Liquidity is under severe pressure as the company continues to burn cash, with quarterly free cash flow outflows often exceeding $13 million and a cash balance that has dwindled to $10.0 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -59.08M | -61.99M | -69.12M | -33.22M | -41.89M | -33.08M | -15.3M | -20.01M | -31.06M | -42.36M | -52.86M | -36.8M | -22.82M | -17.31M | -11.38M |
| Operating CF Margin % | - | -32624.21% | -29412.34% | -9411.05% | -403.29% | - | -146.35% | -4742.42% | - | - | - | - | - | - | - |
| Operating CF Growth % | 2.39% | 10.32% | -108.06% | 20.69% | -26.64% | -116.16% | 23.54% | 35.57% | 26.68% | 19.86% | -43.66% | -61.22% | -31.85% | -52.14% | - |
| Net Income | -70.03M | -74.12M | -64.02M | -50.39M | -45.34M | -33.77M | -16.22M | -23.76M | -34.52M | -48.21M | -57.85M | -47.97M | -24.35M | -20.01M | -17.61M |
| Depreciation & Amortization | 1.56M | 1.55M | 1.54M | 2.74M | 1.7M | 1.3M | 1.27M | 1.37M | 746K | 713K | 900K | 869K | 829K | 714K | 540K |
| Stock-Based Compensation | 3.92M | 5M | 2.99M | 2.6M | 2.15M | 1.61M | 1.47M | 1.78M | 0 | 0 | 0 | 4.86M | 1.79M | 155K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -392K | -1.87M | -2.71M | -3.19M | 441K | 363K | 453K | 395K | 7.7M | 10.78M | 7.25M | 2.17M | 156K | -15K | 4.9M |
| Working Capital Changes | 5.86M | 7.45M | -6.92M | 15.01M | -833K | -2.59M | -2.26M | 206K | -1.45M | -1.73M | -1.35M | 3.28M | -1.25M | 1.85M | 787K |
| Change in Receivables | 511K | 863K | 402K | 9.05M | -11.92M | 1.6M | -1.94M | 58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -4M | -33K | -1.34M | 3.26M | 0 | 47K | 1.76M | 0 | -2.06M | -2.49M | 0 | 0 | 0 | 0 | 750K |
| Cash from Investing | 10.86M | -5.05M | 17.23M | -20.13M | 47.24M | -91.57M | 6.9M | 4.92M | 37.17M | -27.64M | 33.53M | -71.99M | -2.25M | -644K | -598K |
| Capital Expenditures | -215K | -77K | -65K | -4.21M | -1.64M | -192K | -202K | -79K | -594K | -1.31M | -600K | -664K | -249K | -644K | -598K |
| CapEx % of Revenue | 113.16% | 40.53% | 27.66% | 1194.05% | 15.8% | - | 1.93% | 18.72% | - | - | - | - | - | - | - |
| Acquisitions | 12K | 12K | 7K | 0 | 0 | 50K | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 255K | 1.85M | 0 | 15K | 179K | 0 | 0 | 51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 47.24M | 66.01M | 39.86M | 66.23M | 5.45M | 110.03M | 16.14M | 1.34M | -4.24M | 52.7M | 4.7M | 147.92M | 2.51M | 50.74M | 1.66M |
| Debt Issued (Net) | -550K | -539K | -497K | -394K | -66K | 0 | -9.08M | -8M | -4.67M | 9.87M | 4.53M | -5.24M | 3.44M | 12M | 1.65M |
| Equity Issued (Net) | 47.69M | 66.55M | 40.26M | 66.52M | 5.47M | 109.95M | 25.22M | 9.32M | 379K | 42.48M | 0 | 153.15M | 0 | 38.66M | 4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 98K | 0 | 100K | 105K | 45K | 73K | 10K | 13K | 50K | 361K | 163K | 0 | -927K | 77K | 0 |
| Net Change in Cash | -504K | -1.03M | -12.02M | 12.88M | 10.81M | -14.62M | 7.74M | -13.75M | 1.87M | -17.3M | -14.64M | 39.13M | -22.56M | 32.78M | 0 |
| Free Cash Flow | -59.3M | -62.06M | -69.18M | -37.44M | -43.53M | -33.27M | -15.5M | -20.09M | -31.66M | -43.68M | -53.46M | -37.46M | -23.07M | -17.95M | -11.98M |
| FCF Margin % | -31209.47% | -32664.74% | -29440% | -10605.1% | -419.09% | - | -148.28% | -4761.14% | - | - | - | - | - | - | - |
| FCF Growth % | 4.68% | 10.29% | -84.81% | 13.99% | -30.84% | -114.58% | 22.84% | 36.53% | 27.52% | 18.3% | -42.71% | -62.36% | -28.5% | -49.92% | - |
| FCF per Share | -0.60 | -0.67 | -0.93 | -0.70 | -1.53 | -1.74 | -1.69 | -5.99 | -14.79 | -23.70 | -31.61 | -33.11 | -387.22 | -329.55 | -0.30 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.84x | 1.08x | 0.66x | 0.92x | 0.98x | 0.94x | 0.85x | 0.90x | 0.88x | 0.91x | 0.77x | 0.94x | 0.86x | 0.65x |
| Interest Paid | 47K | 0 | 137K | 0 | 54K | 0 | 0 | 1.12M | 0 | 0 | 0 | 925K | 415K | 254K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
According to recent financial disclosures, the company's OCF/NI ratio has fluctuated significantly, reaching as high as 1.44 in 2024Q1, which highlights a persistent disconnect between accounting losses and the actual cash outflows required to sustain the firm's ongoing clinical development and research activities.
The volatility in the relationship between net income and operating cash flow suggests that non-cash charges and working capital swings are obscuring the true magnitude of the company's cash consumption. Investors should monitor this divergence, as it indicates that reported net income is a poor proxy for the actual liquidity requirements of the business.
As reported in quarterly filings, the company has consistently generated negative free cash flow, with quarterly outflows frequently exceeding $13 million, underscoring the structural inability of the current business model to self-fund its research-heavy operations without external capital infusions or milestone-driven liquidity events.
The lack of a positive free cash flow trajectory reflects the high-cost nature of the EFZO-FIT clinical trial program. This trend suggests that the company remains entirely dependent on external financing to bridge the gap between its current development stage and any potential future commercialization.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $7.6 million outflow in 2024Q1 to a $4.1 million inflow in 2025Q3, which suggests that timing differences in milestone payments and vendor settlements significantly impact the firm's short-term liquidity.
These fluctuations indicate that the company's cash position is highly sensitive to the timing of collaboration-related inflows and the management of accounts payable. Such volatility warrants further investigation into the sustainability of these working capital cycles as the company approaches critical clinical trial milestones.
As indicated by the company's cash flow statements, stock-based compensation has remained a consistent feature of the expense profile, with quarterly figures reaching $1.3 million, which effectively serves to reduce the reported cash burn while diluting existing shareholders to fund ongoing operational requirements.
While stock-based compensation is a non-cash expense, it represents a real economic cost that is not fully captured in the operating cash flow figures. Analysts should interpret these adjustments as a mechanism that masks the true cost of talent acquisition and retention in a competitive biotechnology environment.
Quick answers to the most common questions about buying ATYR stock.
aTyr Pharma, Inc. (ATYR) generated $-62.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
aTyr Pharma, Inc. (ATYR) reported negative free cash flow of $62.1M in 2025, indicating capital requirements exceeded cash from operations.
aTyr Pharma, Inc. (ATYR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.