Free cash flow has deteriorated to a quarterly outflow of $47.4 million in 2026Q1, indicating that the firm's liquidity is being rapidly depleted by its clinical development trajectory.
| Cash from Operations | -171.67M | -156.29M | -100.01M | -94.18M | -97.98M | -77.76M | -56.6M | -92.71M | -70.2M | -43.22M | -20.12M | -4.2M |
| Operating CF Margin % | - | - | - | - | -1210.49% | -570.95% | - | - | - | - | - | - |
| Operating CF Growth % | -244.4% | -56.27% | -6.19% | 3.88% | -25.99% | -37.39% | 38.95% | -32.08% | -62.4% | -114.83% | -378.59% | - |
| Net Income | -191.78M | -174.32M | -124.7M | -96.02M | -85.98M | -72.19M | -88.29M | -117.22M | -74.8M | -53.18M | -23.77M | -6.66M |
| Depreciation & Amortization | -2.18M | -1.87M | 2.46M | 2.58M | 2.41M | 2.96M | 3.92M | 2.82M | 1.57M | 448K | 56K | 0 |
| Stock-Based Compensation | 18.73M | 16.91M | 10.52M | 7.63M | 7.54M | 13.37M | 11.63M | 14.21M | 5.96M | 5.33M | 1.47M | 764K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.21M | 0 | 0 | 0 | 206K | 505K | 0 |
| Other Non-Cash Items | 9.88M | 9.82M | 8.86M | -2.03M | -18.25M | -81K | -20K | -277K | -86K | -459K | -1.16M | 108K |
| Working Capital Changes | -6.31M | -6.82M | 2.85M | -6.34M | -3.69M | -23.04M | 16.16M | 7.75M | -2.83M | 4.43M | 2.79M | 1.59M |
| Change in Receivables | 0 | 0 | 0 | 0 | 110K | -110K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -11.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 767K | -1.09M | 2.21M | -764K | -5.25M | 1.21M | -3.43M | 3.78M | -1.61M | 1.58M | 2.21M | 585K |
| Cash from Investing | 13.77M | -58.45M | -16.09M | 9.69M | 59.16M | -91.09M | 6.6M | 24.52M | -26.76M | 10.55M | -4.22M | -26.81M |
| Capital Expenditures | -1.19M | -1.15M | -654K | -1.51M | -3.02M | -1.28M | -899K | -4.39M | -7.78M | -2.28M | -392K | 0 |
| CapEx % of Revenue | - | - | - | - | 37.25% | 9.41% | - | - | - | - | - | - |
| Acquisitions | 0 | 85K | 5K | 0 | 31.52M | 89.81M | -7.5M | -24.52M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 85K | 0 | 0 | 0 | 600K | -89.81M | 7.5M | 24.52M | -18.99M | 100K | -165K | -26.81M |
| Cash from Financing | 243.75M | 194.45M | 122.44M | 3.12M | 74.83M | 134.99M | 128.7M | 57.88M | 131.51M | 77.08M | 3.42M | 51.59M |
| Debt Issued (Net) | -588K | -723K | -473K | 0 | 2.08M | 0 | 0 | 0 | -13K | 0 | 0 | 0 |
| Equity Issued (Net) | 243.91M | 194.74M | 122.12M | 2.97M | 72.55M | 134.88M | 128.7M | 49.33M | 133.69M | 79.5M | 3.42M | 6.84M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -5.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 425K | 425K | 794K | 148K | 203K | 107K | 0 | 8.55M | -2.17M | -2.42M | 0 | 44.75M |
| Net Change in Cash | 85.84M | -20.3M | 6.34M | -81.37M | 36.01M | -33.87M | 78.7M | -10.32M | 34.55M | 44.4M | -20.92M | 20.58M |
| Free Cash Flow | -172.86M | -157.44M | -100.67M | -95.69M | -100.99M | -79.05M | -57.5M | -97.1M | -77.97M | -45.5M | -20.51M | -4.2M |
| FCF Margin % | - | - | - | - | -1247.74% | -580.36% | - | - | - | - | - | - |
| FCF Growth % | -61.1% | -56.4% | -5.19% | 5.24% | -27.77% | -37.47% | 40.79% | -24.53% | -71.37% | -121.82% | -387.92% | - |
| FCF per Share | -1.57 | -1.80 | -2.47 | -4.81 | -11.86 | -11.10 | -16.61 | -36.15 | -35.15 | -21.17 | -16.00 | -3.28 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.90x | 0.80x | 0.98x | 1.14x | 1.08x | 0.64x | 0.79x | 0.94x | 0.83x | 0.93x | 0.66x |
| Interest Paid | 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 |
Clinical Trial Funding Gap
As reported in financial statements, the company's operating cash flow consistently tracks below net losses, with the OCF/NI ratio fluctuating between 0.70 and 1.08, suggesting that non-cash adjustments and working capital movements are insufficient to bridge the gap between accounting losses and actual cash depletion.
The persistent divergence between net income and operating cash flow highlights the company's reliance on non-cash expenses to manage the optics of its burn rate. Investors should monitor whether this relationship shifts as clinical trial intensity increases, as the current conversion profile suggests that accounting losses are a reliable proxy for actual cash consumption.
Based on the company's reported figures, free cash flow has deteriorated from a quarterly outflow of $20.9 million in 2023Q4 to $47.4 million in 2026Q1, indicating that the capital intensity of the SGT-003 program is rapidly outpacing the firm's ability to preserve its liquidity.
The downward trajectory of free cash flow reflects the escalating costs of clinical development and specialized manufacturing. This trend suggests that without a significant change in the funding model or partnership structure, the company will continue to face an unsustainable erosion of its cash reserves.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $13.2 million outflow in 2025Q4 to a $7.2 million inflow in 2025Q3, which complicates the predictability of the company's short-term liquidity needs during critical clinical trial phases.
These fluctuations likely stem from the timing of milestone-related payments and the settlement of manufacturing obligations. The lack of a stable working capital cycle suggests that management's ability to forecast cash requirements is heavily dependent on the timing of external collaboration inflows rather than internal operational efficiency.
Data from recent filings indicates that stock-based compensation has risen to $5.2 million in 2026Q1, effectively acting as a non-cash expense that obscures the true magnitude of the company's operational cash burn and dilutes the value of existing equity for long-term shareholders.
While SBC is a standard tool for talent retention in biotechnology, its increasing scale relative to the company's cash position warrants further investigation. It appears that the company is utilizing equity-based incentives to preserve cash, which may provide temporary relief but does not address the underlying structural deficit in operating cash flow.
Quick answers to the most common questions about buying SLDB stock.
Solid Biosciences Inc. (SLDB) generated $-156.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Solid Biosciences Inc. (SLDB) reported negative free cash flow of $157.4M in 2025, indicating capital requirements exceeded cash from operations.
Solid Biosciences Inc. (SLDB) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.