Modalis Therapeutics Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-2,153	-1,316	-2,390	-2,707	-745
Depreciation & Amortization	-	-	-	123	77
Other Amortization	7.26	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	38	997	2
Asset Writedown & Restructuring Costs	2.57	-	-	-	-
Stock-Based Compensation	16.79	-	-	-	-
Other Operating Activities	-6.03	-15	1	1	488
Change in Accounts Payable	12.16	-119	49	9	51
Change in Other Net Operating Assets	1.56	18	48	-318	-620
Operating Cash Flow	-2,118	-1,432	-2,254	-1,895	-747
Capital Expenditures	-2.57	-	-39	-197	-107
Other Investing Activities	-	-	-	12	278
Investing Cash Flow	-2.57	-	-39	-185	171
Long-Term Debt Issued	492.74	694	488	-	-
Long-Term Debt Repaid	-	-37	-	-	-
Net Debt Issued (Repaid)	492.74	657	488	-	-
Issuance of Common Stock	1,367	2,395	735	71	72
Other Financing Activities	-508.93	-8	-7	-8	-
Financing Cash Flow	1,351	3,044	1,216	63	72
Foreign Exchange Rate Adjustments	7.03	79	27	14	17
Miscellaneous Cash Flow Adjustments	-	-	1	-	2
Net Cash Flow	-762.91	1,691	-1,049	-2,003	-485
Free Cash Flow	-2,121	-1,432	-2,293	-2,092	-854
Free Cash Flow Margin	-	-	-	-5230.00%	-85400.00%
Free Cash Flow Per Share	-27.45	-31.05	-74.05	-71.87	-29.70
Cash Interest Paid	2.8	3	4	6	-
Cash Income Tax Paid	0.95	1	1	1	1
Levered Free Cash Flow	-1,383	-890.63	-1,418	-1,402	-787
Unlevered Free Cash Flow	-1,382	-885.63	-1,408	-1,399	-786.38
Change in Working Capital	13.72	-101	97	-309	-569

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