Persistent negative free cash flow, highlighted by a $43.0M outflow in 2025Q1, underscores the company's reliance on external capital to sustain its operations.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -137.9M | -92.46M | -90.9M | -108.09M | -107.83M | -79.29M | -49.17M | -53.96M | -45.42M | -38.37M | -35.34M | -5.65M | -2.17M | -1.27M |
| Operating CF Margin % | - | -9246.2% | -2525.06% | - | -1437.75% | - | -19668% | -3347.64% | -2456.52% | -2636.84% | -1523.85% | -987.41% | -453.13% | -4223.33% |
| Operating CF Growth % | -244.43% | -1.72% | 15.9% | -0.24% | -35.99% | -61.26% | 8.88% | -18.81% | -18.39% | -8.57% | -525.67% | -159.68% | -71.67% | - |
| Net Income | -204.39M | -130.93M | -122.12M | -154.54M | -145.54M | -117.51M | -64.49M | -72.63M | -56.15M | -113.75M | -47.45M | -25.4M | -5.28M | -1.81M |
| Depreciation & Amortization | 2.49M | 3.65M | 5.64M | 6.53M | 4.64M | 4.16M | 1.57M | 1.75M | 2.1M | 1.6M | 812K | 162K | 26K | 1K |
| Stock-Based Compensation | 7.55M | 14.35M | 17.57M | 20.08M | 25.19M | 20.39M | 9.9M | 13.43M | 8.72M | 11.42M | 11.51M | 8.57M | 515K | 76K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 3.83M | 863K | -1.27M | -1.25M | 593K | 60.71M | 801K | 963K | 1.75M | -19K |
| Other Non-Cash Items | 3.56M | 19.55M | 16.51M | -51K | -25K | 75K | 58K | 6.35M | 70K | 8K | 218K | 18K | 885K | 16K |
| Working Capital Changes | 33.28M | 911K | -8.51M | 19.89M | 4.06M | 12.73M | 5.06M | -1.62M | -756K | 1.64M | -1.22M | 10.05M | -70K | 470K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 886K | -437K | -6K | 8K | -7K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29K | -1.11M | 1.2M | 2.29M | -357K | 0 |
| Change in Payables | 10.39M | -262K | -369K | 845K | -1.61M | 1.58M | -650K | -67K | 333K | -111K | -312K | -6K | 286K | 445K |
| Cash from Investing | 60.85M | -41.89M | 96.88M | 141.72M | 78.71M | -280.17M | -68.07M | 69.44M | -122.2M | 38.77M | -41.57M | -943K | -91K | -3K |
| Capital Expenditures | -543K | -388K | -808K | -11.82M | -15.12M | -11.84M | -19.25M | -809K | -1.02M | -2.41M | -2.99M | -943K | -91K | -3K |
| CapEx % of Revenue | - | 38.8% | 22.44% | - | 201.64% | - | 7698.8% | 50.19% | 54.95% | 165.77% | 129.02% | 164.86% | 18.96% | 10% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.45M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.77M | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.26M | 120M | 69K | 607K | 2.4M | 355.99M | 28.19M | 69.95M | 16.75M | 556K | 138.86M | 165.44M | 2.48M | 500K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -240K | -61K | -112K | -175K | 0 | 0 | 0 | 2M | 1.5M | 500K |
| Equity Issued (Net) | 1.36M | 1000K | 489K | 607K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 0 | 0 |
| Other Financing | 0 | 642K | -420K | 0 | 952K | 11.74M | 2.41M | -63K | 229K | 556K | -94K | -1.92M | -20K | 0 |
| Net Change in Cash | -66.79M | -14.35M | 6.04M | 34.24M | -26.73M | -3.47M | -89.05M | 85.43M | -151.65M | 822K | 61.94M | 158.84M | 207K | -761K |
| Free Cash Flow | -138.44M | -92.85M | -91.71M | -119.91M | -122.95M | -91.14M | -68.42M | -54.77M | -46.44M | -40.78M | -38.33M | -6.59M | -2.27M | -1.27M |
| FCF Margin % | - | -9285% | -2547.5% | - | -1639.39% | - | -27366.8% | -3397.83% | -2511.47% | -2802.61% | -1652.87% | -1152.27% | -472.08% | -4233.33% |
| FCF Growth % | -60.73% | -1.24% | 23.52% | 2.48% | -34.91% | -33.21% | -24.91% | -17.95% | -13.88% | -6.39% | -481.55% | -190.87% | -78.43% | - |
| FCF per Share | -5.89 | -4.69 | -1.58 | -2.07 | -1.25 | -0.98 | -0.93 | -0.89 | -1.06 | -1.13 | -1.48 | -0.29 | -0.11 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.68x | 0.71x | 0.74x | 0.70x | 0.74x | 0.67x | 0.76x | 0.74x | 0.81x | 0.34x | 0.74x | 0.22x | 0.41x | 0.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding insolvency
According to recent financial disclosures, the OCF/NI ratio has fluctuated between 0.47 and 0.91, indicating that reported net losses consistently overstate the actual cash outflow due to significant non-cash adjustments, primarily driven by stock-based compensation and the accounting treatment of clinical trial expenses.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are partially mitigated by non-cash charges, yet the underlying cash burn remains severe. Investors should monitor this conversion quality, as it obscures the true velocity at which the company is depleting its liquid assets to fund R&D.
As reported in quarterly filings, the company's free cash flow remains deeply negative, with recent quarterly outflows reaching $43.0M in 2025Q1, confirming that the business model is currently structured as a pure cash-consuming entity with no near-term prospect for self-sustaining operational liquidity.
The trajectory of free cash flow reflects an aggressive commitment to clinical development that far outpaces any potential for internal cash generation. This trend suggests that the firm is entirely dependent on external capital markets to maintain its current operational footprint.
Based on the provided data, working capital changes have been highly erratic, swinging from a $16.6M inflow in 2025Q3 to a $7.5M outflow in 2024Q3, which indicates that timing differences in clinical trial payments and vendor settlements are creating significant, unpredictable fluctuations in quarterly cash availability.
These swings in working capital suggest that the company's cash position is sensitive to the timing of clinical trial milestones and operational payables. Such volatility warrants further investigation, as it complicates the predictability of the company's remaining cash runway.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $4.5M in 2023Q2, consistently serves as a non-cash add-back that artificially improves the appearance of operating cash flow relative to the company's actual economic cost of talent acquisition and retention.
By stripping out these non-cash adjustments, the true intensity of the company's operational burn becomes more apparent. This suggests that the reported cash flow figures may provide a more optimistic view of the company's financial health than is justified by its actual cash-based operational requirements.
Quick answers to the most common questions about buying ADVM stock.
Adverum Biotechnologies, Inc. (ADVM) generated $-92.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Adverum Biotechnologies, Inc. (ADVM) reported negative free cash flow of $92.8M in 2024, indicating capital requirements exceeded cash from operations.
Adverum Biotechnologies, Inc. (ADVM) spent $0.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.