MeritValue

Aptose Biosciences Inc.

APTOFdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

Aptose Biosciences Inc. earns about -99% on equity, but has diluted owners by 2647% 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$04
Net income−$65.4M5−$41.8M6−$51.2M7−$25.4M8−$25.5M8
Operating cash flow−$43.3M9−$32.3M10−$44.6M11−$36M12−$22M12
Capital expenditure$212,00013$24,00014$29,00015$5,00016$016
Free cash flow (derived)−$43.5M9−$32.3M10−$44.6M11−$36M12−$22M12
Total debt—————
Cash & equivalents$39.1M17$37M18$9.25M19$6.15M20$935,00020
Diluted shares89,0866.2M225,154698,9802.4M

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
−$111.01
your share of equity
Profit it earned you last year
−$104.06
Free cash flow it threw off
−$89.85
Debt you’d be carrying
—

10 shares is a claim on −$111.01 of net worth that earned you −$104.06 and generated −$89.85 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-99% avg · 5y
FY21 -88%FY22 -111%FY23 —FY24 —FY25 —

It earned an average -99% 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
+2647% shares · 5y

Share count is up 2647% 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 0000950170-23-009560 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-036537 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046366 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-135012 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009560 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-036537 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046366 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-135012 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009560 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-036537 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046366 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-135012 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009560 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-036537 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046366 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-135012 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-009560 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-036537 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-046366 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-135012 (CashAndCashEquivalentsAtCarryingValue)