Liquidity is under severe pressure as the company has consistently reported negative free cash flow, with quarterly outflows frequently exceeding $2 million throughout the observed period.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -9.33M | -9.25B | -8.6M | -7.29M | -15.23M | -13.47M | -16.95M | -13.01M | -9.08M | -6.36M | -7.08M | -5.1M | -5.56M | -6.76M | -5.21M | -5.49M | -6.45M | -5.8M | -3.84M | -1.91M | -2.22M | -3.43M | -2.75M | -1.22M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | -434.05% | -591.44% | -655.48% | -391.28% | -380.52% | -492.62% | -904.35% | -1642.21% | -1437.97% | -3361.55% | - | -1399.14% | - |
| Operating CF Growth % | -81.25% | -107448.87% | -17.92% | 52.12% | -13.05% | 20.54% | -30.28% | -43.32% | -42.68% | 10.05% | -38.61% | 8.18% | 17.82% | -29.79% | 5.15% | 14.79% | -11.19% | -51.22% | -100.4% | 13.97% | 35.23% | -25.1% | -125.22% | - |
| Net Income | -9.83M | -9.84B | -10.57M | -20.66M | -14.29M | -15.71M | -26.43M | -15.57M | -9.91M | -6.73M | -7.01M | -11.71M | -5.79M | -16.07M | -13.09M | -7.68M | -7.81M | -5.52M | -6.02M | -2.31M | -2.94M | -3.25M | -3.08M | -1.67M |
| Depreciation & Amortization | 0 | 771.44M | 0 | 27.39K | 44.67K | 41.24K | 51.7K | 62.62K | 30.11K | 65.8K | 75.04K | 71.15K | 27.67K | 76.49K | 75.19K | 79.52K | 42.73K | 239.76K | 253.86K | 273.23K | 280.9K | 260.64K | 41.99K | 12.54K |
| Stock-Based Compensation | 99.14K | 642.36M | 516.05K | 1.02M | 742.2K | 1.69M | 1.49M | 553K | 1.02M | 560.48K | 638.42K | 1.03M | 287.03K | 3.45M | 1.28M | 1.26M | 667.22K | 392.13K | 513.61K | 161.47K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.77M | 0 | 0 | 0 | 0 | 3.13K | -1.28K | -286.83K | 0 | 483.56K | 7.68M | 0 | -855.7K | -518.47K | -159.49K | -998.14K | 0 | 0 | 0 |
| Other Non-Cash Items | 2.46M | -816.84M | 0 | 10.3M | -10.96K | 1.77M | 7.9M | 12K | 12K | -70.49K | -1.45M | 5M | 287.03K | 6M | 5.8M | -7.54M | 99K | 328.44K | 513.61K | 161.47K | 441.38K | -385.69K | 156.16K | 283.53K |
| Working Capital Changes | -2.07M | -857.22K | 1.45M | 2.02M | -1.72M | 512.14K | 37.02K | 1.93M | -228.14K | -188.12K | 675.38K | 502.37K | -84.51K | -221.92K | 241.2K | 701.98K | 547.77K | -384.76K | 1.42M | -38.73K | -9.08K | -57.95K | 134.5K | 157.97K |
| Change in Receivables | 53.08K | -53.08K | 0 | 0 | 6.99K | -6.99K | 0 | 0 | 0 | 0 | 0 | -5.51K | 48.83K | 5.36K | 22.85K | 30.33K | 39.84K | -156.53K | -6.29K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 6.99K | 0 | 0 | 0 | 0 | 0 | 117.68K | -150.81K | -164.21K | 351.41K | -208.96K | -134.52K | -120.3K | -11.81K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.23M | 203.14K | -119.8K | 0 | 0 | 10.55K | 0 | 0 | 225.31K | 525.78K | 446.04K | 331.08K | -199.75K | -30.92K | -57.5K | 225.33M | 1.04B | -286.96M | 1.41B | 49.42K | 0 | 0 | 0 | 0 |
| Cash from Investing | 4M | 0 | 0 | -936.28K | -115.52K | -43.88K | 0 | -25.21K | -124.73K | 0 | 1.68M | -101.23K | -110.25K | -18.81K | -11.1K | 0 | -88.08K | 30.93K | -13.07K | -9.86K | -7.01K | -666.27K | -690.55K | -50.26K |
| Capital Expenditures | 0 | 0 | 0 | -1M | -127.52K | -43.88K | 0 | -25.21K | -124.73K | 0 | -27.18K | -102.51K | -110.67K | -18.81K | -11.1K | 0 | -88.08K | -9.07K | -55.32K | -12.91K | -12.01K | -666.27K | -690.55K | -50.26K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 8.72% | 11.77% | 1.82% | 0.83% | - | 6.73% | 1.41% | 23.69% | 9.7% | 18.15% | - | 351.94% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.45M | 1.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 63.72K | 12K | 0 | 0 | 0 | 0 | 0 | 1.7M | 1.28K | 424 | 0 | 0 | 0 | 0 | 40K | 42.25K | 3.05K | 5K | 0 | 0 | 0 |
| Cash from Financing | 12.02M | 16.78B | 5.98M | 283.88K | -494.92K | 23.14M | 16.32M | 11.1M | 23.25M | 8.45M | 4.45M | -159.95K | -158.21K | 13.13M | 14.98M | 5.53M | 6.37M | 4.9M | 4.54M | 1.69M | 2M | 1.37M | 3.52M | 4.83M |
| Debt Issued (Net) | -3.08M | -872.62K | -693.11K | -566.05K | -564.21K | -524.98K | -197.33K | -252.93K | 0 | 2.24M | -158.1K | -159.95K | -158.21K | -140.93K | 3.11M | 5.54M | 2.89M | 884.21K | 27.69K | 0 | 0 | 0 | 0 | -85.45K |
| Equity Issued (Net) | 15.1M | 17.65M | 6.67M | 849.93K | 69.29K | 23.67M | 11.34M | 0 | 0 | 0 | 2.64M | 0 | 0 | 13.8M | 11.89M | -3.75K | 1.5M | 6.47M | 4.51M | 1.69M | 2M | 1.37M | 3.52M | 4.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -1.12M | 0 | 0 | -58.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 16.76B | 0 | 0 | 0 | 1.12M | 5.18M | 11.35M | 23.31M | 6.21M | 1.97M | 0 | 0 | -530.18K | -21.13K | 0 | 1.97M | -2.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 2.69M | 7.53B | -2.62M | -7.94M | -15.84M | 9.63M | -628.42K | -1.94M | 14.04M | 2.09M | -1M | -5.37M | -5.83M | 6.35M | 9.75M | 39.64K | -169.49K | -864.34K | 690.42K | -231.77K | -230.51K | -2.73M | 82.49K | 3.56M |
| Free Cash Flow | -9.33M | -9.25B | -8.6M | -8.29M | -15.36M | -13.51M | -16.95M | -13.04M | -9.2M | -6.36M | -7.1M | -5.21M | -5.67M | -6.78M | -5.22M | -5.49M | -6.54M | -5.81M | -3.89M | -1.93M | -2.24M | -4.1M | -3.44M | -1.27M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | -442.76% | -603.22% | -657.3% | -392.11% | -380.52% | -499.35% | -905.77% | -1665.89% | -1447.66% | -3379.7% | - | -1751.08% | - |
| FCF Growth % | -22.1% | -107448.87% | -3.7% | 46.01% | -13.63% | 20.28% | -30.03% | -41.65% | -44.64% | 10.4% | -36.4% | 8.16% | 16.42% | -29.88% | 4.95% | 15.94% | -12.53% | -49.3% | -101.93% | 13.86% | 45.46% | -19.35% | -170.71% | - |
| FCF per Share | -2.17 | -4286.54 | -1.30 | -3.68 | -7.64 | -7.18 | -17.99 | -18.50 | -42.36 | -77.51 | -95.53 | -85.23 | -94.10 | -141.42 | -176.70 | -576.64 | -711.65 | -1074.46 | -1331.46 | -921.41 | -1340.05 | -3264.85 | -2941.60 | -1145.46 |
| FCF Conversion (FCF/Net Income) | 0.95x | 939.44x | 0.81x | 0.35x | 1.07x | 0.86x | 0.64x | 0.84x | 0.92x | 0.95x | 1.01x | 0.44x | 0.96x | 0.42x | 0.40x | 0.72x | 0.83x | 1.05x | 0.64x | 0.83x | 0.76x | 1.06x | 0.89x | 0.73x |
| Interest Paid | 8.63K | 0 | 0 | 30.59K | 9.29K | 0 | 10.02K | 7.3K | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to reported financial data, the relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio fluctuating between 0.09 and 1.25 over the last ten quarters, underscoring the lack of predictable cash conversion in this pre-revenue biotechnology research model.
The wide variance in the OCF/NI ratio suggests that non-cash items and working capital swings are the primary drivers of cash movement rather than operational earnings. Investors should interpret this as a signal that the company's cash burn is dictated by clinical trial milestones and administrative overhead rather than any underlying commercial profitability.
As evidenced by historical cash flow statements, Oragenics has consistently reported negative free cash flow in every quarter since 2023Q4, with quarterly outflows frequently exceeding $2 million, highlighting the company's total reliance on external financing to sustain its ongoing research and development activities.
The absence of positive free cash flow is a structural reality for a firm with no revenue, indicating that the company is effectively consuming its capital base to fund its pipeline. This trajectory suggests that without a significant change in the business model or a major partnership, the cash burn will continue to erode shareholder value.
Based on quarterly filings, working capital changes have been erratic, swinging from a $1.3 million inflow in 2024Q4 to a $1.3 million outflow in 2025Q4, which complicates the assessment of the company's underlying operational efficiency and its ability to manage short-term liabilities.
These fluctuations appear to be driven by the timing of payments to clinical research organizations and other vendors rather than operational growth. Such volatility warrants further investigation, as it may obscure the true underlying burn rate required to maintain the company's clinical development programs.
As reported in financial statements, the company's cash flow statement reveals minimal capital expenditure, yet the reliance on stock-based compensation, which reached $470.3K in 2023Q4, suggests that the true cost of operations is partially hidden through non-cash equity-based incentives that dilute existing shareholders.
The use of stock-based compensation as a substitute for cash payments is a common strategy in capital-constrained biotech firms, but it effectively shifts the burden of funding operations onto shareholders. Analysts should monitor these adjustments closely, as they represent a real economic cost that is not fully captured by the headline cash burn figures.
Quick answers to the most common questions about buying OGEN stock.
Oragenics, Inc. (OGEN) generated $-9246.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oragenics, Inc. (OGEN) reported negative free cash flow of $9.25B in 2025, indicating capital requirements exceeded cash from operations.
Oragenics, Inc. (OGEN) 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.