Tenaya Therapeutics, Inc. (TNYA) Cash Flow Statement
Where TNYA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$68.3M
- Capital expenditures
- $618,000
- Free cash flow
- −$68.9M
- Returned to shareholders
- —
- Change in cash
- $96.2M cash at year-end $101.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TNYA operating cash flow, capex and free cash flow
TNYA cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$24.1M2019 | −$68.3M2025 | — | |
| Capital expenditures | $2.9M2019 | $618,0002025 | −22.8%/yr | |
| Free cash flow | −$27.0M2019 | −$68.9M2025 | — | |
| Stock-based compensation | $414,0002019 | $13.0M2025 | +77.7%/yr | |
| Share buybacks (net) | $3,0002019 | $02022 | −100.0% |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TNYA cash flow by activity
TNYA 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).
TNYA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$90.6M | −$111.1M | −$124.1M | −$123.7M | −$72.7M | −$38.4M | −$26.2M |
| Depreciation & amortization | $8.4M | $8.5M | $8.7M | $6.5M | $3.0M | $2.5M | $2.0M |
| Stock-based compensation | $13.0M | $16.5M | $15.3M | $11.5M | $3.0M | $741,000 | $414,000 |
| Change in working capital | −$2.5M | −$7.9M | −$5.6M | −$849,000 | $4.7M | −$234,000 | −$250,000 |
| Other non-cash items | $3.3M | $3.6M | $3.7M | $2.2M | $1.3M | −$42,000 | −$18,000 |
| Cash from operating activities | −$68.3M | −$90.5M | −$102.1M | −$104.4M | −$60.8M | −$35.4M | −$24.1M |
| Investing activities | |||||||
| Capital expenditures | −$618,000 | −$1.0M | −$1.2M | −$20.6M | −$25.1M | −$9.8M | −$2.9M |
| Investments (net) | $56.7M | $1.1M | $69.6M | $104.3M | −$213.4M | $2.8M | −$2.7M |
| Acquisitions & other investing | $0 | $1.0M | −$19.7M | $8,000 | $0 | $0 | $0 |
| Cash from investing activities | $56.1M | $1.1M | $48.7M | $83.7M | −$238.6M | −$7.0M | −$5.6M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | — | — | — | $77.8M | −$13,000 | −$1,000 | −$3,000 |
| Shares issued | $106.0M | $46.8M | $81.3M | $77.4M | $208.5M | $147.2M | $30.4M |
| Other financing | $2.4M | $987,000 | −$77.2M | −$77.4M | $461,000 | $34,000 | $68,000 |
| Cash from financing activities | $108.4M | $47.7M | $4.0M | $77.8M | $209.0M | $147.3M | $30.5M |
| Summary | |||||||
| Net change in cash | $96.2M | −$41.6M | −$49.3M | $57.0M | −$90.4M | $104.8M | $832,000 |
| Cash at end of period | $101.0M | $4.7M | $46.4M | $95.7M | $38.7M | $129.1M | $24.3M |
| Free cash flow | −$68.9M | −$91.5M | −$103.3M | −$125.1M | −$85.9M | −$45.2M | −$27.0M |
| 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 | −$62.7M | −$19.3M | −$20.2M | −$20.3M | −$23.3M | −$26.9M | −$23.8M | −$25.6M | −$29.4M | −$32.2M | −$29.9M | −$29.1M |
| Depreciation & amortization | $1.7M | $1.8M | $1.8M | $1.9M | $2.4M | $2.7M | $2.1M | $2.1M | $2.1M | $2.2M | $2.2M | $2.2M |
| Stock-based compensation | $3.9M | $2.2M | $2.7M | $2.9M | $3.6M | $3.7M | $3.8M | $3.9M | $4.6M | $4.2M | $3.9M | $4.0M |
| Change in working capital | $8.2M | −$4.6M | $893,000 | −$921,000 | $1.0M | −$3.4M | −$1.0M | −$1.3M | −$1.9M | −$3.6M | −$671,000 | −$1.2M |
| Other non-cash items | $26.1M | $662,000 | $770,000 | $799,000 | $643,000 | $795,000 | $636,000 | $1.1M | $1.0M | $828,000 | $2.6M | $533,000 |
| Cash from operating activities | −$22.8M | −$19.2M | −$13.9M | −$15.6M | −$15.6M | −$23.1M | −$18.4M | −$19.8M | −$23.6M | −$28.7M | −$21.9M | −$23.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$170,000 | −$11,000 | −$67,000 | −$26,000 | −$142,000 | −$383,000 | −$204,000 | −$184,000 | −$73,000 | −$564,000 | −$394,000 | −$8,000 |
| Investments (net) | $0 | $0 | $0 | $8.9M | $25.0M | $22.3M | $14.1M | −$30.1M | $21.6M | −$4.5M | −$14.9M | $30.5M |
| Acquisitions & other investing | $0 | $0 | $0 | $26,000 | $142,000 | $383,000 | $204,000 | $184,000 | $73,000 | $564,000 | $394,000 | $8,000 |
| Cash from investing activities | −$170,000 | −$11,000 | −$67,000 | $8.9M | $25.0M | $22.3M | $14.1M | −$30.1M | $21.6M | −$4.5M | −$14.9M | $30.5M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $56.3M | $0 | $0 | $50.3M | $0 | $0 | $0 | $46.8M | $0 | $0 |
| Other financing | $494,000 | −$415,000 | $2.0M | $380,000 | −$476,000 | $0 | $377,000 | $31,000 | $570,000 | $9,000 | $371,000 | $0 |
| Cash from financing activities | $494,000 | −$415,000 | $58.2M | $380,000 | −$476,000 | $50.3M | $377,000 | $31,000 | $570,000 | $46.8M | $371,000 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$22.5M | −$19.7M | $44.2M | −$6.4M | $8.9M | $49.4M | −$3.9M | −$49.9M | −$1.4M | $13.6M | −$36.5M | $6.8M |
| Cash at end of period | $78.5M | $80.9M | $101.0M | $56.3M | $63.1M | $54.2M | $4.7M | $8.2M | $58.6M | $60.0M | $45.7M | $82.8M |
| Free cash flow | −$23.0M | −$19.2M | −$14.0M | −$15.6M | −$15.8M | −$23.5M | −$18.6M | −$20.0M | −$23.7M | −$29.2M | −$22.3M | −$23.6M |
| Free cash flow margin | −2,068.1% | −8,553.3% | — | — | — | — | — | — | — | — | −126.3% | — |
| Capex / revenue | 15.3% | 4.9% | — | — | — | — | — | — | — | — | 2.2% | — |
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.
TNYA cash generation
In fiscal 2025 (ended December 31, 2025), Tenaya Therapeutics generated -$68.3 million of cash from operations and spent $0.6 million on capital expenditures, leaving free cash flow of -$68.9 million. Cash and equivalents rose by $96.2 million over the year.
Related: TNYA income statement, TNYA balance sheet. See the TNYA stock overview for the latest quote and news.
TNYA cash flow FAQ
What is Tenaya Therapeutics's free cash flow?
Tenaya Therapeutics's free cash flow was -$68.9 million in fiscal 2025: -$68.3 million of operating cash flow minus $0.6 million of capital expenditures It was -$91.5 million a year earlier..
How much cash does Tenaya Therapeutics generate from operations?
Tenaya Therapeutics generated -$68.3 million of cash from operating activities in fiscal 2025.
How much does Tenaya Therapeutics spend on capital expenditures?
Tenaya Therapeutics spent $0.6 million on capital expenditures in fiscal 2025, compared with $1.0 million the year before.