% | -92.25% | -255.28% | -222.17% | -288.57% | 181.71% | -71.43% | - |
| FCF Growth % | 13.22% | 0% | 13.09% | -4.19% | -64.72% | -344.48% | 51.38% | -62.74% | 10.29% | -351.69% | 793.63% | -10.82% | - |
| FCF per Share | -2.55 | -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) | 0.84x | 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 | 557K | 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 |
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.
Key Metrics
Top Statement Risk
Cash runway and binary clinical risk
Metrics are mathematically derived from official filings.
Cash Conversion Distorted by SBC
Operating cash flow exceeded net losses in 2026Q2, with OCF/NI at 1.88, but stock-based compensation of $31.6M inflates reported losses, masking a true cash burn of roughly $169M.
The OCF/NI ratio swung from 0.40 in 2024Q2 to 1.88 in 2026Q2, indicating that non-cash charges like SBC and D&A are widening the gap between net income and cash flow. However, the absolute cash burn remains severe, with operating cash flow of -$200.5M in 2026Q2, suggesting that the quality of earnings is poor as the company relies on non-cash adjustments to align reported losses with cash usage.
FCF Burn Accelerates Despite Revenue Growth
Free cash flow deteriorated to -$202.3M in 2026Q2, a 102% quarter-over-quarter decline, while TTM revenue of $67.7M grew 16.9%, indicating that collaboration inflows cannot offset escalating R&D spending.
The FCF margin swung from -3.0% in 2025Q4 to -26.4% in 2026Q2, reflecting a sharp acceleration in cash consumption. This suggests that the company's revenue growth is insufficient to cover its operating losses, and the trajectory implies that external financing will be required to sustain operations beyond the near term.
Minimal Capex Masks Capital Intensity
Capital expenditures averaged under $2M per quarter, with CapEx/Revenue peaking at 24.7% in 2026Q2, but the low absolute spend suggests a virtual asset-light model that relies on outsourced manufacturing and partnerships.
The negligible capex relative to revenue indicates that Intellia's capital intensity is low, but this is typical for a clinical-stage biotech that outsources manufacturing. The spike in CapEx/Revenue in 2026Q2 is due to a revenue dip rather than a strategic investment, implying that the company is not building internal production capacity, which may limit future scalability.
Working Capital Swings Signal Timing Risk
Working capital changes swung from +$29.6M in 2024Q2 to -$33.0M in 2026Q2, indicating that cash outflows are increasingly driven by timing of collaboration payments and expense accruals, not operational efficiency.
The negative working capital changes in recent quarters suggest that the company is paying down liabilities or building receivables, which may reflect the lumpy nature of milestone payments. This volatility complicates cash flow forecasting and suggests that the company's cash burn is not smooth, warranting close monitoring of partner payment schedules.
No Capital Returns, All Cash to R&D
No dividends or buybacks were paid over the past ten quarters, with all cash directed to R&D, as evidenced by the $155.5M cash balance and TTM operating loss of roughly $400M.
The absence of capital returns is consistent with a pre-revenue biotech conserving cash for clinical development. However, the cash balance appears insufficient to fund the current burn rate for more than a few quarters, suggesting that the company may need to raise capital or reduce spending, which could dilute existing shareholders.
Cumulative Losses Outpace Cash Burn
Over the past ten quarters, cumulative net losses totaled approximately -$1.13B, while cumulative operating cash flow was -$1.06B, indicating that non-cash charges like SBC have widened the gap between earnings and cash.
The cumulative OCF/NI ratio of 0.94 suggests that cash burn is slightly less than reported losses, but the difference is largely due to stock-based compensation, which is a non-cash expense. This implies that the company's true cash consumption is lower than reported net losses, but the absolute magnitude of cash burn remains substantial and unsustainable without external funding.
What the Cash Flow Statement Obscures
Stock-based compensation of $90.8M in 2025Q4 and $31.6M in 2026Q2 inflates reported losses, while the $155.5M cash balance may understate liquidity if partnership milestones or financing options are available.
The cash flow statement does not fully capture the dilutive impact of SBC, which is a non-cash expense but still represents a real cost to shareholders. Additionally, the low cash balance may not reflect potential access to capital through partnerships or equity offerings, which could extend the runway but also dilute existing holders. Investors should monitor the company's ability to secure non-dilutive funding or reduce burn rate.