Free cash flow remains structurally negative, with quarterly outflows reaching as high as $203.0M in 2025Q2, highlighting a persistent inability to self-fund operations through current revenue streams.
| Cash from Operations | -406.23M | -41.13M | -300.87M | -119.06M | -136.27M | -94.81M | -37.12M | 2.49M | -9.65M |
| Operating CF Margin % | - | -220.91% | -2761.04% | -1245.44% | -1477.32% | -1016.65% | -546.88% | 107.37% | -2547.49% |
| Operating CF Growth % | -189.4% | 86.33% | -152.7% | 12.63% | -43.72% | -155.44% | -1590.64% | 125.79% | - |
| Net Income | -396.46M | -49.5M | -322.3M | -212.22M | -174M | -118.01M | -44.35M | -24.73M | -11.22M |
| Depreciation & Amortization | -6.49M | 323K | 2.78M | 2.1M | 1.39M | 639K | 373K | 348K | 383K |
| Stock-Based Compensation | 40.23M | 7.68M | 51.36M | 38.22M | 27.14M | 17.06M | 4.31M | 406K | 60K |
| Deferred Taxes | 34K | -142K | 0 | 0 | 0 | 0 | 84K | 0 | 0 |
| Other Non-Cash Items | 18.15M | 712K | -18.15M | -8.3M | -615K | 163K | 139K | 7.11M | 447K |
| Working Capital Changes | -80.64M | -200K | -14.56M | 61.13M | 9.82M | 5.34M | 2.33M | 19.36M | 671K |
| Change in Receivables | -15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 16.67M | 3.73M | 35.18M | 1.77M | 18.32M | 6.04M | 5.75M | 436K | 780K |
| Cash from Investing | -405.42M | -1.45M | -854.2M | -130.07M | -189.96M | -82.52M | -7.79M | -235K | -49K |
| Capital Expenditures | -7.03M | -1.45M | -7.07M | -4.23M | -2.82M | -3.74M | -1.09M | -235K | -49K |
| CapEx % of Revenue | 19.1% | 7.76% | 64.84% | 44.23% | 30.6% | 40.1% | 16.09% | 10.13% | 12.93% |
| Acquisitions | 0 | 0 | 0 | 0 | 187.13M | 82.52M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.17M | 0 | 0 | 0 | -187.13M | -82.52M | 0 | 0 | 0 |
| Cash from Financing | 1.18B | 42.57M | 1.19B | 93.86M | 346.17M | 176.32M | 272.04M | 89.23M | 5.14M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -4.68M | 16.65M | 4.98M |
| Equity Issued (Net) | 841.19M | 0 | 1B | 91.74M | 344.78M | 174.68M | 276.25M | 72.62M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -106K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 334.58M | 42.57M | 191.81M | 2.13M | 1.39M | 1.64M | 466K | 65K | 162K |
| Net Change in Cash | 363.81M | 0 | 37.29M | -155.27M | 19.95M | -1.01M | 227.13M | 91.49M | -4.56M |
| Free Cash Flow | -416.44M | -42.57M | -307.94M | -123.29M | -139.09M | -98.55M | -38.21M | 2.25M | -9.7M |
| FCF Margin % | -1131.14% | -228.67% | -2825.88% | -1289.67% | -1507.92% | -1056.76% | -562.97% | 97.24% | -2560.42% |
| FCF Growth % | -14.02% | 86.17% | -149.76% | 11.36% | -41.13% | -157.93% | -1794.41% | 123.24% | - |
| FCF per Share | -24.35 | -2.49 | -2.76 | -1.69 | -2.67 | -2.38 | -1.76 | 0.06 | -0.47 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.54x | 0.93x | 0.56x | 0.78x | 0.80x | 0.84x | -0.10x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 322K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Atrium Therapeutics exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggesting that non-cash charges and working capital fluctuations are significantly distorting the company's underlying cash-generating capacity during this pre-commercial development phase.
The frequent divergence between net losses and operating cash outflows indicates that GAAP earnings provide little insight into the actual liquidity requirements of the business. Investors should monitor the OCF/NI ratio closely, as the reliance on non-cash adjustments to bridge the gap between accounting losses and cash burn may obscure the true velocity of capital depletion.
Based on the provided cash flow data, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching as high as $203.0M in 2025Q2, highlighting a structural inability to self-fund operations through current milestone-driven revenue streams while maintaining an aggressive clinical development schedule.
The consistent FCF margin contraction suggests that the company is currently in a high-intensity cash consumption phase that shows no signs of stabilization. This trajectory implies that the firm will likely remain dependent on external capital markets to sustain its pipeline until a commercial product can generate sustainable, non-lumpy cash inflows.
According to recent quarterly filings, working capital changes have been highly erratic, swinging from a $68.9M inflow in 2023Q4 to a $58.2M outflow in 2025Q2, which reflects the unpredictable timing of milestone-related payments and the inherent instability of a business model reliant on collaboration-based revenue recognition.
These sharp fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of partner payments rather than operational efficiency. Analysts should view these swings as a symptom of the firm's project-based revenue structure, which complicates the ability to forecast short-term liquidity needs with any degree of certainty.
As evidenced by the quarterly cash flow data, stock-based compensation has consistently reached double-digit millions, peaking at $19.0M in 2025Q3, which effectively serves as a non-cash substitute for salary expenses and masks the true economic cost of talent retention required to advance the AOC platform.
By excluding stock-based compensation from cash burn metrics, the company may appear to have a more manageable liquidity profile than is actually the case. Investors should adjust for these non-cash expenses to understand the true rate at which the company is consuming its cash reserves to support its R&D-heavy operating model.
Quick answers to the most common questions about buying RNA stock.
Atrium Therapeutics, Inc. (RNA) generated $-41.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atrium Therapeutics, Inc. (RNA) reported negative free cash flow of $42.6M in 2025, indicating capital requirements exceeded cash from operations.
Atrium Therapeutics, Inc. (RNA) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.