Duality Biotherapeutics Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-2,595	-1,050	-357.51
Depreciation & Amortization	12.32	7.87	4.76
Other Amortization	-	-	0.23
Asset Writedown & Restructuring Costs	-	21.35	-
Loss (Gain) From Sale of Investments	-	-	1.16
Stock-Based Compensation	156.05	190.41	23.96
Other Operating Activities	2,311	855.93	903.91
Change in Accounts Receivable	69.39	-276.77	-120.97
Change in Accounts Payable	86.52	463.06	154.46
Change in Unearned Revenue	-12.22	112.21	216.3
Change in Other Net Operating Assets	166.5	-37.86	-9.95
Operating Cash Flow	194.58	285.78	816.34
Operating Cash Flow Growth	-31.91%	-64.99%	-
Capital Expenditures	-11.5	-4.08	-11.28
Sale (Purchase) of Intangibles	-2.22	-27.1	-24.62
Investment in Securities	-1,894	-177.46	-
Other Investing Activities	-4.55	-2.51	-42.65
Investing Cash Flow	-1,913	-211.15	-78.55
Short-Term Debt Issued	141.06	-	-
Total Debt Issued	141.06	-	-
Long-Term Debt Repaid	-4.43	-3.4	-3.5
Net Debt Issued (Repaid)	136.62	-3.4	-3.5
Issuance of Common Stock	1,757	-	-
Other Financing Activities	-84.65	-4.22	-1.59
Financing Cash Flow	1,809	-7.62	10.82
Foreign Exchange Rate Adjustments	-23.33	11.01	6.31
Net Cash Flow	67.49	78.02	754.92
Free Cash Flow	183.08	281.7	805.05
Free Cash Flow Growth	-35.01%	-65.01%	-
Free Cash Flow Margin	9.89%	14.51%	45.06%
Free Cash Flow Per Share	2.81	35.21	100.63
Cash Interest Paid	1.21	0.25	0.19
Cash Income Tax Paid	-90.05	54.54	248.93
Levered Free Cash Flow	-3,037	1,045	-
Unlevered Free Cash Flow	-3,037	1,045	-
Change in Working Capital	310.19	260.65	239.83

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