Heat Biologics, Inc.

HTBXAMEXHealthcare

$2.38

+$0.01(+0.42%)

Market Cap$61074370

P/E Ratio—

52W High$2.48

52W Low$2.33

Avg Volume155K

Open$2.41

Beta0.30

Free Cash Flow Financials Revenue

Heat Biologics, Inc. (HTBX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HTBX · free cash flow · updated Jun 9, 2026

Core FCF metrics

HTBX · FCF · TTM · margin & CAGR

Free cash flow was $0 for FY2021 (fiscal year ending 2021-12-31), up 100.0% year-over-year The FCF margin was 0.0%.

FY2021 Free Cash Flow$0▲ +100.0% YoY

Trailing 12M (TTM)−$36.63Ttrailing 4 quarters sum

FCF Margin0.0%$0 ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HTBX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2021Latest$0(0M)$0▲ +100.0%0.0%

FY2020−$22.0M(0M)−$22.4M▼ 70.6%-758.5%

FY2019−$12.8M(0M)−$13.1M▲ +41.3%-429.7%

FY2018−$21.7M(1M)−$22.3M▼ 250.4%-385.0%

FY2017−$6.3M(0M)−$6.4M▲ +53.1%-418.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HTBX · P/FCF · FCF yield · FCF per share

Heat Biologics, Inc. (HTBX) reported negative free cash flow of —. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2021 · 2021-12-31

Cash flow statement summary

HTBX · cash flow statement · operating / investing / financing

For FY2021, Heat Biologics, Inc. generated $0 in operating cash flow and spent 0M in capital expenditures, yielding $0 in free cash flow.

Operating Activities

+$0.0M

Cash from core business operations

2021-12-31

Investing Activities

+$0.0M

CapEx, acquisitions & investments

2021-12-31

Financing Activities

+$0.0M

Buybacks, dividends & debt

2021-12-31

FCF FormulaOperating CF ($0) − |CapEx| (0M) = FCF ($0)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

HTBX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Heat Biologics, Inc.YOU

HTBX

$0+100.0%0.0%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Heat Biologics, Inc. (HTBX) reported free cash flow of $0 for FY2021 (fiscal year ending 2021-12-31), up 100.0% year-over-year. The FCF margin was 0.0%.

Heat Biologics, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 11 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HTBX free cash flow · 8 questions

Heat Biologics, Inc. free cash flow was $0 for FY2021, up 100.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$36.63T.

HTBX free cash flowHTBX FCFHTBX FCF 2021HTBX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Heat Biologics, Inc. · Heat Biologics, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026