Free cash flow remains deeply negative with quarterly outflows frequently exceeding $40 million, and the OCF/NI ratio has fluctuated between 0.62 and 5.53, indicating poor earnings quality.
| 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 |
|---|
| Cash from Operations | -233.78M | -123.96M | -173.13M | -218.41M | -207.49M | 218.88M | -54.06M | -107.7M | 104.65M | -57.99M | -48.56M | -22.52M | -2.4M | -3.01M |
| Operating CF Margin % | - | -72.73% | -207.76% | -242.02% | -184.07% | 46.53% | -34.98% | -305.69% | 47.89% | -557.99% | -1058.14% | -296.72% | -39.2% | -49.48% |
| Operating CF Growth % | -438.35% | 28.4% | 20.73% | -5.26% | -194.8% | 504.87% | 49.81% | -202.92% | 280.45% | -19.43% | -115.67% | -838.52% | 20.35% | - |
| Net Income | -290.01M | -193.88M | -227.1M | -263.49M | -280.32M | 127.84M | -111.25M | -94.73M | 99.94M | -73.17M | -62.97M | -22.81M | -4M | -5.39M |
| Depreciation & Amortization | 15.52M | 15.62M | 16.21M | 17.32M | 12.91M | 9.56M | 8.41M | 7.15M | 3.98M | 2.69M | 544K | 80K | 0 | 0 |
| Stock-Based Compensation | 26.03M | 34.56M | 38.46M | 40.27M | 40.79M | 38.81M | 31.95M | 26.85M | 16.64M | 10.61M | 7.03M | 2.92M | 319K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.92M | 3.84M | -38.97M | 794K | 1.34M | 2M | 322K | 0 | 0 |
| Other Non-Cash Items | 20.82M | 7.96M | -6.23M | -1.61M | 5.16M | 4.36M | -1.23M | -2.68M | -8.93M | -347K | -399K | 13K | 175K | -289K |
| Working Capital Changes | -6.13M | 11.78M | 5.53M | -10.89M | 13.98M | 40.22M | 14.22M | -5.33M | -7.77M | 897K | 5.23M | -3.04M | 1.11M | 2.66M |
| Change in Receivables | 9.02M | -7.66M | 9.71M | 3.94M | 4.82M | 14.12M | -9.9M | -8.62M | -16.8M | 561K | 1.07M | -1.34M | -799K | -36K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 29.3M | 17.85M | 2.37M | 5.35M | -2.2M | 2.82M | -2.51M | 1.72M | 4.89M |
| Change in Payables | 1.72M | -2.28M | -292K | -2.79M | 18.79M | -2.3M | 3.87M | 1.53M | -218K | 2.62M | 186K | 590K | 33K | 257K |
| Cash from Investing | 9.98M | -15.87M | 103.45M | 190.94M | -11.93M | -406.64M | 122.76M | 93.56M | -279.36M | -4.79M | 19.16M | -163.8M | 0 | 0 |
| Capital Expenditures | -2.63M | -2.41M | -2.44M | -9.96M | -30.72M | -84.17M | -26.87M | -11.72M | -13.28M | -7.16M | -8.15M | -522K | 0 | 0 |
| CapEx % of Revenue | 2.99% | 1.42% | 2.92% | 11.04% | 27.26% | 17.9% | 17.38% | 33.26% | 6.08% | 68.89% | 177.58% | 6.88% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -4.99M | -149.63M | -295.98M | -179.71M | -479K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 62K | 5.78M | 0 | 0 | 4.99M | 149.63M | 295.98M | 179.71M | 479K | -225K | -163.28M | 0 | 0 |
| Cash from Financing | 108.93M | 116.77M | 92.68M | -34.97M | -28.84M | 195.25M | 200.21M | 8.38M | 204.44M | 84.6M | 119K | 239.31M | 2.4M | 1.97M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 0 |
| Equity Issued (Net) | 1.26M | 1.01M | 132.26M | 6.7M | 1.74M | 218.21M | 1.8M | 1.31M | 190.56M | 82.55M | 0 | 239.2M | 0 | 1.97M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 107.66M | 115.76M | -39.58M | -41.67M | -30.58M | -22.96M | 198.41M | 7.06M | 13.88M | 2.05M | 119K | 107K | 1K | 0 |
| Net Change in Cash | -114.88M | -23.06M | 23M | -62.43M | -248.26M | 7.48M | 268.91M | -5.77M | 29.73M | 21.82M | -29.28M | 52.99M | 2K | -1.05M |
| Free Cash Flow | -236.4M | -126.38M | -175.56M | -228.37M | -238.21M | 134.7M | -80.93M | -119.42M | 91.37M | -65.15M | -56.71M | -23.04M | -2.4M | -3.01M |
| FCF Margin % | -269.18% | -74.15% | -210.69% | -253.06% | -211.32% | 28.64% | -52.36% | -338.96% | 41.82% | -626.88% | -1235.72% | -303.6% | -39.2% | -49.48% |
| FCF Growth % | -171.9% | 28.02% | 23.12% | 4.13% | -276.85% | 266.44% | 32.23% | -230.7% | 240.24% | -14.89% | -146.16% | -860.28% | 20.35% | - |
| FCF per Share | -4.51 | -2.45 | -3.55 | -5.22 | -5.52 | 3.07 | -2.17 | -3.25 | 2.49 | -2.18 | -2.15 | -2.51 | -0.18 | -1.14 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.64x | 0.76x | 0.83x | 0.74x | 1.71x | 0.49x | 1.14x | 1.05x | 0.79x | 0.77x | 0.99x | 0.60x | 0.56x |
| Interest Paid | 0 | 0 | 0 | 0 | 23.12M | 21.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 11.81M | 6M | 0 | 904K | 3.44M | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, RGNX's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly from 0.62 to 5.53, suggesting that reported accounting profits are frequently decoupled from actual cash generation due to the lumpy nature of milestone-based revenue recognition.
The wide variance in the OCF/NI ratio indicates that investors should be cautious when interpreting quarterly net income as a proxy for operational health. The reliance on non-cash accounting adjustments and deferred revenue recognition appears to mask the underlying cash burn required to sustain the company's clinical pipeline.
Based on recent SEC filings, the company's free cash flow trajectory remains deeply negative, with quarterly outflows frequently exceeding $40 million, highlighting a structural inability to self-fund operations through current licensing activities without relying on external capital injections to maintain its research and development programs.
The consistent negative FCF margin, which reached -189.9% in 2025Q3, underscores the high-cost nature of gene therapy development. This trajectory suggests that the company remains in a capital-intensive phase where cash preservation is secondary to the aggressive pursuit of clinical milestones.
According to reported figures, working capital changes have been highly erratic, swinging from a $16.4 million inflow in 2025Q1 to a $10.4 million outflow in 2025Q3, which reflects the unpredictable timing of partner payments and the operational complexities of managing a clinical-stage biotech supply chain.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of milestone receipts. Investors should monitor these swings as they directly impact the company's ability to fund day-to-day operations without resorting to dilutive financing.
Based on the provided data, stock-based compensation remains a significant non-cash expense, averaging roughly $9 million per quarter, which effectively hides the true economic cost of talent acquisition and retention from the headline operating cash flow figures reported in recent quarterly filings.
By adding back SBC to operating cash flow, the company presents a more favorable liquidity picture than the underlying cash burn suggests. This practice warrants further investigation, as it may understate the true cost of maintaining the specialized workforce required for complex gene therapy manufacturing.
Quick answers to the most common questions about buying RGNX stock.
REGENXBIO Inc. (RGNX) generated $-124.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
REGENXBIO Inc. (RGNX) reported negative free cash flow of $126.4M in 2025, indicating capital requirements exceeded cash from operations.
REGENXBIO Inc. (RGNX) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.