Liquidity is under extreme pressure as evidenced by a current ratio that plummeted to 0.43 in 2026Q2, signaling an inability to cover near-term liabilities without additional capital.
| 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 |
|---|
| Cash from Operations | -15.35M | -18.18M | -29.79M | -17.93M | -16.29M | -19.49M | -23.07M | -20.83M | -22.7M | -23.82M | -15.81M | -31.31M | -57.65M | -61.38M | 1.63M | -14.17M |
| Operating CF Margin % | - | -651.79% | -13182.3% | -7934.51% | -7209.73% | -8622.57% | -9989.18% | -954.24% | -1848.21% | -3026.68% | -285.12% | -273.33% | -7206% | -1291.48% | 3.54% | -952.99% |
| Operating CF Growth % | 136.76% | 38.96% | -66.14% | -10.05% | 16.39% | 15.55% | -10.77% | 8.22% | 4.72% | -50.64% | 49.5% | 45.68% | 6.09% | -3858.97% | 111.52% | - |
| Net Income | -23.94M | 9.17M | -54.67M | -18.95M | -18.96M | -16.16M | -25.16M | -21.5M | -20.57M | -24.09M | -19.67M | -23.98M | -63.68M | -64.86M | -33.87M | -30.31M |
| Depreciation & Amortization | 44.05M | 61K | 12K | 16K | 14K | 14K | 13K | 14K | 55K | 88K | 96K | 150K | 434K | 449K | 319K | 316K |
| Stock-Based Compensation | 634.33M | 728K | 0 | 1.3M | 1.17M | 576K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -764.48M | -26.11M | 31.44M | 0 | 0 | -321K | 577K | 985K | -1.11M | 82K | -59K | 3.76M | 4.93M | 10.24M | 25.62M | 2.76M |
| Working Capital Changes | 4M | -2.03M | -6.57M | -301K | 1.48M | -3.59M | 1.49M | -327K | -1.07M | 102K | 3.82M | -11.25M | 671K | -7.21M | 9.55M | 13.07M |
| Change in Receivables | 991K | -2.03M | -1.75M | 11K | -1K | 9K | 61K | -63K | 24K | -28K | 1.47M | -1.37M | 0 | 0 | 78K | 1.73M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.27M | -612K | 646K | 1.76M | 1.1M | -2.08M | 562K | 232K | -1.45M | 863K | 1.9M | -606K | 317K | -1.81M | -97K | 2.23M |
| Cash from Investing | 0 | -2.58M | -3.65M | -14K | 0 | 0 | -15K | -55K | 0 | 0 | 0 | 0 | 39.77M | -40.6M | -279K | -241K |
| Capital Expenditures | 0 | -2.58M | 0 | -14K | 0 | 0 | -15K | -55K | 0 | 0 | 0 | 0 | -228K | -609K | -279K | -256K |
| CapEx % of Revenue | 0% | 92.65% | - | 6.19% | - | - | 6.49% | 2.52% | - | - | - | - | 28.5% | 12.81% | 0.6% | 17.22% |
| Acquisitions | 0 | 0 | -3.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K |
| Cash from Financing | 25.13M | 3.2M | 33.98M | 0 | 0 | 55.56M | 19.36M | 26.65M | 35.66M | 6.36M | 17.42M | 7.46M | 1.46M | 80.46M | 77.46M | 9.79M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.82M | -297K |
| Equity Issued (Net) | 30.48M | 3.2M | 33.98M | 0 | 0 | 55.04M | 9.06M | 21.76M | 35.07M | 6.36M | 17.42M | 7.46M | 0 | 79.81M | 48.2M | 7.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.36M | 0 | 0 | 0 | 0 | 519K | 10.29M | 4.89M | 589K | 0 | 3K | 0 | 500K | 653K | 3.44M | 2.86M |
| Net Change in Cash | 9.79M | -17.52M | 517K | -17.94M | -16.31M | 36.05M | -3.7M | 5.76M | 12.95M | -17.43M | 1.61M | -23.78M | -16.43M | -21.52M | 78.81M | -4.63M |
| Free Cash Flow | -2.59B | -20.77M | -29.79M | -17.95M | -16.29M | -19.49M | -23.09M | -20.89M | -22.7M | -23.82M | -15.81M | -31.31M | -57.88M | -61.99M | 1.35M | -14.43M |
| FCF Margin % | -92787.71% | -744.44% | -13182.3% | -7940.71% | -7209.73% | -8622.57% | -9995.67% | -956.76% | -1848.21% | -3026.68% | -285.12% | -273.33% | -7234.5% | -1304.29% | 2.93% | -970.21% |
| FCF Growth % | -11326.45% | 30.28% | -66.01% | -10.14% | 16.39% | 15.6% | -10.55% | 7.98% | 4.72% | -50.64% | 49.5% | 45.9% | 6.64% | -4678.51% | 109.39% | - |
| FCF per Share | -243.29 | -2.48 | -19.19 | -21.38 | -19.48 | -28.94 | -49.75 | -544.50 | -2063.84 | -14887.50 | -20093.83 | -77457.12 | -150346.11 | -329151.56 | 6011.88 | -64057.18 |
| FCF Conversion (FCF/Net Income) | 108.14x | -1.98x | 0.54x | 0.95x | 0.86x | 1.21x | 0.92x | 0.97x | 1.10x | 0.99x | 0.80x | 1.31x | 0.91x | 0.95x | -0.05x | 0.47x |
| Interest Paid | 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 | 435K | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, TRAW exhibits a persistent divergence between net income and operating cash flow, highlighted by the 2026Q2 period where a $7.1M net loss was accompanied by a staggering $2.6B operating cash outflow, largely driven by non-cash stock-based compensation adjustments.
The massive discrepancy in 2026Q2 suggests that traditional earnings metrics are entirely decoupled from the company's actual cash-burning operational reality. Investors should monitor these non-cash charges closely, as they obscure the true rate at which the company is consuming its limited liquid assets to fund clinical development.
Based on historical data, TRAW's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $4M, reflecting a business model that lacks any self-sustaining cash generation and relies entirely on external financing to maintain its ongoing research and development activities.
The lack of positive FCF margins across all reported periods underscores the company's status as a pre-commercial entity with no viable path to operational self-sufficiency in the near term. This trend suggests that the firm will continue to face significant pressure on its cash reserves until a major clinical milestone or partnership is achieved.
According to recent SEC filings, TRAW's working capital movements have been highly erratic, swinging from a $3.7M inflow in 2026Q2 to a $5.0M outflow in 2025Q2, which indicates a lack of predictable cash management cycles typical of a firm without recurring commercial operations.
These fluctuations appear to be driven by the timing of milestone payments or changes in accrued liabilities rather than operational efficiency. The inconsistency in these figures warrants further investigation, as it complicates the ability to forecast the exact timing of the company's next liquidity crisis.
As indicated by the provided financial data, TRAW has directed zero capital toward dividends or share repurchases, instead utilizing its limited resources to fund a $3.6M acquisition in 2024Q2, which highlights the company's desperate need to acquire external assets to bolster its thinning pipeline.
The absence of shareholder-friendly capital deployment is expected given the company's negative cash flow profile and reliance on external funding. The focus on acquisition suggests that management is attempting to pivot the business model, though this strategy remains high-risk given the current cash-constrained environment.
Quick answers to the most common questions about buying TRAW stock.
Traws Pharma, Inc. (TRAW) generated $-18.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Traws Pharma, Inc. (TRAW) reported negative free cash flow of $20.8M in 2025, indicating capital requirements exceeded cash from operations.
Traws Pharma, Inc. (TRAW) spent $2.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Traws Pharma, Inc. (TRAW) spent $2.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.