Free cash flow remains deeply negative with a margin of -880.3% in 2025Q4, indicating that the firm is rapidly exhausting its remaining $15.9 million cash balance to fund ongoing operations.
| Cash from Operations | -28.86M | -70.01M | -63.3M | -43.38M | -25.82M | -21.14M | -13.75M | -6.64M |
| Operating CF Margin % | -7251.01% | -4563.95% | -4063.16% | -3183.05% | -9059.65% | - | - | -533.76% |
| Operating CF Growth % | 58.78% | -10.59% | -45.91% | -68.03% | -22.12% | -53.72% | -107.14% | - |
| Net Income | -28.92M | -93.44M | -62.68M | -55.28M | -43.51M | -22.13M | -16.31M | -6.03M |
| Depreciation & Amortization | 459K | 471K | 278K | 1.07M | 1M | 95K | 27K | 82K |
| Stock-Based Compensation | 2.33M | 6.72M | 5.89M | 5.45M | 2.77M | 1.81M | 244K | 406K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -2.42M | 0 | 0 | 0 |
| Other Non-Cash Items | -8K | 22.58M | -1.9M | 824K | 2.42M | -45K | 167K | -1.18M |
| Working Capital Changes | -2.73M | -6.35M | -4.88M | 4.55M | 13.92M | -879K | 2.11M | 79K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 164K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -516K | -1.89M | 450K | -2.41M | 2.35M | 345K | -205K | 134K |
| Cash from Investing | -98K | 80.31M | -12.58M | -65.01M | -3.38M | -1.77M | -211K | -37K |
| Capital Expenditures | -116K | -2.34M | -1.05M | -164K | -3.38M | -1.77M | -211K | -37K |
| CapEx % of Revenue | 29.15% | 152.41% | 67.2% | 12.03% | 1187.72% | - | - | 2.97% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.27M | 8.53M | 65.69M | 96.26M | 359K | 87.7M | -115K | 29.21M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K |
| Equity Issued (Net) | 5M | 8.82M | 69.24M | 100.5M | 604K | 90.28M | 111K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -726K | -287K | -3.55M | -4.24M | -245K | -2.58M | -226K | 28.71M |
| Net Change in Cash | -24.68M | 18.82M | -10.2M | -12.13M | -28.85M | 64.78M | -14.08M | 22.54M |
| Free Cash Flow | -28.98M | -72.35M | -64.35M | -43.55M | -29.2M | -22.92M | -13.96M | -6.68M |
| FCF Margin % | -7280.15% | -4716.36% | -4130.36% | -3195.08% | -10247.37% | - | - | -536.74% |
| FCF Growth % | 59.95% | -12.43% | -47.77% | -49.11% | -27.43% | -64.11% | -109.15% | - |
| FCF per Share | -1.87 | -1.11 | -1.29 | -1.44 | -2.25 | -2.67 | -1.71 | -1.07 |
| FCF Conversion (FCF/Net Income) | 1.00x | 0.75x | 1.01x | 0.78x | 0.59x | 0.96x | 0.84x | 1.10x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
According to recent financial disclosures, Lyra's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 0.87 in 2025Q4, suggesting that the company's reported losses are largely cash-based rather than driven by significant non-cash accounting adjustments or accrual-based distortions.
The tight correlation between net income and operating cash flow indicates that the company lacks meaningful non-cash expenses to buffer its cash burn. Investors should interpret this as a pure consumption of capital, where the absence of significant accrual-based accounting suggests that the reported losses are a direct reflection of the cash required to sustain clinical operations.
As reported in quarterly filings, Lyra's free cash flow remains deeply negative, with a 2025Q4 margin of -880.3%, highlighting a structural inability to generate internal funding while the company continues to exhaust its remaining cash reserves to support ongoing research and development activities.
The trajectory of free cash flow shows no signs of stabilization, as the company continues to burn through millions in cash each quarter without a corresponding revenue stream. This trend suggests that the business model is currently entirely dependent on external capital infusions, which may become increasingly difficult to secure given the recent clinical trial failures.
Based on historical cash flow statements, working capital fluctuations have been erratic, with a significant $2.2 million outflow in 2024Q4, indicating that the company's cash position is highly sensitive to the timing of vendor payments and the management of clinical trial-related liabilities.
The inconsistency in working capital changes suggests that management is likely managing cash outflows by delaying or accelerating payments to clinical sites and vendors. This behavior warrants further investigation, as it may indicate that the company is operating under extreme liquidity pressure, leaving little room for operational flexibility.
Data from recent SEC filings reveals that stock-based compensation has historically accounted for a portion of operating expenses, with $562,000 in 2025Q4, which effectively masks the true magnitude of the company's cash-based operating burn by substituting equity for cash-based compensation.
While stock-based compensation is a standard practice in biotechnology, its presence here serves to slightly mitigate the immediate cash outflow required to retain talent. However, investors should be aware that this practice dilutes existing shareholders and does not address the underlying issue of the company's inability to generate cash from its core operations.
Quick answers to the most common questions about buying LYRA stock.
Lyra Therapeutics, Inc. (LYRA) generated $-28.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lyra Therapeutics, Inc. (LYRA) reported negative free cash flow of $29.0M in 2025, indicating capital requirements exceeded cash from operations.
Lyra Therapeutics, Inc. (LYRA) 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.