Lakefront Biotherapeutics NV (LKFT) Cash Flow Statement
Where LKFT’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- −€257.5M
- Capital expenditures
- €13.9M 1.2% of revenue
- Free cash flow
- −€271.3M −24.4% margin
- Returned to shareholders
- —
- Change in cash
- €23.6M cash at year-end €87.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LKFT operating cash flow, capex and free cash flow
LKFT cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −€500.5M2022 | −€257.5M2025 | — | |
| Capital expenditures | €36.9M2022 | €13.9M2025 | −27.9%/yr | |
| Free cash flow | −€537.5M2022 | −€271.3M2025 | — | |
| Free cash flow margin | −222.8%2022 | −24.4%2025 | +198.4 pts | |
| Operating cash flow / net income | −1.922023 | −0.802025 | +1.12 | |
| Stock-based compensation | €88.5M2022 | €24.0M2025 | −35.3%/yr | |
| Capex / revenue | 15.3%2022 | 1.2%2025 | −14.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LKFT cash flow by activity
LKFT 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).
LKFT cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | €320.9M | €74.1M | €211.7M | −€218.0M |
| Depreciation & amortization | €55.9M | €45.5M | €43.6M | €65.6M |
| Stock-based compensation | €24.0M | €19.9M | €56.7M | €88.5M |
| Change in working capital | −€876.6M | −€320.6M | −€692.4M | −€379.5M |
| Other non-cash items | €218.4M | −€138.9M | −€25.6M | −€57.2M |
| Cash from operating activities | −€257.5M | −€320.0M | −€406.0M | −€500.5M |
| Investing activities | ||||
| Capital expenditures | −€13.9M | −€82.1M | −€19.3M | −€36.9M |
| Investments (net) | €242.3M | €282.2M | €80.3M | −€1.09B |
| Acquisitions & other investing | €60.3M | — | — | — |
| Cash from investing activities | €288.8M | — | — | — |
| Financing activities | ||||
| Net borrowing (repayment) | −€3.3M | −€4.9M | −€6.8M | −€8.2M |
| Shares issued | €0 | €0 | €0 | €0 |
| Other financing | €0 | €0 | €1.8M | €6.7M |
| Cash from financing activities | −€3.3M | −€4.9M | −€5.0M | −€1.5M |
| Summary | ||||
| Net change in cash | €23.6M | −€104.4M | −€339.8M | −€1.75B |
| Cash at end of period | €87.9M | €64.2M | €166.8M | €508.1M |
| Free cash flow | −€271.3M | −€402.1M | −€425.2M | −€537.5M |
| Free cash flow margin | −24.4% | −145.9% | −177.4% | −222.8% |
| Capex / revenue | 1.2% | 29.8% | 8.0% | 15.3% |
| Operating cash flow / net income | −0.80 | −4.32 | −1.92 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | €2.1M | €14.5M | €782.1M | −€202.1M | −€105.7M | −€153.4M |
| Depreciation & amortization | €3.0M | — | — | — | — | — |
| Change in working capital | −€7.5M | −€35.4M | −€813.8M | −€57.8M | −€57.2M | €52.3M |
| Other non-cash items | −€31.7M | −€61.8M | −€15.8M | €197.3M | €54.2M | €62.5M |
| Cash from operating activities | −€34.1M | −€82.8M | −€47.5M | −€62.6M | −€108.8M | −€38.6M |
| Investing activities | ||||||
| Capital expenditures | −€29,000 | −€123,000 | −€1.6M | −€2.9M | −€4.2M | −€5.2M |
| Investments (net) | €779.6M | €58.0M | €67.1M | €38.4M | €77.2M | €59.6M |
| Acquisitions & other investing | — | €3.7M | €7.1M | €21.2M | €1.6M | — |
| Cash from investing activities | — | €61.5M | €72.6M | €56.7M | €74.7M | — |
| Financing activities | ||||||
| Net borrowing (repayment) | −€1.1M | −€510,000 | −€405,000 | −€1.3M | −€600,000 | −€1.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€2.9M | €0 | €0 | €0 | €0 | €0 |
| Cash from financing activities | −€3.9M | −€510,000 | −€405,000 | −€1.3M | −€600,000 | −€1.0M |
| Summary | ||||||
| Net change in cash | −€66.8M | −€21.1M | €23.4M | −€7.2M | −€36.4M | €45.1M |
| Cash at end of period | €136.0M | €66.8M | €87.9M | €64.5M | €71.7M | €108.1M |
| Free cash flow | −€34.1M | −€82.9M | −€49.1M | −€65.5M | −€112.9M | −€43.9M |
| Free cash flow margin | −281.5% | −1,278.7% | −5.4% | −92.0% | −173.0% | −58.5% |
| Capex / revenue | 0.2% | 1.9% | 0.2% | 4.0% | 6.4% | 7.0% |
| Operating cash flow / net income | −16.17 | −5.71 | −0.06 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
LKFT cash generation
In fiscal 2025 (ended December 31, 2025), Lakefront Biotherapeutics generated -€257.5 million of cash from operations and spent €13.9 million on capital expenditures, leaving free cash flow of -€271.3 million, −24.4% of revenue. Cash and equivalents rose by €23.6 million over the year.
Related: LKFT income statement, LKFT balance sheet. See the LKFT stock overview for the latest quote and news.
LKFT cash flow FAQ
What is Lakefront Biotherapeutics's free cash flow?
Lakefront Biotherapeutics's free cash flow was -€271.3 million in fiscal 2025: -€257.5 million of operating cash flow minus €13.9 million of capital expenditures It was -€402.1 million a year earlier..
How much cash does Lakefront Biotherapeutics generate from operations?
Lakefront Biotherapeutics generated -€257.5 million of cash from operating activities in fiscal 2025, −0.80 times its net income of €320.9 million.
How much does Lakefront Biotherapeutics spend on capital expenditures?
Lakefront Biotherapeutics spent €13.9 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with €82.1 million the year before.