Free cash flow remains deeply negative, with quarterly outflows reaching $27.6 million in 2026Q1, highlighting a business model entirely dependent on external capital to sustain operations.
| Cash from Operations | -80.05M | -76.44M | -58.2M | -29.97M |
| Operating CF Margin % | - | -588.01% | -831.36% | -599.4% |
| Operating CF Growth % | 10.27% | -31.35% | -94.18% | - |
| Net Income | -75.99M | -68.87M | -66.81M | -34.05M |
| Depreciation & Amortization | 1.36M | 1.39M | 1.29M | 1M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.42M | -4.84M | -98K | -261K |
| Working Capital Changes | -3M | -4.12M | 7.42M | 3.34M |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -3.9M | -837K | 6.51M | 125K |
| Cash from Investing | -214.17M | -115.31M | -3.99M | -48.43M |
| Capital Expenditures | -318K | -235K | -88K | -118K |
| CapEx % of Revenue | 3.18% | 1.81% | 1.26% | 2.36% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 |
| Cash from Financing | 338.03M | 220.76M | 49.42M | 63.75M |
| Debt Issued (Net) | -615K | -373K | 0 | 0 |
| Equity Issued (Net) | 339.56M | 222.36M | 49.84M | 63.98M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | -915K | -1.22M | -423K | -230K |
| Net Change in Cash | 42.61M | 27.81M | -12.77M | 29.02M |
| Free Cash Flow | -80.36M | -76.68M | -58.28M | -30.09M |
| FCF Margin % | -803.63% | -589.82% | -832.61% | -601.76% |
| FCF Growth % | - | -31.56% | -93.71% | - |
| FCF per Share | -2.39 | -2.43 | -1.94 | -1.00 |
| FCF Conversion (FCF/Net Income) | 1.06x | 1.11x | 0.87x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Clinical milestone execution failure
According to the provided cash flow data, Evommune exhibits a persistent divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggesting that accounting losses are being compounded by significant cash outflows required to sustain the company's early-stage research and development activities.
The consistent gap between net income and operating cash flow indicates that the company's reported losses do not fully capture the velocity of cash depletion. Investors should monitor this trend, as the reliance on non-cash adjustments to reconcile these figures may obscure the true rate at which the company is consuming its capital base.
As reported in financial statements, Evommune's free cash flow remains deeply negative, with quarterly outflows reaching as high as $27.6 million in 2026Q1, reflecting a business model that is currently entirely dependent on external financing to bridge the gap between R&D spending and sporadic licensing revenue.
The lack of a positive FCF trajectory suggests that the company is in a high-intensity capital consumption phase with no immediate path to self-sustainability. This trend warrants further investigation into how long the current cash position can support operations before a dilutive capital raise becomes necessary.
Based on the reported figures, Evommune's working capital changes are highly erratic, swinging from a $10 million outflow in 2025Q1 to a $7.6 million inflow in 2025Q4, which suggests that the company's cash position is heavily influenced by the timing of milestone-related receivables and payables.
This volatility indicates that the company lacks a stable operational rhythm, making cash flow forecasting difficult for external observers. The fluctuations appear to be tied to the lumpy nature of licensing agreements rather than consistent operational efficiency, which increases the risk profile for investors.
As noted in the financial data, the company's cash flow statement is heavily impacted by minimal capital expenditures and negligible stock-based compensation, which may temporarily mask the underlying intensity of the cash burn required to advance the Psybrary platform toward clinical-stage development.
The absence of significant capitalized costs suggests that the company is expensing the majority of its development efforts, which keeps the balance sheet clean but accelerates the depletion of cash. Investors should be cautious, as this accounting treatment provides no buffer against the high fixed-cost structure inherent in biotech R&D.
Quick answers to the most common questions about buying EVMN stock.
Evommune, Inc. (EVMN) generated $-76.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evommune, Inc. (EVMN) reported negative free cash flow of $76.7M in 2025, indicating capital requirements exceeded cash from operations.
Evommune, Inc. (EVMN) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.