Free cash flow remains deeply negative at $14.2 million per quarter in 2024, confirming a persistent capital depletion trajectory that lacks any meaningful operational cash offsets.
| Cash from Operations | -66.7M | -51.82M | -56.65M | -43.22M | -3.03M | -34.59M | -14.92M |
| Operating CF Margin % | - | - | -1134.03% | - | -6.64% | - | - |
| Operating CF Growth % | -296.43% | 8.53% | -31.07% | -1324.62% | 91.23% | -131.81% | - |
| Net Income | -54.06M | -51.87M | -104.87M | -58.79M | -56.68M | -63.38M | -17.83M |
| Depreciation & Amortization | 2.04M | 1.87M | 2.22M | 2.04M | 1.83M | 1.54M | 1.48M |
| Stock-Based Compensation | 1.94M | 2.45M | 4.33M | 6.08M | 3.39M | 2.27M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -1.04M | -67K | 0 | 0 |
| Other Non-Cash Items | -9.44M | 1.27M | 35.54M | -6.76M | 48.25M | 36.28M | -1.59M |
| Working Capital Changes | -7.18M | -5.54M | 6.12M | 15.25M | 250K | -11.31M | 3.02M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -4.2M | 1.25M | 10.12M | 600K | -3.86M | 481.92K |
| Cash from Investing | -4.81M | 28.07M | -10.95M | 28.38M | -54.86M | -1.61M | -184.52K |
| Capital Expenditures | -237K | -170K | -200K | -1.27M | -1.12M | -1.62M | -184.95K |
| CapEx % of Revenue | 3.65% | - | 4% | - | 2.45% | - | - |
| Acquisitions | 0 | -4.21M | 0 | -2K | -102K | 10.14K | 434 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -4.57M | 734K | 53.6K | 569K | 134K | 0 | 0 |
| Cash from Financing | 108.79M | -6.58M | 116.24M | -6.78M | 97.2M | 53.89M | 16.22M |
| Debt Issued (Net) | 0 | -4.86M | 25.06M | -6.49M | 1.01M | -2.58M | 0 |
| Equity Issued (Net) | 0 | 152.08K | 1000K | 0 | 1000K | -1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 108.79M | -1.87M | -602K | -292K | -1.19M | 57.7M | 16.22M |
| Net Change in Cash | 37.95M | -30.59M | 48.73M | -21.37M | 39.87M | 18.19M | 1.11M |
| Free Cash Flow | -66.94M | -51.99M | -56.85M | -44.49M | -4.15M | -36.22M | -15.11M |
| FCF Margin % | -1031.39% | - | -1138.03% | - | -9.08% | - | - |
| FCF Growth % | -71.88% | 8.55% | -27.78% | -971.04% | 88.53% | -139.7% | - |
| FCF per Share | -7.69 | -4.89 | -8.36 | -5.25 | -0.49 | -4.27 | -1.78 |
| FCF Conversion (FCF/Net Income) | 1.24x | 1.00x | 0.54x | 0.74x | 0.05x | 0.55x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcome
As reported in financial statements, Adlai Nortye's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 1.03 in 2024Q2, confirming that the company lacks any meaningful non-cash earnings offsets to mitigate its ongoing cash burn during the current clinical development phase.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by actual cash expenditures rather than accounting adjustments. Investors should monitor this alignment, as it indicates that the firm's cash runway is directly exposed to the full weight of its R&D spending without the benefit of non-cash expense buffers.
Based on recent SEC filings, the company's free cash flow remains deeply negative, with quarterly outflows of $14.2 million in 2024, highlighting a trajectory of sustained capital depletion that is entirely decoupled from any revenue-generating activities or sustainable commercial operations at this stage.
The consistent negative FCF trajectory underscores the company's status as a pure-play clinical development entity. This trend suggests that the firm will remain reliant on external capital markets until such time as the lead asset, AN2025, can demonstrate clinical efficacy sufficient to trigger milestone payments or commercialization.
According to the latest quarterly data, working capital changes have fluctuated significantly, with a $511,500 outflow in 2024Q2, reflecting the inherent unpredictability of managing clinical trial site payments and vendor obligations within a pre-revenue biotech cost structure that lacks stable operational cash inflows.
The volatility in working capital appears to be a function of the timing of clinical trial milestones and CRO payments. This suggests that liquidity management is highly sensitive to the cadence of trial execution, which may create temporary cash crunches that require careful monitoring by stakeholders.
As indicated by the provided financial data, the company's cash flow statement obscures the full extent of its long-term obligations, as the minimal depreciation and lack of stock-based compensation adjustments in recent quarters suggest that the reported cash burn may understate the true economic cost of development.
The absence of significant non-cash adjustments implies that the company's cash burn is almost entirely composed of direct R&D outlays. This warrants further investigation into whether future clinical trial expansions will necessitate higher capital intensity, potentially accelerating the depletion of the current $60.9 million cash balance.
Quick answers to the most common questions about buying ANL stock.
Adlai Nortye Ltd. (ANL) generated $-51.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Adlai Nortye Ltd. (ANL) reported negative free cash flow of $52.0M in 2024, indicating capital requirements exceeded cash from operations.
Adlai Nortye Ltd. (ANL) spent $0.2M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.