MeritValue

AVAI BIO, INC.

AVAIdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue—$276,3241———
Net income−$126,5212−$348,9333−$2.13M4−$1.14M5−$1.75M5
Operating cash flow$535,0086−$54,4577−$1.32M8−$1.16M9−$1.01M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$99,00010$99,00010—$142,52011$24,91812
Cash & equivalents$33,28913$107,47214$28115$81,05316$23,14516
Diluted shares26.3M38.5M86.5M128.1M138.0M

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
−$0.2
your share of equity
Profit it earned you last year
−$0.13
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on −$0.2 of net worth that earned you −$0.13 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+424% shares · 5y

Share count is up 424% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 75% — deleveraging.

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 v0.5.0
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
  1. 10-K/A · period ending 2023-03-31 · accession 0001740797-25-000017 (Revenues)
  2. 10-K/A · period ending 2022-03-31 · accession 0001740797-23-000051 (NetIncomeLoss)
  3. 10-K/A · period ending 2023-03-31 · accession 0001740797-25-000017 (NetIncomeLoss)
  4. 10-K · period ending 2024-03-31 · accession 0001740797-25-000038 (NetIncomeLoss)
  5. 10-K · period ending 2025-03-31 · accession 0001740797-26-000017 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-03-31 · accession 0001740797-23-000051 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-03-31 · accession 0001740797-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-03-31 · accession 0001740797-25-000038 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001740797-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-03-31 · accession 0001740797-23-000051 (LongTermDebtCurrent)
  11. 10-K · period ending 2025-03-31 · accession 0001740797-25-000038 (LongTermDebtCurrent)
  12. 10-K · period ending 2026-03-31 · accession 0001740797-26-000017 (LongTermDebtCurrent)
  13. 10-K/A · period ending 2022-03-31 · accession 0001740797-23-000051 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2023-03-31 · accession 0001740797-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001740797-25-000038 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001740797-26-000017 (CashAndCashEquivalentsAtCarryingValue)