MeritValue

Acumen Pharmaceuticals, Inc.

ABOSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'pretaxIncome'

The thesis, from the filings

Acumen Pharmaceuticals, Inc. earns about -63% on equity, but has diluted owners by 202% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$100.6M1−$42.9M2−$52.4M3−$102.3M4−$121.3M4
Operating cash flow−$18M5−$35.2M6−$43.1M7−$86.2M8−$115.5M8
Capital expenditure$40,0009$161,00010$21,00011$16,00012$88,00012
Free cash flow (derived)−$18M5−$35.3M6−$43.1M7−$86.2M8−$115.6M8
Total debt—$013$29.9M14$29.4M15$31.2M15
Cash & equivalents$122.2M16$130.1M17$66.9M18$35.6M19$54M19
Diluted shares20.1M40.6M48.6M60.0M60.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$11.63
your share of equity
Profit it earned you last year
−$20.03
Free cash flow it threw off
−$19.09
Debt you’d be carrying
$5.15

10 shares is a claim on $11.63 of net worth that earned you −$20.03 and generated −$19.09 of cash last year, against $5.15 of debt.

iii. Is this a good business?
Moat signal · return on equity
-63% avg · 5y
FY21 -45%FY22 -23%FY23 -20%FY24 -56%FY25 -172%

It earned an average -63% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+202% shares · 5y

Share count is up 202% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001576885-23-000017 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001576885-24-000047 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001576885-25-000049 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021413 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001576885-23-000017 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001576885-24-000047 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001576885-25-000049 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021413 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001576885-23-000017 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0001576885-24-000047 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001576885-25-000049 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021413 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-12-31 · accession 0001576885-24-000047 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001576885-25-000049 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-021413 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001193125-22-086775 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001576885-24-000047 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001576885-25-000049 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-021413 (CashAndCashEquivalentsAtCarryingValue)