Cash flow remains consistently negative, with quarterly outflows ranging up to $4.9 million, reflecting a business model entirely dependent on external capital.
| Metric | TTM | Dec'25 | 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 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | -10.89M | -10.57M | -12.55M | -16.43M | -21.5M | -18.85M | -16.95M | -12.92M | -22.54M | -31.6M | -24.62M | -4.97M | -9.46M | -5.45M | -2.13M | -1.01M | -366K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -66.47% | 15.81% | 23.61% | 23.59% | -14.1% | -11.19% | -31.21% | 42.68% | 28.68% | -28.32% | -395.9% | 47.52% | -73.6% | -155.39% | -111.71% | -175.41% | - |
| Net Income | -28.05M | -17.3M | -19.79M | -10.01M | -17.75M | -17.42M | -17.08M | -16.85M | -23.5M | -35.4M | -18.14M | -45.32M | -9.65M | -3.62M | -4.27M | -2.12M | -675K |
| Depreciation & Amortization | 0 | 0 | 14K | 4K | 4K | 4.13K | 8.91K | 19.2K | 39K | 42.4K | 39.94K | 10.16K | 8K | 2K | 2K | 0 | 0 |
| Stock-Based Compensation | 2.21M | 2.89M | 2.25M | 1.15M | 735K | 314.65K | 325.52K | 1.05M | 1.65M | 2.73M | 3.93M | 1.79M | 468K | 94K | 514K | 140K | 0 |
| Deferred Taxes | -1.95M | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.49M | -3 | -11.41M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.76M | 5.33M | -1.56M | -6.71M | -5.32M | 242.5K | -147.59K | -229.31K | -105K | 2.7M | -9.01M | 45.29M | -552K | -286K | -418K | -120K | -95K |
| Working Capital Changes | -7.23K | -404K | 6.54M | -866K | 822K | -1.98M | -55.63K | 3.09M | -619K | 811.27K | -1.45M | 4.67M | 263K | -1.64M | 2.04M | 1.09M | 404K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102K | -161K | 7K | 4K | -14K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -223K | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | -241.31K | 0 | 0 | -3.69M | 12.22K | -671.78K | 3.76B | 351K | -1.04M | 627K | 612K | 237K |
| Cash from Investing | 0 | 0 | 382K | 0 | 0 | 0 | 0 | 0 | 0 | 9.99M | -10.07M | 1.39M | -199K | 0 | 4K | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.88K | -54.75K | -10.56K | -57K | 0 | 4K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 382K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.41M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.02K | 10.08K | -8.22K | -142K | 0 | 0 | 0 | 0 |
| Cash from Financing | 11.07M | 13.17M | 10.99M | 7.02M | 25.29M | 14.29M | 25.07M | 12.65M | 306K | 15.67M | 0 | 69.04M | 8.22M | 12M | 3.23M | 1M | 372K |
| Debt Issued (Net) | 1.44M | 1.05M | -855K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 432.35K | -1.1M | 890K | 0 | 0 |
| Equity Issued (Net) | 10.36M | 12.12M | 11.81M | 7.02M | 25.19M | 14.29M | 25.05M | 12.65M | 500K | 15.67M | 0 | 75M | 3.69M | 13.1M | 2.34M | 1M | 372K |
| Dividends Paid | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -728.56K | 0 | 28K | 4K | 94K | 0 | 27.5K | 0 | -194K | 0 | 0 | -5.96M | 4.1M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 186K | 2.6M | -1.19M | -9.4M | 3.89M | -4.69M | 8.32M | -236.28K | -22.28M | -5.99M | -34.82M | 65.59M | -1.44M | 6.55M | 1.1M | -3K | 6K |
| Free Cash Flow | -10.88M | -10.57M | -12.55M | -16.43M | -21.5M | -18.85M | -16.95M | -12.92M | -22.54M | -31.64M | -24.68M | -4.98M | -9.52M | -5.45M | -2.13M | -1.01M | -366K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -2.12% | 15.81% | 23.61% | 23.59% | -14.1% | -11.19% | -31.21% | 42.68% | 28.76% | -28.19% | -395.95% | 47.72% | -74.64% | -155.87% | -111.31% | -175.41% | - |
| FCF per Share | -517.31 | -502.28 | -2101.81 | -6715.16 | -13784.62 | -17564.33 | -21483.41 | -28267.64 | -58535.06 | -101722.17 | -83943.15 | -23362.17 | -453238.10 | -0.14 | -17.10 | -7.54 | -2.74 |
| FCF Conversion (FCF/Net Income) | 0.39x | 0.61x | 0.63x | 1.64x | 1.21x | 1.08x | 0.99x | 0.77x | 1.13x | 1.13x | 1.36x | 0.11x | 0.98x | 1.51x | 1.49x | 0.48x | 0.54x |
| Interest Paid | 8K | 0 | 143K | 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 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to reported financial statements, AKTX consistently reports net losses that significantly exceed operating cash outflows, with the OCF/NI ratio fluctuating wildly, such as the 1.72 observed in 2025Q2, suggesting that GAAP net income is a poor proxy for the firm's actual cash consumption.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are heavily influencing the bottom line. Investors should monitor this divergence as it suggests that the company's accounting losses may not fully capture the intensity of its cash-based R&D commitments.
As indicated by historical cash flow data, AKTX has maintained a consistent negative free cash flow trajectory, with quarterly outflows ranging from $1.5 million to $4.9 million, reflecting a business model entirely dependent on external capital to sustain its ongoing clinical development and operational requirements.
The lack of positive free cash flow is expected for a pre-revenue biotech, yet the volatility in quarterly burn rates warrants caution regarding management's ability to control costs. This trend implies that the firm remains in a high-risk phase where cash runway is the primary determinant of survival.
Based on the provided cash flow tables, working capital changes have been highly erratic, swinging from a $1.6 million inflow in 2024Q1 to a $577.8K outflow in 2025Q3, which complicates the predictability of the company's net cash burn and overall liquidity management strategy.
These fluctuations suggest that timing differences in vendor payments and clinical trial accruals are creating significant noise in the cash flow statement. Such instability may indicate that the company is managing its payables aggressively to preserve cash, which could potentially strain relationships with critical clinical research partners.
As reported in recent filings, share-based compensation (SBC) has been a recurring non-cash expense, reaching $1.2 million in 2025Q4, which effectively masks the true economic cost of talent acquisition and retention in an environment where cash preservation is the firm's most critical operational priority.
While SBC is a standard tool for biotech firms to conserve cash, the reliance on equity-based incentives suggests that the company is prioritizing liquidity over shareholder dilution. Analysts should adjust for these non-cash charges to better understand the underlying cash burn required to maintain the current clinical pipeline.
Quick answers to the most common questions about buying AKTX stock.
Akari Therapeutics, Plc (AKTX) generated $-10.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Akari Therapeutics, Plc (AKTX) reported negative free cash flow of $10.6M in 2025, indicating capital requirements exceeded cash from operations.
Akari Therapeutics, Plc (AKTX) 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.