NKGen Biotech, Inc. (NKGN) Cash Flow Statement
Where NKGN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$20.9M
- Capital expenditures
- $0
- Free cash flow
- −$20.9M
- Returned to shareholders
- —
- Change in cash
- $1.7M cash at year-end $2.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NKGN operating cash flow, capex and free cash flow
NKGN cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$19.5M2021 | −$20.9M2025 | — | |
| Capital expenditures | $459,0002021 | $02025 | −100.0% | |
| Free cash flow | −$20.0M2021 | −$20.9M2025 | — | |
| Free cash flow margin | −4,696.5%2021 | −29,506.5%2022 | −24,810.0 pts | |
| Stock-based compensation | $93,0002021 | $4.1M2025 | +254.5%/yr | |
| Capex / revenue | 107.7%2021 | 211.7%2022 | +103.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NKGN cash flow by activity
NKGN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NKGN cash flow statement
| 2025 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$44.3M | −$83.0M | −$26.8M | −$23.3M |
| Depreciation & amortization | $1.3M | $1.2M | $1.2M | $1.2M |
| Stock-based compensation | $4.1M | $4.1M | $69,000 | $93,000 |
| Change in working capital | — | $2.2M | $30,000 | $932,000 |
| Other non-cash items | $17.9M | $53.4M | $2.9M | $1.4M |
| Cash from operating activities | −$20.9M | −$21.9M | −$22.6M | −$19.5M |
| Investing activities | ||||
| Capital expenditures | $0 | −$48,000 | −$163,000 | −$459,000 |
| Investments (net) | — | −$48,000 | −$163,000 | −$459,000 |
| Acquisitions & other investing | −$13,000 | $48,000 | $163,000 | $459,000 |
| Cash from investing activities | −$13,000 | −$48,000 | −$163,000 | −$459,000 |
| Financing activities | ||||
| Net borrowing (repayment) | — | $26.2M | $22.3M | $20.1M |
| Shares issued | $0 | $1.7M | $161,000 | $63,000 |
| Other financing | $20.9M | −$5.7M | $0 | $0 |
| Cash from financing activities | $20.9M | $22.2M | $22.5M | $20.2M |
| Summary | ||||
| Net change in cash | $1.7M | $159,000 | −$234,000 | $152,000 |
| Cash at end of period | $2.0M | $276,000 | $117,000 | $351,000 |
| Free cash flow | −$20.9M | −$22.0M | −$22.7M | −$20.0M |
| Free cash flow margin | — | — | −29,506.5% | −4,696.5% |
| Capex / revenue | — | — | 211.7% | 107.7% |
| Dec '25 | Sep '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $15.3M | −$29.4M | $15.3M | $6.6M | −$16.1M | −$5.4M | −$33.6M | −$33.2M | −$7.8M | −$8.3M | −$6.9M | $887,565 |
| Depreciation & amortization | $379,000 | $331,000 | $379,000 | $332,000 | $326,000 | $326,000 | $300,000 | $300,000 | $299,000 | $304,000 | $746,000 | — |
| Stock-based compensation | $707,000 | $835,000 | $707,000 | $1.1M | $1.1M | $1.1M | $928,000 | $967,000 | $982,000 | $1.3M | $15,000 | — |
| Change in working capital | $886,000 | −$4.0M | $886,000 | $1.6M | $123,000 | $2.3M | $1.4M | $985,000 | −$392,000 | $216,000 | $355,000 | $51,486 |
| Other non-cash items | −$20.1M | $25.3M | −$20.1M | −$13.6M | $8.5M | −$2.4M | $24.0M | $26.4M | $1.4M | $1.6M | $366,000 | −$1.5M |
| Cash from operating activities | −$2.8M | −$7.0M | −$2.8M | −$3.9M | −$6.0M | −$4.0M | −$6.9M | −$4.6M | −$5.5M | −$4.9M | −$5.5M | −$532,048 |
| Investing activities | ||||||||||||
| Capital expenditures | −$52,000 | −$17,000 | −$52,000 | −$17,000 | $0 | $0 | −$18,000 | −$30,000 | −$17,000 | −$13,000 | −$5,000 | $0 |
| Investments (net) | — | — | — | −$17,000 | −$15,000 | $35,000 | −$18,000 | $0 | −$17,000 | −$13,000 | −$5,000 | — |
| Acquisitions & other investing | $0 | $1,000 | — | $17,000 | $0 | $0 | $18,000 | −$113.3M | $17,000 | $13,000 | $5,000 | — |
| Cash from investing activities | −$52,000 | −$16,000 | — | −$17,000 | −$15,000 | $35,000 | −$18,000 | −$113.4M | −$17,000 | −$13,000 | −$5,000 | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $113.3M | −$113.3M | — | — | — |
| Net borrowing (repayment) | — | — | $890,000 | $2.5M | $6.5M | $1.5M | — | — | $6.8M | $6.8M | — | — |
| Shares issued | $0 | $0 | $1.7M | $99,000 | $873,000 | $0 | $1,000 | $1.7M | $0 | $0 | $0 | $0 |
| Other financing | $2.6M | $7.0M | $11,000 | $1.2M | −$1.3M | $2.5M | −$1.8M | −$102.8M | $112.8M | −$1.2M | $5.5M | — |
| Cash from financing activities | $2.6M | $7.0M | $2.6M | $3.8M | $6.1M | $4.0M | −$1.8M | $12.1M | $6.3M | $5.6M | $5.5M | — |
| Summary | ||||||||||||
| Net change in cash | −$206,000 | $1.7M | −$206,000 | −$92,000 | $45,000 | $8,000 | −$8.8M | $7.6M | $724,000 | $631,000 | $30,000 | −$532,048 |
| Cash at end of period | $29,000 | $2.0M | $29,000 | $237,000 | $329,000 | $284,000 | $276,000 | $9.0M | $1.5M | $748,000 | $117,000 | $728,009 |
| Free cash flow | −$2.9M | −$6.9M | −$2.9M | −$3.9M | −$6.0M | −$4.0M | −$7.0M | −$4.6M | −$5.5M | −$4.9M | −$5.5M | −$532,048 |
| Free cash flow margin | — | −1,063.8% | — | — | — | — | — | — | — | — | — | −17,734.9% |
| Capex / revenue | — | 2.6% | — | — | — | — | — | — | — | — | — | 0.0% |
| Operating cash flow / net income | −0.18 | — | −0.18 | −0.59 | — | — | — | — | — | — | — | −0.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NKGN cash generation
In fiscal 2025 (ended December 31, 2025), NKGen Biotech generated -$20.9 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$20.9 million. Cash and equivalents rose by $1.7 million over the year.
Related: NKGN income statement, NKGN balance sheet. See the NKGN stock overview for the latest quote and news.
NKGN cash flow FAQ
What is NKGen Biotech's free cash flow?
NKGen Biotech's free cash flow was -$20.9 million in fiscal 2025: -$20.9 million of operating cash flow minus $0 of capital expenditures It was -$22.0 million a year earlier..
How much cash does NKGen Biotech generate from operations?
NKGen Biotech generated -$20.9 million of cash from operating activities in fiscal 2025.