Free cash flow remains consistently negative, with quarterly outflows ranging between $2.5 million and $4.9 million over the last ten quarters, highlighting a total dependence on external funding.
| 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'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 |
|---|
| Cash from Operations | -14.37M | -16.67M | -16.94M | -19M | -19.08M | -12.89M | -12.17M | -13.87M | -17.28M | -20.2M | -27.9M | -38.89M | -16.08M | -7.72M | -8.92M | -2.88M | -1.14M | -2.92M | -4.85M | -6.61M | -2.37M | -1.08M | -5.82M | -8.07M | -5.65M | -16.14M | -18.7M | -6.7M | -6M | -7.5M | -4.5M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -36.02% | -2831.4% | - | - | - | - | -58245.84% | -922.89% | -1114.6% | -4042.14% | -4675% | -1340% | -1200% | -7500% | -4500% |
| Operating CF Growth % | 40.05% | 1.58% | 10.84% | 0.45% | -48.04% | -5.93% | 12.29% | 19.71% | 14.48% | 27.59% | 28.26% | -141.87% | -108.3% | 13.43% | -210.12% | -152.22% | 60.95% | 39.84% | 26.57% | -179.26% | -118.63% | 81.42% | 27.8% | -42.87% | 65.02% | 13.67% | -179.1% | -11.67% | 20% | -66.67% | -28.57% |
| Net Income | -21.46M | -23.74M | -25.65M | -18.35M | -19.68M | -14.27M | -10.12M | -15.38M | -13.42M | -15.49M | -27.8M | -44.78M | -19.78M | -12.32M | -17.07M | -7.63M | -1.71M | -3.73M | -7.21M | -9.89M | -4.1M | -1.36M | -8.62M | -9.48M | -5.76M | -17.38M | -18.6M | -9.5M | -7M | -7.4M | -6.3M |
| Depreciation & Amortization | 106K | 108K | 137K | 135K | 85K | 87K | 201K | 240K | 272K | 245K | 157K | 72K | 20K | 43K | 63K | 201K | 358.71K | 382.09K | 404.62K | 199.63K | 30.68K | 2.26K | -154.13K | -130.55K | -118.78K | -86.34K | -100K | -100K | -100K | 0 | 0 |
| Stock-Based Compensation | 288K | 654K | 671K | 552K | 475K | 416K | 350K | 340K | 2.07M | 3.41M | 4.01M | 3.2M | 2.46M | 1.67M | 1.85M | 1.23M | 660.65K | 323.94K | 1.28M | 2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -409K | 0 | -888K | -1.64M | -1.43M | 0 | 0 | 0 | -4.08M | 0 | 0 | 0 | 0 | 942K | -188K | 377K | 247.91K | 34.4K | 357 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.2M | 9.37M | 8.07M | -2M | 2.27M | 166K | 178K | 72K | 71K | -10.74M | -11.41M | 8.16M | -620K | 425K | 8.98M | 2.9M | 70.34K | 304.41K | 739.48K | 993.92K | 1.21M | 84.51K | 622.71K | 308.14K | 444.75K | 376.13K | 300K | 2.6M | 300K | 500K | 1M |
| Working Capital Changes | -3.09M | -3.06M | 726K | 2.31M | -806K | 709K | -2.78M | 855K | -2.19M | 2.37M | 7.15M | -5.54M | 1.85M | 1.52M | -2.56M | 46K | -766.35K | -232.3K | -71.33K | 7.19K | 491.96K | 186.96K | 2.32M | 1.23M | -209.07K | 951.56K | -300K | 300K | 800K | -600K | 800K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14K | -480K | -438.34K | -48.29K | 0 | 0 | 0 | 0 | 0 | 1M | -1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.57M | 313K | 0 | 33.12K | 0 | 0 | 0 | 0 | 0 | -45.68K | 115.32K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 112K | 69K | 123K | -157K | -385K | -363K | -1.43M | 1.28M | -987K | 27K | -2.42M | 3.42M | 854K | -253K | 7K | 153K | -195.42K | -138.26K | -60.93K | 0 | 0 | 0 | 2M | 352.65K | 615.64K | 154.42K | -300K | 400K | 600K | -400K | 800K |
| Cash from Investing | -35K | -35K | -1K | -202K | -4.4M | -14K | -9K | 0 | -7K | -212K | -569K | -501K | -48K | -36K | -10K | -75K | 64.6K | -172.17K | 110.87K | -1.97M | -710.83K | 0 | -180.94K | 49.09K | 333.57K | -126.59K | -100K | 100K | -200K | 0 | -200K |
| Capital Expenditures | -35K | -35K | -1K | -202K | -116K | -14K | -9K | 0 | -7K | -212K | -569K | -501K | -48K | -36K | -10K | 0 | -12.66K | -1.85K | -21.4K | -1.97M | -45.83K | 0 | -31.03K | -200.57K | -86.11K | -136.59K | -100K | -100K | -100K | 0 | 0 |
| CapEx % of Revenue | 11.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.4% | 1.79% | - | - | - | - | 310.29% | 22.95% | 17% | 34.2% | 25% | 20% | 20% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -4.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -195.52K | 0 | 0 | -665K | 0 | -154.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -4.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 77.26K | 25.2K | 132.26K | 0 | 0 | 0 | 4.75K | 0 | 0 | 10K | 100K | 0 | -100K | 0 | -200K |
| Cash from Financing | 18.99M | 18.19M | 5.5M | 625K | -1.93M | 74M | 3.36M | 0 | 29.09M | 18.48M | 26.71M | 42.68M | 19.03M | 12.43M | 12.2M | 6.98M | 1.01M | -50.31K | -895.61K | 7.87M | 14.11M | 2.23M | 5.47M | 5.84M | 4.48M | 17.69M | 20.7M | 5.2M | 6.4M | 9.3M | 3.2M |
| Debt Issued (Net) | 43K | 1.44M | -67K | -75K | -1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.39K | -11.34K | -900K | 900K | 1.35M | 484.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 15.83M | 13.53M | 5.56M | 2.22M | 2.45M | 65.96M | 3.36M | 0 | 29.09M | 18.31M | 26.51M | 46M | 20.67M | 13.46M | 12.2M | 6.98M | 1.13M | -38.97K | 4.39K | 6.97M | 12.77M | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends 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 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -288K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.71K | 0 | -579.57K | 0 | -152.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.11M | 3.23M | 0 | -1.52M | -3M | 8.04M | 0 | 0 | 0 | 166K | 198K | -3.32M | -1.65M | -1.03M | 0 | 0 | -114.5K | 0 | 0 | 0 | 0 | 0 | 5.47M | 5.84M | 4.48M | 17.69M | 20.7M | 5.2M | 6.4M | 9.3M | 3.2M |
| Net Change in Cash | 4.42M | 1.4M | -11.57M | -18.61M | -25.44M | 61.1M | -8.82M | -13.87M | 11.8M | -1.94M | -1.76M | 3.29M | 2.9M | 4.67M | 3.28M | 4.03M | -66.19K | -3.14M | -5.64M | -699.62K | 11.03M | 1.15M | -532.1K | -2.18M | -832.49K | 1.42M | 1.9M | -1.4M | 200K | 1.8M | -1.5M |
| Free Cash Flow | -14.4M | -16.7M | -16.94M | -19.2M | -19.2M | -12.9M | -12.18M | -13.87M | -17.29M | -20.42M | -28.47M | -39.39M | -16.13M | -7.75M | -8.93M | -2.88M | -1.15M | -2.92M | -4.87M | -8.57M | -2.41M | -1.08M | -5.86M | -8.27M | -5.73M | -16.28M | -18.8M | -6.8M | -6.1M | -7.5M | -4.5M |
| FCF Margin % | -4801.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -36.42% | -2833.2% | - | - | - | - | -58556.13% | -945.83% | -1131.6% | -4076.34% | -4700% | -1360% | -1220% | -7500% | -4500% |
| FCF Growth % | 14.33% | 1.38% | 11.77% | 0% | -48.78% | -5.97% | 12.23% | 19.74% | 15.33% | 28.29% | 27.72% | -144.25% | -107.96% | 13.12% | -210.47% | -149.44% | 60.54% | 40.06% | 43.15% | -255.46% | -122.87% | 81.52% | 29.17% | -44.23% | 64.79% | 13.4% | -176.47% | -11.48% | 18.67% | -66.67% | -28.57% |
| FCF per Share | -0.35 | -1.38 | -12.56 | -29.80 | -31.31 | -1.06 | -6.41 | -8.44 | -27.74 | -57.46 | -105.68 | -170.83 | -91.12 | -59.44 | -89.53 | -36.31 | -18.01 | -47.95 | -82.59 | -170.51 | -260.18 | -784.14 | - | - | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.66x | 0.66x | 1.04x | 0.97x | 0.90x | 1.21x | 0.91x | 1.29x | 1.33x | 1.02x | 0.89x | 0.81x | 0.63x | 0.52x | 0.35x | 0.67x | 0.78x | 0.67x | 0.67x | 0.58x | 0.80x | 0.68x | 0.85x | 0.98x | 0.93x | 1.01x | 0.71x | 0.86x | 1.01x | 0.71x |
| Interest 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 | 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 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to the provided financial data, the OCF/NI ratio has fluctuated significantly, reaching 1.20 in 2026Q1, which suggests that net income figures are frequently distorted by non-cash items and do not accurately reflect the underlying cash consumption required to sustain the company's clinical development programs.
The divergence between net income and operating cash flow highlights the limitations of using GAAP earnings to assess the viability of a pre-revenue biotech firm. Investors should monitor these fluctuations as they may indicate shifts in the timing of R&D accruals rather than fundamental improvements in operational efficiency.
As reported in financial statements, Theriva's free cash flow remains consistently negative, with quarterly outflows ranging between $2.5 million and $4.9 million over the last ten quarters, underscoring the company's total dependence on external financing to fund its ongoing research and development activities.
The lack of positive free cash flow is an expected characteristic of a clinical-stage entity, yet the magnitude of these outflows relative to the remaining cash balance warrants caution. This trajectory suggests that the company is effectively trading equity value for the continued progression of its pipeline assets.
Based on the reported figures, working capital changes have been highly erratic, swinging from a $991,000 inflow in 2024Q2 to a $1.5 million outflow in 2025Q4, which suggests that the timing of vendor payments and clinical trial expenses creates significant, unpredictable pressure on the company's limited cash reserves.
This volatility in working capital appears to be a byproduct of the lumpy nature of clinical trial expenditures and contract manufacturing milestones. Analysts should interpret these swings as a reflection of operational timing rather than a structural change in the company's ability to manage its short-term obligations.
Data from recent filings indicates that stock-based compensation and depreciation are consistently added back to net income, yet these non-cash adjustments fail to offset the substantial cash burn, effectively obscuring the true economic cost of maintaining the company's specialized research infrastructure and human capital.
While these adjustments are standard accounting practice, they may mask the true dilutionary impact on shareholders when viewed alongside the company's persistent cash deficits. Investors should be wary of relying on adjusted metrics that do not account for the ongoing necessity of raising capital to cover these operational gaps.
Quick answers to the most common questions about buying TOVX stock.
Theriva Biologics, Inc. (TOVX) generated $-16.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Theriva Biologics, Inc. (TOVX) reported negative free cash flow of $16.7M in 2025, indicating capital requirements exceeded cash from operations.
Theriva Biologics, Inc. (TOVX) 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.