Medicus Pharma Ltd. (MDCX) Cash Flow Statement
Where MDCX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$22.8M
- Capital expenditures
- $0
- Free cash flow
- −$22.8M
- Returned to shareholders
- —
- Change in cash
- $4.5M cash at year-end $8.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MDCX operating cash flow, capex and free cash flow
MDCX cash flow trends, 2010–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.2M2010 | −$22.8M2025 | — | |
| Capital expenditures | $02010 | $02025 | — | |
| Free cash flow | −$1.2M2010 | −$22.8M2025 | — | |
| Stock-based compensation | $02022 | $1.5M2025 | — | |
| Share buybacks (net) | $02015 | $02017 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDCX cash flow by activity
MDCX 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).
MDCX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2017 | 2016 | 2015 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$35.4M | −$11.2M | −$5.3M | −$1.7M | −$2.1M | −$138,894 | −$5,767 | −$3,416 | −$693,760 |
| Depreciation & amortization | — | — | $4.5M | — | — | — | — | — | $305 |
| Stock-based compensation | $1.5M | $713,119 | $98,585 | $0 | — | — | — | — | — |
| Change in working capital | $407,700 | $32,927 | $473,096 | −$78,687 | −$6,658 | — | — | — | — |
| Other non-cash items | $10.7M | $162,239 | −$3.9M | $713,966 | $613,875 | $72,901 | $2,667 | $316 | −$510,606 |
| Cash from operating activities | −$22.8M | −$10.2M | −$4.2M | −$1.1M | −$1.4M | −$65,993 | −$3,100 | −$3,100 | −$1.2M |
| Investing activities | |||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$4.6M | — | — | — | — | — | — | — | — |
| Cash from investing activities | −$4.6M | — | — | — | — | — | — | — | — |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | $10,426 | $10,426 | $10,426 | — |
| Net borrowing (repayment) | $4.5M | $5.2M | $500,000 | $1.2M | $882,385 | $96,150 | $3,100 | $3,100 | $1.2M |
| Shares issued | $18.2M | $7.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.2M | $0 | $5.1M | $0 | $0 | $0 | −$10,426 | −$10,426 | $0 |
| Cash from financing activities | $31.9M | $12.7M | $5.6M | $1.2M | $882,385 | $106,576 | $3,100 | $3,100 | $1.2M |
| Summary | |||||||||
| Net change in cash | $4.5M | $2.4M | $1.5M | $189,138 | −$565,661 | $40,583 | $40,583 | $40,583 | $1,709 |
| Cash at end of period | $8.7M | $4.2M | $1.7M | $267,652 | $78,514 | $644,175 | — | — | — |
| Free cash flow | −$22.8M | −$10.2M | −$4.2M | −$1.1M | −$1.4M | −$65,993 | −$3,100 | −$3,100 | −$1.2M |
| Free cash flow margin | — | — | — | — | — | — | — | — | −9.5% |
| Capex / revenue | — | — | — | — | — | — | — | — | 0.0% |
| 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 | −$14.1M | −$6.6M | −$5.9M | −$16.0M | −$6.2M | −$5.1M | −$2.3M | −$3.0M | −$4.1M | −$1.8M | −$2.8M | −$3.0M |
| Depreciation & amortization | — | — | — | — | — | — | — | $26,322 | $26,031 | $26,036 | — | $0 |
| Stock-based compensation | $2.0M | $599,306 | $429,712 | $852,757 | $117,448 | $112,277 | $132,490 | $0 | $510,803 | $69,826 | — | $0 |
| Change in working capital | $2.0M | −$742,802 | $449,870 | −$1.4M | $253,988 | $1.0M | −$1.1M | −$144,089 | $769,954 | $509,718 | −$687,422 | $1.5M |
| Other non-cash items | $5.1M | $225,852 | $395,324 | $9.7M | $335,817 | $23,480 | $195,757 | $8,983 | $87,415 | $9,008 | $146,671 | $1.3M |
| Cash from operating activities | −$5.0M | −$6.5M | −$4.6M | −$6.8M | −$5.5M | −$3.9M | −$3.0M | −$3.1M | −$2.7M | −$1.2M | −$3.4M | −$148,578 |
| Investing activities | ||||||||||||
| Capital expenditures | −$5 | $0 | −$3 | $0 | $0 | $0 | −$5 | $0 | $0 | $0 | −$3 | $0 |
| Acquisitions & other investing | — | — | $41,454 | −$4.7M | — | — | — | — | — | — | — | — |
| Cash from investing activities | — | — | $41,451 | −$4.7M | — | — | — | — | — | — | — | — |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | — | — | — | $0 |
| Net borrowing (repayment) | $19.0M | −$3.2M | −$1.6M | $1.6M | $4.4M | $0 | $35,040 | $0 | — | — | — | — |
| Shares issued | $6.5M | $10.0M | $3.3M | $5.1M | $6.0M | $3.8M | $2.0M | $0 | $5.5M | $0 | $0 | $0 |
| Other financing | −$7.1M | −$1.8M | $2.8M | $3.7M | $704,615 | −$25,000 | −$217,180 | −$35,040 | $5.1M | $0 | $0 | $5.1M |
| Cash from financing activities | $18.4M | $5.0M | $4.5M | $10.5M | $11.2M | $3.8M | $1.9M | −$35,040 | $10.6M | $0 | $0 | $5.1M |
| Summary | ||||||||||||
| Net change in cash | $6.1M | −$1.8M | $125,248 | −$1.0M | $5.7M | −$181,893 | −$1.1M | −$3.1M | $7.9M | −$1.2M | −$3.4M | $5.0M |
| Cash at end of period | $10.7M | $4.6M | $6.4M | $8.7M | $9.7M | $4.0M | $4.2M | $5.3M | $8.4M | $542,405 | $1.7M | $5.1M |
| Free cash flow | −$5.0M | −$6.5M | −$4.6M | −$6.8M | −$5.5M | −$3.9M | −$3.0M | −$3.1M | −$2.7M | −$1.2M | −$3.4M | −$148,578 |
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.
MDCX cash generation
In fiscal 2025 (ended December 31, 2025), Medicus Pharma generated -$22.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$22.8 million. Cash and equivalents rose by $4.5 million over the year.
Related: MDCX income statement, MDCX balance sheet. See the MDCX stock overview for the latest quote and news.
MDCX cash flow FAQ
What is Medicus Pharma's free cash flow?
Medicus Pharma's free cash flow was -$22.8 million in fiscal 2025: -$22.8 million of operating cash flow minus $0 of capital expenditures It was -$10.2 million a year earlier..
How much cash does Medicus Pharma generate from operations?
Medicus Pharma generated -$22.8 million of cash from operating activities in fiscal 2025.