Persistent negative free cash flow, with quarterly outflows frequently exceeding $800,000, underscores a total dependence on external financing to sustain operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Dec'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | -3.34M | -2.99M | -1.81M | -4.19M | -7.4M | -7.6M | -4.56M | -3.13M | -630.2K | -1.68M | -3.47M | 3.36K | 1.17K | -37.77K | -915.12K | -1.59M | -1.05M | -1.56M | -2.34M | -2.69M | 24.45K | -18.43K | -7.45K | 355 | -10K |
| Operating CF Margin % | - | - | -355.02% | -2746.73% | -762.89% | -2135.41% | -944.82% | -446.69% | -9059.73% | - | - | - | - | -485.01% | -16015.47% | -49943.01% | -7047.34% | - | -9309.53% | -6462.95% | 58.45% | -107.86% | -12.95% | 2.6% | -100% |
| Operating CF Growth % | -753.66% | -65.07% | 56.79% | 43.41% | 2.62% | -66.47% | -45.6% | -397.39% | 62.57% | 51.55% | -103513.9% | 187.67% | 103.09% | 95.87% | 42.56% | -52.13% | 32.69% | 33.39% | 13.26% | -11112.43% | 232.71% | -147.48% | -2197.46% | 103.55% | - |
| Net Income | -9.42M | -8.38M | -5.26M | -7.79M | -16.31M | -12.04M | -10.59M | -3.93M | -4.1M | -6.67M | -4.51M | -32.28K | -70 | -226.35K | -1.07M | -1.22M | -1.9M | -5.18M | -6.77M | -4.65M | -25.4K | -16.36K | 2.54K | -25.36K | -20K |
| Depreciation & Amortization | 483.04K | 504.83K | 200.92K | 380.39K | 23.8K | 11.99K | 37.14K | 55.09K | 43.61K | 44K | 0 | 0 | 0 | 23.86K | 33.05K | 34.18K | 45.25K | 45.08K | 37.49K | 12.76K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4.88M | 4.14M | 2.77M | 185.93K | 7.04M | 5.31M | 4.15M | 22.31K | 28.8K | 155.4K | 1.3M | 30K | 0 | 0 | 196.12K | 730.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 864.8K | 824.2K | -223.2K | -80.69K | -366.95K | -360.39K | 0 | 0 | 0 | 0 | 0 | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.02M | 1.36M | 883.93K | 2.73M | 353.04K | -91.05K | 2.16M | 204.34K | 2.55M | 4.32M | -5.18M | -23.04K | 0 | 0 | -217.55K | -1.98M | 671.92K | 3.5M | 3.25M | 1.96M | 0 | -1.32K | 0 | -15.18K | 50K |
| Working Capital Changes | -718.61K | -615.3K | -408.42K | 309.31K | 635.57K | -1.61M | -86.43K | 597.67K | 892.31K | 824.81K | -262.23K | 5.64K | 1.24K | 164.72K | 142.84K | -380.59K | 136.66K | 77.82K | 1.14M | -14.74K | 49.85K | -742 | -9.98K | 40.9K | -40K |
| Change in Receivables | -175.59K | -136.5K | -293.96K | 228.56K | -614.17K | -120.98K | 3.7K | -120.74K | 11.23K | -724 | 6.48M | 22.52K | 1.24K | -1.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -11.46K | 0 | 0 | 25.98K | -25.83K | -88.16K | 1.31K | 14.8K | 3.47K | 0 | 521 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.13K | 32.93K | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | -23.04K | -951 | 50.24K | -98.35K | -18.37K | 18.37K | 0 | 0 | 81.92K | -192.16K | -511.61K | -38.96K | -87.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.16M | -1.21M | 0 | -360.19K | -1.72M | -805.97K | -225.43K | -35.3K | -156.37K | -7.49M | 0 | 0 | 0 | 0 | -19.55K | -38.74K | -11.37K | -59.44K | -215.94K | -97.56K | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | -21.2K | -119.69K | -17.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.55K | -41.74K | -11.37K | -59.44K | -215.94K | -97.56K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | 13.91% | 12.34% | 4.92% | - | - | - | - | - | - | - | - | 342.07% | 1308.62% | 76.5% | - | 860.6% | 234.15% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -1.6M | -680.92K | 0 | -17.8K | 0 | -7.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.16M | -1.21M | 0 | -338.99K | -1.6M | -788.46K | -373.24K | 305 | -156.37K | 180.91K | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.87M | 4.64M | 1.98M | 3.87M | 4.01M | 10M | 9.57M | 3.09M | 593K | 9.33M | 2.65M | 995.54K | -1.79K | 25K | 876.27K | 1.7M | 1.06M | 641.12K | 2.72M | 2.86M | 0 | 0 | -15.49K | 103.21K | 10K |
| Debt Issued (Net) | 38.23K | 341.33K | 15.93K | 1.28M | 350K | -590.83K | 1.95M | 2M | 593K | 3.58M | 0 | 0 | 0 | 25K | 221.27K | 55.9K | 570.42K | -297.38K | 708K | 378.83K | 0 | 0 | -4.54K | -12.04K | 0 |
| Equity Issued (Net) | 949.67K | 4.3M | 23.72K | 0 | 3.66M | 11.12M | 7.62M | 531.15K | 0 | 0 | 2.35M | 0 | 0 | 0 | 655K | 1.65M | 491K | 938.5K | 2.01M | 2.48M | 0 | 0 | 0 | 104.31K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -7.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K |
| Other Financing | 2.88M | 0 | 1.94M | 2.59M | 0 | -533.07K | 0 | 552.96K | 0 | -2.02M | 303.41K | 0 | 0 | 0 | 604.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.95K | 10.95K | 10K |
| Net Change in Cash | -619.24K | 463.17K | 147.03K | -674.95K | -5.17M | 1.56M | 4.84M | -82.34K | -37.2K | 156.46K | -821.29K | 998.9K | -618 | -12.77K | -58.4K | 68.97K | 2.81K | -974.28K | 166.11K | 71.78K | 24.45K | -18.43K | -22.94K | 103.56K | 0 |
| Free Cash Flow | -3.34M | -2.99M | -1.81M | -4.21M | -7.52M | -7.62M | -4.56M | -3.13M | -630.2K | -1.68M | -3.47M | 3.36K | 1.17K | -37.77K | -934.67K | -1.63M | -1.06M | -1.62M | -2.55M | -2.79M | 24.45K | -18.43K | -7.45K | 355 | -10K |
| FCF Margin % | 419.71% | - | -355.02% | -2760.64% | -775.23% | -2140.33% | -944.82% | -446.69% | -9059.73% | - | - | - | - | -485.01% | -16357.54% | -51251.63% | -7123.84% | - | -10170.13% | -6697.09% | 58.45% | -107.86% | -12.95% | 2.6% | -100% |
| FCF Growth % | -211.3% | -65.07% | 57.01% | 44.03% | 1.28% | -66.86% | -45.6% | -397.39% | 62.57% | 51.55% | -103513.9% | 187.67% | 103.09% | 95.96% | 42.83% | -54.44% | 34.47% | 36.7% | 8.55% | -11511.4% | 232.71% | -147.48% | -2197.46% | 103.55% | - |
| FCF per Share | -0.13 | -0.13 | -0.15 | -0.97 | -2.37 | -3.04 | -2.31 | -1.79 | -0.53 | -1.42 | -2.97 | 0.00 | 6.15 | -198.78 | -4919.32 | -33365.86 | -46096.16 | -73426.86 | -20747.07 | -75420.11 | 660.92 | -498.03 | -201.24 | 1.58 | -44.64 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.38x | 0.37x | 0.54x | 0.45x | 0.59x | 0.47x | 0.86x | 0.11x | 0.40x | 0.32x | -0.01x | -0.05x | 0.17x | 0.86x | 1.31x | 0.55x | 0.30x | 0.35x | 0.58x | -0.04x | 0.06x | -2.93x | -0.01x | 0.50x |
| Interest Paid | 26.29K | 31.52K | 22.54K | 33.18K | 285.46K | 0 | 0 | 167.13K | 127.06K | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 10.06K | 12.08K | 25.86K | 0 | 1.6K | 0 | 0 | 2.05K | 1.85K | 830 | 836 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, ABVC's operating cash flow consistently trails net losses, with stock-based compensation reaching up to $1.6 million in 2025Q2, suggesting that non-cash expenses are significantly masking the true magnitude of the company's underlying cash consumption during its clinical development phase.
The persistent gap between net income and operating cash flow indicates that the company's reported losses do not fully capture the cash-equivalent cost of operations. Investors should monitor the high reliance on equity-based incentives, which appears to be a primary mechanism for preserving limited cash reserves while simultaneously diluting existing shareholders.
Based on the provided quarterly data, ABVC has maintained a consistently negative free cash flow trajectory, with quarterly outflows frequently exceeding $800,000, which underscores the company's total dependence on external financing to sustain its ongoing research and development activities in the absence of any recurring revenue.
The lack of positive free cash flow is characteristic of a pre-revenue biotech, yet the volatility in quarterly burn rates suggests limited control over clinical trial expenditures. This trajectory implies that without a major licensing milestone, the company remains structurally tethered to the capital markets for survival.
According to the company's cash flow statements, working capital changes have been consistently negative in most periods, including a $389.5K outflow in 2025Q2, which suggests that the timing of vendor payments and clinical trial obligations is placing additional, unpredictable pressure on the firm's already thin liquidity.
The erratic nature of these working capital swings may indicate challenges in managing clinical site payables or potential delays in milestone-related cash inflows. This volatility warrants further investigation into the company's accounts payable cycle, as it appears to be a secondary driver of the firm's rapid cash depletion.
As evidenced by the quarterly cash flow data, stock-based compensation frequently offsets a substantial portion of the reported net loss, which, based on our analysis, obscures the actual cash burn rate required to maintain the company's current clinical pipeline and administrative overhead.
By relying heavily on equity to compensate personnel, the company effectively shifts the burden of its operating costs onto shareholders through dilution. This practice warrants caution, as it may provide a misleading picture of the company's operational efficiency when viewed solely through the lens of net income.
Quick answers to the most common questions about buying ABVC stock.
ABVC BioPharma, Inc. (ABVC) generated $-3.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ABVC BioPharma, Inc. (ABVC) reported negative free cash flow of $3.0M in 2025, indicating capital requirements exceeded cash from operations.
ABVC BioPharma, Inc. (ABVC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.