Persistent free cash flow deficits, such as the $6.5 million outflow recorded in 2026Q1, underscore the company's ongoing reliance on external capital to sustain its operations.
| Cash from Operations | -23.41M | -22.78M | -10.25M | -4.16M | -1.06M | -1.45M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -338.69% | -122.27% | -146.43% | -293.36% | 27% | - |
| Net Income | -36.93M | -35.44M | -11.16M | -5.31M | -1.69M | -2.06M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 117.45K | 1.51M | 713.12K | 98.58K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.5M | 10.75M | 162.24K | 584.82K | 713.97K | 613.88K |
| Working Capital Changes | -1.4M | 407.7K | 32.93K | 473.1K | -78.69K | -6.66K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -250.96K | 0 | 808.75K | 79.09K | 0 | 0 |
| Cash from Investing | -4.65M | -4.62M | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | -4.62M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -4.65M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 31.16M | 31.94M | 12.69M | 5.61M | 1.25M | 882.38K |
| Debt Issued (Net) | 2.55M | 3.1M | 5.17M | 500K | 1.25M | 882.38K |
| Equity Issued (Net) | 27.68M | 19.75M | 7.52M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 926.68K | 9.08M | 0 | 5.11M | 0 | 0 |
| Net Change in Cash | 3.02M | 4.54M | 2.44M | 1.45M | 189.14K | -565.66K |
| Free Cash Flow | -23.41M | -22.78M | -10.25M | -4.16M | -1.06M | -1.45M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -83.01% | -122.27% | -146.43% | -293.36% | 27% | - |
| FCF per Share | -0.79 | -1.32 | -1.07 | -0.83 | -0.13 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.63x | 0.90x | 0.92x | 0.78x | 0.62x | 0.70x |
| Interest Paid | 0 | 0 | 40.56K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical-stage liquidity shortfall
As reported in quarterly financial statements, Medicus Pharma's OCF/NI ratio has fluctuated significantly, ranging from 0.43 in 2025Q3 to 1.34 in 2024Q4, indicating that the company's cash burn is not consistently aligned with its reported net losses due to volatile working capital adjustments.
The lack of a stable relationship between net income and operating cash flow suggests that the company's cash position is heavily influenced by timing differences in payables and accruals rather than operational efficiency. Investors should monitor whether these fluctuations represent temporary timing gaps or a deeper instability in the company's ability to manage its cash outflows relative to its development-stage losses.
Based on the provided cash flow data, Medicus Pharma has consistently generated negative free cash flow across all ten tracked quarters, with the most recent 2026Q1 period showing a cash outflow of $6.5 million, highlighting the company's ongoing reliance on external capital to fund operations.
The absence of positive free cash flow is characteristic of a pre-revenue biotech firm, yet the magnitude of the burn rate relative to the $8.7 million cash balance warrants concern. This trajectory suggests that without a significant clinical milestone or external financing event, the company's ability to sustain its current research and development pace may be severely constrained.
According to historical quarterly filings, working capital changes have been highly erratic, swinging from a $1.0 million inflow in 2025Q1 to a $1.4 million outflow in 2025Q3, which complicates the predictability of the company's short-term liquidity needs during its critical clinical trial phases.
These swings in working capital appear to reflect the lumpy nature of payments to clinical research organizations and other vendors. Such volatility makes it difficult to forecast the exact timing of liquidity shortfalls, suggesting that management's cash management strategy may be reactive rather than proactive.
As indicated by the financial data, the company's cash flow statement is impacted by periodic stock-based compensation, such as the $510.8K recorded in 2024Q2, which masks the true economic cost of operations by non-cash accounting adjustments that do not alleviate the underlying cash burn.
While stock-based compensation is a standard practice in the biotech sector, it serves to dilute shareholders without providing the necessary cash to cover the company's high R&D expenses. Analysts should be wary of viewing these non-cash adjustments as a substitute for genuine operational cash generation, as they do not improve the company's liquidity position.
Quick answers to the most common questions about buying MDCX stock.
Medicus Pharma Ltd. Common Stock (MDCX) generated $-22.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Medicus Pharma Ltd. Common Stock (MDCX) reported negative free cash flow of $22.8M in 2025, indicating capital requirements exceeded cash from operations.
Medicus Pharma Ltd. Common Stock (MDCX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.