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Alector cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$24.2M in Q3 2026 · −$150M over twelve months

Operating cash flow−$24.2M
Free cash flow−$24.2M
Cash / net income-0.2×

Analysis

In Q3 2026, Alector generated −$24.2M of operating cash flow. That is $8.4M more than in Q3 2025 (−$32.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$150M; the largest uses were operating cash flow ($150M), other financing ($10.3M), capital spending ($149K); besides operations, cash came from other investing ($154M), shares issued ($5.4M); the cash balance fell by $1.0M.

Operating cash flow was −$24.2M against net income of $125M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$163M, stock-based pay +$2.0M, payables −$1.1M.

Free cash flow

Alector: free cash flow by quarterAlector: free cash flow by quarter−$55.2MQ4 2024−$60.8MQ1 2025−$49.1MQ2 2025−$32.5MQ3 2025−$41.7MQ4 2025−$49.9MQ1 2026−$34.2MQ2 2026−$24.2MQ3 2026
Operating cash flow less capital spending.
Alector: operating cash flow against capital spendingAlector: operating cash flow against capital spendingOperating cash flowCapital spending−$55.0M$173KQ4 2024−$60.8M$20KQ1 2025−$49.0M$10KQ2 2025−$32.5M$11KQ3 2025−$41.7M$0Q4 2025−$49.8M$118KQ1 2026−$34.2M$31KQ2 2026−$24.2M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$24.2M, Capital spending $0.

Capital allocation, year by year

Alector: where the cash came from (up) and went (down), by fiscal yearAlector: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2021: Operating cash flow $299MFY2021: Shares issued $28.5MFY2021: Capital spending −$3.2M$327MFY2021FY2022: Operating cash flow −$20.3MFY2022: Shares issued $3.1MFY2022: Capital spending −$4.1M$3.1MFY2022FY2023: Operating cash flow −$184MFY2023: Shares issued $1.1MFY2023: Capital spending −$2.4M$1.1MFY2023FY2024: Operating cash flow −$230MFY2024: Shares issued $71.1MFY2024: Capital spending −$1.3M$71.1MFY2024FY2025: Operating cash flow −$184MFY2025: Shares issued $20.0MFY2025: Capital spending −$41K$20.0MFY2025
Over these 5 years operating cash flow totalled −$320M; the largest uses were operating cash flow ($618M) and capital spending ($11.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$139M
Debt$11.5M
Net cash$127M
Due within a year$366K
Cash runway11 months

Alector is burning cash: its operations consume cash, a free cash flow of −$150M a year at the current rate against $139M of cash and investments: a runway of about 11 months; $366K of debt also comes due within a year, which would need refinancing or new money before any new financing.

Alector: debt maturities by year (FY2025)Alector: debt maturities by year (FY2025)$366KYear 1$4.6MYear 2$5.0MYear 3
Principal due in each year as disclosed in the annual report, against $139M of cash and investments now.

Where the cash came from and went

Alector: sources (+) and uses (−) of cash, Q3 2026Alector: sources (+) and uses (−) of cash, Q3 2026Other investing$50.1MOperating cash flow−$24.2MCash drawn (+) / kept (−)−$15.6MOther financing−$10.4MShares issued$49K
Alector: sources (+) and uses (−) of cash, TTM to Q3 2026Alector: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$154MOperating cash flow−$150MOther financing−$10.3MShares issued$5.4MCash drawn (+) / kept (−)$1.0MCapital spending−$149K

From profit to cash

Alector: net income to operating cash flow, Q3 2026Alector: net income to operating cash flow, Q3 2026Net income$125MDepreciation & amortization$981KStock-based pay$2.0MPayables−$1.1MDeferred revenue−$163MPrepaid and other assets$640KOther liabilities$59KOperating cash flow−$24.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$24.2M—$49K−$15.6M−$24.2M
Q2 2026−$34.2M−$31K$2K$17.0M−$34.2M
Q1 2026−$49.8M−$118K$25K−$11.2M−$49.9M
Q4 2025−$41.7M—$5.3M$10.7M−$41.7M
Q3 2025−$32.5M−$11K—−$31.7M−$32.5M
Q2 2025−$49.0M−$10K—−$6.8M−$49.1M
Q1 2025−$60.8M−$20K—−$5.0M−$60.8M
Q4 2024−$55.0M−$173K—$3.8M−$55.2M

Alector: income statement and cash flow

Alector, Q3 2026: revenue $163M (50× year over year), operating margin 76.0%. The chart follows the revenue to costs, profit and cash.

Alector: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.