Apnimed, Inc. (APMD) Cash Flow Statement
Where APMD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$77.8M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$77.8M −202.3% margin
- Returned to shareholders
- —
- Change in cash
- −$26.5M cash at year-end $41.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
APMD operating cash flow, capex and free cash flow
APMD cash flow trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$110.2M2024 | −$77.8M2025 | — | |
| Capital expenditures | $70,0002024 | $02025 | −100.0% | |
| Free cash flow | −$110.3M2024 | −$77.8M2025 | — | |
| Free cash flow margin | −1,376.4%2024 | −202.3%2025 | +1,174.1 pts | |
| Stock-based compensation | $3.0M2024 | $3.9M2025 | +28.9%/yr | |
| Capex / revenue | 0.9%2024 | 0.0%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APMD cash flow by activity
APMD 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).
APMD cash flow statement
| 2025 | 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | −$932,000 | −$111.3M |
| Depreciation & amortization | $27,000 | $23,000 |
| Stock-based compensation | $3.9M | $3.0M |
| Change in working capital | −$29.6M | −$238,000 |
| Other non-cash items | −$51.2M | −$1.7M |
| Cash from operating activities | −$77.8M | −$110.2M |
| Investing activities | ||
| Capital expenditures | $0 | −$70,000 |
| Investments (net) | $0 | $152.0M |
| Financing activities | ||
| Net borrowing (repayment) | $35.0M | $0 |
| Shares issued | $16.5M | $0 |
| Other financing | −$128,000 | $51,000 |
| Cash from financing activities | $51.4M | $51,000 |
| Summary | ||
| Net change in cash | −$26.5M | $41.8M |
| Cash at end of period | $41.9M | $68.3M |
| Free cash flow | −$77.8M | −$110.3M |
| Free cash flow margin | −202.3% | −1,376.4% |
| Capex / revenue | 0.0% | 0.9% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $125.9M | $70.4M | −$69.5M | −$28.6M |
| Depreciation & amortization | $7,000 | $6,000 | $6,000 | $7,000 |
| Stock-based compensation | $1.2M | $929,000 | $866,000 | $802,000 |
| Change in working capital | −$65.7M | −$89.1M | −$12.7M | −$2.6M |
| Other non-cash items | −$79.5M | −$2.0M | $63.9M | $2.0M |
| Cash from operating activities | −$18.1M | −$19.8M | −$17.4M | −$28.5M |
| Investing activities | ||||
| Capital expenditures | $0 | $0 | $0 | $0 |
| Financing activities | ||||
| Shares issued | $48.2M | $25.0M | $16.5M | $0 |
| Other financing | −$3.8M | −$192,000 | −$207,000 | $0 |
| Cash from financing activities | $44.4M | $24.8M | $16.3M | $0 |
| Summary | ||||
| Net change in cash | $125.9M | $5.0M | −$1.1M | −$28.5M |
| Cash at end of period | $172.8M | $46.9M | $38.8M | $39.9M |
| Free cash flow | −$18.4M | −$19.8M | −$17.4M | −$28.5M |
| Free cash flow margin | −152.7% | −23.4% | −101.5% | −908.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.14 | −0.28 | — | — |
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.
APMD cash generation
In fiscal 2025 (ended December 31, 2025), Apnimed generated -$77.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$77.8 million, −202.3% of revenue. Cash and equivalents fell by $26.5 million over the year.
Related: APMD income statement, APMD balance sheet. See the APMD stock overview for the latest quote and news.
APMD cash flow FAQ
What is Apnimed's free cash flow?
Apnimed's free cash flow was -$77.8 million in fiscal 2025: -$77.8 million of operating cash flow minus $0 of capital expenditures It was -$110.3 million a year earlier..
How much cash does Apnimed generate from operations?
Apnimed generated -$77.8 million of cash from operating activities in fiscal 2025.