Liquidity is under significant pressure as evidenced by consistent quarterly free cash flow deficits exceeding $70 million and an OCF/NI ratio that reached -1.79 in 2025Q2.
| Cash from Operations | -376.25M | -369.52M | -255.08M | -129.97M | -107.72M |
| Operating CF Margin % | - | -1536.48% | - | - | - |
| Operating CF Growth % | -140.36% | -44.87% | -96.25% | -20.66% | - |
| Net Income | -237.41M | -243.32M | -294.23M | -154.99M | -111.93M |
| Depreciation & Amortization | 3.52M | 3.5M | 3.15M | 1.28M | 250K |
| Stock-Based Compensation | 9.79M | 43.52M | 19.46M | 8.63M | 5.96M |
| Deferred Taxes | -8.56M | -8.56M | 0 | 0 | 0 |
| Other Non-Cash Items | -152.12M | -190.97M | 1.79M | 3.05M | -86K |
| Working Capital Changes | 8.53M | 26.32M | 14.76M | 12.06M | -1.92M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.44M | -6.04M | 8.51M | -642K | 1.29M |
| Cash from Investing | -37.24M | 287.88M | -113.79M | 60.47M | -68.75M |
| Capital Expenditures | -780K | -653K | -1.73M | -4.5M | -2.41M |
| CapEx % of Revenue | 9.28% | 2.72% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 49.74M | 49.74M | 0 | 0 | 0 |
| Cash from Financing | 349.06M | 2.07M | 492.37M | 89.68M | 101.63M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 349.07M | 2.07M | 451.78M | 89.78M | 99.89M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -17K | 0 | 0 | 0 |
| Other Financing | -17K | 0 | 40.59M | -96K | 1.73M |
| Net Change in Cash | -64.58M | -79.58M | 123.5M | 20.18M | -74.85M |
| Free Cash Flow | -377.03M | -370.18M | -256.81M | -134.47M | -110.13M |
| FCF Margin % | -4487.38% | -1539.19% | - | - | - |
| FCF Growth % | -28.77% | -44.14% | -90.97% | -22.11% | - |
| FCF per Share | -3.02 | -0.44 | -9.06 | -2.59 | -14.69 |
| FCF Conversion (FCF/Net Income) | 1.59x | 1.52x | 0.87x | 0.84x | 0.96x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding gap
According to the provided cash flow data, Alumis exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, most notably reaching -1.79 in 2025Q2, which suggests that accounting losses do not fully capture the underlying pace of capital depletion.
The frequent disconnect between net income and operating cash flow suggests that non-cash items and working capital adjustments are masking the true intensity of the company's cash burn. Investors should monitor this relationship closely, as the inability to align earnings with cash generation highlights the speculative nature of the current milestone-dependent revenue model.
As reported in financial statements, Alumis's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $70 million in recent periods, illustrating a structural inability to self-fund the intensive clinical development programs required for its TYK2 inhibitor pipeline.
The consistent negative free cash flow trajectory appears to be accelerating in line with the progression of late-stage clinical trials. This trend suggests that the company's current cash position is likely insufficient to reach commercialization without significant external financing or strategic partnership intervention.
Based on Alumis's reported figures, working capital changes have been highly erratic, swinging from a $21.5 million inflow in 2025Q4 to a $10.2 million outflow in 2025Q3, which indicates that timing differences in milestone payments and operational expenses are creating significant quarter-to-quarter cash flow instability.
The volatility in working capital suggests that the company's cash position is highly sensitive to the timing of clinical trial-related payments and milestone receipts. Such fluctuations warrant further investigation, as they complicate the predictability of the company's liquidity runway during critical development phases.
Data indicates that Alumis utilizes stock-based compensation, which reached $9.8 million in 2025Q3, effectively acting as a non-cash expense that masks the true economic cost of retaining scientific talent while the company continues to burn through its primary cash reserves.
The reliance on stock-based compensation suggests that the company is attempting to preserve cash by aligning employee incentives with equity performance. However, this practice may obscure the true operational cost of the business and warrants caution regarding potential future dilution for existing shareholders.
Quick answers to the most common questions about buying ALMS stock.
Alumis Inc. Common Stock (ALMS) generated $-369.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alumis Inc. Common Stock (ALMS) reported negative free cash flow of $370.2M in 2025, indicating capital requirements exceeded cash from operations.
Alumis Inc. Common Stock (ALMS) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Alumis Inc. Common Stock (ALMS) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.