Persistent negative free cash flow remains a primary concern, with quarterly outflows frequently exceeding $7 million and a current cash balance of only $8.9 million as of 2026Q1.
| Cash from Operations | -36.88M | -43.44M | -41.4M | -52.4M | -34.9M | -34.63M | -24.17M | -18.38M |
| Operating CF Margin % | - | -197472.73% | - | -2648.89% | -1061.96% | -1511.79% | -6135.28% | -21621.18% |
| Operating CF Growth % | 19.1% | -4.94% | 20.99% | -50.15% | -0.75% | -43.28% | -31.53% | - |
| Net Income | -51.55M | -61.44M | -52.79M | -71.06M | -58.22M | -55.32M | -19.86M | -21.16M |
| Depreciation & Amortization | 4.52M | 3.64M | 5.85M | 5.43M | 3.92M | 3.01M | 1.99M | 1.4M |
| Stock-Based Compensation | 4.27M | 5.71M | 1.75M | 9.67M | 16.39M | 2.29M | 272K | 205K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -329K |
| Other Non-Cash Items | -1.73M | 5.09M | -256K | -1.1M | -10.89M | 14.76M | -4.79M | 1.38M |
| Working Capital Changes | 7.62M | 3.56M | 4.04M | 4.67M | 13.9M | 615K | -1.77M | 124K |
| Change in Receivables | 1.45M | 210K | -727K | -929K | -131K | -395K | -10K | 124K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -505K | 1.74M | 797K | -290K | 186K | -617K | -324K | 0 |
| Cash from Investing | -58K | -184K | 34K | 30.08M | -81.96M | -5.54M | 11.36M | 3.75M |
| Capital Expenditures | -196K | -196K | -26K | -12.04M | -41.37M | -5.54M | -1.16M | -2M |
| CapEx % of Revenue | 515.79% | 890.91% | - | 608.59% | 1259.1% | 241.95% | 294.67% | 2348.24% |
| Acquisitions | 24K | 12K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 114K | 0 | 60K | 105K | 0 | 0 | 0 | 5.75M |
| Cash from Financing | 12.06M | 11.76M | 53.73M | 779K | 118.55M | 68.44M | 38.05M | 14.01M |
| Debt Issued (Net) | 0 | 0 | 0 | -108K | 5.17M | 0 | 8M | 0 |
| Equity Issued (Net) | 9.12M | 8.71M | 49.06M | 512K | 728K | 66.95M | 30M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.93M | 3.05M | 4.67M | 375K | 112.65M | 1.48M | 51K | 14.01M |
| Net Change in Cash | -24.88M | -31.87M | 12.37M | -21.54M | 1.7M | 28.26M | 25.24M | 5.8M |
| Free Cash Flow | -37.07M | -43.64M | -41.42M | -64.43M | -76.27M | -40.18M | -25.33M | -20.37M |
| FCF Margin % | -97555.26% | -198363.64% | - | -3257.48% | -2321.06% | -1753.73% | -6429.95% | -23969.41% |
| FCF Growth % | 15.32% | -5.35% | 35.71% | 15.52% | -89.83% | -58.59% | -24.34% | - |
| FCF per Share | -1.20 | -0.19 | -9.01 | -14.52 | -17.35 | -9.20 | -5.80 | -15.00 |
| FCF Conversion (FCF/Net Income) | 0.72x | 0.71x | 0.78x | 0.74x | 0.60x | 0.63x | 1.22x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in quarterly filings, SNTI's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly—reaching as high as 22.14 in 2024Q4—which suggests that non-cash accounting adjustments and working capital swings are significantly distorting the underlying reality of the company's cash-based operational performance.
The extreme volatility in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash consumption. Investors should monitor this divergence, as it suggests that the firm's reported losses do not fully capture the cash-intensive nature of its ongoing clinical development programs.
Based on the provided financial statements, SNTI has maintained a consistent pattern of negative free cash flow, with quarterly outflows frequently exceeding $7 million, confirming that the company remains in a deep cash-burning phase as it attempts to advance its proprietary gene circuit platform toward clinical validation.
The lack of positive FCF margins is expected for a pre-commercial biotech, yet the persistence of these outflows warrants caution. The trend suggests that the company's current operational model is entirely dependent on external financing rather than internal cash generation.
According to recent cash flow data, SNTI's working capital changes have been highly erratic, swinging from a $7.3 million inflow in 2025Q3 to a $2.6 million outflow in 2025Q1, which highlights the company's vulnerability to timing differences in vendor payments and research-related milestone settlements.
This volatility suggests that management's ability to preserve cash is highly sensitive to the timing of operational expenditures. Investors should interpret these fluctuations as a sign of limited control over the cash conversion cycle in a pre-revenue environment.
As indicated by the cash flow statements, stock-based compensation remains a recurring non-cash expense, often exceeding $1 million per quarter, which effectively masks the true economic cost of talent retention required to maintain the firm's specialized synthetic biology research capabilities in a competitive labor market.
While SBC is a standard tool for biotech firms, its consistent presence suggests that the company's reported cash burn might be understated if one considers the dilutive impact on shareholders. This warrants further investigation into how much of the operational cost is being shifted from cash to equity.
Quick answers to the most common questions about buying SNTI stock.
Senti Biosciences, Inc. (SNTI) generated $-43.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Senti Biosciences, Inc. (SNTI) reported negative free cash flow of $43.6M in 2025, indicating capital requirements exceeded cash from operations.
Senti Biosciences, Inc. (SNTI) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.