Free cash flow remains consistently negative with quarterly outflows often exceeding $15 million, further obscured by share-based compensation that reached $8.2 million in 2024Q2.
| Cash from Operations | -71.95M | -10.37M | -28.74M | -43.21M | -42.82M | -43.31M | -35.68M | -21.94M |
| Operating CF Margin % | - | -121.99% | -14516.67% | -5262.97% | -13258.2% | -2165600% | -1941.29% | - |
| Operating CF Growth % | 61.54% | 63.93% | 33.48% | -0.9% | 1.13% | -21.39% | -62.61% | - |
| Net Income | -226.46M | -10.94M | -53.86M | -172.6M | -240.81M | -94.8M | -74.82M | -45.91M |
| Depreciation & Amortization | 1.03M | 255K | 361K | 669K | 775K | 681K | 4.39M | 369K |
| Stock-Based Compensation | 23.61M | -979K | 10.93M | 12.69M | 3.58M | 8.12M | 4.51M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 129.19M | 1.67M | 12.22M | 116.97M | 189.98M | 43.13M | 31.18M | 22.48M |
| Working Capital Changes | 676K | -380K | 1.61M | -932K | 3.65M | -453K | -940K | 1.11M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 27.35M | 218K | 5.98M | 21.36M | 29.05M | -38.95M | 2.33M | -29.86M |
| Capital Expenditures | -30K | 0 | -24K | -6K | -367K | -50K | -144K | -857K |
| CapEx % of Revenue | 2.94% | - | 12.12% | 0.73% | 113.62% | 2500% | 7.83% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 27.38M | 218K | 6.01M | 21.37M | 29.42M | -38.9M | 2.47M | -5K |
| Cash from Financing | 21.69M | 3.68M | 468K | 21.23M | -294K | -1.64M | 125.51M | 9.51M |
| Debt Issued (Net) | 0 | 3.73M | -170K | -444K | -593K | -528K | -472K | 0 |
| Equity Issued (Net) | 0 | 7K | 5.05M | 17.55M | 392K | -1.03M | 126.06M | 9.82M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 21.69M | -65K | -4.41M | 4.11M | -93K | -83K | -72K | -311K |
| Net Change in Cash | 0 | -6.49M | -22.29M | -619K | -14.06M | -83.91M | 92.16M | -42.29M |
| Free Cash Flow | -71.98M | -10.37M | -28.77M | -43.22M | -43.19M | -43.36M | -35.82M | -22.8M |
| FCF Margin % | -7063.98% | -121.99% | -14528.79% | -5263.7% | -13371.83% | -2168099.95% | -1949.13% | - |
| FCF Growth % | 16.83% | 63.96% | 33.43% | -0.06% | 0.39% | -21.04% | -57.13% | - |
| FCF per Share | -65.28 | -7.18 | -31.05 | -58.09 | -49.76 | -49.96 | -41.28 | -26.27 |
| FCF Conversion (FCF/Net Income) | 0.32x | 0.95x | 0.53x | 0.25x | 0.18x | 0.46x | 0.48x | 0.48x |
| Interest Paid | 315K | 0 | 193K | 122K | 93K | 83K | 72K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and financing risk
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating wildly from 0.10 to 5.77, suggesting that accounting accruals and non-cash charges frequently decouple the company's reported losses from its actual cash consumption.
The significant variance between net income and operating cash flow indicates that traditional earnings metrics are poor proxies for the company's underlying liquidity health. Investors should monitor this divergence, as it suggests that non-cash items, such as share-based compensation, are masking the true extent of the cash-based operational deficit.
Based on the company's reported figures, free cash flow remains consistently negative, with quarterly outflows frequently exceeding $15 million, highlighting a structural inability to generate self-sustaining cash flows while the firm continues to fund its late-stage clinical development programs through external capital sources.
The persistent negative FCF trajectory underscores the company's reliance on external financing to maintain its R&D pipeline. This trend appears to be accelerating the depletion of cash reserves, which warrants further investigation into the sustainability of the current clinical trial expenditure levels.
According to recent SEC filings, share-based compensation has consistently added back millions to the cash flow statement, with quarterly figures reaching as high as $8.2 million, which effectively obscures the true magnitude of the cash burn required to retain talent during this critical clinical phase.
While share-based compensation is a standard non-cash expense, its magnitude relative to the company's total cash burn suggests that the actual cost of operations is significantly higher than the headline operating cash flow figures imply. This practice may be artificially inflating the perceived cash runway by shifting compensation costs away from the cash flow statement.
As indicated by the historical data, working capital changes have been highly inconsistent, swinging from a $2.8 million outflow to a $1.9 million inflow, which suggests that the company's cash management is heavily influenced by the timing of milestone-related receivables and vendor payment cycles.
The lack of stability in working capital management may indicate that the company lacks a predictable cash conversion cycle, which is typical for a pre-commercial entity. Investors should monitor these fluctuations closely, as they may signal potential stress in managing payables as cash reserves reach critical lows.
Quick answers to the most common questions about buying APLM stock.
Apollomics, Inc. (APLM) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apollomics, Inc. (APLM) reported negative free cash flow of $10.4M in 2025, indicating capital requirements exceeded cash from operations.
Apollomics, Inc. (APLM) 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.