Free cash flow burn has accelerated to a quarterly outflow of $145.1 million, reflecting the heavy financial burden of simultaneous clinical trial advancement.
| Metric | TTM | Dec'25 | 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 |
|---|
| Cash from Operations | -442.24M | -403.21M | -292.37M | -188.16M | -153.65M | -119.56M | -46.51M | -11.83M | -4.16M | 585M | 676M | 94M | -62M | 175M | -44M | -20M | 423M | 135M | 319M | 341M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | 115.61% | 49.49% | 11.16% | -4.23% | 5833.33% | -1466.67% | -1.26% | 18.21% | 5.47% | 8.99% | 10.99% |
| Operating CF Growth % | -163.7% | -37.91% | -55.38% | -22.46% | -28.51% | -157.08% | -293% | -184.2% | -100.71% | -13.46% | 619.15% | 251.61% | -135.43% | 497.73% | -120% | -104.73% | 213.33% | -57.68% | -6.45% | - |
| Net Income | -451.71M | -446.21M | -317.42M | -235.94M | -168.1M | -149.29M | -59.44M | -14.86M | -4.81M | 76M | -1.24B | 50M | -67M | -356M | 87M | -1.65B | -234M | -1.26B | 174M | 264M |
| Depreciation & Amortization | 2.07M | 2.05M | -1.93M | 1.67M | 1.68M | 1.09M | 700K | 271K | 24K | 867M | 766M | 614M | 292M | 467M | 26M | 346M | 408M | 359M | 376M | 333M |
| Stock-Based Compensation | 34.83M | 45.85M | 45.86M | 19.97M | 15.18M | 17.54M | 6.59M | 26K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.59M | 12K | 0 | 0 | 610M | 45M | 477M | 1M | 56M | 0 | 632M | 195M | -436M | 73M | 215M |
| Other Non-Cash Items | 9.99M | -1.49M | 607K | -173K | 2.97M | -746K | 514K | 1.32M | 21K | 584M | 136M | -215M | -1.34B | -275M | -340M | 813M | -434M | 2.38B | -741M | -471M |
| Working Capital Changes | -37.42M | -3.4M | -19.49M | 26.31M | -5.38M | 9.26M | 5.11M | 1.41M | 601K | -1.6B | 938M | -860M | 1.03B | 268M | 183M | -166M | 488M | -910M | 437M | 522M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -47M | 42M | -64M | 161M | -75M | -511M | 49M | 16M | 66M | 68M | -114M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110M | 154M | -119M | -20M | 24M | 1M | -3M | -16M | 7M | 3M | -13M |
| Change in Payables | 12.05M | 8.25M | -8.96M | 22.97M | -1.24M | 13.7M | 8.57M | 1.69M | 635K | 46M | 84M | 90M | -131M | 71M | -3M | 105M | -18M | -112M | -71M | -15M |
| Cash from Investing | -32.6M | -28.75M | -204.08M | 83.31M | 87.2M | -137.89M | -45.66M | -1.65M | -134K | -2.76B | -2.15B | -1.19B | -5.15B | 474M | 348M | -254M | -534M | 251M | -102M | -817M |
| Capital Expenditures | -19.95M | -1.92M | -2.38M | -729K | -3.07M | -3.62M | -1.16M | -1.65M | -134K | -224M | -326M | -275M | 0 | -98M | 0 | -242M | -333M | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | 44.27% | 23.87% | 32.66% | - | 3266.67% | - | 15.27% | 14.33% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 34K | 8K | 0 | 0 | 0 | -3.32B | 0 | -6.08B | 0 | 234M | 0 | 0 | 0 | 0 | 0 | -128M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 54K | -18.76M | 35K | 0 | -34K | -8K | 0 | 0 | 0 | 784M | -1.82B | 5.41B | -5.15B | 338M | 348M | -12M | 307M | 251M | -102M | -689M |
| Cash from Financing | 756.13M | 890.31M | 809.89M | 54.32M | 37.39M | 157.82M | 380.69M | 19.99M | 12.42M | -1.3B | 2.74B | -265M | 5.21B | -154M | -328M | 379M | -69M | -608M | 148M | 433M |
| Debt Issued (Net) | 153.91M | 147.7M | 0 | 0 | 0 | 0 | -64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 602.25M | 742.61M | 773.05M | 52.37M | 36.86M | 157.24M | 381.17M | 19.99M | 7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 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 | 0 | -250M | -1.87B | -843M | -348M | -396M | -291M | 0 | 0 | 0 |
| Other Financing | -30K | 0 | 36.84M | 1.95M | 529K | 584K | -420K | 0 | 5M | -1.3B | 2.74B | -265M | 5.21B | -154M | -328M | 379M | -69M | -608M | 148M | 433M |
| Net Change in Cash | 281.28M | 458.35M | 313.45M | -50.52M | -29.05M | -99.63M | 288.52M | 6.51M | 12.42M | -3.47B | 1.27B | -1.36B | 0 | 495M | -107M | 105M | -180M | -222M | 365M | -43M |
| Free Cash Flow | -462.19M | -405.13M | -294.75M | -188.89M | -156.71M | -123.18M | -47.67M | -13.48M | -4.3M | 361M | 350M | -181M | -62M | 77M | -44M | -262M | 90M | 135M | 319M | 341M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | 71.34% | 25.62% | -21.5% | -4.23% | 2566.67% | -1466.67% | -16.53% | 3.87% | 5.47% | 8.99% | 10.99% |
| FCF Growth % | -43.14% | -37.45% | -56.04% | -20.53% | -27.22% | -158.41% | -253.6% | -213.66% | -101.19% | 3.14% | 293.37% | -191.94% | -180.52% | 275% | 83.21% | -391.11% | -33.33% | -57.68% | -6.45% | - |
| FCF per Share | -2.80 | -3.15 | -3.13 | -3.16 | -3.02 | -2.42 | -1.01 | -0.30 | -0.42 | 2.23 | 2.71 | -1.44 | -0.49 | 0.77 | -0.44 | -2.15 | 0.74 | 0.13 | 0.37 | 0.33 |
| FCF Conversion (FCF/Net Income) | 1.02x | 0.90x | 0.92x | 0.80x | 0.91x | 0.80x | 0.79x | 0.87x | 0.87x | 7.70x | -0.55x | 1.88x | 0.93x | -0.49x | -0.51x | 0.01x | -1.81x | -0.11x | 1.83x | 1.29x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
Clinical Trial Execution Risk
According to the company's quarterly cash flow statements, the OCF/NI ratio reached 1.20 in 2026Q1, highlighting a persistent disconnect where cash outflows consistently exceed reported net losses due to the aggressive scaling of clinical development activities and associated working capital requirements for the FORCE platform.
The consistent OCF/NI ratio above 1.0 suggests that the company's accounting net loss understates the actual cash intensity of its clinical operations. Investors should interpret this divergence as a signal that the firm's cash burn is accelerating faster than the accrual-based income statement might otherwise imply.
As reported in financial statements, Dyne's free cash flow has deteriorated to a quarterly outflow of $145.1 million by 2026Q1, reflecting the heavy financial burden of advancing multiple rare disease programs simultaneously without any offsetting commercial revenue streams to mitigate the ongoing operational cash drain.
The trajectory of FCF outflows appears to be tracking directly with the intensity of clinical trial enrollment and manufacturing preparation. This trend suggests that the company remains in a high-risk phase where cash preservation is secondary to meeting critical regulatory milestones for its pipeline candidates.
Based on reported figures, working capital changes have fluctuated significantly, swinging from a $25.5 million inflow in 2023Q4 to a $37.6 million outflow in 2026Q1, which indicates inconsistent timing in vendor payments and the accumulation of clinical trial-related liabilities as the company scales its operations.
These swings in working capital suggest that the company's cash position is sensitive to the timing of clinical trial milestones and the associated procurement of specialized materials. Analysts should monitor whether these outflows stabilize as the company moves toward more predictable, late-stage clinical development cycles.
Data from recent filings indicates that Dyne maintains a low capital intensity, with quarterly CapEx peaking at only $19.2 million in 2025Q3, suggesting that the firm currently relies on outsourced manufacturing and clinical infrastructure rather than heavy investment in proprietary physical production facilities at this stage.
The relatively low level of CapEx relative to the massive R&D burn suggests that the company is prioritizing asset-light operations to preserve liquidity. This strategy appears prudent, though it may leave the company vulnerable to supply chain bottlenecks if specialized manufacturing capacity becomes constrained in the future.
Quick answers to the most common questions about buying DYN stock.
Dyne Therapeutics, Inc. (DYN) generated $-403.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dyne Therapeutics, Inc. (DYN) reported negative free cash flow of $405.1M in 2025, indicating capital requirements exceeded cash from operations.
Dyne Therapeutics, Inc. (DYN) spent $1.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.