Tyra Biosciences, Inc. (TYRA) Cash Flow Statement

The OCF/NI ratio has hovered between 0.55 and 1.21, with recent quarters around 0.7, meaning cash burn is roughly 70-80% of net loss. This suggests that while SBC and D&A provide some non-cash relief, the company is still consuming cash at a pace nearly matching its accounting losses. The narrowing gap in 2026Q2 (0.68) implies that as R&D spending scales, the cash component of losses is becoming more dominant, warranting close monitoring of liquidity.

The FCF deficit has grown every quarter, with the most pronounced jump in 2026Q2 (sequential increase of ~5% from Q1). This trajectory aligns with the income statement's rising R&D, suggesting the company is intentionally investing in later-stage trials. However, with no revenue, the widening FCF gap implies a finite cash runway, and investors should assess the sufficiency of existing cash reserves against this accelerating burn rate.

CapEx/Revenue is not meaningful due to zero revenue, but the absolute amounts are trivial, suggesting the company's cash burn is driven almost entirely by operating expenses, particularly R&D and SG&A. This implies that the business model does not require significant capital intensity, and future cash needs will likely stem from trial costs and working capital rather than infrastructure. The lack of depreciation (D&A under $0.15M) further confirms an asset-light approach.

The WC changes are immaterial relative to the overall cash burn, suggesting that the company's cash flow is not being distorted by inventory build-ups or collection issues. The occasional positive swings (e.g., +$5.8M in 2024Q2) may reflect timing of payables or prepaid expenses, but they do not signal a structural working capital advantage. This stability implies that cash burn is a direct function of operating losses, reinforcing the need for external funding.

The absence of shareholder returns is typical for a clinical-stage company, but the tiny buybacks in 2024Q1 and Q2 (totaling ~$0.4M) are immaterial and likely relate to employee stock repurchases. This indicates that capital deployment is singularly focused on advancing the pipeline, which is consistent with the accelerating R&D spend. Investors should note that any future capital raises will likely be used to sustain this burn, not to return cash.

The cumulative gap between net income and operating cash flow is substantial, indicating that reported losses overstate the actual cash consumed by about 27%. This divergence is primarily due to stock-based compensation, which has grown to $10.2M per quarter, representing a significant non-cash expense. While this provides some accounting relief, the trend is concerning: as SBC grows, the gap may narrow, meaning future cash burn could accelerate faster than net losses suggest.