Free cash flow remains deeply negative, with quarterly outflows frequently exceeding $45 million, while stock-based compensation of $8.5 million in 2026Q1 continues to mask the underlying economic cost of operations.
Rocket Pharmaceuticals, Inc. (RCKT) cash flow statement — 14-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 |
|---|
| Cash from Operations | -170.28M | -190.01M | -209.72M | -194.92M | -178.14M | -121.16M | -74.64M | -64.66M | -53.79M | -26.11M | -37.27M | -17.42M | -9.74M | -6.46M | -6.94M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 66.77% | 9.4% | -7.6% | -9.42% | -47.03% | -62.33% | -15.43% | -20.22% | -105.99% | 29.93% | -113.98% | -78.75% | -50.94% | 6.93% | - |
| Net Income | -17.25M | -223.12M | -258.75M | -245.59M | -221.86M | -169.07M | -139.7M | -77.27M | -74.52M | -29.5M | -42.85M | -67.98M | -9.53M | -7.62M | -6.06M |
| Depreciation & Amortization | 9.71M | 11.03M | 9.38M | 7.1M | 6.27M | 5.37M | 1.15M | 426K | 330K | 200K | 169K | 45K | 0 | 0 | 9K |
| Stock-Based Compensation | 31.78M | 37.06M | 43.92M | 39.41M | 31.01M | 29.24M | 18.57M | 13.37M | 13.6M | 4.04M | 2.91M | 2.38M | 177K | -148K | 486K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.15M | 999K | -1.07M | -484K | 654K | 225K | 46.36M | 0 | 0 | 2K |
| Other Non-Cash Items | -182.28M | -6.68M | -6.19M | -9.28M | 370K | 13.53M | 29.32M | 3.6M | 2.9M | 522K | 162K | 1.11M | 1.08M | 573K | 213K |
| Working Capital Changes | -12.24M | -8.3M | 1.92M | 13.46M | 6.08M | -3.39M | 15.03M | -3.73M | 4.38M | -2.03M | 2.12M | 669K | -1.47M | 736K | -1.59M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.75M | 0 | 0 | 0 | 9.67M | -4.83M | 11.02M | -2.72M | 5.89M | -1.14M | -41K | 487K | 917K | -158K | 159K |
| Cash from Investing | 361.85M | 103.77M | 131.71M | -98.07M | -69.33M | 18.85M | -96.59M | -39.01M | -5.27M | 75.02M | -66.06M | -31.68M | 0 | 0 | 3K |
| Capital Expenditures | -127K | -440K | -5.86M | -16.47M | -8.62M | -7.71M | -29.06M | -23.27M | -1.45M | -70K | -487K | -412K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 42.73M | 95K | 8.45M | 15.74K | 76.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 178.19M | 0 | 0 | 0 | 0 | -95K | -8.45M | -15.74K | -356K | 0 | 0 | 0 | 0 | 0 | 3K |
| Cash from Financing | 90K | 148K | 185.74M | 208.4M | 155.29M | 37.68M | 282.99M | 177.79M | 153.5M | 25.41K | 16 | 125.52M | 568K | 17.88M | 2.5M |
| Debt Issued (Net) | 7K | 0 | 0 | 139K | 172K | 201K | 5.56M | 0 | 0 | 0 | 48.74M | 13.36M | 560K | 7.92M | 2.5M |
| Equity Issued (Net) | 152K | -67K | 185.74M | 208.39M | 155.29M | 37.68M | 281.28M | 178.1M | 153.35M | 0 | 4M | 112.05M | 0 | 9.96M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -67K | 0 | 0 | -47K | 0 | -72K | 0 | -668K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -69K | 215K | 0 | -132K | -172K | -201K | -3.85M | -313K | 148K | 19K | 346K | 106K | 8K | 0 | 0 |
| Net Change in Cash | 191.66M | -86.1M | 107.72M | -84.58M | -92.18M | -64.63M | 111.76M | 74.12M | 94.44M | 48.92M | -50.24M | 76.42M | -9.18M | 11.42M | -4.43M |
| Free Cash Flow | -170.4M | -190.45M | -215.59M | -211.39M | -186.76M | -128.88M | -103.7M | -87.93M | -55.24M | -26.18M | -37.75M | -17.83M | -9.74M | -6.46M | -6.94M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 17.34% | 11.66% | -1.99% | -13.19% | -44.91% | -24.28% | -17.93% | -59.18% | -110.99% | 30.65% | -111.76% | -82.98% | -50.94% | 6.93% | - |
| FCF per Share | -1.49 | -1.71 | -2.27 | -2.52 | -2.74 | -2.04 | -1.87 | -1.79 | -1.40 | -3.87 | -5.65 | -2.70 | -4.63 | -3.07 | -3.30 |
| FCF Conversion (FCF/Net Income) | 9.88x | 0.85x | 0.81x | 0.79x | 0.80x | 0.72x | 0.51x | 0.78x | 0.72x | 0.89x | 0.87x | 0.26x | 1.02x | 0.85x | 1.14x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.99M | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26K | 2K | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RCKT stock.
Rocket Pharmaceuticals, Inc. (RCKT) generated $-190.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rocket Pharmaceuticals, Inc. (RCKT) reported negative free cash flow of $190.5M in 2025, indicating capital requirements exceeded cash from operations.
Rocket Pharmaceuticals, Inc. (RCKT) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rocket Pharmaceuticals, Inc. (RCKT) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Capital runway and dilution
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persistence
As reported in financial statements, Rocket Pharmaceuticals consistently exhibits a tight correlation between net losses and operating cash outflows, with the OCF/NI ratio fluctuating between 0.49 and 1.00, indicating that the company's cash burn is almost entirely driven by its ongoing, non-revenue-generating clinical development activities.
The high OCF/NI ratio suggests that the company lacks significant non-cash expenses beyond stock-based compensation to bridge the gap between accounting losses and actual cash depletion. Investors should monitor this tight linkage, as it implies that any increase in clinical trial intensity will translate directly into accelerated cash outflows.
Persistent Free Cash Flow Erosion
Based on RCKT's reported figures, the company maintains a consistently negative free cash flow trajectory, with quarterly outflows frequently exceeding $45 million, reflecting the heavy capital requirements of its dual-platform gene therapy pipeline as it moves toward potential regulatory milestones and commercialization readiness.
The absence of positive free cash flow is expected for a pre-commercial biotech, yet the magnitude of these outflows relative to the reported cash balance warrants caution. The trend suggests that the company remains in a high-burn phase where operational efficiency is secondary to the speed of clinical execution.
Minimal Capital Expenditure Intensity
According to recent SEC filings, Rocket Pharmaceuticals reports negligible capital expenditures, with quarterly figures often falling below $100,000, which suggests that the company is currently prioritizing outsourced manufacturing or licensing over heavy investment in proprietary, large-scale physical infrastructure at this stage of its development.
The low capital intensity indicates that the company is avoiding the balance sheet burden of building its own manufacturing facilities, likely to preserve cash for R&D. While this strategy protects the balance sheet in the short term, it may shift the risk toward reliance on third-party manufacturing partners.
Stock-Based Compensation Masking Burn
As indicated by the company's reported cash flow statements, stock-based compensation consistently adds back over $10 million per quarter, effectively masking the true economic cost of operations and providing a temporary buffer against the company's underlying cash burn rate during this pre-revenue clinical phase.
This reliance on equity-based compensation suggests that management is attempting to preserve cash while incentivizing talent, but it creates a persistent dilution risk for shareholders. Analysts should interpret the cash flow statement with the understanding that these non-cash adjustments do not reduce the actual economic cost of the company's R&D programs.