Free cash flow burn has deteriorated to an outflow of $32.7 million in 2026Q1, while stock-based compensation of $7.8 million continues to obscure the true magnitude of the underlying cash-based operational deficit.
| Cash from Operations | -102.25M | -95.14M | -69.77M | -50.14M | -50.28M | -23.75M | -7.76M | -2.62M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -204.42% | -36.36% | -39.16% | 0.29% | -111.77% | -205.87% | -196.52% | - |
| Net Income | -131.1M | -119.95M | -86.48M | -69.13M | -55.33M | -26.29M | -9.34M | -4.07M |
| Depreciation & Amortization | 541K | 546K | 519K | 353K | 296K | 140K | 47K | 8K |
| Stock-Based Compensation | 29.43M | 28.01M | 22.8M | 0 | 10.59M | 2.89M | 439K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.32M | -2.12M | -5.88M | 12.28M | 3K | 3K | 17K | 934K |
| Working Capital Changes | 196K | -1.63M | -729K | 6.36M | -5.85M | -481K | 1.07M | 505K |
| 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 | 1.2M | 0 | 0 | 0 | 0 | 1.49M | 1.02M | 461K |
| Cash from Investing | -79.81M | 72.46M | -98.4M | -144.6M | -559K | -645K | -312K | -20K |
| Capital Expenditures | -215K | -141K | -664K | -770K | -559K | -661K | -312K | -20K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 16 | 0 | 0 |
| Cash from Financing | 166.3M | 8.1M | 202.14M | 1.54M | 632K | 311.35M | 23.43M | 157K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -9K | -17K | -8K |
| Equity Issued (Net) | 166.3M | 8.1M | 199.58M | 1.54M | 632K | 310.84M | 23.31M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -420K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 2.56M | 0 | 0 | 514K | 140K | 165K |
| Net Change in Cash | -15.77M | -14.58M | 33.96M | -193.21M | -50.97M | 286.96M | 15.36M | -2.48M |
| Free Cash Flow | -102.47M | -95.28M | -70.44M | -50.91M | -50.84M | -24.41M | -8.07M | -2.64M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -38.95% | -35.27% | -38.36% | -0.13% | -108.33% | -202.24% | -206.1% | - |
| FCF per Share | -1.66 | -1.60 | -1.23 | -1.19 | -1.21 | -0.59 | -0.19 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.79x | 0.81x | 0.73x | 0.91x | 0.90x | 0.83x | 0.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Dependency
According to the provided quarterly data, TYRA's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.55 and 1.21, indicating that non-cash expenses like stock-based compensation are masking the true magnitude of the company's underlying cash-based operational burn rate.
The persistent gap between net income and operating cash flow suggests that the company relies heavily on non-cash accounting adjustments to mitigate the appearance of its cash burn. Investors should monitor whether this divergence continues as clinical trial intensity increases, as it may imply that the company's reported losses understate the actual capital required to sustain operations.
As reported in financial statements, TYRA's free cash flow has deteriorated from a quarterly outflow of $14.1 million in 2023Q4 to $32.7 million by 2026Q1, reflecting an aggressive expansion in clinical development spending that outpaces the company's historical cash preservation efforts.
The trajectory of free cash flow indicates a clear trend of accelerating capital consumption as the firm advances its lead candidate through clinical milestones. This trend suggests that the company's liquidity position is under increasing pressure, necessitating either successful clinical data readouts to attract further funding or a potential reduction in pipeline scope.
Based on the reported figures, working capital changes have swung from a $6.8 million outflow in 2024Q1 to a $2.6 million inflow in 2025Q4, demonstrating the inherent instability of cash flows for a firm that lacks recurring revenue and relies on lumpy, project-based operational cycles.
The erratic nature of working capital adjustments appears to be a byproduct of the company's clinical-stage status rather than operational efficiency. Such volatility warrants further investigation into whether these fluctuations represent timing differences in vendor payments or the irregular nature of clinical trial site management costs.
As indicated by the quarterly cash flow statements, stock-based compensation has consistently accounted for a significant portion of the net loss, reaching $7.8 million in 2026Q1, which effectively subsidizes the company's cash burn by reducing the immediate need for cash-based compensation for scientific personnel.
While stock-based compensation preserves cash, it represents a significant dilution risk that investors must weigh against the company's clinical progress. The reliance on equity to retain talent suggests that the company's ability to maintain its research momentum is intrinsically linked to its share price performance and the broader biotech capital market environment.
Quick answers to the most common questions about buying TYRA stock.
Tyra Biosciences, Inc. (TYRA) generated $-95.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tyra Biosciences, Inc. (TYRA) reported negative free cash flow of $95.3M in 2025, indicating capital requirements exceeded cash from operations.
Tyra Biosciences, Inc. (TYRA) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.