Zentalis Pharmaceuticals, Inc. (ZNTL) Cash Flow Statement
Where ZNTL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$125.2M
- Capital expenditures
- $0
- Free cash flow
- −$125.2M
- Returned to shareholders
- $10.0M
- Change in cash
- $2.1M cash at year-end $38.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZNTL operating cash flow, capex and free cash flow
ZNTL cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$24.3M2018 | −$125.2M2025 | — | |
| Capital expenditures | $227,0002018 | $02025 | −100.0% | |
| Free cash flow | −$24.5M2018 | −$125.2M2025 | — | |
| Free cash flow margin | −174,842.9%2018 | −253.7%2024 | +174,589.1 pts | |
| Stock-based compensation | $308,0002018 | $20.7M2025 | +82.4%/yr | |
| Share buybacks (net) | $02018 | $10.0M2025 | — | |
| Capex / revenue | 1,621.4%2018 | 0.3%2024 | −1,621.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZNTL cash flow by activity
ZNTL 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).
ZNTL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$137.1M | −$165.9M | −$292.2M | −$237.1M | −$166.1M | −$118.5M | −$46.4M | −$23.4M |
| Depreciation & amortization | $739,000 | $1.3M | $1.4M | $1.4M | $544,000 | $160,000 | $111,000 | $51,000 |
| Stock-based compensation | $20.7M | $67.3M | $54.8M | $46.8M | $35.7M | $23.1M | $617,000 | $308,000 |
| Change in working capital | −$9.1M | −$16.5M | $5.9M | $13.3M | $16.6M | $7.8M | $6.5M | −$1.2M |
| Other non-cash items | −$526,000 | −$57.0M | $22.3M | $11.8M | −$40.9M | $573,000 | $0 | $0 |
| Cash from operating activities | −$125.2M | −$170.9M | −$207.8M | −$163.8M | −$154.1M | −$86.8M | −$39.1M | −$24.3M |
| Investing activities | ||||||||
| Capital expenditures | $0 | −$221,000 | −$583,000 | −$2.5M | −$6.1M | −$758,000 | −$352,000 | −$227,000 |
| Investments (net) | $130.9M | $176.6M | −$14.3M | −$111.6M | $2.3M | −$284.8M | −$352,000 | −$227,000 |
| Acquisitions & other investing | $698,000 | $221,000 | −$29.6M | $0 | −$14.3M | $758,000 | $352,000 | $227,000 |
| Cash from investing activities | $131.6M | $176.6M | −$44.5M | −$114.2M | −$18.1M | −$284.8M | −$352,000 | −$227,000 |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | −$10.0M | $0 | $0 | $261.0M | −$1,146 | $346.2M | $81.9M | $9.5M |
| Shares issued | $5.7M | $349,000 | $287.0M | $261.0M | $179.7M | $342.0M | $81.9M | $9.5M |
| Other financing | $0 | −$241,000 | −$49.7M | −$261.0M | −$1.1M | −$327.8M | −$81.9M | −$9.5M |
| Cash from financing activities | −$4.3M | $108,000 | $237.3M | $261.0M | $178.5M | $360.4M | $81.8M | $9.5M |
| Summary | ||||||||
| Net change in cash | $2.1M | $5.8M | −$15.0M | −$16.9M | $6.3M | −$11.2M | $42.3M | −$15.0M |
| Cash at end of period | $38.6M | $36.5M | $30.7M | $45.7M | $62.6M | $56.3M | $67.5M | $25.2M |
| Free cash flow | −$125.2M | −$171.1M | −$208.4M | −$166.3M | −$160.2M | −$87.6M | −$39.5M | −$24.5M |
| Free cash flow margin | — | −253.7% | — | — | — | — | — | −174,842.9% |
| Capex / revenue | — | 0.3% | — | — | — | — | — | 1,621.4% |
| 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 | −$77.6M | −$35.4M | −$35.2M | −$26.7M | −$26.9M | −$48.3M | −$47.5M | −$40.2M | −$88.3M | $10.1M | −$60.9M | −$55.5M |
| Depreciation & amortization | $153,000 | $151,000 | $157,000 | $160,000 | $160,000 | $262,000 | $317,000 | $321,000 | $327,000 | $324,000 | $337,000 | $348,000 |
| Stock-based compensation | $6.4M | $3.2M | $3.1M | $4.8M | $6.3M | $6.5M | $31.4M | $10.4M | $12.7M | $12.8M | $13.9M | $13.9M |
| Change in working capital | $1.0M | −$728,000 | −$1.4M | −$1.2M | −$8.3M | $1.8M | −$4.5M | −$7.3M | $14.1M | −$16.3M | $10.3M | $4.8M |
| Other non-cash items | −$122,000 | −$224,000 | $2.4M | −$4.1M | −$6.0M | $7.1M | −$19.4M | −$7.3M | $26.0M | −$58.9M | −$4.2M | −$2.1M |
| Cash from operating activities | −$70.2M | −$33.0M | −$30.9M | −$27.0M | −$34.7M | −$32.6M | −$39.7M | −$44.0M | −$35.1M | −$52.0M | −$40.6M | −$38.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$34,000 | −$34,000 | $0 | $0 | $0 | $0 | $0 | $0 | −$181,000 | −$40,000 | −$173,000 | −$91,000 |
| Investments (net) | $30.0M | $30.0M | $32.3M | $28.3M | $30.4M | $40.5M | $32.3M | $48.2M | $34.5M | $61.5M | −$42.1M | −$117.5M |
| Acquisitions & other investing | $30.0M | $0 | $129,000 | $0 | $0 | $0 | $0 | $0 | $181,000 | $40,000 | $173,000 | $91,000 |
| Cash from investing activities | $60.0M | $30.0M | $32.4M | $28.3M | $30.4M | $40.5M | $32.3M | $48.2M | $34.5M | $61.5M | −$42.1M | −$117.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $241,000 | — | −$241,000 | — | — |
| Shares issued | $65,000 | $331,000 | $5.4M | $115,000 | $0 | $189,000 | $0 | $92,000 | $9,000 | $248,000 | $0 | $309,000 |
| Other financing | −$1.1M | −$1.5M | −$10.0M | $0 | $0 | $0 | $0 | −$241,000 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$1.1M | −$1.1M | −$4.6M | $115,000 | $0 | $189,000 | $0 | $92,000 | $9,000 | $7,000 | $0 | $309,000 |
| Summary | ||||||||||||
| Net change in cash | −$11.2M | −$4.1M | −$3.1M | $1.5M | −$4.3M | $8.0M | −$7.4M | $4.3M | −$640,000 | $9.6M | −$82.7M | −$155.8M |
| Cash at end of period | $27.4M | $31.9M | $38.6M | $41.7M | $40.2M | $44.6M | $36.5M | $41.3M | $37.0M | $37.6M | $28.0M | $113.4M |
| Free cash flow | −$70.2M | −$33.0M | −$30.9M | −$27.0M | −$34.7M | −$32.6M | −$39.7M | −$44.0M | −$35.3M | −$52.0M | −$40.8M | −$38.8M |
| Free cash flow margin | — | — | — | — | — | — | −147.8% | — | — | −128.2% | −1,937.8% | — |
| Capex / revenue | — | — | — | — | — | — | 0.0% | — | — | 0.1% | 8.2% | — |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −5.16 | — | — |
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.
ZNTL cash generation
In fiscal 2025 (ended December 31, 2025), Zentalis Pharmaceuticals generated -$125.2 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$125.2 million. It returned $10.0 million to shareholders through dividends ($0) and net share buybacks ($10.0 million). Cash and equivalents rose by $2.1 million over the year.
Related: ZNTL income statement, ZNTL balance sheet. See the ZNTL stock overview for the latest quote and news.
ZNTL cash flow FAQ
What is Zentalis Pharmaceuticals's free cash flow?
Zentalis Pharmaceuticals's free cash flow was -$125.2 million in fiscal 2025: -$125.2 million of operating cash flow minus $0 of capital expenditures It was -$171.1 million a year earlier..
How much cash does Zentalis Pharmaceuticals generate from operations?
Zentalis Pharmaceuticals generated -$125.2 million of cash from operating activities in fiscal 2025.
How much stock does Zentalis Pharmaceuticals buy back?
Zentalis Pharmaceuticals spent $10.0 million on net share repurchases in fiscal 2025.