MeritValue

Annovis Bio, Inc.

ANVSdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Annovis Bio, Inc. earns about -139% on equity, but has diluted owners by 169% 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$01$02$03$04$05
Net income−$14.5M6−$25.3M7−$56.2M8−$24.6M9−$28.9M9
Operating cash flow−$9.13M10−$17.3M11−$40M12−$21.9M13−$25.6M13
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$45.7M14$28.4M15$5.75M16$10.6M17$19.5M17
Diluted shares7.6M8.2M9.0M12.2M20.6M

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
$8.2
your share of equity
Profit it earned you last year
−$14.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $8.2 of net worth that earned you −$14.04 last year.

iii. Is this a good business?
Moat signal · return on equity
-139% avg · 5y
FY21 -33%FY22 -89%FY23 —FY24 -264%FY25 -171%

It earned an average -139% 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
+169% shares · 5y

Share count is up 169% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001558370-22-002668 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001104659-23-040275 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-24-004393 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001558370-25-003482 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2025-12-31 · accession 0001104659-26-027751 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 10-K · period ending 2021-12-31 · accession 0001104659-23-040275 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-24-004393 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-003482 (NetIncomeLoss)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-027751 (NetIncomeLoss)
  10. 10-K · period ending 2021-12-31 · accession 0001104659-23-040275 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-004393 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-003482 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-027751 (NetCashProvidedByUsedInOperatingActivities)
  14. 10-K · period ending 2021-12-31 · accession 0001104659-23-040275 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001558370-24-004393 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001558370-25-003482 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-027751 (CashAndCashEquivalentsAtCarryingValue)