$ make --debug --directory=src/cubic
...
File 'all' does not exist.
File 'all-am' does not exist.
File 'cubic' does not exist.
File '-lm' does not exist.
Must remake target '-lm'.
make: *** No rule to make target '-lm', needed by 'cubic'. Stop.
Why can make not find -lm?
I saw something related to VPATH in this issue?