Free cash flow remains deeply negative with a $5.0 billion outflow in 2026Q1, while an anomalous OCF/NI ratio of 279.90 suggests that non-cash adjustments are currently masking the underlying cash burn.
| Cash from Operations | -4.99B | -19.52M | -13.34M | -18.07M | -15.76M | -5.27M | -492.97K | -508.51K | -299.57K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -160880.76% | -46.34% | 26.22% | -14.67% | -199.28% | -968.4% | 3.06% | -69.74% | - |
| Net Income | -40.36M | -34.66M | -16.75M | -18.55M | -17.56M | -6.84M | -2.34M | -607.21K | -453.44K |
| Depreciation & Amortization | 17.61M | 114.18K | 534.86K | 516.75K | 98.61K | 42.47K | 0 | 0 | 0 |
| Stock-Based Compensation | -95.71M | 485.43K | 1.7M | 1.04M | 395.33K | 186K | 45.44K | 1.4K | 22.38K |
| Deferred Taxes | 457.38M | 0 | 0 | 0 | 0 | 876.19K | 0 | 0 | 0 |
| Other Non-Cash Items | 13.79B | 14.53M | 1.54M | 0 | 0 | 39.47K | 1.5M | 102.01K | 106.55K |
| Working Capital Changes | 2.59M | 15.57K | -351.48K | -1.08M | 1.31M | 432.39K | 309.76K | -4.7K | 24.94K |
| Change in Receivables | 322.44K | -952.46K | 0 | 360.23K | -360.23K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.19M | 0 | 0 | 0 | 1.84M | 2.29M | 191.25K | -54.74K | 0 |
| Cash from Investing | -4.44K | -4.44K | -21.76K | -35.61K | -100.92K | -251.82K | 0 | 0 | 0 |
| Capital Expenditures | -6.66K | -6.66K | -21.76K | -35.61K | -100.92K | -254.82K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 2.22K | 2.22K | 0 | 0 | 0 | 3K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 22.67M | 31.52M | 16.4M | 15.91M | 5.99K | 25.52M | 1.12M | 500K | 512.43K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 500K | 550K |
| Equity Issued (Net) | 0 | 31.52M | 16.4M | 15.91M | 5.99K | 26.34M | 0 | 0 | 0 |
| Dividends Paid | -1.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.75B | 0 | 0 | 0 | 0 | -818.55K | -73.48K | 0 | -37.57K |
| Net Change in Cash | -4.97B | 12M | 3.04M | -2.2M | -15.86M | 20M | 623.54K | -8.51K | 212.86K |
| Free Cash Flow | -4.99B | -19.52M | -13.36M | -18.11M | -15.86M | -5.52M | -492.97K | -508.51K | -299.57K |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -39812.38% | -46.15% | 26.24% | -14.16% | -187.29% | -1020.09% | 3.06% | -69.74% | - |
| FCF per Share | -5446.75 | -28.31 | -37.51 | -3338.63 | -977.96 | -524.28 | -61.78 | -79.37 | -1558.57 |
| FCF Conversion (FCF/Net Income) | 123.75x | 0.56x | 0.80x | 0.97x | 0.90x | 0.77x | 0.21x | 0.84x | 0.66x |
| Interest Paid | 0 | 0 | 16.63K | 32.86K | 0 | 17.87K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Runway
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio reaching an anomalous 279.90 in 2026Q1, suggesting that non-cash adjustments and working capital fluctuations are currently masking the underlying cash burn of the business.
The extreme divergence between net income and operating cash flow indicates that traditional earnings metrics are poor proxies for the company's actual liquidity position. Investors should monitor these non-cash adjustments, as they appear to be driven by accounting volatility rather than operational efficiency.
Based on the company's reported figures, free cash flow remains consistently negative, with a significant outflow of $5.0 billion recorded in 2026Q1, highlighting the structural inability of the current business model to generate self-sustaining cash flow while advancing its clinical-stage therapeutic pipeline.
The persistent negative FCF trajectory confirms that the company is in a pure capital-consumption phase. Without a shift toward milestone-based revenue or a strategic partnership, the current burn rate suggests that the company will remain entirely dependent on external financing to maintain its operations.
According to recent SEC filings, working capital changes have shown erratic behavior, swinging from a $2.1 million inflow in 2026Q1 to a $2.0 million outflow in 2023Q4, which complicates the predictability of the company's short-term cash requirements and overall liquidity management.
The inconsistency in working capital movements suggests that the company's cash position is sensitive to the timing of clinical trial payments and vendor obligations. This volatility warrants further investigation into the company's ability to manage its payables effectively during periods of heightened R&D activity.
As indicated by the provided data, the cash flow statement is heavily influenced by non-cash items such as stock-based compensation and depreciation, which reached $23.9 million in 2026Q1, potentially obscuring the true economic cost of maintaining the company's proprietary iron oxide nanoparticle delivery platform.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the reported cash burn may be understated. Investors should be cautious, as these accounting entries do not represent actual cash availability and may mask the true intensity of the company's capital requirements.
Quick answers to the most common questions about buying RNAZ stock.
TransCode Therapeutics, Inc. (RNAZ) generated $-19.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TransCode Therapeutics, Inc. (RNAZ) reported negative free cash flow of $19.5M in 2025, indicating capital requirements exceeded cash from operations.
TransCode Therapeutics, Inc. (RNAZ) 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.