ADAPTIN BIO, INC.
APTNdata completeness 63%3 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'
i. The business — what you’d actually own
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Net income | −$85,5931 | −$3.12M2 | −$5.17M2 |
| Operating cash flow | −$81,0353 | −$649,2834 | −$4.78M4 |
| Capital expenditure | — | — | — |
| Free cash flow (derived) | — | — | — |
| Total debt | — | — | — |
| Cash & equivalents | $3805 | $34,0856 | $459,1746 |
| Diluted shares | 5.0M | 3.2M | 7.8M |
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
−$1.91
your share of equity
Profit it earned you last year
−$6.61
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares is a claim on −$1.91 of net worth that earned you −$6.61 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 3y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
+56% shares · 3y
Share count is up 56% over 3 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
- 10-K · period ending 2023-12-31 · accession 0001213900-25-031878 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-038568 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-031878 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-038568 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001213900-24-028681 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-038568 (CashAndCashEquivalentsAtCarryingValue)