Persistent negative free cash flow, frequently exceeding $3 million per quarter, underscores the firm's total dependence on external capital to fund its research-heavy operations.
| Cash from Operations | -12.22M | -12.89M | -13.56M | -12.18M | -25.01M | -37.69M | -41.8M | -26.71M | -15.25M | -14M |
| Operating CF Margin % | - | - | -902.23% | -2087.96% | - | - | - | - | - | - |
| Operating CF Growth % | 18.55% | 4.89% | -11.33% | 51.31% | 33.63% | 9.85% | -56.51% | -75.14% | -8.91% | - |
| Net Income | -11.95M | -12.6M | -12.96M | -14.29M | -112.66M | -37.13M | -53.48M | -28.06M | -15.53M | -15.19M |
| Depreciation & Amortization | 21.71K | 21.71K | 22.32K | 7.05K | 186.44K | 271.68K | 229.61K | 170.25K | 8.32K | 7.93K |
| Stock-Based Compensation | 237.8K | 478.14K | 489.44K | 444.46K | 16.98M | 7.81M | 4.98M | 1.35M | 329.18K | 395.44K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 142.93K | 134.37K | -54.37K | 38.93K | 72.24M | -317.4K | 890.25K | -1.33M | -961.32K | -662.14K |
| Working Capital Changes | -665.14K | -929.1K | -1.06M | 1.62M | -1.76M | -8.33M | 5.57M | 1.16M | 901.85K | 1.45M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -561.38K | -646.7K | -314.21K | 827.46K | -858.51K | -2.73M | 2.33M | 437.51K | 214.38K | 327.05K |
| Cash from Investing | 0 | 0 | -15.48K | -93.09K | 0 | 0 | -25.71K | -30.9K | -3.7K | 0 |
| Capital Expenditures | 0 | 0 | -15.48K | -93.09K | 0 | 0 | -25.71K | -30.9K | -3.7K | 0 |
| CapEx % of Revenue | 0% | - | 1.03% | 15.96% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 39.38M | 4.64M | 14.82M | 5.14M | 682.97K | 1.75M | 150.95K | 92.58M | 56.37M | 23.34M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 39.4M | 4.64M | 16.14M | 5.79M | 682.97K | 1.54M | 150.95K | 92.5M | 56.36M | 23.34M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14.91K | 0 | -1.32M | -648.93K | 0 | 208.37K | 0 | 71K | 2.1K | 0 |
| Net Change in Cash | 27.19M | -8.25M | 1.24M | -7.14M | -24.29M | -35.94M | -41.07M | 64.41M | 41.27M | 10.74M |
| Free Cash Flow | -12.22M | -12.89M | -13.57M | -12.27M | -25.01M | -37.69M | -41.83M | -26.74M | -15.25M | -14M |
| FCF Margin % | -10344.11% | - | -903.26% | -2103.92% | - | - | - | - | - | - |
| FCF Growth % | 7.86% | 4.99% | -10.61% | 50.94% | 33.63% | 9.9% | -56.43% | -75.3% | -8.94% | - |
| FCF per Share | -1.59 | -1.97 | -2.46 | -3.39 | -301.88 | -35.41 | -39.58 | -26.61 | -21.67 | -19.90 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.02x | 1.05x | 0.85x | 0.22x | 1.03x | 0.78x | 0.95x | 0.98x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the reported cash flow statements, APRE consistently exhibits an OCF/NI ratio fluctuating between 0.65 and 1.40, which underscores the disconnect between accounting net losses and the actual cash required to sustain the firm's ongoing clinical development activities in the absence of any commercial revenue.
The volatility in the OCF/NI ratio suggests that non-cash items and working capital fluctuations are significantly distorting the relationship between reported losses and actual cash consumption. Investors should interpret these figures as a reflection of a pre-revenue entity where cash burn is driven by external clinical trial costs rather than operational efficiency.
As reported in financial statements, APRE has maintained a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $3 million, confirming that the company remains entirely dependent on external capital to fund its research-heavy pipeline without any offsetting cash generation from product sales.
The lack of positive free cash flow is a structural reality for a clinical-stage biotech, but the consistency of these outflows suggests that the company has little flexibility to throttle spending without halting its primary clinical programs. This trajectory warrants close monitoring as the cash runway continues to compress.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $1.1 million inflow in 2024Q3 to a $708.4K outflow in 2024Q4, which indicates that timing differences in vendor payments and clinical trial accruals are creating significant noise in the quarterly cash burn.
This instability in working capital suggests that management is likely managing cash outflows tightly to preserve liquidity, potentially delaying payments to clinical research organizations. Such fluctuations may indicate that the company is operating at the absolute limit of its available cash resources.
Data from recent filings reveals that stock-based compensation, while relatively modest, serves as a non-cash add-back that slightly mitigates the reported net loss, yet it fails to mask the underlying reality that the company is consuming its cash reserves at an unsustainable rate for its current scale.
While SBC is a standard non-cash expense, its presence in a company with no revenue and a dwindling cash balance suggests that equity-based incentives are being used to preserve cash for critical R&D. Analysts should be wary of the dilutive impact of these grants as the company likely approaches a capital raise.
Quick answers to the most common questions about buying APRE stock.
Aprea Therapeutics, Inc. (APRE) generated $-12.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aprea Therapeutics, Inc. (APRE) reported negative free cash flow of $12.9M in 2025, indicating capital requirements exceeded cash from operations.
Aprea Therapeutics, Inc. (APRE) 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.