AVENUE THERAPEUTICS, INC.

ATXIdata completeness 75%10 fiscal years on file

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

The thesis, from the filings

AVENUE THERAPEUTICS, INC. earns about -287% on equity, but has diluted owners by 176% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	$0¹	$1.4M¹
Net income	−$3.73M²	−$3.55M²	−$10.5M³	−$11.7M⁴	−$2.91M⁴
Operating cash flow	−$3.75M⁵	−$7.6M⁶	−$9.45M⁷	−$9.03M⁸	−$1.83M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$3.76M⁹	$6.71M¹⁰	$1.78M¹¹	$2.59M¹²	$2.86M¹²
Diluted shares	1.1M	2.2M	141,222	1.3M	3.1M

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

$5.85

your share of equity

Profit it earned you last year

−$9.29

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $5.85 of net worth that earned you −$9.29 last year.

iii. Is this a good business?

Moat signal · return on equity

-287% avg · 5y

FY21 -108%FY22 -91%FY23 -663%FY24 -417%FY25 -159%

It earned an average -287% 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

+176% shares · 5y

Share count is up 176% 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

10-K · period ending 2024-12-31 · accession 0001437749-26-010359 (Revenues)
10-K · period ending 2021-12-31 · accession 0001410578-23-000557 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001437749-25-010196 (ProfitLoss)
10-K · period ending 2024-12-31 · accession 0001437749-26-010359 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001410578-23-000557 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001437749-24-008294 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001437749-25-010196 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001437749-26-010359 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001410578-23-000557 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001437749-24-008294 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001437749-25-010196 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001437749-26-010359 (CashAndCashEquivalentsAtCarryingValue)