Free cash flow remains deeply negative, with the firm burning through approximately $0.5M to $1.0M per quarter, leaving a dangerously thin liquidity buffer.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -3.13M | -2.87M | -4.97M | -30.14M | -29.23M | -61.47M | -57.01M | -40.85M | -49.46M | -54.67M | -58.33M | -10K | -36.65M | -59.51M | -78.83M | -38.84M | -19.69M | -12.29M | -23.52M | -21.65M | -14.42M | -8.78M | -7.31K | -9.33K | -11.77K | -30.26K |
| Operating CF Margin % | - | -57380% | -49710% | -602840% | -1000.41% | -15444.22% | - | - | -33874.66% | -855.67% | -850.09% | -0.23% | -2669.34% | -7438.63% | -9854% | -5822.34% | - | - | - | - | - | - | - | - | -457.98% | -1752.95% |
| Operating CF Growth % | 23.44% | 42.29% | 83.51% | -3.11% | 52.44% | -7.81% | -39.55% | 17.39% | 9.53% | 6.27% | -583150% | 99.97% | 38.41% | 24.51% | -102.99% | -97.19% | -60.19% | 47.73% | -8.63% | -50.13% | -64.25% | -119978.62% | 21.65% | 20.71% | 61.1% | - |
| Net Income | -4.11M | -4.18M | -4.68M | -35.14M | -37.73M | -78.75M | -79.98M | -117.8M | -53.12M | -54.32M | -165.3M | -120.09M | -31.78M | -57.11M | -96.13M | -63.78M | -32.67M | -7.65M | -25.23M | -26.61M | -17.86M | -9.52M | -39.17K | -35.84K | -39.94K | -72.53K |
| Depreciation & Amortization | 15K | 7K | 2K | 2.31M | 2.76M | 2.6M | 1.13M | 629K | 575K | 369K | 290K | 357K | 462K | 738K | 658K | 268K | 188K | 330K | 388K | 433.35K | 173.92K | 101.23K | 0 | 486 | 799 | 750 |
| Stock-Based Compensation | 402K | 414K | 435K | 2.8M | 3.53M | 10.77M | 6.83M | 7.34M | 7.53M | 8.45M | 8.45M | 8M | 4.74M | 3.51M | 4.88M | 2.76M | 3.64M | 2.18M | 1.6M | 0 | 2.88M | 98.75K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124K | 0 | -4.74M | 585K | -6M | 63.78M | 0 | 0 | -1.6M | 0 | -2.88M | -98.75K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 498K | 413K | 0 | 6.14M | 1.34M | 771K | 0 | 60.75M | -158K | 1.29M | 119.02M | 67.28M | -6.98M | -1.19M | 18.69M | -53.9M | 8.89M | -4.46M | 1.6M | 1.45M | 2.88M | 98.75K | 27.83K | 17.49K | 16.04K | 40.58K |
| Working Capital Changes | 66K | 473K | -729K | -6.25M | 870K | 3.14M | 15.01M | 8.22M | -4.29M | -10.46M | -20.92M | 44.44M | 1.65M | -6.05M | -930K | 12.04M | 262K | -2.69M | -276K | 3.08M | 380.39K | 536.79K | 4.03K | 8.53K | 11.33K | 945 |
| Change in Receivables | 2K | 2K | -4K | 3K | 1.11M | 3.56M | -1.33M | -1.47M | -1.84M | 2K | 425K | -301K | 0 | -87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.47M | 1.53M | 0 | -12.25M | -8.49M | 0 | -4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -430K | 97K | -100K | -773K | -25K | 274K | 54K | 199K | -3.71M | 4.26M | -1.85M | 4K | 1.58M | -1.09M | -218K | 696K | -758K | -850K | -270K | 0 | -59.87K | 126.05K | 0 | 0 | 0 | 0 |
| Cash from Investing | -98K | -98K | 0 | 1.35M | -193K | -3.32M | -9.78M | -284K | -459K | -737K | -551K | -412K | -193K | -131K | -1.56M | -1.16M | -186K | -11K | -131K | 817.05K | -1.91M | -130.2K | 0 | 0 | -316 | 0 |
| Capital Expenditures | -98K | -98K | 0 | -197K | -216K | -3.32M | -9.78M | -284K | -459K | -737K | -551K | -412K | -193K | -132K | -1.56M | -1.16M | -186K | -11K | -132K | -738.12K | -354.3K | -130.2K | 0 | 0 | -316 | 0 |
| CapEx % of Revenue | 3266.67% | 1960% | - | 3940% | 7.39% | 834.92% | - | - | 314.38% | 11.54% | 8.03% | 9.51% | 14.06% | 16.5% | 194.88% | 173.31% | - | - | - | - | - | - | - | - | 12.3% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 1.54M | 23K | 0 | 0 | 0 | 0 | -737K | 0 | 0 | -193K | 1K | 0 | 0 | 0 | 0 | 1K | 0 | -1.56M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.26M | 3.26M | 0 | -18.14M | 6.37M | 25.78M | 102.12M | 59.15M | 40.31M | 45.3M | -788K | 98.34M | 11.44M | 54.54M | 48.98M | 84.31M | 31.43M | 49.77M | 0 | 29.01M | 34.31M | 16.76M | 7.3K | 9.35K | 11.65K | 4K |
| Debt Issued (Net) | 0 | 0 | 0 | -18.11M | -8.33M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3K | -650 | 650 | 0 |
| Equity Issued (Net) | 3.26M | 3.26M | 0 | 92K | 14.68M | 0 | 101.68M | 5.43M | 45.48M | 45.21M | -1.5M | 93.77M | -544K | 53.38M | 48.62M | 70.93M | 31.14M | 49.41M | 0 | 29.01M | 34.31M | 16.76M | 4.5M | 500K | 16.5K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17M | 0 | -7.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -45K | 0 | 0 | -653K | -1.62M | -2.06M | -1.5M | -552K | -544K | -498K | -546K | -274K | -1.67M | -380K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -125K | 21K | 776K | 442K | 53.72M | 11.83M | 88K | 7.84M | 4.57M | 11.99M | 1.16M | 360K | 13.38M | 297K | 352K | 0 | 0 | 0 | 0 | -1.3K | -490K | -5.5K | 4K |
| Net Change in Cash | 35K | 294K | -4.97M | -46.93M | -23.06M | -39.02M | 35.33M | 18.01M | -9.61M | -10.11M | -59.66M | 97.91M | -25.4M | -5.1M | -31.41M | 44.32M | 11.55M | 37.46M | -23.65M | 8.17M | 17.97M | 7.85M | -12 | 18 | -436 | -26.26K |
| Free Cash Flow | -3.23M | -2.97M | -4.97M | -30.34M | -29.45M | -64.79M | -66.79M | -41.14M | -49.92M | -55.41M | -58.88M | -422K | -36.84M | -59.64M | -80.39M | -39.99M | -19.88M | -12.3M | -23.65M | -22.39M | -14.78M | -8.91M | -7.31K | -9.33K | -12.09K | -30.26K |
| FCF Margin % | -107533.3% | -59340% | -49710% | -606780% | -1007.8% | -16279.15% | - | - | -34189.04% | -867.21% | -858.13% | -9.74% | -2683.39% | -7455.13% | -10048.88% | -5995.65% | - | - | - | - | - | - | - | - | -470.27% | -1752.95% |
| FCF Growth % | 15.68% | 40.31% | 83.62% | -3.03% | 54.55% | 2.99% | -62.36% | 17.59% | 9.91% | 5.89% | -13851.66% | 98.85% | 38.23% | 25.81% | -101.02% | -101.16% | -61.56% | 47.97% | -5.64% | -51.52% | -65.82% | -121759.27% | 21.65% | 22.79% | 60.05% | - |
| FCF per Share | -1.66 | -1.52 | -3.10 | -18.97 | -20.34 | -45.33 | -47.79 | -36.74 | -52.17 | -60.69 | -67.73 | -0.50 | -54.65 | -104.09 | -153.52 | -90.88 | -64.82 | -79.88 | -167.08 | -178.32 | -176.29 | -246.08 | -7.36 | -4.77 | -8.09 | -20.25 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.69x | 1.06x | 0.86x | 0.77x | 0.78x | 0.71x | 0.35x | 0.93x | 1.01x | 0.35x | 0.00x | 1.15x | 1.04x | 0.82x | 0.61x | 0.60x | 1.61x | 0.93x | 0.81x | 0.81x | 0.92x | 0.19x | 0.26x | 0.29x | 0.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.17M | 630K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity insolvency risk
As reported in recent financial statements, TCRT consistently records operating cash outflows that mirror net losses, with the OCF/NI ratio frequently hovering near 0.70 to 1.00, suggesting that the company lacks any meaningful non-cash earnings buffer to mitigate its ongoing, structural cash burn.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily driven by cash-based expenditures rather than non-cash accounting charges. This lack of divergence suggests that the business is consuming liquid assets at a rate nearly identical to its accounting losses, leaving little room for operational error.
Based on quarterly cash flow data, TCRT's free cash flow remains deeply negative, with the company burning through approximately $0.5M to $1.0M per quarter, a trend that underscores the unsustainable nature of its current clinical-stage research and development model without external capital infusion.
The persistent negative free cash flow trajectory highlights the absence of a self-sustaining revenue engine. Investors should monitor the rate of cash depletion, as the current burn profile suggests that the company's remaining liquidity is insufficient to support long-term clinical development without a strategic pivot or asset sale.
According to historical cash flow filings, working capital changes have been highly erratic, swinging from significant outflows to minor inflows, which likely reflects the company's reactive attempts to manage payables and conserve cash in the face of a rapidly shrinking liquidity position.
The volatility in working capital adjustments suggests that the company is likely stretching its payables to preserve cash, a common behavior in distressed entities. This practice may provide temporary relief but does not address the underlying structural deficit in the company's cash generation capabilities.
As evidenced by quarterly cash flow statements, stock-based compensation consistently adds back to the cash flow calculation, effectively masking the true extent of the company's operational cash burn by inflating the reported operating cash flow figures relative to actual cash outflows.
While stock-based compensation is a standard non-cash expense, its prevalence in TCRT's financials suggests that the company relies on equity-based incentives to preserve cash. This practice warrants further investigation, as it may dilute existing shareholders while failing to provide the necessary liquidity to sustain the company's research operations.
Quick answers to the most common questions about buying TCRT stock.
Alaunos Therapeutics, Inc. (TCRT) generated $-2.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alaunos Therapeutics, Inc. (TCRT) reported negative free cash flow of $3.0M in 2025, indicating capital requirements exceeded cash from operations.
Alaunos Therapeutics, Inc. (TCRT) 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.