Free cash flow remains deeply negative at -85.5% of revenue in 2026Q1, highlighting a persistent cash burn that is only partially mitigated by historical stock-based compensation peaks of $4.6M.
| Cash from Operations | -64.39M | -68.26M | -90.5M | -102.07M | -104.42M | -60.81M | -35.45M | -24.1M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 96.22% | 24.57% | 11.34% | 2.25% | -71.72% | -71.56% | -47.11% | - |
| Net Income | -83M | -90.6M | -111.13M | -124.08M | -123.67M | -72.72M | -38.4M | -26.23M |
| Depreciation & Amortization | 7.81M | 8.85M | 8.47M | 8.69M | 6.47M | 2.96M | 2.48M | 1.99M |
| Stock-Based Compensation | 9.31M | 13.05M | 16.5M | 15.31M | 11.47M | 2.95M | 741K | 414K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -82K |
| Other Non-Cash Items | 5.1M | 2.9M | 3.59M | 3.66M | 2.16M | 1.26M | -42K | 64K |
| Working Capital Changes | -3.6M | -2.46M | -7.93M | -5.65M | -849K | 4.74M | -234K | -250K |
| Change in Receivables | -10.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.51M | -1.43M | -581K | -3.28M | 1.66M | 8.6M | 142K | 397K |
| Cash from Investing | 33.77M | 56.08M | 1.13M | 48.72M | 83.65M | -238.56M | -7.01M | -5.58M |
| Capital Expenditures | -246K | -618K | -1.02M | -1.24M | -20.63M | -25.12M | -9.76M | -2.93M |
| CapEx % of Revenue | 109.33% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.66K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 17K | -25K | 8K | 0 | 0 | -2.66K |
| Cash from Financing | 57.73M | 108.41M | 47.75M | 4.05M | 77.77M | 208.97M | 147.27M | 30.51M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 58.15M | 108.41M | 46.76M | 3.87M | 77.39M | 208.51M | 147.23M | 30.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -13K | -1K | -3K |
| Other Financing | -415K | 0 | 987K | 181K | 380K | 461K | 34K | 68K |
| Net Change in Cash | 27.11M | 96.22M | -41.62M | -49.31M | 56.99M | -90.41M | 104.81M | 832K |
| Free Cash Flow | -64.63M | -68.88M | -91.53M | -103.31M | -125.05M | -85.93M | -45.21M | -27.02M |
| FCF Margin % | -28725.33% | - | - | - | - | - | - | - |
| FCF Growth % | 24.67% | 24.74% | 11.41% | 17.39% | -45.52% | -90.08% | -67.31% | - |
| FCF per Share | -0.42 | -0.45 | -1.08 | -1.40 | -2.79 | -2.08 | -1.10 | -0.99 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.75x | 0.81x | 0.82x | 0.84x | 0.84x | 0.92x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
According to reported financial statements, TNYA consistently records operating cash flow deficits that track closely with net losses, as evidenced by an OCF/NI ratio that fluctuated between 0.67 and 1.00 over the last ten quarters, highlighting the absence of non-cash revenue offsets to mitigate cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by actual cash expenditures rather than non-cash accounting charges. Investors should monitor this relationship, as the lack of significant divergence indicates that the firm's cash burn is highly sensitive to its ongoing R&D and operational spending levels.
Based on TNYA's reported figures, the company remains in a state of perpetual cash consumption, with free cash flow margins reaching -85.5% in 2026Q1, underscoring the significant capital requirements necessary to sustain its clinical-stage gene therapy pipeline without any meaningful offsetting revenue streams or commercial product sales.
The trajectory of free cash flow reflects the heavy burden of maintaining a specialized scientific workforce and internal manufacturing infrastructure. This trend suggests that the company's cash runway is under constant pressure, necessitating a strategic focus on clinical milestones to justify the ongoing capital intensity required to keep the business operational.
As reported in financial statements, TNYA's capital expenditures have remained minimal, with CapEx/Revenue ratios peaking at only 4.9% in 2026Q1, which suggests that the company has largely completed its initial investment phase in internal manufacturing facilities and is now prioritizing operational R&D over further infrastructure expansion.
The low level of capital expenditure relative to the company's overall cash burn indicates that the primary financial drain is operational rather than asset-based. This may imply that the company is currently focused on maximizing the utility of its existing cGMP facility rather than committing to further large-scale capital projects.
Data from recent SEC filings indicates that stock-based compensation has served as a significant non-cash adjustment, reaching as high as $4.6M in 2024Q2, which effectively obscures the true economic cost of talent retention by shifting the burden from immediate cash outflows to long-term shareholder dilution.
While SBC provides a necessary buffer for the company's cash position, it represents a hidden cost that investors must account for when evaluating the sustainability of the firm's operations. The reliance on equity-based incentives suggests that the company's ability to retain specialized talent is directly tied to its stock performance, creating a feedback loop that warrants further investigation.
Quick answers to the most common questions about buying TNYA stock.
Tenaya Therapeutics, Inc. (TNYA) generated $-68.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tenaya Therapeutics, Inc. (TNYA) reported negative free cash flow of $68.9M in 2025, indicating capital requirements exceeded cash from operations.
Tenaya Therapeutics, Inc. (TNYA) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.