Free cash flow remains deeply negative with quarterly outflows as high as $20.6M in 2026Q1, highlighting a persistent reliance on external financing to sustain operations.
| Cash from Operations | -64.67M | -63.66M | -65.67M | -42.64M | -30.12M | -13.98M | -2.8M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 16.72% | 3.05% | -54% | -41.58% | -115.4% | -398.82% | - |
| Net Income | -77.27M | -77.91M | -80.56M | -60.39M | -31.17M | -16.24M | -5.31M |
| Depreciation & Amortization | 1.21M | 919K | 1.01M | 536K | 364K | 37K | 13K |
| Stock-Based Compensation | 7.02M | 14.72M | 14.29M | 11.62M | 2.19M | 497K | 3K |
| Deferred Taxes | 0 | 0 | 0 | -3.61M | 0 | 0 | 0 |
| Other Non-Cash Items | 7.45M | 1.03M | -2.85M | 1.06M | 33K | 1.4M | 2.17M |
| Working Capital Changes | -3.08M | -2.43M | 2.44M | 8.14M | -1.53M | 328K | 317K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.48M | 1.54M | -3.59M | 3.61M | -245K | 798K | 81K |
| Cash from Investing | 60.01M | 66.1M | -51.77M | 50.72M | -141.68M | -238K | -15K |
| Capital Expenditures | -1.63M | -1.67M | -2.77M | -1.29M | -2.17M | -238K | -15K |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -439K | -749K | 121.03M | -1.55M | 101.71M | 112.22M | 2.89M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 58K |
| Equity Issued (Net) | 0 | 1K | 70M | -257K | 104.46M | 112.22M | 2.83M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -439K | -750K | 51.03M | -1.3M | -2.75M | 1K | 0 |
| Net Change in Cash | -5.09M | 1.69M | 3.59M | 6.52M | -70.08M | 98M | 71K |
| Free Cash Flow | -66.29M | -65.33M | -68.44M | -43.93M | -32.28M | -14.22M | -2.82M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 5.47% | 4.53% | -55.79% | -36.07% | -127.03% | -404.61% | - |
| FCF per Share | -1.71 | -1.70 | -1.79 | -1.99 | -1.47 | -1.10 | -0.22 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.82x | 0.82x | 0.71x | 0.97x | 0.86x | 0.53x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Acrivon's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating between 0.64 and 1.08 over the last ten quarters, indicating that the firm's cash burn is almost entirely driven by its core R&D-heavy operating activities.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash adjustments that would otherwise mask the underlying burn rate. Investors should monitor this relationship, as any widening gap could imply either aggressive capitalization of costs or a shift in the timing of clinical milestone-related payments.
Based on the provided quarterly data, Acrivon's free cash flow remains deeply negative, with quarterly outflows ranging from $13.2M to $20.6M, reflecting the company's ongoing reliance on external financing to sustain its clinical-stage pipeline and the development of its proprietary AP3 proteomic platform.
The trajectory of free cash flow appears to be dictated by the intensity of clinical trial enrollment rather than operational efficiencies. Given the lack of commercial revenue, this negative trajectory is expected to continue until the company achieves a major regulatory or licensing milestone that could fundamentally alter its cash profile.
According to recent SEC filings, working capital changes have been erratic, swinging from a $4.5M outflow in 2026Q1 to a $4.2M inflow in 2023Q4, which suggests that the company's cash position is sensitive to the timing of vendor payments and clinical site-related accruals.
These fluctuations appear to be a byproduct of the clinical trial lifecycle rather than structural improvements in cash management. Analysts should interpret these swings as temporary timing differences that do not fundamentally change the company's long-term cash burn profile.
As indicated by the provided data, stock-based compensation has periodically reached as high as $3.9M per quarter, which effectively obscures the true cash cost of talent retention required to maintain the company's specialized proteomic research and clinical development teams.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution. Investors should be wary of viewing the operating cash flow in isolation, as the reliance on equity-based incentives suggests that the company's true cost of operations is higher than the cash flow statement alone implies.
Quick answers to the most common questions about buying ACRV stock.
Acrivon Therapeutics, Inc. Common Stock (ACRV) generated $-63.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Acrivon Therapeutics, Inc. Common Stock (ACRV) reported negative free cash flow of $65.3M in 2025, indicating capital requirements exceeded cash from operations.
Acrivon Therapeutics, Inc. Common Stock (ACRV) spent $1.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.