TransCode Therapeutics, Inc. (RNAZ) Cash Flow Statement
Where RNAZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$19.5M
- Capital expenditures
- $6,660
- Free cash flow
- −$19.5M
- Returned to shareholders
- $1.61B
- Change in cash
- $12.0M cash at year-end $17.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RNAZ operating cash flow, capex and free cash flow
RNAZ cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$299,5722018 | −$19.5M2025 | — | |
| Capital expenditures | $254,8202018 | $6,6602025 | −40.6%/yr | |
| Free cash flow | −$299,5722018 | −$19.5M2025 | — | |
| Stock-based compensation | $22,3792018 | $485,4282025 | +55.2%/yr | |
| Dividends paid | $30.6M2024 | $1.61B2025 | +5,162.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RNAZ cash flow by activity
RNAZ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RNAZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$34.7M | −$16.8M | −$18.5M | −$17.6M | −$6.8M | −$2.3M | −$607,212 | −$453,440 |
| Depreciation & amortization | $114,177 | $534,857 | $516,746 | $98,606 | $42,470 | $42,470 | $42,470 | $42,470 |
| Stock-based compensation | $485,428 | $1.7M | $1.0M | $395,329 | $185,996 | $45,444 | $1,397 | $22,379 |
| Change in working capital | $15,567 | −$351,479 | −$1.1M | $1.3M | $432,386 | $309,763 | −$4,704 | $24,941 |
| Other non-cash items | $14.5M | $1.5M | $0 | $0 | $915,662 | $1.5M | $59,541 | $64,078 |
| Cash from operating activities | −$19.5M | −$13.3M | −$18.1M | −$15.8M | −$5.3M | −$492,971 | −$508,508 | −$299,572 |
| Investing activities | ||||||||
| Capital expenditures | −$6,660 | −$21,761 | −$35,609 | −$100,918 | −$254,820 | −$254,820 | −$254,820 | −$254,820 |
| Investments (net) | — | −$21,761 | −$63,824 | −$100,919 | −$251,820 | $0 | — | — |
| Acquisitions & other investing | $2,224 | $21,761 | $63,824 | $100,918 | $254,820 | $3,000 | $3,000 | $3,000 |
| Cash from investing activities | −$4,436 | −$21,761 | −$35,609 | −$100,919 | −$251,820 | −$251,820 | −$251,820 | −$251,820 |
| Financing activities | ||||||||
| Dividends paid | −$1.61B | −$30.6M | — | — | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | $0 | $1.2M | $500,000 | $547,159 |
| Shares issued | $31.5M | $16.4M | $14.9M | $1.2M | $26.3M | $0 | $0 | $0 |
| Other financing | $1.61B | $30.6M | $978,153 | −$1.2M | −$818,551 | −$73,484 | $0 | −$34,728 |
| Cash from financing activities | $31.5M | $16.4M | $15.9M | $5,989 | $25.5M | $1.1M | $500,000 | $512,431 |
| Summary | ||||||||
| Net change in cash | $12.0M | $3.0M | −$2.2M | −$15.9M | $20.0M | $623,545 | −$8,508 | $212,859 |
| Cash at end of period | $17.8M | $5.8M | $2.8M | $5.0M | $20.8M | $828,016 | $204,471 | $212,979 |
| Free cash flow | −$19.5M | −$13.4M | −$18.1M | −$15.9M | −$5.5M | −$492,971 | −$508,508 | −$299,572 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$6.8M | −$17.79B | −$13.4M | −$4.9M | −$4.3M | −$12.1M | −$5.9M | −$2.3M | −$5.2M | −$3.3M | −$4.1M | −$5.3M |
| Depreciation & amortization | $23,937 | $23,936 | $44,780 | $4,781 | $13,443 | $51,174 | $122,855 | $127,521 | $142,835 | $141,647 | $140,173 | $138,783 |
| Stock-based compensation | $0 | −$95.7M | $61,865 | $134.3M | $289.1M | $157,729 | $168,770 | $204,482 | $1.1M | $183,152 | $310,314 | $392,331 |
| Change in working capital | $1.3M | $2.1M | $340,577 | $354,612 | −$224,503 | −$455,000 | $942,349 | −$1.9M | $1.6M | −$935,214 | −$2.0M | $1.3M |
| Other non-cash items | $45,877 | $12.90B | $4.9M | −$133.9M | −$288.8M | $9.2M | $1.5M | $0 | −$1 | $0 | $0 | $0 |
| Cash from operating activities | −$5.4M | −$4.98B | −$8.1M | −$4.1M | −$4.2M | −$3.1M | −$3.1M | −$3.9M | −$2.3M | −$3.9M | −$5.7M | −$3.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$3 | $0 | −$3 | −$1 | −$500 | −$500 | −$12,870 | −$4,555 | −$3,836 | $0 | −$4,606 |
| Investments (net) | — | — | — | $0 | $0 | $0 | −$500 | −$12,870 | −$4,555 | −$3,836 | $0 | −$4,606 |
| Acquisitions & other investing | — | −$4,433 | — | — | — | $0 | — | $12,870 | $4,555 | $3,836 | — | $4,606 |
| Cash from investing activities | — | −$4,436 | — | — | — | −$500 | — | −$12,870 | −$4,555 | −$3,836 | — | −$4,606 |
| Financing activities | ||||||||||||
| Dividends paid | −$115,000 | −$1.73B | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $22.7M | $0 | $0 | $8.9M | $7.1M | $2.4M | $785,198 | $6.1M | $978,153 | $7.3M |
| Other financing | $1.1M | $1.75B | $455,726 | −$455,726 | $8.85B | $203 | $0 | $0 | $0 | $0 | $0 | $135,797 |
| Cash from financing activities | $950,000 | $23.1M | $23.1M | −$455,726 | $8.85B | $8.9M | $7.1M | $2.4M | $785,198 | $6.1M | $978,153 | $7.4M |
| Summary | ||||||||||||
| Net change in cash | −$4.5M | −$4.98B | $15.0M | −$4.5M | −$4.2M | $5.8M | $3.9M | −$1.5M | −$1.6M | $2.1M | −$4.7M | $3.9M |
| Cash at end of period | $8.4M | $12.84B | $17.8M | $2.8M | $7.4M | $11.6M | $5.8M | $1.9M | $3.4M | $4.9M | $2.8M | $7.5M |
| Free cash flow | −$5.4M | −$4.98B | −$8.1M | −$4.1M | −$4.2M | −$3.1M | −$3.1M | −$3.9M | −$2.3M | −$3.9M | −$5.7M | −$3.5M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | −523.3% | — | — |
| Capex / revenue | — | — | — | — | — | — | — | — | — | 0.5% | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RNAZ cash generation
In fiscal 2025 (ended December 31, 2025), TransCode Therapeutics generated -$19.5 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$19.5 million. It returned $1.6 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($0). Cash and equivalents rose by $12.0 million over the year.
Related: RNAZ income statement, RNAZ balance sheet. See the RNAZ stock overview for the latest quote and news.
RNAZ cash flow FAQ
What is TransCode Therapeutics's free cash flow?
TransCode Therapeutics's free cash flow was -$19.5 million in fiscal 2025: -$19.5 million of operating cash flow minus $0.0 million of capital expenditures It was -$13.4 million a year earlier..
How much cash does TransCode Therapeutics generate from operations?
TransCode Therapeutics generated -$19.5 million of cash from operating activities in fiscal 2025.
How much does TransCode Therapeutics spend on capital expenditures?
TransCode Therapeutics spent $0.0 million on capital expenditures in fiscal 2025, compared with $0.0 million the year before.
How much does TransCode Therapeutics pay in dividends?
TransCode Therapeutics paid $1.6 billion in dividends in fiscal 2025.