Liquidity remains a primary concern as the company burned $40.9M in free cash flow during 2026Q1, leaving a cash position of $276.6M to fund ongoing clinical operations.
| Cash from Operations | -111.95M | -93.09M | -81.22M | -73.02M | -88.39M | -117.04M | -30.73M | 135K |
| Operating CF Margin % | - | -952.52% | -974.74% | -472.58% | -3532.77% | - | - | - |
| Operating CF Growth % | -137.25% | -14.61% | -11.24% | 17.39% | 24.48% | -280.88% | -22862.22% | - |
| Net Income | -129.88M | -109M | -89.3M | -111.57M | -166.01M | -174.52M | -60.01M | -1.11M |
| Depreciation & Amortization | 1.3M | 1.15M | 1.25M | 1.37M | 1.17M | 492K | 9K | 0 |
| Stock-Based Compensation | 10M | 13.3M | 13.1M | 7.91M | 18.04M | 18.18M | 3.35M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.14M | 6.83M | 6.19M | 47.28M | 39.89M | 10.14M | 26.03M | 710K |
| Working Capital Changes | -3.52M | -5.37M | -12.47M | -18.01M | 18.52M | 28.67M | -111K | 540K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.16M | -153K | -2.92M | -2.29M | -7.8M | 14.49M | 1.96M | 0 |
| Cash from Investing | -3.26M | -604K | -363K | -7.35M | -24.93M | -21.55M | -9.08M | 0 |
| Capital Expenditures | -3.38M | -738K | -374K | -3.87M | -24.87M | -21.55M | -82K | 0 |
| CapEx % of Revenue | 45.3% | 7.55% | 4.49% | 25.04% | 993.96% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 127K | 134K | 11K | -3.48M | -61K | 0 | -9M | 0 |
| Cash from Financing | 275.35M | 274.59M | 76.68M | 136.39M | 52.1M | 39.08M | 291.06M | 0 |
| Debt Issued (Net) | 0 | 9.24M | 0 | -3.45M | 0 | 39.96M | 0 | 0 |
| Equity Issued (Net) | 266.3M | 265.69M | 76.78M | 140.79M | 53.24M | -360K | 291.06M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -173K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 9.05M | -337K | -96K | -947K | -1.15M | -514K | 0 | 0 |
| Net Change in Cash | 160.15M | 180.9M | -4.9M | 56.02M | -61.22M | -99.51M | 251.25M | 135K |
| Free Cash Flow | -112.33M | -93.83M | -81.6M | -80.39M | -113.26M | -138.6M | -39.81M | 135K |
| FCF Margin % | -1503.57% | -960.07% | -979.23% | -520.27% | -4526.74% | - | - | - |
| FCF Growth % | -33.63% | -14.99% | -1.51% | 29.02% | 18.28% | -248.13% | -29589.63% | - |
| FCF per Share | -0.31 | -0.29 | -0.33 | -0.69 | -2.58 | -3.68 | -2.25 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.85x | 0.91x | 0.65x | 0.53x | 0.67x | 0.71x | -0.12x |
| Interest Paid | 1.36M | 0 | 5.28M | 4.95M | 2.77M | 641K | 28K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
According to reported financial statements, TSHA's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating significantly, notably hitting 0.96 in 2026Q1, which suggests that the company's cash burn is fundamentally tied to its ongoing, heavy investment in clinical-stage research and development activities.
The tight correlation between net income and operating cash flow highlights the absence of non-cash revenue drivers that might otherwise mask the underlying cash drain. Investors should monitor this relationship closely, as any significant divergence in future periods may indicate changes in accounting recognition for milestone payments rather than improved operational efficiency.
Based on the provided quarterly data, TSHA's free cash flow remains deeply negative, with the company reporting a $40.9M outflow in 2026Q1, underscoring a trajectory where capital expenditures, while modest, are dwarfed by the massive operational cash requirements necessary to sustain its current gene therapy development pipeline.
The consistent negative FCF trajectory confirms that the company is in a pure cash-consumption phase with no self-sustaining commercial engine. This trend suggests that the firm remains entirely dependent on external financing or strategic partnership tranches to maintain its operational runway until a potential product launch.
As reported in recent filings, TSHA's working capital movements are erratic, including a $4.7M outflow in 2026Q1, which suggests that the timing of milestone-related receivables and payables creates significant quarterly noise in the company's overall cash position and liquidity management strategy.
This volatility in working capital appears to be a byproduct of the company's project-based revenue model rather than operational scaling. Analysts should interpret these fluctuations as temporary timing differences that do not fundamentally alter the company's long-term cash burn profile.
Based on historical data, TSHA consistently utilizes stock-based compensation, averaging over $3M per quarter, which effectively serves as a non-cash expense that obscures the true economic cost of talent acquisition required to maintain its specialized gene therapy research and development platform.
While SBC is a standard tool for biotech talent retention, it represents a form of dilution that is not captured in the operating cash flow statement. Investors should adjust their valuation models to account for this ongoing equity issuance, as it represents a real cost to shareholders that is currently hidden from the cash flow narrative.
Quick answers to the most common questions about buying TSHA stock.
Taysha Gene Therapies, Inc. (TSHA) generated $-93.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Taysha Gene Therapies, Inc. (TSHA) reported negative free cash flow of $93.8M in 2025, indicating capital requirements exceeded cash from operations.
Taysha Gene Therapies, Inc. (TSHA) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.