The pentose phosphate pathway consists of an oxidative phase and a non-oxidative phase. In the oxidative phase, glucose-6-phosphate is oxidized to produce ribulose 5-phosphate. The non-oxidative phase then recycles this pentose phosphate back to glucose-6-phosphate using transketolase and transaldolase enzymes. This pathway generates NADPH and pentose phosphates that are used in biosynthesis, with flux controlled by the NADP+ concentration and cell needs.