RARE: the cashflow

MyFinsight

For the year ending 2025-12-31, RARE had $252M increase in cash & cash equivalents over the period. -$472M in free cash flow.

Unit: Million (M) dollars (except for numbers of shares and EPS)

Cash Flow	2025-12-31
Net loss	-575
Stock-based compensation	153
Amortization of discount on marketable securities, net	4
Depreciation and amortization	35
Non-cash royalty revenue	112
Non-cash interest expense on liabilities for sales of future royalties	62
Other	2
Accounts receivable	31
Inventory	6
Prepaid expenses and other assets	10
Accounts payable, accrued, and other liabilities	24
Net cash used in operating activities	-466
Purchase of property, plant, and equipment	6
Purchase of marketable securities	186
Proceeds from sale of marketable securities	0
Proceeds from maturities of marketable securities	444
Payments for intangible asset	15
Other	1
Net cash provided by (used in) investing activities	236
Proceeds from the sale of future royalties, net	392
Proceeds from the issuance of common stock and pre-funded warrants in connection with underwritten public offerings, net	0
Proceeds from the issuance of common stock in connection with at-the-market offering, net	80
Proceeds from the issuance of common stock under equity plans, net	6
Proceeds from issuance of equity from noncontrolling interest	0
Other	0
Net cash provided by financing activities	478
Effect of exchange rate changes on cash	4
Net increase (decrease) in cash, cash equivalents, and restricted cash	252
Cash and cash equivalents at beginning of period	184
Cash and cash equivalents at end of period	436

Unit: Million (M) dollars