Persistent negative free cash flow, which reached an outflow of $31.3M in 2024Q1, highlights a structural inability to self-fund operations without relying on volatile working capital adjustments.
| Cash from Operations | -23.5M | -60.92M | -21.04M | -17.87M | -60.09M | -5.49M |
| Operating CF Margin % | - | -853.54% | -100.34% | -42.67% | -260.93% | -4.06% |
| Operating CF Growth % | 61.42% | -189.53% | -17.77% | 70.27% | -995.08% | - |
| Net Income | -18.21M | -70.87M | -17.35M | -20.54M | -88.44M | 8.41M |
| Depreciation & Amortization | 95K | 192K | 95K | 85K | 1.55M | 1.01M |
| Stock-Based Compensation | 1.4M | 0 | 314K | 246K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -7.29M | 24.86M | -143K | -321K | 21.54M | -7.54M |
| Working Capital Changes | 508K | -15.1M | -3.96M | 2.67M | 5.26M | -7.37M |
| Change in Receivables | 0 | 2.02M | 0 | -3.3M | 912K | -277K |
| Change in Inventory | 0 | -1.04M | 0 | 0 | -2.58M | 0 |
| Change in Payables | 0 | -21.44M | 0 | 5.68M | -1.02M | -2.78M |
| Cash from Investing | -10.08M | 48.74M | 22.47M | -22M | -4.75M | -20.27M |
| Capital Expenditures | 0 | -1.05M | -2.38M | -50K | -39K | -349K |
| CapEx % of Revenue | - | 14.66% | 11.33% | 0.12% | 0.17% | 0.26% |
| Acquisitions | 0 | 0 | 0 | 0 | 70K | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 115.98M | 0 | 0 | 0 |
| Cash from Financing | 22.7M | -3.6M | 2K | 4K | 46.61M | 39.14M |
| Debt Issued (Net) | 0 | -3.6M | 36.47M | 0 | 0 | 0 |
| Equity Issued (Net) | 532K | 0 | 2K | 4K | 46.61M | 39.14M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 22.17M | 0 | -36.47M | 0 | 0 | 0 |
| Net Change in Cash | -10.88M | -14.28M | 1.43M | -39.86M | -18.23M | 13.38M |
| Free Cash Flow | -23.5M | -61.96M | -21.04M | -17.92M | -60.13M | -5.84M |
| FCF Margin % | - | -868.19% | -100.34% | -42.79% | -261.1% | -4.32% |
| FCF Growth % | 62.08% | -194.5% | -17.44% | 70.2% | -930.26% | - |
| FCF per Share | -3.02 | -40.74 | -2.25 | -1.92 | -42.68 | -4.38 |
| FCF Conversion (FCF/Net Income) | 1.29x | 0.86x | 0.18x | 0.21x | 0.68x | -0.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio swinging from 2.54 in 2024Q3 to -2.13 in 2025Q2, suggesting that accounting net income is a poor proxy for the company's actual cash consumption.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital fluctuations are heavily distorting the bottom line. Investors should monitor this volatility as it suggests that the company's reported earnings do not reflect the underlying cash-intensive nature of its clinical development programs.
Based on Tvardi's reported figures, the company has consistently generated negative free cash flow over the last ten quarters, with quarterly outflows reaching as high as $31.3M in 2024Q1, highlighting a structural inability to self-fund operations through internal cash generation during the current clinical trial phase.
The persistent negative FCF trajectory confirms that the company remains entirely reliant on external financing to sustain its R&D pipeline. This trend appears unlikely to reverse in the near term, as the absence of revenue means that every dollar spent on clinical trials directly depletes the company's limited cash reserves.
According to recent SEC filings, working capital changes have been erratic, ranging from a $10.6M outflow in 2024Q3 to a $2.4M inflow in 2025Q2, which suggests that the timing of clinical trial payments and vendor settlements is creating significant, unpredictable swings in the company's quarterly cash position.
These fluctuations in working capital appear to be driven by the lumpy nature of clinical trial expenses and the timing of CRO payments. Such instability warrants further investigation, as it complicates the company's ability to forecast its cash runway with precision in an already capital-constrained environment.
Based on an analysis of the cash flow statement, the company's operating cash flow is frequently bolstered by non-cash stock-based compensation adjustments, which masked the true extent of the cash burn in periods like 2025Q1, where SBC reached $1.4M while the company still reported a $4.7M cash outflow.
The reliance on stock-based compensation to manage cash expenses suggests that management is attempting to preserve liquidity by utilizing equity-based incentives. However, this does not change the fundamental reality that the company's core operations are consuming cash at a rate that necessitates frequent and potentially dilutive capital market access.
Quick answers to the most common questions about buying TVRD stock.
Tvardi Therapeutics, Inc. (TVRD) generated $-23.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tvardi Therapeutics, Inc. (TVRD) reported negative free cash flow of $23.5M in 2025, indicating capital requirements exceeded cash from operations.
Tvardi Therapeutics, Inc. (TVRD) 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.