MeritValue

Artiva Biotherapeutics, Inc.

ARTVdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Artiva Biotherapeutics, Inc. earns about -56% on equity, but has diluted owners by 2945% over 3 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 2023FY 2024FY 2025
Revenue$32.9M1$251,0002$02
Net income−$28.7M3−$65.4M4−$83.9M4
Operating cash flow−$47.4M5−$55M6−$76.8M6
Capital expenditure$3.26M7$642,0008$2.59M8
Free cash flow (derived)−$50.7M5−$55.7M6−$79.3M6
Total debt———
Cash & equivalents$53.5M9$40.2M10$26.7M10
Diluted shares802,74711.3M24.4M

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
$44.99
your share of equity
Profit it earned you last year
−$34.31
Free cash flow it threw off
−$32.46
Debt you’d be carrying
—

10 shares is a claim on $44.99 of net worth that earned you −$34.31 and generated −$32.46 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-56% avg · 3y
FY23 —FY24 -35%FY25 -76%

It earned an average -56% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2945% shares · 3y

Share count is up 2945% 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
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 2023-12-31 · accession 0000950170-25-043837 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-100135 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-043837 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-100135 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-043837 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-100135 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-043837 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-100135 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-043837 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-100135 (CashAndCashEquivalentsAtCarryingValue)