Free cash flow burn has intensified to a deficit of $11.8M in 2026Q1, driven in part by a $5.0M outflow in working capital that highlights the difficulty of scaling commercial operations.
| Cash from Operations | -30.19M | -20.38M | -7.76M | -8.73M | -9.24M | -9.88M | -5.44M |
| Operating CF Margin % | - | -199.41% | - | - | - | - | - |
| Operating CF Growth % | -1247.03% | -162.78% | 11.15% | 5.55% | 6.45% | -81.68% | - |
| Net Income | -25.14M | -20.67M | -14.64M | -13.77M | -12.11M | -19.55M | -5.78M |
| Depreciation & Amortization | 81.06K | 58.57K | 81.22K | 84.48K | 90.92K | 89.88K | 81.44K |
| Stock-Based Compensation | 3.9M | 4.92M | 979.8K | 2.37M | 1.7M | 1.79M | 554.92K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 283.78K | -72.71K | 6.06M | 4.15M | -1.65M | 8.07M | 36.01K |
| Working Capital Changes | -9.31M | -4.62M | -241.68K | -1.56M | 2.73M | -288.96K | -325.82K |
| Change in Receivables | -3.13M | -4.24M | 0 | 0 | 0 | 0 | 13.19K |
| Change in Inventory | -5.16M | -4.51M | -615.13K | 0 | 0 | 0 | 0 |
| Change in Payables | 2.49M | 6.52M | 1.05M | 0 | 2.11M | 239.51K | 43.35K |
| Cash from Investing | -232.46K | -293.49K | -26.7K | 0 | -4.88K | 459.38K | -9.24K |
| Capital Expenditures | -219.79K | -293.49K | -26.7K | 0 | -4.88K | -13.67K | -9.24K |
| CapEx % of Revenue | 2.03% | 2.87% | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -12.67K | 0 | 0 | 0 | 0 | -50K | 0 |
| Cash from Financing | 39.07M | 38.21M | 54.85M | 8.16M | 24.79K | 14.88M | 5.88M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 39.17M | 41.63M | 56.54M | 9.22M | 0 | 13.65M | 1.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -93.57K | -2.51M | -5.93M | -1.01M | 24.79K | 1.23M | -23K |
| Net Change in Cash | 8.68M | 17.54M | 47.07M | -589.12K | -9.22M | 5.38M | 428.84K |
| Free Cash Flow | -30.41M | -20.67M | -7.78M | -8.73M | -9.25M | -9.94M | -5.45M |
| FCF Margin % | -280.9% | -202.28% | - | - | - | - | - |
| FCF Growth % | -310.12% | -165.65% | 10.84% | 5.6% | 7% | -82.54% | - |
| FCF per Share | -1.39 | -1.17 | -1.07 | -2.43 | -3.40 | -4.66 | -2.63 |
| FCF Conversion (FCF/Net Income) | 1.21x | 0.99x | 0.53x | 0.63x | 0.76x | 0.51x | 0.94x |
| Interest Paid | 0 | 0 | 37.75K | 59.78K | 16K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial execution and liquidity
According to recent financial statements, Alpha Cognition's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.82 in 2026Q1, suggesting that the company's cash burn is accelerating faster than the accounting losses would imply due to significant working capital outflows.
The persistent divergence between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its reported accounting losses. This suggests that the underlying business model is currently reliant on external capital to fund operations, as the conversion of earnings into cash remains deeply negative.
As reported in quarterly filings, Alpha Cognition's free cash flow has deteriorated to a deficit of $11.8M in 2026Q1, reflecting a sharp increase in cash consumption that significantly outpaces the company's nascent revenue generation and highlights the high cost of commercial scaling.
The trajectory of free cash flow suggests that the company is in a high-intensity investment phase where cash outflows are ballooning. Investors should monitor whether this trend stabilizes as the commercial infrastructure matures or if the burn rate continues to threaten the company's remaining cash runway.
Based on the provided cash flow data, working capital changes have become a primary source of cash depletion, with a $5.0M outflow in 2026Q1 alone, indicating that the company is struggling to manage its cash conversion cycle during this critical commercial transition.
The significant negative working capital adjustments suggest that the company is likely tying up cash in inventory or facing delayed collections as it attempts to establish a market presence. This trend warrants further investigation to determine if these outflows are temporary launch-related costs or a structural inefficiency.
Analysis of the cash flow statement reveals that stock-based compensation of $1.4M in 2026Q1 effectively obscures the true magnitude of the company's cash burn, as these non-cash expenses are added back to net income to arrive at operating cash flow figures.
By relying on stock-based compensation to manage cash expenses, the company is effectively diluting shareholders to preserve its limited cash balance. This practice suggests that the reported cash flow metrics may be flatter than the actual operational reality, necessitating a focus on cash-only burn rates.
Quick answers to the most common questions about buying ACOG stock.
Alpha Cognition Inc. Common Stock (ACOG) generated $-20.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alpha Cognition Inc. Common Stock (ACOG) reported negative free cash flow of $20.7M in 2025, indicating capital requirements exceeded cash from operations.
Alpha Cognition Inc. Common Stock (ACOG) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.