ARTELO BIOSCIENCES, INC.

ARTLdata completeness 63%13 fiscal years on file

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

The thesis, from the filings

ARTELO BIOSCIENCES, INC. earns about -127% on equity, and has bought back 64% of its shares over 5 years. 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$9.41M¹	−$10.1M²	−$9.29M³	−$9.83M⁴	−$12.9M⁴
Operating cash flow	—	−$8.01M⁵	−$8.21M⁶	−$8.35M⁷	−$8.52M⁷
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$12.2M⁸	$6.89M⁸	$2.82M⁹	$2.34M⁹	$600,000¹⁰
Diluted shares	2.8M	2.9M	3.0M	537,000	1.0M

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

Net assets behind them

−$12.36

your share of equity

Profit it earned you last year

−$125.16

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$12.36 of net worth that earned you −$125.16 last year.

iii. Is this a good business?

Moat signal · return on equity

-127% avg · 5y

FY21 -35%FY22 -52%FY23 -79%FY24 -344%FY25 —

It earned an average -127% 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

−64% shares · 5y

Share count is down 64% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001640334-23-000509 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001640334-24-000473 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001640334-25-000335 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001640334-26-000368 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001640334-24-000473 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001640334-25-000335 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001640334-26-000368 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001640334-23-000509 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001640334-26-000368 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2025-12-31 · accession 0001640334-26-000368 (CashAndCashEquivalentsAtCarryingValue)