The firm is experiencing severe cash burn, highlighted by a 2026Q1 FCF margin of -504.3% and a CapEx/Revenue ratio of 90.2% that reflects the heavy infrastructure requirements of its clinical pipeline.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | -92.37M | -82.48M | -18.29M | -36.91M | -12.17M | -7.71M | -2.84M | -3.64M | -5.05M | -5.71M | -5.71M | -3.88M | -3.52M | -3.23M | -3.06M | -2.45M | -2.42M | -2.69M | -3.95M | -7.73M | -7.2M | -7M | -3.39M | -19.02K | -8.87K | -14.73K | -7.42K | 365.34K | 275.97K | -11.71K | -1.08M |
| Operating CF Margin % | - | - | - | -2574.13% | -171.34% | -71.42% | -28.22% | -37.61% | -69.03% | -96.44% | -119.97% | -81.44% | -76.45% | -76.51% | -67.54% | -48.27% | -46.17% | -50.82% | -72.89% | -107.92% | -125.51% | -351.15% | -1678.25% | - | - | - | - | - | - | -0.15% | -13.12% |
| Operating CF Growth % | -746.64% | -350.88% | 50.44% | -203.26% | -57.87% | -171.77% | 22.08% | 27.89% | 11.61% | 0% | -47.06% | -10.28% | -9.1% | -5.63% | -24.86% | -1.19% | 9.96% | 31.97% | 48.88% | -7.27% | -2.84% | -106.85% | -17698.06% | -114.57% | 39.83% | -98.69% | -102.03% | 32.38% | 2455.93% | 98.92% | -115.84% |
| Net Income | -111.13M | -103.12M | -79.28M | -46.51M | -14.67M | -7.27M | -3.39M | -3.45M | -5.14M | -6.7M | -6.16M | -4.71M | -3.68M | -5.96M | -3.86M | -3.49M | -2.84M | -4.03M | -6.16M | -8.56M | -9.61M | -8.22M | -4.27M | -60.03K | -59.08K | 235.11K | -65.65K | 1.01M | -308.7K | -426.08K | -2.15M |
| Depreciation & Amortization | 3.65M | 3.25M | 2.31M | 946K | 344K | 248K | 149K | 147K | 136K | 80K | 68K | 470.85K | 576.38K | 685.4K | 739.15K | 847.12K | 888.57K | 996.88K | 1.21M | 1.06M | 715.25K | 655.33K | 143.04K | 0 | 0 | 0 | 0 | 0 | 942 | 317.97K | 316.74K |
| Stock-Based Compensation | 6.87M | 8.97M | 5.39M | 3.74M | 1.34M | 1.09M | 386K | 495K | 420K | 607K | 372K | 290.31K | 205.26K | 185.99K | 108.35K | 173.32K | 242.69K | 273.03K | 353.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -793K | -2.1M | -2.65M | -1.68M | 0 | 10K | 0 | -24K | 0 | -33K | -75.29K | -383.21K | 1.37M | -215.01K | 3.39M | -100.82K | 0 | 231K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.73M | 7.53M | 55.39M | 5.27M | 472K | 77K | 72K | -2K | 81K | 79K | 26K | -260.33K | 118.28K | 104.51K | 99.25K | -3.43M | 56.79K | 51.92K | 133.28K | 857.82K | 1.84M | 849.67K | 257.33K | 49.64K | 51.5K | -302.18K | 0 | -698K | 420.51K | 41.69K | -41.88K |
| Working Capital Changes | -1.48M | 1.68M | 0 | 2.3M | 338K | -1.85M | -67K | -835K | -518K | 222K | 17K | 401.26K | -357.51K | 386.87K | 68.59K | 57.6K | -663.92K | 25.62K | 286.99K | -1.09M | -147.51K | -289.94K | 483.27K | -8.63K | -1.28K | 52.34K | 58.23K | 49.81K | 163.22K | 54.7K | 794K |
| Change in Receivables | -440K | -32K | 1.05M | -426K | 490K | 405K | 31K | -890K | 38K | -466K | -184K | 444.17K | -127.39K | 24.72K | -53.72K | -65.96K | 103.43K | -149.7K | 269.93K | 0 | 0 | 0 | -49.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 11K | 359K | -152K | -2.67M | -274K | -97K | 128K | 23K | 89K | -23.4K | -144.31K | 45.83K | 38.77K | -164.25K | -68.17K | 107.57K | 110.72K | -19.13K | -719.45K | -79.45K | -62.2K | 0 | 0 | 0 | 0 | 0 | 0 | 6.95K | -7.87K |
| Change in Payables | -2.35M | 147K | 1.89M | 1.58M | 0 | 236K | 76K | -29K | -708K | 761K | 18K | 112.33K | -76.6K | 142.29K | 43.46K | 0 | 0 | -12.59K | 0 | 0 | 0 | 0 | 566.57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -62.76M | 41.23M | -218.93M | 24.37M | -57.68M | -284K | -410K | -287K | 401K | 1.86M | 1.51M | 8.76M | 783.66K | -15.44M | -12.82K | -95.52K | -157.87K | 1.64M | 2.22M | 2.53M | -12.42M | -837.41K | -1.16M | 0 | 0 | 0 | 0 | -48.81K | -157.96K | -25.02K | -7.46K |
| Capital Expenditures | -14.95M | -12.75M | -54.41M | -1.07M | -302K | -266K | -381K | -273K | -444K | -337K | -549K | -491.75K | -151.25K | -36.79K | -12.69K | -95.3K | -157.21K | -33.46K | -95.55K | -3.38M | -2.48M | -837.41K | -1.16M | 0 | 0 | 0 | 0 | -48.81K | -159.58K | -25.02K | -41.24K |
| CapEx % of Revenue | 2600.17% | - | - | 74.76% | 4.25% | 2.46% | 3.79% | 2.82% | 6.07% | 5.69% | 11.53% | 10.31% | 3.28% | 0.87% | 0.28% | 1.88% | 3% | 0.63% | 1.76% | 47.27% | 43.15% | 41.99% | 572.78% | - | - | - | - | - | - | 0.32% | 0.5% |
| Acquisitions | 0 | 0 | 0 | 2.7M | 0 | 0 | 1K | 0 | 34K | 0 | 6K | -12.54K | -17.94K | 0 | 0 | 0 | 0 | 11.72K | 37.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -126K | -135K | 78.99M | -18K | -57.38M | -18K | -30K | -14K | -14K | -18K | -124K | 12.38K | 17.89K | -59 | -122 | -218 | -655 | -11.72K | -37.77K | -175.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63K | 0 | 33.79K |
| Cash from Financing | 164.7M | 10.3M | 289.38M | 785K | 56K | 56K | 64.68M | 994K | 7.37M | 521K | -9K | 39.31K | 284.87K | 23.45M | 3.3M | 3.1M | 3.01M | -270.29K | -102.22K | 656.23K | 26.77M | 8.39M | 5.72M | 19.02K | 8.87K | 14.7K | 7.42K | -333.48K | -131.86K | 38.36K | 1.09M |
| Debt Issued (Net) | -54K | -52K | 0 | -68K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.88M | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 164.38M | 10.36M | 0 | 364K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.85M | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -9K | -11K | -11K | -11K | -11K | -10.63K | -10.63K | -10.63K | -10.63K | -10.63K | -10.63K | -36.68K | 0 | 0 | -38.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74K | -3.65K | 0 | 0 | -100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 371K | 0 | 289.38M | 489K | 56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.48M | 3.31M | 0 | 550.86K | -106.48K | 0 | -362.93K | -644K | 478.33K | 0 | 19.02K | 8.87K | 14.7K | 7.42K | -248.16K | 75.67K | 238.48K | 1.06M |
| Net Change in Cash | 9.57M | -30.95M | 52.16M | -46.65M | 182K | -7.94M | 61.44M | -2.93M | 2.73M | -3.33M | -4.21M | 4.91M | -2.45M | 4.78M | 227.22K | 560.46K | 433.38K | -1.31M | -1.83M | -4.54M | 7.15M | 554.31K | 0 | 0 | 0 | 0 | 4 | -16.95K | -13.84K | 1.62K | -2.88K |
| Free Cash Flow | -107.32M | -95.23M | -72.71M | -37.98M | -12.47M | -7.98M | -3.22M | -3.91M | -5.49M | -6.05M | -6.26M | -4.38M | -3.67M | -3.27M | -3.07M | -2.54M | -2.58M | -2.72M | -4.04M | -11.11M | -9.68M | -7.84M | -4.11M | -19.02K | -8.87K | -14.73K | -7.42K | 316.53K | 116.39K | -36.74K | -1.12M |
| FCF Margin % | -18664.52% | - | - | -2648.88% | -175.59% | -73.89% | -32.01% | -40.43% | -75.1% | -102.13% | -131.51% | -91.75% | -79.74% | -77.39% | -67.82% | -50.15% | -49.17% | -51.45% | -74.65% | -155.19% | -168.65% | -393.14% | -2037.16% | - | - | - | - | - | - | -0.47% | -13.62% |
| FCF Growth % | -3.47% | -30.98% | -91.41% | -204.51% | -56.39% | -147.86% | 17.78% | 28.75% | 9.19% | 3.39% | -43.08% | -19.13% | -12.5% | -6.39% | -20.68% | 1.28% | 5.28% | 32.75% | 63.59% | -14.8% | -23.43% | -90.79% | -21504.35% | -114.57% | 39.83% | -98.69% | -102.34% | 171.95% | 416.83% | 96.73% | -105.74% |
| FCF per Share | -1.04 | -1.29 | -1.13 | -0.69 | -0.23 | -0.15 | -0.06 | -0.06 | -0.08 | -0.11 | -0.11 | -0.08 | -0.07 | -0.08 | -0.09 | -0.09 | -0.10 | -0.12 | -0.18 | -0.48 | -0.54 | -0.65 | -0.73 | -0.02 | -0.03 | -0.04 | -0.02 | 0.96 | 0.35 | -0.11 | -3.46 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.80x | 0.23x | 0.79x | 0.83x | 1.08x | 0.89x | 1.11x | 1.04x | 0.85x | 0.93x | 0.82x | 0.96x | 0.54x | 0.79x | 0.70x | 0.85x | 0.67x | 0.64x | 0.90x | 0.75x | 0.85x | 0.79x | 0.32x | 0.15x | -0.06x | 0.11x | 0.20x | -1.98x | 0.03x | 0.50x |
| Interest Paid | 0 | 0 | 0 | 84K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
According to recent financial statements, CATX reported an OCF/NI ratio of 1.20 in 2026Q1, which suggests that the company's cash outflows are currently decoupled from accounting net losses due to significant non-cash adjustments and the ongoing transition toward a capital-intensive radiopharmaceutical development model.
The divergence between net income and operating cash flow indicates that accounting losses do not fully capture the cash-burn reality of the business. Investors should monitor whether this ratio stabilizes as the company attempts to scale its Lead-212 platform, as current figures suggest a reliance on external financing to bridge the gap between operational spending and revenue generation.
As reported in quarterly filings, the company's FCF margin reached -504.3% in 2026Q1, reflecting a severe disconnect between the firm's current revenue-generating capacity and the aggressive capital requirements necessary to sustain its clinical trial pipeline and specialized nuclear manufacturing infrastructure.
The trajectory of free cash flow appears increasingly negative, suggesting that the pivot to high-growth radiopharmaceuticals is consuming liquidity at an accelerating rate. This trend warrants further investigation into the sustainability of the current burn rate, particularly as the company lacks a mature commercial product to offset R&D expenditures.
Based on reported figures, CATX recorded a CapEx/Revenue ratio of 90.2% in 2026Q1, which highlights the heavy investment required to maintain the specialized cleanroom and isotope logistics infrastructure essential for the company's proprietary radiopharmaceutical supply chain.
This high level of capital intensity suggests that the company is in a heavy asset-building phase rather than a maintenance phase. Such expenditures appear necessary to secure the logistical moat required for Lead-212, though they place significant pressure on the company's limited cash reserves.
As indicated by historical data, working capital changes have been highly erratic, including a significant $8.5M outflow in 2026Q1, which suggests that the company's inventory management and collection cycles are struggling to align with the logistical demands of short-lived radioactive isotopes.
The volatility in working capital may imply inefficiencies in managing the decay-sensitive inventory, where product expiration represents a total loss of value. Investors should monitor these fluctuations closely, as they may indicate underlying operational friction in the transition from legacy device sales to the new TAT platform.
Based on SEC filings, the company's cash flow statement obscures the true cost of clinical development by burying significant R&D-related cash outflows within operating activities, while stock-based compensation of $2.3M in 2025Q4 provides a non-cash buffer that masks the true economic cost of talent retention.
The reliance on stock-based compensation appears to be a strategic mechanism to preserve cash, yet it creates a persistent dilution risk for shareholders. Analysts should interpret these adjustments as a sign that the company is prioritizing liquidity preservation over earnings quality while it navigates the high-risk clinical trial phase.
Quick answers to the most common questions about buying CATX stock.
Perspective Therapeutics, Inc. (CATX) generated $-82.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Perspective Therapeutics, Inc. (CATX) reported negative free cash flow of $95.2M in 2025, indicating capital requirements exceeded cash from operations.
Perspective Therapeutics, Inc. (CATX) spent $12.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.