Operational liquidity is rapidly depleting, evidenced by a 2025Q2 free cash flow outflow of $680,000 and an OCF/NI ratio of 0.99, confirming that accounting losses are translating directly into cash burn.
| Metric | TTM | 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'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Cash from Operations | -2.75M | -3.88M | -7.09M | -8.18M | -7.9M | -17.2M | -15.45M | -8.43M | -13.04M | 6.29M | -7.47M | -5.87M | -9.8M | 1.83M | -14.48M | -4.66M | -5.41M | -25.34M | -15.19M | -13.5M | -22.92M | -23.91M | -26.44M | -29.29M | -13.74M | -13.16M | -10.9M | -13.1M | 7.1M | -10.8M | -8.6M |
| Operating CF Margin % | - | - | -709200% | -13638.33% | -517.63% | -355.58% | -427.72% | -142.63% | -6064.19% | 41.77% | -446.8% | -160.86% | -93.49% | 25.71% | -355.85% | -46.14% | -6844.3% | -36200% | -63283.33% | -42187.5% | -25753.93% | -77135.48% | -29705.62% | -1012.83% | -300.5% | -700.16% | -3633.33% | -13100% | 40.57% | -3600% | -8600% |
| Operating CF Growth % | 165.39% | 45.29% | 13.33% | -3.6% | 54.08% | -11.38% | -83.19% | 35.34% | -307.18% | 184.29% | -27.3% | 40.15% | -635.46% | 112.64% | -210.84% | 13.87% | 78.66% | -66.84% | -12.5% | 41.1% | 4.14% | 9.55% | 9.74% | -113.2% | -4.38% | -20.76% | 16.79% | -284.51% | 165.74% | -25.58% | - |
| Net Income | -2.81M | -4.71M | -5.57M | -10.21M | -8.78M | -18.24M | -16.46M | -9.02M | -14.31M | 5.13M | -11.28M | -2.4M | 9.71M | -15.18M | -15.2M | -6.83M | -5.89M | -25.43M | -17.65M | -15.74M | -22.46M | -26M | -29.89M | -28.18M | -17.46M | -18.79M | -11.3M | -10.6M | 600K | -12.9M | -11.7M |
| Depreciation & Amortization | 0 | 5K | 112K | 196K | 221K | 292K | 244K | 380K | 417K | 377K | 358K | 353K | 107K | 17K | 32K | 85K | 169K | 210K | 288K | 389K | 405K | 466K | 439K | 1.57M | 647K | 196K | 400K | 300K | 400K | 500K | 300K |
| Stock-Based Compensation | 0 | 0 | 1.01M | 997K | 1.5M | 7K | 572K | 1.56M | 1.69M | 1.04M | 1.03M | 543K | 678K | 2.58M | 1.18M | 733K | 1.52M | 0 | 1.39M | 873K | 409K | 409K | 296K | 318K | 732K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -661K | -760K | -1.34M | -134K | -619K | -1.04M | 0 | 0 | -10.82M | 0 | 16.72M | 0 | -1.53M | 0 | -1.75M | -868K | -409K | -409K | -296K | -318K | -732K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | -2K | -1.73M | 452K | -5K | 482K | 572K | -803K | 141K | 214K | 4.51M | -1.08M | -1.74M | 1.42M | -15.76M | 132K | 1.52M | 23.28M | 1.39M | 872K | -8K | 1.43M | 4.12M | 627K | 732K | 6M | 100K | -3M | 6.1M | 2.5M | 2.2M |
| Working Capital Changes | 59K | 823K | -916K | 378K | -219K | 1.02M | 961K | -408K | -357K | 567K | -2.08M | -3.27M | -7.74M | 12.99M | -1.45M | 1.23M | -1.21M | -23.4M | 1.14M | 971K | -856K | 193K | -1.11M | -3.31M | 2.35M | -576K | -100K | 200K | 0 | -900K | 600K |
| Change in Receivables | 38K | 1.05M | -10K | 76K | 642K | 186K | 744K | -1.67M | 3.52M | -245K | -245K | -172K | -172K | -926K | -2.5M | -1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 187K | 35K | 287K | 264K | 31K | 0 | 0 | 83K | -808K | 143K | 566K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -137K | -145K | -476K | -751K | -1.19M | 1.1M | -125K | 542K | -2.19M | -1.14M | -250K | 1.35M | 1.35M | -1.02M | 2.33M | 2.12M | -158K | 100K | -4K | 42K | -816K | -816K | -675K | 1.01M | -410K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 732K | 0 | -23K | -540K | -256K | -416K | -175K | -171K | -133K | -18K | -318K | -1.15M | -234K | -28K | 2K | 4.42M | -19K | 4.08M | 22.53M | 7.98M | 26M | 30.68M | -1.71M | -96.91M | -200K | 200K | 12.4M | -13.3M | 0 |
| Capital Expenditures | 0 | 0 | -2K | 0 | -23K | -540K | -256K | -416K | -175K | -171K | -133K | -18K | -318K | -1.15M | -236K | -28K | -7K | -100K | -212K | -63K | -149K | -725K | -248K | -778K | -254K | -374K | -200K | -300K | -100K | -300K | 0 |
| CapEx % of Revenue | 0% | - | 200% | - | 1.51% | 11.16% | 7.09% | 7.04% | 81.4% | 1.14% | 7.96% | 0.49% | 3.03% | 16.21% | 5.8% | 0.28% | 8.86% | 142.86% | 883.33% | 196.88% | 167.42% | 2338.71% | 278.65% | 26.9% | 5.56% | 19.89% | 66.67% | 300% | 0.57% | 100% | - |
| Acquisitions | 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 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 734K | 0 | -23K | -540K | -267K | -579K | -175K | -133K | -133K | -318K | -318K | -1.15M | 2K | 0 | 0 | 4.52M | 0 | 0 | 0 | 0 | 91K | 0 | -600K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.46M | -62K | 10M | 4.98M | 8.84M | 17.93M | 11.27M | 10.62M | 6.73M | 27K | -14K | 9.55M | 3.81M | 12.02M | 16.94M | 4.57M | 4.03M | -30K | 31.21M | 9.89M | 4.07M | 14.57M | 113K | -4K | 921K | 83.92M | 45.8M | 200K | 3.5M | 24.5M | 8.3M |
| Debt Issued (Net) | 0 | 0 | 500K | 0 | 0 | -946K | 0 | -2.35M | 6.73M | 0 | 0 | 0 | -2.5M | -393K | 8.94M | 4.57M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.4M | -6M | 7.3M |
| Equity Issued (Net) | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | -14K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | -26K | 1000K | 1000K | 1000K | 1000K | 113K | -4K | 921K | 1000K | 1000K | 200K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -285K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | -14K | 0 | 0 | 0 | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -143K | -62K | 0 | 4K | 0 | 7.24M | 1.6M | 3.6M | 0 | 27K | 0 | 0 | 1.39M | 4.9M | 8M | 0 | 0 | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 500K | -100K |
| Net Change in Cash | -1.29M | -3.94M | 3.64M | -3.2M | 919K | 190K | -4.43M | 1.77M | -6.48M | 6.15M | -7.61M | 3.67M | -6.3M | 12.7M | 2.23M | -120K | -1.37M | -20.94M | 16M | 471K | 3.68M | -1.37M | -323K | 1.38M | -14.53M | -26.15M | 34.8M | 200K | 3.5M | 24.5M | -300K |
| Free Cash Flow | -2.75M | -3.88M | -7.09M | -8.18M | -7.92M | -17.74M | -15.7M | -8.85M | -13.21M | 6.12M | -7.6M | -5.88M | -10.12M | 676K | -14.71M | -4.68M | -5.41M | -25.44M | -15.4M | -13.56M | -23.07M | -24.64M | -26.69M | -30.07M | -13.99M | -13.54M | -11.1M | -13.4M | 7M | -11.1M | -8.6M |
| FCF Margin % | -27460% | - | -709400% | -13638.33% | -519.13% | -366.74% | -434.81% | -149.67% | -6145.58% | 40.64% | -454.76% | -161.35% | -96.53% | 9.5% | -361.65% | -46.42% | -6853.16% | -36342.86% | -64166.67% | -42384.38% | -25921.35% | -79474.19% | -29984.27% | -1039.73% | -306.06% | -720.05% | -3700% | -13400% | 40% | -3700% | -8600% |
| FCF Growth % | 59.4% | 45.31% | 13.31% | -3.29% | 55.35% | -13.01% | -77.47% | 33.04% | -315.83% | 180.56% | -29.17% | 41.85% | -1596.6% | 104.59% | -214.02% | 13.47% | 78.72% | -65.19% | -13.54% | 41.21% | 6.36% | 7.68% | 11.25% | -114.89% | -3.37% | -21.95% | 17.16% | -291.43% | 163.06% | -29.07% | - |
| FCF per Share | -2.58 | -4.32 | -9.43 | -12.18 | -3.97 | -8.88 | -9.60 | -46.66 | -112.06 | 51.36 | -68.21 | -62.07 | -121.17 | 10.06 | -241.18 | -78.29 | -91.66 | -432.09 | -354.59 | -354.27 | -699.85 | -777.27 | -946.71 | -1076.97 | -502.03 | -523.70 | -682.07 | -1012.08 | 462.02 | -886.30 | -1125.36 |
| FCF Conversion (FCF/Net Income) | 0.98x | 0.82x | 1.27x | 0.80x | 0.97x | 0.83x | 0.96x | 0.93x | 0.91x | 1.23x | 0.66x | 2.44x | -1.01x | -0.12x | 0.95x | 0.68x | 0.92x | 1.00x | 0.86x | 0.86x | 1.02x | 0.92x | 0.88x | 1.04x | 0.79x | 0.70x | 0.96x | 1.24x | 11.83x | 0.84x | 0.74x |
| Interest Paid | 0 | 13K | 21K | 0 | 0 | 295K | 432K | 471K | 298K | 0 | 0 | 0 | 1.57M | 2.58M | 1.65M | 678K | 9K | 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 |
Imminent liquidity insolvency risk
As reported in recent financial filings, the company's operating cash flow consistently tracks near net income, with a 2025Q2 OCF/NI ratio of 0.99, confirming that the firm's reported losses are almost entirely represented by actual cash outflows rather than non-cash accounting adjustments or accruals.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its burn rate. Investors should interpret this as a lack of operational flexibility, as the cash drain is directly tied to the ongoing, unavoidable costs of clinical development.
Based on the provided quarterly data, Titan Pharmaceuticals has maintained a persistent negative free cash flow trajectory, with the most recent 2025Q2 outflow of $680,000 highlighting the company's inability to generate internal funding to support its research and development pipeline without external capital injections.
The absence of positive free cash flow is characteristic of a pre-revenue entity, yet the consistency of these outflows suggests that the company has not yet reached a clinical inflection point. This trajectory implies that the firm remains entirely dependent on the capital markets to sustain its existence.
According to the historical cash flow statements, working capital changes have been highly erratic, swinging from a $304,000 outflow in 2025Q1 to a $9,000 inflow in 2025Q2, which suggests that the company's liquidity is subject to unpredictable timing differences in vendor payments and regulatory compliance costs.
This volatility in working capital appears to be a byproduct of managing a distressed balance sheet where payables are likely stretched to preserve cash. Such fluctuations warrant further investigation, as they may mask the true underlying burn rate during periods of temporary cash conservation.
As evidenced by the historical data, the company's cash flow statement reveals a significant reduction in stock-based compensation, which fell from $411,000 in 2023Q3 to zero in recent quarters, potentially signaling a shift in how the firm manages its human capital and incentivizes its remaining workforce.
The cessation of stock-based compensation may indicate a strategic pivot to preserve cash or a loss of ability to use equity as a primary retention tool. Investors should monitor whether this change reflects a broader effort to minimize dilution or a sign of internal instability as the cash runway reaches critical levels.
Quick answers to the most common questions about buying TTNP stock.
Titan Pharmaceuticals, Inc. (TTNP) generated $-3.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Titan Pharmaceuticals, Inc. (TTNP) reported negative free cash flow of $3.9M in 2024, indicating capital requirements exceeded cash from operations.
Titan Pharmaceuticals, Inc. (TTNP) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.