Cash Flow Statement

Currency: USD

	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024
Operating Cash Flow
Net Income	(10)	(11)	(15)	(18)	(23)	(31)	(37)	(45)	(52)	(57)	(64)	(70)	(76)	(82)
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	1	2	3	4	5	5	7	9	10	12	14
Other Non-Cash Items	1	1	0	1	2	3	4	4	5	5	6	8	9	11
Change in Working Capital	1	(0)	1	(0)	(7)	(1)	(1)	3	8	7	7	6	10	2
Cash from Operating Activities	(8) N/A	(10) -33%	(13) -25%	(17) -31%	(27) -59%	(29) -7%	(34) -17%	(37) -9%	(39) -5%	(45) -15%	(51) -14%	(57) -12%	(57) +0%	(69) -22%
Investing Cash Flow
Capital Expenditures	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)
Other Items	0	0	0	0	(113)	(134)	(125)	(121)	7	43	39	21	12	5
Cash from Investing Activities	0 N/A	(0) N/A	(0) N/A	(0) -150%	(113) -113 330%	(134) -18%	(126) +6%	(121) +4%	7 N/A	43 +516%	39 -10%	21 -46%	12 -43%	5 -55%
Financing Cash Flow
Net Issuance of Common Stock	9	17	72	191	190	182	127	(0)	1	1	46	46	46	47
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	0	(0)	(1)	0	0	(1)	0	(0)	(0)	0	(1)	(0)	(0)	(0)
Cash from Financing Activities	9 N/A	17 +88%	71 +325%	191 +167%	190 0%	183 -4%	128 -30%	(0) N/A	0 N/A	1 +55%	46 +7 305%	46 0%	46 +0%	46 +1%
Change in Cash
Net Change in Cash	1 N/A	6 +494%	58 +823%	173 +198%	50 -71%	20 -61%	(32) N/A	(158) -400%	(32) +80%	(2) +95%	33 N/A	10 -71%	1 -89%	(17) N/A
Free Cash Flow
Free Cash Flow	(8) N/A	(11) -34%	(13) -25%	(17) -32%	(28) -60%	(29) -7%	(34) -17%	(38) -9%	(39) -5%	(45) -15%	(51) -13%	(57) -12%	(57) +0%	(69) -21%

Aerovate Therapeutics Inc
NASDAQ:AVTE