Persistent free cash flow deficits, which reached $3.4M in 2026Q1, indicate a structural inability to fund clinical trials without continuous reliance on external capital markets.
| Cash from Operations | -16.61M | -19.36M | -22.29M | -19.81M | -24.86M | -23.75M | -20.48M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 108.23% | 13.14% | -12.54% | 20.34% | -4.68% | -16.01% | - |
| Net Income | -50.21M | -49.87M | -62.88M | -15.73M | -27.33M | -26.16M | -21.16M |
| Depreciation & Amortization | 624K | 1K | 63K | 119K | 169K | 121K | 163K |
| Stock-Based Compensation | 2.12M | 2.22M | 1.12M | 1.19M | 2.08M | 2.26M | 1.89M |
| Deferred Taxes | -712K | -712K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 29.86M | 29.86M | 37M | -4K | -208K | -213K | -95K |
| Working Capital Changes | 1.71M | -865K | 2.41M | -5.38M | 420K | 242K | -1.28M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.12M | 3.06M | -279K | -4.98M | 510K | -386K | 116K |
| Cash from Investing | 0 | 0 | 0 | 16.2M | 26.46M | -35.92M | 6.41M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | -157K | -5K |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -96K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 42K | 0 | 66K | 208K |
| Cash from Financing | 13.67M | 9.76M | 17.82M | 15.79M | 0 | 55.66M | 15.8M |
| Debt Issued (Net) | 4.3M | 0 | 0 | 0 | 0 | 0 | 387K |
| Equity Issued (Net) | 4.29M | 9.76M | 10.64M | 0 | 0 | 55.58M | 15.41M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.08M | 0 | 7.17M | 15.79M | 0 | 74K | 0 |
| Net Change in Cash | -2.98M | -9.65M | -4.47M | 12.12M | 1.59M | -4.01M | 1.74M |
| Free Cash Flow | -16.61M | -19.36M | -22.29M | -19.81M | -24.86M | -23.91M | -20.48M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 28.39% | 13.14% | -12.54% | 20.34% | -3.99% | -16.75% | - |
| FCF per Share | -0.55 | -0.76 | -1.24 | -4.31 | -5.48 | -5.39 | -1.17 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.39x | 0.35x | 1259.09x | 909.84x | 907.89x | 967.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from 0.10 to over 1400, suggesting that traditional earnings metrics provide little insight into the actual cash-consuming nature of the company's clinical-stage operations.
The extreme divergence between net income and operating cash flow highlights the irrelevance of accounting profit for a pre-revenue entity. Investors should interpret these figures as a reflection of non-cash accounting adjustments rather than operational efficiency, as the firm remains entirely dependent on external financing to bridge the gap.
As reported in financial statements, RNTX has consistently generated negative free cash flow, with quarterly outflows ranging between $3.2M and $8.4M over the last two years, indicating a structural inability to self-fund its research-heavy development pipeline without continuous reliance on external capital markets.
The trajectory of free cash flow suggests that the company's burn rate is tied directly to the intensity of its clinical trial activities. Without a clear path to commercialization or licensing revenue, this trend appears unsustainable and warrants close monitoring for potential liquidity-driven strategic pivots.
Based on the provided quarterly data, working capital changes have been highly inconsistent, swinging from a $1.6M inflow in 2026Q1 to a $964K outflow in 2024Q4, which suggests that the company's cash management is heavily influenced by the timing of clinical vendor payments and accruals.
This volatility in working capital appears to be a byproduct of the firm's lack of operational scale and reliance on project-based clinical spending. Such fluctuations may indicate that management is attempting to stretch payables to preserve the limited $3.2M cash balance, a strategy that may face limits.
As evidenced by the financial records, the cash flow statement masks the true extent of the company's financial distress by failing to account for the looming contractual obligations associated with ongoing clinical trials, which are not fully captured in the reported $3.2M cash and equivalents balance.
The reliance on stock-based compensation to manage cash burn, while common in the sector, appears to be a necessary lever to preserve liquidity for essential R&D. Analysts should be wary that the reported cash position may overstate the company's actual runway when considering these off-balance-sheet clinical commitments.
Quick answers to the most common questions about buying RNTX stock.
Rein Therapeutics Inc. (RNTX) generated $-19.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rein Therapeutics Inc. (RNTX) reported negative free cash flow of $19.4M in 2025, indicating capital requirements exceeded cash from operations.
Rein Therapeutics Inc. (RNTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.