diff --git a/compiler/forget/src/Inference/AnalyseFunctions.ts b/compiler/forget/src/Inference/AnalyseFunctions.ts
index ce245a5a20..93dcf1e6c1 100644
--- a/compiler/forget/src/Inference/AnalyseFunctions.ts
+++ b/compiler/forget/src/Inference/AnalyseFunctions.ts
@@ -85,6 +85,11 @@ function buildMutatedDeps(
         continue;
       }
 
+      mutatedDeps.push(dep);
+    } else if (
+      dep.identifier.name !== null &&
+      mutatedIds.has(dep.identifier.name)
+    ) {
       mutatedDeps.push(dep);
     }
   }
diff --git a/compiler/forget/src/__tests__/fixtures/hir/mutate-captured-arg-separately.expect.md b/compiler/forget/src/__tests__/fixtures/hir/mutate-captured-arg-separately.expect.md
index 5745524c79..37237ef313 100644
--- a/compiler/forget/src/__tests__/fixtures/hir/mutate-captured-arg-separately.expect.md
+++ b/compiler/forget/src/__tests__/fixtures/hir/mutate-captured-arg-separately.expect.md
@@ -19,18 +19,20 @@ function component(a) {
 ```javascript
 function component(a) {
   const $ = React.useMemoCache();
+  const c_0 = $[0] !== a;
   let y;
-  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+  if (c_0) {
     y = function () {
       m(x);
     };
-    $[0] = y;
-  } else {
-    y = $[0];
-  }
 
-  const x = { a: a };
-  m(x);
+    const x = { a: a };
+    m(x);
+    $[0] = a;
+    $[1] = y;
+  } else {
+    y = $[1];
+  }
   return y;
 }