While quarterly free cash flow outflows improved to $1.3 million in 2026Q1 from a $20.1 million peak in 2024Q3, the company's reliance on $985,000 in stock-based compensation masks the true economic cost of its ongoing survival-mode operations.
| Cash from Operations | -33.76M | -36.62M | -55.7M | -82.03M | -180.16M | -122.14M | -29.62M | -5.29M |
| Operating CF Margin % | - | - | - | - | - | - | -21460.87% | - |
| Operating CF Growth % | 109.3% | 34.25% | 32.1% | 54.47% | -47.51% | -312.41% | -459.53% | - |
| Net Income | -47.38M | -71.37M | -74.14M | -156.09M | -223.18M | -156.79M | -37.74M | -6.52M |
| Depreciation & Amortization | 48K | 534K | 3.61M | 4.76M | 5.99M | 2.75M | 256K | 20K |
| Stock-Based Compensation | 4.58M | 8.69M | 17.26M | 18.17M | 30.44M | 26.2M | 1.71M | 293K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 710K | 0 | 0 |
| Other Non-Cash Items | 11.87M | 26.09M | 10.18M | 60.15M | 16.15M | 636K | 4.68M | 550K |
| Working Capital Changes | -2.88M | -560K | -12.61M | -9.02M | -9.57M | 4.36M | 1.48M | 366K |
| Change in Receivables | -608K | -3.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 509K | 116K | -556K | -1.13M | -1.81M | 3.86M | -1.05M | 309K |
| Cash from Investing | 15.55M | 25.48M | 53.97M | 41.13M | 114.54M | -474.4M | -51.12M | -760K |
| Capital Expenditures | -10M | -10M | -10M | -20.66M | -84.59M | -57.83M | -50.82M | -210K |
| CapEx % of Revenue | - | - | - | - | - | - | 36823.19% | - |
| Acquisitions | 14K | 432K | 0 | 0 | 1.17M | 0 | -306K | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 13K | 0 | 866K | 1.56M | -1.17M | 0 | 0 | -550K |
| Cash from Financing | 7.06M | 7.29M | 1.75M | 8.08M | 71.89M | 393.16M | 313.05M | 14.95M |
| Debt Issued (Net) | 6.61M | 6.61M | 2.76M | 8.08M | 70.34M | 0 | 0 | 0 |
| Equity Issued (Net) | -6.23M | 853K | 0 | 0 | 1.55M | 391.48M | 312.62M | 14.95M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.68M | -172K | -1.01M | 0 | 0 | 1.69M | 430K | 0 |
| Net Change in Cash | -11.18M | -3.83M | -61K | -33.02M | 5.63M | -203.67M | 232.87M | 8.89M |
| Free Cash Flow | -33.76M | -36.62M | -65.7M | -102.69M | -264.75M | -179.97M | -80.43M | -6.05M |
| FCF Margin % | - | - | - | - | - | - | -58284.06% | - |
| FCF Growth % | 25.8% | 44.26% | 36.03% | 61.21% | -47.11% | -123.75% | -1228.8% | - |
| FCF per Share | -4.98 | -5.49 | -10.09 | -15.79 | -40.88 | -33.96 | -12.55 | -0.94 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.51x | 0.75x | 0.53x | 0.81x | 0.78x | 0.78x | 0.82x |
| Interest Paid | 1.39M | 0 | 8M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
According to recent financial disclosures, the OCF/NI ratio has fluctuated significantly, reaching 0.32 in 2026Q1, which suggests that the reported net loss figures are heavily influenced by non-cash items and restructuring charges rather than reflecting a stable or predictable underlying operational cash burn profile.
The divergence between net income and operating cash flow indicates that accounting losses are not perfectly correlated with actual cash outflows, likely due to the impact of asset divestments and severance-related accruals. Investors should monitor this gap closely, as the current OCF/NI ratio suggests that cash preservation is being driven by the cessation of activities rather than operational efficiency.
As reported in financial statements, the company's free cash flow has shown a marked reduction in volatility, with the 2026Q1 outflow of $1.3 million representing a significant improvement from the $20.1 million peak outflow observed in 2024Q3, signaling a desperate pivot toward capital preservation.
This trend appears to be a direct consequence of the company's strategic decision to shutter clinical programs and reduce its operational footprint. While the reduced burn rate extends the runway, it also confirms that the company is no longer investing in growth, effectively transitioning into a liquidation-like state.
Based on reported figures, working capital changes have been highly erratic, swinging from a $9.3 million outflow in 2024Q3 to a $1.3 million inflow in 2026Q1, which suggests that the company is managing its payables and accruals to navigate an extremely constrained liquidity environment.
The recent shift toward positive working capital adjustments may indicate that the company is delaying payments or liquidating current assets to maintain minimal cash levels. Such maneuvers are typically unsustainable and may indicate that the company is reaching the limit of its ability to manage cash through balance sheet adjustments.
As indicated by historical data, stock-based compensation has remained a persistent non-cash expense, with $985,000 recorded in 2026Q1, which effectively masks the true economic cost of retaining key personnel during a period of severe operational contraction and strategic uncertainty.
While SBC does not impact the immediate cash balance, it represents a significant dilution risk that is not captured in the headline cash flow metrics. Analysts should consider that the true cost of operations is higher than the reported cash burn, as the company continues to compensate its remaining workforce through equity rather than cash.
Quick answers to the most common questions about buying TIL stock.
Instil Bio, Inc. (TIL) generated $-36.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Instil Bio, Inc. (TIL) reported negative free cash flow of $36.6M in 2025, indicating capital requirements exceeded cash from operations.
Instil Bio, Inc. (TIL) spent $10.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.