First Tracks Biotherapeutics (TRAX) Cash Flow Statement
Where TRAX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$142.9M
- Capital expenditures
- $87,000
- Free cash flow
- −$143.0M
- Returned to shareholders
- —
- Change in cash
- $115.1M cash at year-end $238.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TRAX operating cash flow, capex and free cash flow
TRAX cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$93.0M2023 | −$142.9M2025 | — | |
| Capital expenditures | $807,0002023 | $87,0002025 | −67.2%/yr | |
| Free cash flow | −$93.8M2023 | −$143.0M2025 | — | |
| Stock-based compensation | $18.4M2023 | $32.3M2025 | +32.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRAX cash flow by activity
TRAX 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).
TRAX cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$166.1M | −$163.7M | −$106.2M |
| Depreciation & amortization | $2.4M | $2.4M | $2.4M |
| Stock-based compensation | $32.3M | $26.8M | $18.4M |
| Change in working capital | −$1.5M | $19.0M | $2.9M |
| Other non-cash items | −$10.0M | −$10.3M | −$10.5M |
| Cash from operating activities | −$142.9M | −$125.8M | −$93.0M |
| Investing activities | |||
| Capital expenditures | −$87,000 | −$358,000 | −$807,000 |
| Investments (net) | — | $95.8M | $145.6M |
| Acquisitions & other investing | $228.1M | $0 | $0 |
| Cash from investing activities | $228.0M | $95.4M | $144.8M |
| Financing activities | |||
| Shares issued | $0 | $0 | $0 |
| Other financing | $30.0M | $117.5M | −$87.1M |
| Cash from financing activities | $30.0M | $117.5M | −$87.1M |
| Summary | |||
| Net change in cash | $115.1M | $87.1M | −$35.3M |
| Cash at end of period | $238.2M | $123.1M | $36.0M |
| Free cash flow | −$143.0M | −$126.2M | −$93.8M |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$33.4M | −$50.5M | −$42.4M | −$47.2M |
| Depreciation & amortization | $207,000 | $125,000 | $601,000 | $606,000 |
| Stock-based compensation | $8.3M | $11.5M | $7.7M | $7.7M |
| Change in working capital | −$7.2M | $6.3M | −$2.9M | −$4.5M |
| Other non-cash items | $146,000 | −$8,000 | −$1.6M | −$1.7M |
| Cash from operating activities | −$31.9M | −$32.6M | −$38.6M | −$45.0M |
| Investing activities | ||||
| Capital expenditures | −$25,000 | −$17,000 | −$39,000 | −$35,000 |
| Investments (net) | $0 | $35.0M | $36.4M | $14.9M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$25,000 | $35.0M | $36.4M | $14.8M |
| Financing activities | ||||
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | −$48.5M | $7.9M | −$52.1M | $5.7M |
| Cash from financing activities | −$48.5M | $7.9M | −$52.1M | $5.7M |
| Summary | ||||
| Net change in cash | −$80.5M | $10.3M | −$54.3M | −$24.4M |
| Cash at end of period | $168.0M | $248.5M | $44.3M | $98.6M |
| Free cash flow | −$31.9M | −$32.6M | −$38.7M | −$45.0M |
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.
TRAX cash generation
In fiscal 2025 (ended December 31, 2025), First Tracks Biotherapeutics generated -$142.9 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$143.0 million. Cash and equivalents rose by $115.1 million over the year.
Related: TRAX income statement, TRAX balance sheet. See the TRAX stock overview for the latest quote and news.
TRAX cash flow FAQ
What is First Tracks Biotherapeutics's free cash flow?
First Tracks Biotherapeutics's free cash flow was -$143.0 million in fiscal 2025: -$142.9 million of operating cash flow minus $0.1 million of capital expenditures It was -$126.2 million a year earlier..
How much cash does First Tracks Biotherapeutics generate from operations?
First Tracks Biotherapeutics generated -$142.9 million of cash from operating activities in fiscal 2025.
How much does First Tracks Biotherapeutics spend on capital expenditures?
First Tracks Biotherapeutics spent $0.1 million on capital expenditures in fiscal 2025, compared with $0.4 million the year before.