Bone Biologics Corp

BBLGdata completeness 50%19 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Bone Biologics Corp earns about -107% on equity, and has bought back 89% 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	−$1.61M¹	−$1.48M²	−$8.95M³	−$4.11M⁴	−$3.11M⁴
Operating cash flow	−$1.23M⁵	−$3.57M⁶	−$9.56M⁷	−$4.12M⁸	−$2.69M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$6.68M⁹	—	—	—	—
Diluted shares	10.4M	47,658	263,137	252,960	1.2M

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

$45.77

your share of equity

Profit it earned you last year

−$26.46

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $45.77 of net worth that earned you −$26.46 last year.

iii. Is this a good business?

Moat signal · return on equity

-107% avg · 5y

FY21 -24%FY22 -25%FY23 -308%FY24 -118%FY25 -58%

It earned an average -107% 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

−89% shares · 5y

Share count is down 89% 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 0001493152-23-009799 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-007432 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001493152-25-008383 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-008564 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-009799 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-007432 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001493152-25-008383 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-008564 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-22-006850 (CashAndCashEquivalentsAtCarryingValue)