MeritValue

Acrivon Therapeutics, Inc.

ACRVdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Acrivon Therapeutics, Inc. earns about -46% on equity, but has diluted owners by 2109% 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−$16.2M1−$31.2M2−$60.4M3−$80.6M4−$77.9M4
Operating cash flow−$14M5−$30.1M6−$42.6M7−$65.7M8−$63.7M8
Capital expenditure$238,0009$2.17M10$1.29M11$2.77M12$1.67M12
Free cash flow (derived)−$14.2M5−$32.3M6−$43.9M7−$68.4M8−$65.3M8
Total debt—————
Cash & equivalents$99.6M13$29.5M14$36M15$39.8M16$41.5M16
Diluted shares1.7M4.1M22.1M33.8M38.5M

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
$29.22
your share of equity
Profit it earned you last year
−$20.23
Free cash flow it threw off
−$16.97
Debt you’d be carrying
—

10 shares is a claim on $29.22 of net worth that earned you −$20.23 and generated −$16.97 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-46% avg · 5y
FY21 —FY22 -18%FY23 -50%FY24 -46%FY25 -69%

It earned an average -46% 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
+2109% shares · 5y

Share count is up 2109% 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 0000950170-23-010331 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-037618 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046056 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-115123 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010331 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-037618 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046056 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-115123 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010331 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-037618 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-115123 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010331 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-037618 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046056 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-115123 (CashAndCashEquivalentsAtCarryingValue)