Free cash flow exhibits extreme instability, swinging from a $73.6 million inflow in 2023Q4 to a $23.4 million outflow in 2025Q1 due to the timing of partnership-driven payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -39.75M | -41.09M | -51.12M | 22.74M | -84.46M | -93.4M | -62.96M | -84.07M | -64.96M | 1.86M | -34.88M | -18.7M | -14.97M | -17.8M | -21.38M | -25.07M | -5.21M | -3.48M | -4.15M |
| Operating CF Margin % | - | -56.83% | -179.23% | 317.51% | - | -1493.38% | -79.59% | -526.64% | -438.79% | 20.62% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 3606.5% | 19.61% | -324.76% | 126.93% | 9.56% | -48.35% | 25.11% | -29.42% | -3592.21% | 105.33% | -86.56% | -24.87% | 15.86% | 16.76% | 14.72% | -380.76% | -49.67% | 15.99% | - |
| Net Income | -6.38M | -6.12M | -40.18M | -61.23M | -93.09M | -129.85M | -62.15M | -97.63M | -90.75M | -42.81M | -44.26M | -28.45M | -23.79M | -19.4M | -24.79M | -34.34M | -15.29M | -4.54M | -8.79M |
| Depreciation & Amortization | 96K | 129K | 129K | 450K | 498K | 466K | 691K | 494K | 643K | 219.22K | 80.25K | 64.99K | 10.97K | 6.22K | 4.62K | 3.75K | 12.53K | 7.51K | 4.65K |
| Stock-Based Compensation | 3.96M | 4.68M | 3.12M | 5.12M | 6.59M | 5.24M | 21.85M | 20.56M | 28.48M | 8.6M | 5.02M | 7.88M | 11.32M | 1.71M | 3.17M | 2.98M | 2.36M | 123.76K | 460.82K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -2.53M | 0 | -774K | 1.1M | -9.05M | -617.67K | -7.85M | -679.45K | -1.71M | -3.17M | 328.96K | 2.33M | 116.95K | 692.91K |
| Other Non-Cash Items | -652K | -1.5M | -2.24M | 2.06M | 3.66M | 44.69M | 6.96M | 2.82M | -229K | 615.13K | 1.14M | 7.88M | 679.45K | 1.71M | 3.17M | 3.99M | 8.45M | 767.39K | 902.93K |
| Working Capital Changes | -36.78M | -38.28M | -11.95M | 76.34M | -2.12M | -11.4M | -30.31M | -9.53M | -4.21M | 44.28M | 3.75M | 1.79M | -2.51M | -111.49K | 234.93K | 1.97M | -3.07M | 39.88K | 2.58M |
| Change in Receivables | -451K | -974K | 43K | 901K | -608K | 894K | 2.14M | -944K | -156K | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.01M | -601K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 254K | 586K | 124K | -2.03M | -166K | -1.94M | 2.87M | -1.96M | 1.57M | -244.19K | 1M | 456.1K | -2.48M | -107.4M | 0 | 0 | -3.05T | 0 | 0 |
| Cash from Investing | -125.44M | -113.47M | 40.17M | -69.14M | 90.64M | 26.52M | 68.07M | -50.32M | -135.4M | -15.64M | 36.2M | -64.86M | 277.4K | -6.48K | -3.24K | -11.96K | 0 | -2.57K | -2.88K |
| Capital Expenditures | -85K | -66K | -28K | -255K | -102K | -3.1M | -470K | -1.55M | -340K | -864.56K | -146.33K | -58.26K | -149.96K | -6.48K | -3.24K | -11.96K | 0 | -2.57K | -2.88K |
| CapEx % of Revenue | 0.12% | 0.09% | 0.1% | 3.56% | - | 49.5% | 0.59% | 9.74% | 2.3% | 9.59% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 1.5M | 1.5M | 0 | -1.74M | -48.88M | -33.18B | -36.2B | 150 | 509.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.21M | 2.35M | 0 | 24K | 0 | 857K | -1.75M | 1.74M | 48.88M | 33.18B | 36.2B | 150 | -82K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 172.89M | 174.67M | 29.45M | 13.82M | 614K | 53.06M | 7.6M | 139.65M | 159.79M | 67.24M | 152.64K | 81.57M | 16.73M | 24.37M | 4.9M | 47.49M | 19.7M | 3.55M | 2.5M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.79M | 5.27M | 3.63M | 1.67M |
| Equity Issued (Net) | 172.89M | 174.67M | 29.29M | 13.69M | 325K | 52.81M | 5.45M | 134.66M | 155.43M | 67.24M | 152.64K | 81.01M | 16.73M | 24.37M | 4.17M | 49.99M | 15.18M | 0 | 1.15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 155K | 129K | 289K | 258K | 2.15M | 4.99M | 4.37M | 0 | 0 | 554.27K | 0 | 0 | 730.32K | 288.73K | -755.09K | -76.46K | -312.85K |
| Net Change in Cash | 7.71M | 20.11M | 18.5M | -32.58M | 6.79M | -13.82M | 12.71M | 5.26M | -40.56M | 53.46M | 1.47M | -1.98M | 2.03M | 6.57M | -16.49M | 22.4M | 14.49M | 65.44K | -1.65M |
| Free Cash Flow | -39.84M | -41.16M | -51.15M | 22.49M | -84.56M | -96.49M | -65.18M | -85.62M | -65.3M | 995.52K | -35.03M | -18.76M | -15.12M | -17.8M | -21.38M | -25.08M | -5.21M | -3.49M | -4.15M |
| FCF Margin % | -56.03% | -56.93% | -179.33% | 313.95% | - | -1542.88% | -82.39% | -536.37% | -441.08% | 11.04% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 29.13% | 19.52% | -327.43% | 126.59% | 12.36% | -48.05% | 23.88% | -31.12% | -6659.2% | 102.84% | -86.76% | -24.02% | 15.05% | 16.74% | 14.74% | -380.99% | -49.56% | 15.99% | - |
| FCF per Share | -2.36 | -3.67 | -8.52 | 4.91 | -20.96 | -26.75 | -16.43 | -24.41 | -28.64 | 0.56 | -20.33 | -11.94 | -21.61 | -45.90 | -84.01 | -130.44 | -42.06 | -39.17 | -49.20 |
| FCF Conversion (FCF/Net Income) | 6.24x | 6.71x | 1.27x | -0.37x | 0.91x | 0.72x | 1.01x | 0.86x | 0.72x | -0.04x | 0.79x | 0.66x | 0.63x | 0.92x | 0.86x | 0.73x | 0.34x | 0.77x | 0.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 421K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency risk
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently exceeding 2.0, which suggests that accounting earnings are poor proxies for the actual cash-based liquidity position of the firm during its clinical development phases.
The significant divergence between net income and operating cash flow indicates that non-cash accounting adjustments and milestone revenue recognition create a disconnect from the company's actual cash burn. Investors should interpret these fluctuations as evidence that the firm's reported profitability is largely decoupled from its underlying operational cash requirements.
Based on historical cash flow statements, ASMB's free cash flow trajectory is characterized by extreme volatility, swinging from a $73.6 million inflow in 2023Q4 to a $23.4 million outflow in 2025Q1, highlighting the company's reliance on irregular, non-recurring partnership payments to fund its ongoing R&D activities.
The lack of a consistent positive free cash flow trend suggests that the company remains in a capital-consuming phase where operational sustainability is not yet established. This trajectory implies that future liquidity will likely remain contingent on the timing of external milestone achievements rather than internal cash generation.
As reported in quarterly filings, working capital changes frequently drive the majority of operating cash flow variance, such as the $83.5 million inflow in 2023Q4, which suggests that the company's cash position is highly sensitive to the timing of deferred revenue and milestone-related accounts receivable.
These large working capital swings indicate that the company's cash flow is heavily influenced by the accounting treatment of collaboration agreements rather than operational efficiency. Analysts should monitor these movements closely, as they often obscure the underlying rate at which the company is consuming cash to support its clinical pipeline.
Based on the provided financial statements, ASMB maintains negligible capital expenditure levels, with quarterly outlays often falling below $50,000, which indicates that the company's cash burn is almost entirely driven by operating expenses rather than investments in physical infrastructure or manufacturing capacity.
The minimal capital intensity confirms that the firm operates as a lean R&D engine, prioritizing clinical trial execution over asset-heavy expansion. This structure suggests that the company's financial risk is concentrated in its ability to manage operating burn rather than the maintenance of capital-intensive assets.
Quick answers to the most common questions about buying ASMB stock.
Assembly Biosciences, Inc. (ASMB) generated $-41.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Assembly Biosciences, Inc. (ASMB) reported negative free cash flow of $41.2M in 2025, indicating capital requirements exceeded cash from operations.
Assembly Biosciences, Inc. (ASMB) 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.