Lemonade, Inc. (BMV:LMND)

Theseus Pharmaceuticals Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-204	-202.2	-236.9	-297.8	-241.3	-122.3
Depreciation & Amortization	19	20	20	12.2	3.7	1.7
Gain (Loss) on Sale of Investments	-6.3	-6.1	-2.6	6.7	-4.2	-0.3
Stock-Based Compensation	59.9	64.5	59.9	59.3	44.1	10.6
Change in Accounts Receivable	-101.6	-90.2	-50.5	-43.8	-47.2	-34.2
Reinsurance Recoverable	25.2	-32	18.4	-52.6	-40.8	-28.7
Change in Accounts Payable	1.6	3.9	-0.5	-0.7	-0.4	0.7
Change in Unearned Revenue	134	125.5	67.4	68.3	98	78.2
Change in Insurance Reserves / Liabilities	27.6	35.8	6.1	74	51.6	18.1
Change in Other Net Operating Assets	-63.1	-29.9	-7.9	-17	-58.3	-99.4
Other Operating Activities	-	-	-	-	-	12.2
Operating Cash Flow	-11.6	-11.4	-119.1	-163	-144.6	-91.7
Capital Expenditures	-9.8	-9.4	-9.2	-10.1	-9.4	-4.4
Cash Acquisitions	-	-	-	98.8	-	-
Investment in Securities	-52.6	50	97.9	92.4	-795.4	54.5
Investing Cash Flow	-62.4	40.6	88.7	181.1	-804.8	50.1
Long-Term Debt Issued	-	96.1	19.1	-	-	-
Total Debt Repaid	-43	-27.7	-4.2	-	-	-
Net Debt Issued (Repaid)	79.5	68.4	14.9	-	-	-
Issuance of Common Stock	23.2	19.3	0.5	3.6	649.6	341.1
Financing Cash Flow	102.7	87.7	15.4	3.6	649.6	341.1
Foreign Exchange Rate Adjustments	7.6	-2.7	-	-5.8	-1	1.6
Net Cash Flow	36.3	114.2	-15	15.9	-300.8	301.1
Free Cash Flow	-21.4	-20.8	-128.3	-173.1	-154	-96.1
Free Cash Flow Margin	-3.56%	-3.95%	-29.85%	-67.43%	-119.94%	-101.80%
Free Cash Flow Per Share	-0.30	-0.29	-1.84	-2.67	-2.52	-2.85
Cash Interest Paid	10.4	5	0.3	-	-	-
Cash Income Tax Paid	2.1	2.5	0.7	3.4	3.2	1.6
Levered Free Cash Flow	65.96	52.76	193.66	-142.4	-210.5	-24.2
Unlevered Free Cash Flow	73.34	56.64	193.91	-142.4	-210.5	-24.2
Change in Working Capital	105.2	101.1	28.7	47.9	46.9	4.2

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.