The company's liquidity position is deteriorating, highlighted by a negative 189.6% free cash flow margin in 2026Q1 and a $40.5M working capital outflow that underscores persistent cash consumption.
Precigen, Inc. (PGEN) cash flow statement — 15-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 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -73.21M | -87.83M | -68.17M | -66.93M | -65.05M | -55.77M | -77.02M | -77.02M | -124.24M | -104.14M | -55.98M | 35.67M | -19.86M | -53.68M | -61.53M | -81.76M |
| Operating CF Margin % | - | -906.97% | -1736.89% | -1075.18% | -241.72% | -390.91% | -240.75% | -240.75% | -77.37% | -45.09% | -29.32% | 20.55% | -27.61% | -225.94% | -441.86% | -1020.32% |
| Operating CF Growth % | -206.04% | -28.84% | -1.86% | -2.9% | -16.63% | 27.59% | 0% | 38.01% | -19.3% | -86.05% | -256.93% | 279.62% | 63.01% | 12.75% | 24.74% | - |
| Net Income | 24.41M | -250.64M | -126.23M | -95.9M | 28.32M | -92.17M | -170.52M | -170.52M | -514.71M | -126.82M | -190.27M | -87.99M | -85.62M | -40.91M | -81.87M | -85.28M |
| Depreciation & Amortization | 4.45M | 3.2M | 4.53M | 6.67M | 10.77M | 13.76M | 17.52M | 17.52M | 24.11M | 31.14M | 24.57M | 17.74M | 10.41M | 7.21M | 7.98M | 4.34M |
| Stock-Based Compensation | 12.53M | 10.87M | 9.47M | 9.89M | 10.21M | 13.9M | 18.37M | 18.37M | 46.99M | 52.69M | 52.98M | 100.42M | 22.34M | 3.04M | 1.55M | 992K |
| Deferred Taxes | 0 | 0 | -1.79M | -479K | -150K | -167K | -156K | -156K | -21.28M | -2.53M | -3.47M | 1.12M | 17.86M | -16.19M | 6.67M | 2.68M |
| Other Non-Cash Items | -10.23M | 142.12M | 41.34M | -4.17M | -78.48M | 9.7M | 78.42M | 78.42M | 360.63M | 15.95M | 77.95M | -54.44M | 2.71M | 1.48M | -2.04M | 210K |
| Working Capital Changes | -104.36M | 6.62M | 4.52M | 17.07M | -35.7M | -804K | -20.65M | -20.65M | -19.98M | -74.58M | -17.74M | 58.83M | 12.44M | -8.31M | 6.19M | -4.69M |
| Change in Receivables | -27.88M | -3.2M | 414K | 12.23M | -13.51M | -6.56M | 4.33M | 4.33M | -2.7M | 740K | 2.59M | -12.14M | 4.33M | -644K | -121K | 33K |
| Change in Inventory | -19.59M | -9.21M | 0 | 0 | 2.34M | -1.9M | 2.51M | 2.51M | -478K | 663K | 3.81M | -774K | -7.31M | -4.56M | 98K | 155K |
| Change in Payables | 975K | 8.77M | 1.55M | -2.42M | 379K | 420K | -1.1M | -1.1M | 4.68M | -3.4M | 3.62M | -3.26M | 1.27M | -43K | -1.23M | -388K |
| Cash from Investing | 73.55M | -1.53M | -20.71M | -3.09M | 226.42M | -74.54M | 27.78M | 27.78M | -151.21M | 104.33M | -28.39M | -260.81M | -26.03M | -223.66M | -23.64M | -64.1M |
| Capital Expenditures | -1.71M | -2M | -8.58M | -1.54M | -4.92M | -7.25M | -7.53M | -7.53M | -41.59M | -46.67M | -31.63M | -12.75M | -6.37M | -1.53M | -7.49M | -13M |
| CapEx % of Revenue | 1.09% | 20.6% | 218.7% | 24.67% | 18.3% | 50.8% | 23.53% | 23.53% | 25.9% | 20.2% | 16.57% | 7.34% | 8.86% | 6.43% | 53.8% | 162.27% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.83M | -14.9M | -23.35M | -18.79M | -137.37M | -70.45M | -4.48M | -6M | -28.66M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 46.32M | 0 | 60K | 98K | 162.9M | 6.76M | 73.67M | 84.5M | 17.77M | 736K | -2.69M | -40K | -1.32M | -20K | -166K | 300K |
| Cash from Financing | 295K | 90.05M | 110.58M | 29.59M | -155.29M | 121.19M | 32.7M | 32.7M | 309.8M | 4.28M | 12.06M | 333.25M | 24M | 316.45M | 75.94M | 148.11M |
| Debt Issued (Net) | -654K | 92.82M | 0 | -43.22M | -155.29M | -466K | -2.41M | -2.41M | 219.47M | -781K | -395K | -3.19M | -2.23M | 389K | -77K | 14.88M |
| Equity Issued (Net) | 1.16M | 310K | 110.24M | 72.81M | 0 | 121.05M | 35M | 35M | 87.99M | 13.69M | 0 | 342.7M | 25M | 318.8M | 75.56M | 135.72M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -518K | 0 | 0 | -5K | 0 | 0 |
| Other Financing | -211K | -3.08M | 346K | 0 | 1K | 608K | 117K | 117K | 2.34M | -8.62M | 12.46M | -6.25M | 1.23M | -2.73M | 457K | -2.49M |
| Net Change in Cash | 637K | 717K | 21.67M | -40.75M | 5.25M | -8.91M | -16.18M | -16.18M | 34.64M | 5.5M | -73.17M | 108.32M | -22.04M | 39.11M | -9.22M | 2.26M |
| Free Cash Flow | -74.92M | -89.83M | -76.76M | -68.47M | -69.97M | -63.02M | -84.55M | -84.55M | -165.83M | -150.81M | -87.6M | 22.92M | -26.23M | -55.21M | -69.02M | -94.76M |
| FCF Margin % | -47.74% | -927.57% | -1955.59% | -1099.86% | -260.02% | -441.7% | -264.28% | -264.28% | -103.27% | -65.29% | -45.88% | 13.2% | -36.46% | -232.37% | -495.66% | -1182.59% |
| FCF Growth % | 0.92% | -17.03% | -12.11% | 2.15% | -11.03% | 25.46% | 0% | 49.01% | -9.96% | -72.14% | -482.22% | 187.38% | 52.49% | 20.01% | 27.16% | - |
| FCF per Share | -0.18 | -0.29 | -0.29 | -0.28 | -0.35 | -0.32 | -0.51 | -0.55 | -1.28 | -1.26 | -0.74 | 0.21 | -0.26 | -1.35 | -12.47 | -16.73 |
| FCF Conversion (FCF/Net Income) | -3.07x | 0.35x | 0.54x | 0.70x | -2.30x | 0.61x | 0.45x | 0.45x | 0.24x | 0.89x | 0.30x | -0.42x | 0.24x | 1.38x | 0.75x | 0.96x |
| Interest Paid | 10.46M | 3.51M | 7K | 1.17M | 8.54M | 7.16M | 7.2M | 7.2M | 3.87M | 617K | 964K | 1.2M | 158K | 51K | 12K | 18K |
| Taxes Paid | 0 | 3K | 4K | 21K | 0 | 36K | 48K | 48K | 216K | 566K | 10K | 1.17M | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PGEN stock.
Precigen, Inc. (PGEN) generated $-87.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Precigen, Inc. (PGEN) reported negative free cash flow of $89.8M in 2025, indicating capital requirements exceeded cash from operations.
Precigen, Inc. (PGEN) spent $2.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
High cash burn dependency
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Drain
As reported in recent financial statements, Precigen's OCF/NI ratio reached 5.53 in 2026Q1, highlighting a significant divergence where operating cash outflows substantially exceed accounting losses, suggesting that the company's net income figures fail to capture the full extent of its ongoing cash-based operational requirements.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based accounting does not reflect the immediate liquidity pressure of its R&D-heavy business model. Investors should monitor this ratio as it suggests that the company's cash burn is accelerating faster than its reported bottom-line losses might imply.
Persistent FCF Deficits Impede Sustainability
Based on the provided cash flow data, Precigen's free cash flow margin reached a negative 189.6% in 2026Q1, illustrating a deepening trend of cash consumption that consistently outpaces the company's ability to generate internal funding from its clinical-stage operations.
The trajectory of FCF remains deeply negative, with no evidence of a narrowing gap between cash inflows and outflows. This trend suggests that the company remains entirely dependent on external financing to maintain its current clinical pipeline, leaving little room for operational error.
Working Capital Volatility Signals Instability
According to quarterly cash flow filings, Precigen experienced a significant working capital outflow of $40.5M in 2026Q1, a sharp reversal from previous periods that indicates unpredictable timing in milestone-related collections and potential inefficiencies in managing its current asset and liability cycles.
The extreme swings in working capital changes suggest that the company's cash position is highly sensitive to the timing of partner payments and internal project expenditures. Such volatility warrants further investigation into whether these fluctuations are structural or merely reflective of the lumpy nature of milestone-based revenue recognition.
SBC Masks True Operational Costs
As indicated by the company's cash flow statements, stock-based compensation consistently adds back millions to operating cash flow, with $3.0M recorded in 2026Q1, which effectively obscures the true economic cost of talent retention in a highly competitive biotechnology labor market.
While SBC is a non-cash expense, its consistent presence suggests that the company relies heavily on equity-based incentives to preserve cash. This practice may be necessary for survival, but it dilutes existing shareholders and masks the true cash-based cost of operating the business.