Free cash flow deficits have accelerated to $2.2 million in 2026Q1, highlighting the company's inability to generate internal cash to offset its $35.1 million net loss.
| Cash from Operations | -11.05M | -8.93M | -733.53K | -627.79K | -448.17K | -823.11K |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -16731.9% | -1116.83% | -16.84% | -40.08% | 45.55% | - |
| Net Income | -40.66M | -6M | -1.39M | -777.69K | -668.67K | -1.03M |
| Depreciation & Amortization | 25.75K | 5.71K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 156.84K | 0 | 0 | 69.99K | 193.54K | 193.54K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 30.73M | -109.06K | 117.72K | 38.07K | 29.14K | 6.74K |
| Working Capital Changes | -1.3M | -2.82M | 538.75K | 41.84K | -2.18K | 2.84K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.57M | -10.06M | 0 | 0 | 0 | 0 |
| Capital Expenditures | -66.73K | -57.33K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -8M | -8M | 0 | 0 | 0 | 0 |
| Cash from Financing | 21.35M | 20.62M | 326.5K | 1.03M | 282.9K | 400K |
| Debt Issued (Net) | 10.05M | 9.3M | 250K | 0 | 260K | 400K |
| Equity Issued (Net) | 11.63M | 11.63M | 0 | 1.05M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -331.7K | -314.5K | 76.5K | -22.9K | 22.9K | 0 |
| Net Change in Cash | 8.73M | 9.63M | -407.03K | 404.31K | -165.27K | -423.11K |
| Free Cash Flow | -11.11M | -8.98M | -733.53K | -627.79K | -448.17K | -823.11K |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -2164.94% | -1124.65% | -16.84% | -40.08% | 45.55% | - |
| FCF per Share | -0.72 | -0.83 | -0.58 | -0.49 | -0.35 | -0.65 |
| FCF Conversion (FCF/Net Income) | 0.27x | 1.49x | 0.53x | 0.81x | 0.67x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient capital for trials
As reported in recent financial filings, APUS exhibits a persistent disconnect between net losses and operating cash flow, with the 2026Q1 net loss of $35.1 million significantly outpacing the $2.1 million cash burn, highlighting the absence of any meaningful operational cash generation or quality of earnings.
The company's inability to generate positive operating cash flow is consistent with its pre-revenue status and reliance on external funding. Investors should monitor the widening gap between accounting losses and cash outflows, as this suggests that non-cash expenses are not the primary driver of the firm's current financial distress.
Based on the provided quarterly data, the free cash flow trajectory has deteriorated sharply, moving from a $340.6K deficit in 2023Q4 to a $2.2 million outflow in 2026Q1, underscoring the accelerating capital requirements necessary to sustain the company's ongoing clinical development and regulatory compliance efforts.
The consistent negative free cash flow trend appears to be a direct consequence of the company's high-fixed-cost structure and lack of commercial revenue. This trajectory suggests that the firm's cash runway is rapidly depleting, which may necessitate immediate and potentially dilutive capital market interventions to maintain operations.
According to historical cash flow statements, working capital fluctuations have frequently obscured the underlying cash burn, with a notable $1.9 million inflow in 2026Q1 providing a temporary, albeit insufficient, buffer against the company's substantial net losses and ongoing operational expenditures required for clinical trial management.
The volatility in working capital changes suggests that the company is managing its payables and accruals to preserve liquidity in the short term. Analysts should interpret these shifts as tactical cash management rather than an improvement in the underlying efficiency of the business model.
As indicated by the financial statements, the cash flow statement fails to capture the full economic cost of R&D, as the company's reliance on stock-based compensation and potential related-party overheads suggests that the true cost of reaching clinical milestones is likely higher than the reported cash burn.
The reliance on non-cash compensation to preserve limited cash reserves warrants further investigation into the company's long-term ability to attract and retain talent. Investors should be wary that the reported cash burn may understate the total capital required to reach the next value-unlocking clinical milestone.
Quick answers to the most common questions about buying APUS stock.
Apimeds Pharmaceuticals US, Inc (APUS) generated $-8.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apimeds Pharmaceuticals US, Inc (APUS) reported negative free cash flow of $9.0M in 2025, indicating capital requirements exceeded cash from operations.
Apimeds Pharmaceuticals US, Inc (APUS) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.