Annovis Bio, Inc. (ANVS) Cash Flow Statement
Where ANVS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$25.6M
- Capital expenditures
- $0
- Free cash flow
- −$25.6M
- Returned to shareholders
- —
- Change in cash
- $9.0M cash at year-end $19.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ANVS operating cash flow, capex and free cash flow
ANVS cash flow trends, 2012–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.4M2012 | −$25.6M2025 | — | |
| Capital expenditures | $79,6042012 | $02025 | −100.0% | |
| Free cash flow | −$1.5M2012 | −$25.6M2025 | — | |
| Stock-based compensation | $48,4952017 | $1.8M2025 | +57.1%/yr | |
| Share buybacks (net) | $02012 | $02021 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANVS cash flow by activity
ANVS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ANVS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2012 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$28.9M | −$24.6M | −$56.2M | −$25.3M | −$14.5M | −$5.5M | −$990,980 | −$713,871 | −$682,349 | −$8.3M |
| Depreciation & amortization | — | — | — | — | — | $6.6M | $1.6M | $713,937 | $682,433 | $14,766 |
| Stock-based compensation | $1.8M | $3.8M | $4.6M | $9.2M | $4.7M | $1.9M | $8,483 | $82,728 | $48,495 | — |
| Change in working capital | $1.6M | $681,705 | −$228,597 | −$1.1M | $657,346 | −$400,714 | $421,526 | $72,534 | $96,373 | — |
| Other non-cash items | −$142,000 | −$1.8M | $11.8M | $0 | $0 | −$6.6M | −$1.5M | −$713,937 | −$682,433 | $6.9M |
| Cash from operating activities | −$25.6M | −$21.9M | −$40.0M | −$17.3M | −$9.1M | −$4.0M | −$476,542 | −$558,609 | −$537,481 | −$1.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$4 | −$4 | −$4 | $0 | −$3 | $0 | $0 | $0 | −$79,604 |
| Acquisitions & other investing | — | — | — | — | — | — | — | — | — | −$2,377 |
| Cash from investing activities | — | — | — | — | — | — | — | — | — | −$81,981 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | $46.7M | $12.0M | — | $246,450 | $332,500 | $1,289 |
| Net borrowing (repayment) | — | — | — | — | — | — | $530,000 | $530,000 | $530,000 | $176,425 |
| Shares issued | $34.6M | $18.7M | $8.6M | $8.6M | $46.6M | $12.0M | $12.1M | $246,449 | $0 | $0 |
| Other financing | $1,999 | $8.0M | $8.8M | −$8.6M | −$46.6M | −$12.0M | −$12.2M | −$776,450 | −$530,005 | $0 |
| Cash from financing activities | $34.6M | $26.7M | $17.3M | $4,613 | $46.7M | $12.0M | $443,088 | $246,449 | $332,495 | $177,714 |
| Summary | ||||||||||
| Net change in cash | $9.0M | $4.8M | −$22.6M | −$17.3M | $37.6M | $8.1M | −$33,454 | −$312,160 | −$204,986 | −$1.3M |
| Cash at end of period | $19.5M | $10.6M | $5.8M | $28.4M | $45.7M | $8.1M | $1,858 | $35,312 | $347,472 | $552,458 |
| Free cash flow | −$25.6M | −$21.9M | −$40.0M | −$17.3M | −$9.1M | −$4.0M | −$476,542 | −$558,609 | −$537,481 | −$1.5M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | −805.9% |
| Capex / revenue | — | — | — | — | — | — | — | — | — | 43.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$14.8M | −$17.6M | −$9.8M | −$7.3M | −$6.2M | −$5.5M | −$5.9M | −$12.6M | −$5.0M | −$1.1M | −$22.2M | −$14.7M |
| Depreciation & amortization | — | — | — | — | $3 | — | — | — | — | — | — | — |
| Stock-based compensation | $1.79B | $182,823 | $356,524 | $444,647 | $496,618 | $499,887 | $1.5M | $393,080 | $1.6M | $364,765 | $882,384 | $632,191 |
| Change in working capital | −$7.7M | $8.7M | $254,853 | $3.4M | $477,551 | −$2.5M | −$3.2M | $657,779 | $2.8M | $368,122 | $128,834 | $4.7M |
| Other non-cash items | −$1.79B | −$268,000 | $296,000 | −$20,000 | $139,997 | −$558,000 | −$743,941 | $8.4M | −$2.8M | −$6.7M | $11.8M | $0 |
| Cash from operating activities | −$21.9M | −$9.0M | −$8.9M | −$3.5M | −$5.1M | −$8.1M | −$8.3M | −$3.2M | −$3.4M | −$7.0M | −$9.4M | −$9.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$5 | $0 | −$4 | −$4 | $0 | −$5 | $0 | −$4 | −$3 |
| Financing activities | ||||||||||||
| Shares issued | $26.4M | $3.7M | $13.2M | $1.6M | $0 | $19.8M | $6.2M | $4.4M | $4.2M | $3.9M | $8.3M | $0 |
| Other financing | $16,285 | $0 | $1,999 | $0 | $0 | $0 | $0 | $7.5M | $0 | $540,000 | $449,999 | $0 |
| Cash from financing activities | $26.4M | $3.7M | $13.2M | $1.6M | $0 | $19.8M | $6.2M | $11.8M | $4.2M | $4.4M | $8.8M | $0 |
| Summary | ||||||||||||
| Net change in cash | $4.5M | −$5.3M | $4.2M | −$1.8M | −$5.1M | $11.7M | −$2.1M | $8.6M | $860,799 | −$2.6M | −$600,222 | −$9.4M |
| Cash at end of period | $18.7M | $14.2M | $19.5M | $15.3M | $17.1M | $22.2M | $10.6M | $12.6M | $4.0M | $3.1M | $5.8M | $6.4M |
| Free cash flow | −$21.9M | −$9.0M | −$8.9M | −$3.5M | −$5.1M | −$8.1M | −$8.3M | −$3.2M | −$3.4M | −$7.0M | −$9.4M | −$9.4M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ANVS cash generation
In fiscal 2025 (ended December 31, 2025), Annovis Bio generated -$25.6 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$25.6 million. Cash and equivalents rose by $9.0 million over the year.
Related: ANVS income statement, ANVS balance sheet. See the ANVS stock overview for the latest quote and news.
ANVS cash flow FAQ
What is Annovis Bio's free cash flow?
Annovis Bio's free cash flow was -$25.6 million in fiscal 2025: -$25.6 million of operating cash flow minus $0 of capital expenditures It was -$21.9 million a year earlier..
How much cash does Annovis Bio generate from operations?
Annovis Bio generated -$25.6 million of cash from operating activities in fiscal 2025.