Theriva Biologics, Inc. (TOVX) Cash Flow Statement
Where TOVX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$16.7M
- Capital expenditures
- $35,000
- Free cash flow
- −$16.7M
- Returned to shareholders
- —
- Change in cash
- $1.4M cash at year-end $13.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TOVX operating cash flow, capex and free cash flow
TOVX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$27.9M2016 | −$16.7M2025 | — | |
| Capital expenditures | $569,0002016 | $35,0002025 | −26.6%/yr | |
| Free cash flow | −$28.5M2016 | −$16.7M2025 | — | |
| Stock-based compensation | $4.0M2016 | $654,0002025 | −18.2%/yr | |
| Share buybacks (net) | $02021 | $02023 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOVX cash flow by activity
TOVX 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).
TOVX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$23.7M | −$25.7M | −$18.3M | −$19.7M | −$14.3M | −$10.1M | −$15.4M | −$13.4M | −$15.5M | −$27.8M |
| Depreciation & amortization | $108,000 | $137,000 | $135,000 | $85,000 | $87,000 | $201,000 | $240,000 | $272,000 | $245,000 | $157,000 |
| Stock-based compensation | $654,000 | $671,000 | $552,000 | $475,000 | $416,000 | $350,000 | $340,000 | $2.1M | $3.4M | $4.0M |
| Change in working capital | −$3.1M | $726,000 | $2.3M | −$806,000 | $709,000 | −$2.8M | $855,000 | −$2.2M | $2.4M | $7.1M |
| Other non-cash items | $9.4M | $7.2M | −$3.6M | $849,000 | $166,000 | $178,000 | $72,000 | −$4.0M | −$10.7M | −$11.4M |
| Cash from operating activities | −$16.7M | −$16.9M | −$19.0M | −$19.1M | −$12.9M | −$12.2M | −$13.9M | −$17.3M | −$20.2M | −$27.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$35,000 | −$1,000 | −$202,000 | −$116,000 | −$14,000 | −$9,000 | −$9,000 | −$7,000 | −$212,000 | −$569,000 |
| Investments (net) | — | −$1,000 | −$237,000 | −$4.4M | −$14,000 | −$9,000 | $0 | −$7,000 | — | — |
| Acquisitions & other investing | $0 | $1,000 | $237,000 | $116,000 | $14,000 | $9,000 | $0 | $7,000 | $0 | $0 |
| Cash from investing activities | −$35,000 | −$1,000 | −$202,000 | −$4.4M | −$14,000 | −$9,000 | −$9,000 | −$7,000 | −$212,000 | −$569,000 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | $0 | −$288,000 | $0 | — | — | — | — | — |
| Net borrowing (repayment) | $1.4M | −$67,000 | −$75,000 | −$1.4M | $0 | — | — | — | — | — |
| Shares issued | $13.5M | $5.6M | $2.2M | $2.7M | $66.0M | $3.4M | $0 | $29.1M | $0 | $0 |
| Other financing | $3.2M | $0 | −$1.5M | −$3.0M | $8.0M | $0 | $3.4M | $0 | $18.5M | $26.7M |
| Cash from financing activities | $18.2M | $5.5M | $625,000 | −$1.9M | $74.0M | $3.4M | $3.4M | $29.1M | $18.5M | $26.7M |
| Summary | ||||||||||
| Net change in cash | $1.4M | −$11.6M | −$18.6M | −$25.4M | $61.1M | −$8.8M | −$13.9M | $11.8M | −$1.9M | −$1.8M |
| Cash at end of period | $13.1M | $11.7M | $23.3M | $41.9M | $67.3M | $6.2M | $15.0M | $28.9M | $17.1M | $19.1M |
| Free cash flow | −$16.7M | −$16.9M | −$19.2M | −$19.2M | −$12.9M | −$12.2M | −$13.9M | −$17.3M | −$20.4M | −$28.5M |
| 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 | −$3.2M | −$2.0M | −$2.0M | −$4.4M | −$13.1M | −$4.3M | −$4.4M | −$7.7M | −$8.3M | −$5.2M | −$5.5M | −$3.3M |
| Depreciation & amortization | $24,000 | $24,000 | $27,000 | $28,000 | $27,000 | $26,000 | $27,000 | $33,000 | $38,000 | $39,000 | $39,000 | $134,000 |
| Stock-based compensation | $135,000 | $135,000 | $153,000 | $228,000 | $173,000 | $100,000 | $162,000 | $177,000 | $172,000 | $160,000 | $145,000 | $135,000 |
| Change in working capital | $389,000 | −$324,000 | −$1.5M | −$526,000 | −$693,000 | −$290,000 | −$516,000 | $253,000 | $991,000 | −$2,000 | $471,000 | $2.2M |
| Other non-cash items | −$27,000 | −$247,000 | $483,000 | $312,000 | $8.8M | −$268,000 | $83,000 | $3.4M | $3.7M | $87,000 | −$1.7M | −$2.1M |
| Cash from operating activities | −$2.7M | −$2.5M | −$2.9M | −$4.3M | −$4.7M | −$4.8M | −$4.7M | −$3.9M | −$3.5M | −$4.9M | −$6.5M | −$3.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3,000 | $0 | $0 | −$19,000 | −$16,000 | $0 | $0 | $0 | −$1,000 | $0 | −$56,000 | −$129,000 |
| Investments (net) | — | — | — | −$19,000 | −$16,000 | $0 | $0 | $0 | −$1,000 | $0 | −$56,000 | −$129,000 |
| Acquisitions & other investing | $0 | — | — | $19,000 | $16,000 | — | — | — | $1,000 | — | $56,000 | $129,000 |
| Cash from investing activities | −$3,000 | — | — | −$19,000 | −$16,000 | — | — | — | −$1,000 | — | −$56,000 | −$129,000 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −$11,000 | −$49,000 | $14,000 | $32,000 | $46,000 | $1.3M | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $2.3M | $6.6M | $279,000 | $6.7M | $0 | $7,000 | $3.7M | $0 | $0 | $62,000 | $1,000 |
| Other financing | $2.3M | $1.6M | $1.9M | −$459,000 | $75,000 | $1.7M | $0 | $0 | $1.8M | $0 | −$1.5M | $0 |
| Cash from financing activities | $2.3M | $3.9M | $8.5M | −$148,000 | $6.8M | $3.1M | $7,000 | $3.7M | $1.8M | $0 | −$1.5M | $1,000 |
| Summary | ||||||||||||
| Net change in cash | −$403,000 | $1.4M | $5.5M | −$4.6M | $2.1M | −$1.6M | −$4.8M | −$180,000 | −$1.7M | −$4.9M | −$8.0M | −$3.1M |
| Cash at end of period | $14.1M | $14.5M | $13.1M | $7.5M | $12.1M | $10.1M | $11.7M | $16.5M | $16.6M | $18.4M | $23.3M | $31.2M |
| Free cash flow | −$2.7M | −$2.5M | −$2.9M | −$4.3M | −$4.7M | −$4.8M | −$4.7M | −$3.9M | −$3.5M | −$4.9M | −$6.6M | −$3.1M |
| Free cash flow margin | — | −818.7% | — | — | — | — | −3,046.1% | — | — | — | −870.3% | — |
| Capex / revenue | — | 0.0% | — | — | — | — | 0.0% | — | — | — | 7.4% | — |
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.
TOVX cash generation
In fiscal 2025 (ended December 31, 2025), Theriva Biologics generated -$16.7 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$16.7 million. Cash and equivalents rose by $1.4 million over the year.
Related: TOVX income statement, TOVX balance sheet. See the TOVX stock overview for the latest quote and news.
TOVX cash flow FAQ
What is Theriva Biologics's free cash flow?
Theriva Biologics's free cash flow was -$16.7 million in fiscal 2025: -$16.7 million of operating cash flow minus $0.0 million of capital expenditures It was -$16.9 million a year earlier..
How much cash does Theriva Biologics generate from operations?
Theriva Biologics generated -$16.7 million of cash from operating activities in fiscal 2025.
How much does Theriva Biologics spend on capital expenditures?
Theriva Biologics spent $0.0 million on capital expenditures in fiscal 2025, compared with $0.0 million the year before.