Persistent negative free cash flow, with quarterly outflows frequently exceeding $5 million, underscores a structural reliance on external financing to sustain clinical development activities.
| 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 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -22.88M | -24.58M | -33.07M | -47.34M | 8.64M | -20.87M | -21.62M | -21.46M | -20.57M | -21.55M | -20.79M | -18.54M | -14.35M | -6.29M | -5.21M | 539 | 7.83K | -18.78K | -13.96K | -15.49K | -14.03K |
| Operating CF Margin % | - | -27311.11% | - | -58438.27% | 839.22% | -1823.95% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 110.08% | 25.68% | 30.13% | -647.61% | 141.43% | 3.47% | -0.72% | -4.33% | 4.56% | -3.68% | -12.11% | -29.24% | -128.03% | -20.71% | -967207.61% | -93.12% | 141.71% | -34.51% | 9.86% | -10.39% | - |
| Net Income | -23.47M | -33.89M | -38.24M | -48.82M | -33.02M | -24.77M | -22.21M | -21.9M | -23.65M | -26.6M | -24.32M | -21.03M | -24.69M | -10.77M | -8.36M | 10.29K | 1.67K | -22.33K | -31.24K | -14.8K | -18.4K |
| Depreciation & Amortization | 836K | 821K | 811K | 790K | 699K | 524K | 447K | 420.09K | 50.72K | 55.94K | 77.52K | 53.47K | 37.91K | 1.56K | 581 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 316K | 9.19M | 5.29M | 3.84M | 2.79M | 1.69M | 1.25M | 1.29M | 1.8M | 3.49M | 4.3M | 7.06M | 6.28M | 657.81K | 2.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 402K | -1.55M | -2.4M | -3.39M | 0 | 0 | -6.83M | -7.06M | -6.28M | -653.69K | -685.42K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11K | 0 | 0 | 0 | -402K | 1.55M | 2.4M | 3.39M | 766.6K | -304.12K | -2.53M | -3.81M | 2.21M | 4.18M | 342.46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | -568K | -704K | -932K | -3.15M | 38.17M | 1.69M | -1.1M | -1.28M | 1.23M | 1.8M | 1.69M | -821.22K | 1.81M | -361.51K | 581.52K | -9.75K | 6.16K | 3.55K | 17.28K | -692 | 4.37K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 40K | -346K | -387K | -2.18M | 4.59M | 1.2M | -257K | -1.26M | 1.13M | 405.21K | 2.72M | -793.95K | 1.87M | -518.09K | 334.26K | -13.69K | 191 | 1.14K | 10K | -3.5K | 3.5K |
| Cash from Investing | -106K | -104K | -11K | -153K | -366K | -133K | -253K | -63.89K | -96.09K | -380.95K | -109.82K | -47.79K | -186.42K | -16.59K | -2.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -106K | -104K | -11K | -153K | -366K | -133K | -253K | -63.89K | -96.09K | -24.74K | -59.96K | -47.79K | -151.69K | -16.59K | -2.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 117.78% | 115.56% | - | 188.89% | 35.53% | 11.63% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -356.21K | -49.86K | 0 | -34.73K | -16.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -218K | -217K | 29.32M | 14.87M | 23.11M | 35.22M | 76.18M | 17.11M | 16.98M | 18.81M | 15.78M | 37.53M | 15.71M | 6.22M | 5.13M | -539 | -9.81K | 18.69K | 13.87K | 21.46K | 14.5K |
| Debt Issued (Net) | -11K | -10K | -9K | -4K | -49K | -85K | -460K | -322K | 0 | 0 | -265.69K | -283.55K | -161.84K | -140K | 0 | 645.89K | 0 | 18.69K | 13.87K | 21.46K | 14.5K |
| Equity Issued (Net) | 0 | 0 | 29.25M | 14.87M | 23.16M | 35.3M | 76.59M | 15.93M | 16.98M | 18.81M | 16.02M | 37.64M | 15.44M | 2.88M | 5.13M | 5.38M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -1.27K | 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 | 0 | 0 |
| Other Financing | -207K | -207K | 75K | 0 | 0 | 6K | 48K | 1.51M | 4.85K | 0 | 18.11K | 173.62K | 435.15K | 3.48M | 0 | -6.03M | -9.81K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -23.19M | -24.89M | -3.76M | -32.63M | 31.39M | 14.22M | 54.31M | -4.41M | -3.69M | -3.12M | -5.12M | 18.94M | 1.17M | -85.3K | -85.13K | 0 | -1.97K | -96 | -96 | 5.97K | 466 |
| Free Cash Flow | -22.98M | -24.68M | -33.08M | -47.49M | 8.28M | -21M | -21.87M | -21.53M | -20.67M | -21.58M | -20.85M | -18.59M | -14.5M | -6.31M | -5.22M | 539 | 7.83K | -18.78K | -13.96K | -15.49K | -14.03K |
| FCF Margin % | -25535.56% | -27426.67% | - | -58627.16% | 803.69% | -1835.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 30.93% | 25.39% | 30.33% | -673.67% | 139.42% | 3.98% | -1.6% | -4.15% | 4.22% | -3.5% | -12.14% | -28.21% | -129.84% | -20.98% | -967645.27% | -93.12% | 141.71% | -34.51% | 9.86% | -10.39% | - |
| FCF per Share | -0.74 | -0.79 | -1.10 | -1.78 | 0.34 | -1.02 | -1.80 | -4.33 | -5.85 | -9.70 | -12.91 | -14.62 | -15.90 | -8.32 | -141.78 | 0.02 | 0.02 | -0.05 | -0.04 | -0.04 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.98x | 0.73x | 0.86x | 0.97x | -0.26x | 0.84x | 0.97x | 0.98x | 0.87x | 0.81x | 0.85x | 0.88x | 0.58x | 0.58x | 0.62x | 0.05x | 4.68x | 0.84x | 0.45x | 1.05x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical and commercial execution risk
As reported in quarterly financial statements, the relationship between net income and operating cash flow remains highly inconsistent, with OCF/NI ratios fluctuating from 0.48 in 2025Q1 to 1.23 in 2025Q3, suggesting that non-cash adjustments and working capital swings significantly distort the company's underlying cash-generating capability.
The wide variance in the conversion ratio indicates that reported net income is a poor proxy for the actual cash burn required to sustain clinical operations. Investors should monitor these discrepancies, as they appear to be driven by irregular milestone recognition and timing differences in R&D expenditure rather than stable operational performance.
Based on the provided cash flow data, the company exhibits a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $5 million, which underscores the structural reliance on external financing to support the ongoing development of the Iomab-B and ARC platforms.
The lack of positive free cash flow is expected for a pre-commercial biotech, yet the persistence of these outflows suggests that the company remains highly sensitive to capital market conditions. Without a clear path to commercial revenue, the current trajectory implies that liquidity will remain a primary constraint on future clinical expansion.
According to recent SEC filings, working capital changes have been erratic, swinging from a $1.8 million inflow in 2024Q2 to a $1.9 million outflow in 2024Q3, which likely reflects the timing of clinical trial vendor payments and the procurement of specialized radioactive isotopes.
These fluctuations suggest that the company's cash position is highly sensitive to the timing of project-based expenditures rather than predictable operational cycles. Analysts should interpret these swings as evidence of the logistical complexity inherent in managing a radiopharmaceutical supply chain, which may continue to cause unpredictable cash outflows.
As indicated by historical financial data, the company has utilized significant stock-based compensation, including an $8.9 million charge in 2025Q1, which effectively masks the true cash-based cost of talent acquisition and retention required to navigate the BLA submission process.
While SBC is a non-cash expense, its magnitude relative to the company's total cash burn warrants further investigation into the dilution impact on existing shareholders. This practice appears to be a strategic lever to preserve cash, yet it complicates the assessment of the company's true operational efficiency and long-term cost structure.
Quick answers to the most common questions about buying ATNM stock.
Actinium Pharmaceuticals, Inc. (ATNM) generated $-24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Actinium Pharmaceuticals, Inc. (ATNM) reported negative free cash flow of $24.7M in 2025, indicating capital requirements exceeded cash from operations.
Actinium Pharmaceuticals, Inc. (ATNM) 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.