Free cash flow deficits have deteriorated to a quarterly burn of $55.6 million in 2026Q1, exacerbated by stock-based compensation that has grown to $17.2 million per quarter.
| Cash from Operations | -234.54M | -227.45M | -171.17M | -74.76M | -16.43M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -146.5% | -32.88% | -128.96% | -355.11% | - |
| Net Income | -274.62M | -255.84M | -182.15M | -83.98M | -39.78M |
| Depreciation & Amortization | 1.62M | 1.42M | 189K | 0 | 0 |
| Stock-Based Compensation | 52.31M | 46.28M | 23.33M | 6.1M | 2.14M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.87M | -3.82M | -10.55M | -2.98M | 11.4M |
| Working Capital Changes | -10.98M | -15.48M | -2M | 6.11M | 9.81M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.21M | 150K | -1.07M | 1.61M | 418K |
| Cash from Investing | -227.91M | -179.57M | -300.46M | -273.91M | 0 |
| Capital Expenditures | -830K | -5.15M | -1.15M | -167K | 0 |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 807.03M | 396.49M | 495.11M | 315.39M | 168.32M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 807.03M | 396.49M | 493.48M | 315.39M | 168.32M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.63M | 0 | 0 |
| Net Change in Cash | 344.59M | -10.53M | 23.47M | -33.28M | 151.89M |
| Free Cash Flow | -235.37M | -232.6M | -172.33M | -74.93M | -16.43M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | -21.87% | -34.98% | -129.99% | -356.13% | - |
| FCF per Share | -3.38 | -3.83 | -3.12 | -1.48 | -0.32 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.89x | 0.94x | 0.89x | 0.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in quarterly filings, the company consistently exhibits a net loss that exceeds operating cash outflows, with the OCF/NI ratio fluctuating between 0.75 and 1.01, suggesting that non-cash expenses like stock-based compensation are masking the true magnitude of the underlying operational cash burn.
The persistent gap between net income and operating cash flow indicates that accounting losses are partially mitigated by non-cash charges, yet the cash burn remains the primary concern for investors. This divergence warrants further investigation into how much of the reported loss is driven by non-cash accounting versus actual cash-based clinical development expenditures.
Based on the provided financial data, the company's free cash flow trajectory has deteriorated from a quarterly burn of $29.9 million in 2023Q4 to $55.6 million in 2026Q1, reflecting an accelerating cash consumption profile as the firm advances its clinical pipeline toward more capital-intensive stages.
The consistent negative free cash flow trend highlights the company's reliance on external financing to sustain operations. Investors should monitor whether this burn rate stabilizes as clinical programs mature or if the requirement for late-stage trial funding will necessitate further dilutive capital raises.
According to recent financial statements, working capital changes have been inconsistent, swinging from a $1.5 million inflow in 2026Q1 to a $6.8 million outflow in 2025Q2, which suggests that the timing of clinical trial payments and vendor management is creating significant quarterly volatility in cash flow.
This variability in working capital appears to be a function of the lumpy nature of biotech R&D spending rather than operational efficiency. The lack of a predictable working capital cycle underscores the difficulty in forecasting short-term liquidity needs for a pre-revenue entity.
As indicated by the data, the cash flow statement is heavily influenced by rising stock-based compensation, which grew from $2.2 million in 2023Q4 to $17.2 million in 2026Q1, effectively obscuring the true economic cost of talent acquisition and retention during this critical development phase.
While stock-based compensation is a non-cash item, its rapid growth suggests a significant dilution risk that is not fully captured by looking at cash flow alone. Analysts should interpret these adjustments as a necessary component of the firm's compensation strategy that nonetheless impacts the long-term value proposition for existing shareholders.
Quick answers to the most common questions about buying APGE stock.
Apogee Therapeutics, Inc. (APGE) generated $-227.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apogee Therapeutics, Inc. (APGE) reported negative free cash flow of $232.6M in 2025, indicating capital requirements exceeded cash from operations.
Apogee Therapeutics, Inc. (APGE) spent $5.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.