Persistent negative free cash flow, with quarterly outflows reaching $8.0 million in 2026Q1, underscores a structural dependency on external financing to cover ongoing research activities.
| Cash from Operations | -26.98M | -25.59M | -23.79M | -11.73M | -21.02M | -21.68M | -29.32M | -42.38M | -51.42M | -41.57M | -36.86M | -48.76M | -47.01M |
| Operating CF Margin % | - | - | - | - | -675.08% | -176.37% | -680.39% | - | -222.92% | -283.62% | -101.17% | -145.11% | -103.02% |
| Operating CF Growth % | -55.41% | -7.6% | -102.77% | 44.2% | 3.03% | 26.06% | 30.83% | 17.58% | -23.69% | -12.78% | 24.4% | -3.73% | - |
| Net Income | -26.26M | -25.97M | -24.13M | -17.41M | 8.03M | -28.46M | -17.75M | -40.45M | -53.69M | 6.97M | -112.42M | -59.32M | -51.12M |
| Depreciation & Amortization | 214K | 240K | 352K | 567K | 901K | 1.14M | 1.31M | 2.23M | 2.39M | 3.13M | 3.36M | 2.91M | 2.02M |
| Stock-Based Compensation | -84K | 96K | 1.07M | 2.19M | 1.8M | 1.64M | 1.25M | 1.6M | 2.14M | 4.88M | 3.81M | 1.11M | 1.07M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | -2K | 71.21M | -1.36M | 117K |
| Other Non-Cash Items | 1.51M | 1.09M | 0 | 10K | -33.9M | 6.64M | -12.43M | -3.58M | 988K | -52.06M | -16.66M | 3.69M | 304K |
| Working Capital Changes | -2.27M | -1.05M | -1.08M | 2.91M | 2.14M | -2.65M | -1.7M | -2.19M | -3.25M | -4.5M | 13.83M | 4.21M | 592K |
| Change in Receivables | 0 | 0 | 0 | 2.5M | 1.16M | -1.29M | -2.37M | 0 | -3.08M | -1.83M | 1.97M | 3.88M | -6.13M |
| Change in Inventory | 0 | 0 | 0 | 0 | -1.16M | 1.29M | 0 | -4.35M | -757K | -567K | 13.68M | -2.7M | 4.95M |
| Change in Payables | 670K | -157K | -1.02M | 518K | -394K | -1.92M | 0 | -2.7M | 1.28M | 195K | 2.48M | -1.67M | 820K |
| Cash from Investing | 0 | 0 | 0 | 0 | -29K | -713K | 28.03M | 4.1M | 72.8M | 29.46M | -47.39M | -1.53M | -48.8M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -29K | -713K | -88K | -153K | -976K | -1.4M | -2.51M | -1.53M | -989K |
| CapEx % of Revenue | - | - | - | - | 0.93% | 5.8% | 2.04% | - | 4.23% | 9.56% | 6.89% | 4.54% | 2.17% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.25M | 65K | 59.76M | 0 | 0 | -47.81M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 28.12M | 0 | 73.77M | 30.86M | -44.88M | 0 | 0 |
| Cash from Financing | 39.37M | 38.5M | 15.6M | 6M | -2.62M | 26.16M | 23.87M | 20.15M | -787K | 9.53M | 89.3M | 51.33M | 99.4M |
| Debt Issued (Net) | 0 | 0 | 0 | -3.47M | -12.27M | -10.55M | 2.63M | -137K | 0 | 0 | 18.04M | 0 | 0 |
| Equity Issued (Net) | 38.81M | 38.5M | 10.04M | 6.43M | 6.93M | 10.23M | -11K | 20.34M | 623K | 0 | 18K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -11K | 0 | 0 | -758K | 0 | 0 | 0 |
| Other Financing | 556K | 0 | 5.56M | 3.04M | 2.72M | 26.48M | 21.26M | -58K | -1.41M | 19.53M | 71.24M | 51.33M | 99.4M |
| Net Change in Cash | 12.39M | 12.9M | -8.19M | -5.73M | -23.67M | 3.77M | 22.59M | -18.14M | 20.59M | -2.58M | 5.04M | 1.04M | 3.59M |
| Free Cash Flow | -26.98M | -25.59M | -23.79M | -11.73M | -21.05M | -22.39M | -29.41M | -42.54M | -52.4M | -42.98M | -39.37M | -50.29M | -48M |
| FCF Margin % | - | - | - | - | -676.01% | -182.17% | -682.43% | - | -227.16% | -293.18% | -108.07% | -149.66% | -105.18% |
| FCF Growth % | -13.8% | -7.6% | -102.77% | 44.28% | 5.99% | 23.85% | 30.87% | 18.82% | -21.93% | -9.15% | 21.7% | -4.77% | - |
| FCF per Share | -25.44 | -8111.57 | -31008.52 | -561905.13 | -999999.00 | -999999.00 | -999999.00 | -0.94 | -52398.00 | -42975.00 | -39374.00 | - | - |
| FCF Conversion (FCF/Net Income) | 1.03x | 0.99x | 0.99x | 0.67x | -2.62x | 0.76x | 1.65x | 0.95x | 0.96x | -5.96x | 0.33x | 0.82x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.78M | 537K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.36M | 162K | 0 | 0 |
Clinical Trial Funding Gap
According to the provided financial data, Aptevo's operating cash flow consistently tracks net losses, with an OCF/NI ratio frequently hovering near 1.0, indicating that the company's cash burn is almost entirely driven by its ongoing, non-revenue-generating research and development activities rather than operational inefficiencies.
The tight correlation between net income and operating cash flow suggests that there are minimal non-cash adjustments masking the underlying cash drain. This lack of divergence implies that the company's financial statements provide a transparent, albeit concerning, view of its structural inability to generate internal cash to fund its clinical pipeline.
As reported in financial statements, the company has maintained a persistent negative free cash flow trajectory over the last ten quarters, with quarterly outflows ranging from $5.2 million to $8.0 million, reflecting a structural reliance on external capital to sustain its clinical-stage development programs.
The absence of positive free cash flow is an expected characteristic of a pre-revenue biotech, yet the consistency of these outflows warrants close monitoring by investors. Without a shift toward milestone-driven inflows or partnership-based funding, the current trajectory suggests a continued reliance on dilutive financing to maintain operations.
Based on the reported figures, working capital changes have fluctuated significantly, swinging from a $1.3 million inflow in 2024Q3 to a $1.6 million outflow in 2026Q1, which introduces unpredictable variability into the company's quarterly cash burn and complicates short-term liquidity forecasting for stakeholders.
These swings in working capital appear to be driven by the timing of clinical trial payments and vendor settlements rather than core operational improvements. Investors should interpret these fluctuations as a sign of the company's limited control over the timing of its cash outflows in a pre-commercial environment.
While the cash flow statement highlights operational outflows, it obscures the long-term impact of equity-based financing, as the company's reliance on share issuance to bridge its funding gap is not explicitly captured in the cash flow from operations but remains a critical risk to shareholder value.
The cash flow statement effectively masks the true cost of survival by focusing on operational burn while ignoring the dilutive impact of the capital raises required to fund that burn. Analysts should look beyond the cash flow statement to the balance sheet and equity tables to fully appreciate the cost of the company's current clinical progression.
Quick answers to the most common questions about buying APVO stock.
Aptevo Therapeutics Inc. (APVO) generated $-25.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aptevo Therapeutics Inc. (APVO) reported negative free cash flow of $25.6M in 2025, indicating capital requirements exceeded cash from operations.
Aptevo Therapeutics Inc. (APVO) 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.