Liquidity is under severe pressure as evidenced by the decline in cash reserves from $169.7 million in 2024Q4 to $37.9 million in 2025Q3, reflecting persistent negative free cash flow.
| Cash from Operations | -86.58M | -83.3M | -97.05M | -70.77M | -61.03M | -40.49M | -35.47M | -32.95M | -27.12M |
| Operating CF Margin % | - | - | - | -4634.64% | -1600.47% | -803.07% | - | - | - |
| Operating CF Growth % | 58.14% | 14.17% | -37.13% | -15.97% | -50.71% | -14.14% | -7.65% | -21.49% | - |
| Net Income | -105.64M | -129.87M | -116.8M | -83.84M | -69.2M | -52.89M | -43M | -36.15M | -29.11M |
| Depreciation & Amortization | 972K | 1.2M | 3.55M | 1.05M | 996K | 1.12M | 1.33M | 1.24M | 1.38M |
| Stock-Based Compensation | 18.8M | 19.93M | 0 | 11.26M | 9.95M | 8.69M | 2.05M | 1.17M | 716K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 15K |
| Other Non-Cash Items | -568K | -477K | 10.7M | 2.09M | 1.53M | 248K | 9K | -14K | -9K |
| Working Capital Changes | -150K | 25.91M | 5.5M | -1.33M | -4.3M | 2.34M | 4.13M | 784K | -114K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.33M | -8.46M | 7.33M | 3.71M | 933K | 2.39M | 736K | 1.48M | -80K |
| Cash from Investing | -56.7M | 52.7M | 104.13M | -45.49M | -81.35M | -87.44M | -843K | -3.5M | -1.12M |
| Capital Expenditures | -84K | -122K | -1.13M | -845K | -755K | -398K | -888K | -3.5M | -1.12M |
| CapEx % of Revenue | - | - | - | 55.34% | 19.8% | 7.89% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 44.65M | 80.59M | 87.04M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -44.65M | -80.59M | -87.04M | 45K | 0 | 0 |
| Cash from Financing | 143.31M | 152.85M | 1.45M | 131.18M | 141.48M | 75.46M | 49.9M | 52.73M | 30.1M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 77K | 845K | 0 | 1.39M | 2.02M | 1.85M | 0 | 52.73M | 30.1M |
| Net Change in Cash | 30K | 122.26M | 8.53M | 14.92M | -891K | -52.47M | 13.59M | 16.28M | 1.85M |
| Free Cash Flow | -86.66M | -83.42M | -98.17M | -71.62M | -61.78M | -40.89M | -36.36M | -36.45M | -28.25M |
| FCF Margin % | - | - | - | -4689.98% | -1620.27% | -810.97% | - | - | - |
| FCF Growth % | 14.03% | 15.03% | -37.08% | -15.92% | -51.09% | -12.45% | 0.25% | -29.05% | - |
| FCF per Share | -3.21 | -16.37 | -20.49 | -17.61 | -18.04 | -13.55 | -13.32 | -13.70 | -10.62 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.64x | 0.83x | 0.84x | 0.88x | 0.77x | 0.83x | 0.91x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 990K | 660K | 0 | 0 |
Regulatory clinical hold uncertainty
As reported in financial statements, RAPT's operating cash flow frequently deviates from net income, with the 2025Q1 period showing an OCF/NI ratio of 3.05, highlighting how non-cash adjustments and working capital swings significantly obscure the underlying cash burn rate of the business.
The divergence between net income and operating cash flow suggests that GAAP accounting metrics are insufficient for gauging the company's true liquidity trajectory. Investors should monitor these fluctuations closely, as they appear driven by timing differences in clinical trial payments rather than sustainable operational efficiency.
Based on RAPT's reported figures, the company maintains a consistent pattern of negative free cash flow, with quarterly outflows reaching as high as $52.5 million in 2025Q1, reflecting the heavy capital requirements inherent in its current clinical-stage research and development model.
The lack of positive free cash flow is expected for a pre-revenue biotech, yet the volatility in these outflows warrants further investigation into the company's ability to manage costs during periods of regulatory uncertainty. The current trajectory suggests that cash reserves will continue to deplete until a major clinical milestone or partnership is achieved.
According to recent SEC filings, RAPT experienced a significant $40 million working capital swing in 2025Q1, which underscores the sensitivity of the company's cash position to the timing of large-scale contract research organization payments and other clinical trial-related liabilities.
These sharp movements in working capital suggest that the company's cash burn is highly susceptible to the operational cadence of its clinical trials. Analysts should interpret these shifts as evidence of the company's reliance on external vendors, which may complicate short-term cash flow forecasting.
As disclosed in quarterly filings, RAPT consistently utilizes stock-based compensation, which reached $5.0 million in 2025Q3, effectively acting as a non-cash expense that masks the true economic cost of talent retention while preserving immediate cash reserves for critical research activities.
While stock-based compensation provides a necessary buffer for cash preservation, it represents a dilution risk that investors must weigh against the company's ongoing operational burn. The reliance on equity-based incentives appears to be a strategic necessity to maintain human capital during the current clinical hold.
Quick answers to the most common questions about buying RAPT stock.
RAPT Therapeutics, Inc. (RAPT) generated $-83.3M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
RAPT Therapeutics, Inc. (RAPT) reported negative free cash flow of $83.4M in 2024, indicating capital requirements exceeded cash from operations.
RAPT Therapeutics, Inc. (RAPT) spent $0.1M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.