MeritValue

aTYR PHARMA INC

ATYRdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

aTYR PHARMA INC earns about -66% on invested capital, but has diluted owners by 387% 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$10.4M2$353,0003$235,0003$190,0003
Net income−$33.8M4−$45.3M5−$50.4M6−$64M6−$74.1M6
Operating cash flow−$33.1M7−$41.9M8−$33.2M9−$69.1M9−$62M9
Capital expenditure$192,00010$1.64M11$4.22M12$65,00012$77,00012
Free cash flow (derived)−$33.3M7−$43.5M8−$37.4M9−$69.2M9−$62.1M9
Total debt—————
Cash & equivalents$2.34M13$9.98M14$22.5M15$11.1M15$10.7M15
Diluted shares19.1M28.4M53.6M74.3M93.0M

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
shares
Net assets behind them
$7.26
your share of equity
Profit it earned you last year
−$7.97
Free cash flow it threw off
−$6.67
Debt you’d be carrying
—

10 shares is a claim on $7.26 of net worth that earned you −$7.97 and generated −$6.67 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-66% avg · 5y
FY21 -25%FY22 -58%FY23 -58%FY24 -86%FY25 -103%

It earned an average -66% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+387% shares · 5y

Share count is up 387% 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 0000950170-24-031584 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-038888 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001339970-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-031584 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-038888 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001339970-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031584 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-038888 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001339970-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-031584 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-038888 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001339970-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-031584 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-038888 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001339970-26-000008 (CashAndCashEquivalentsAtCarryingValue)