MeritValue

BridgeBio Oncology Therapeutics, Inc.

BBOTdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

BridgeBio Oncology Therapeutics, Inc. earns about -33% on equity, but has diluted owners by 241276% 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———
Net income−$41,6921−$74.3M2−$134M2
Operating cash flow—−$55M3−$113.9M3
Capital expenditure—$49,0004$606,0004
Free cash flow (derived)—−$55.1M3−$114.5M3
Total debt———
Cash & equivalents$250,0005$30.9M6$373.7M6
Diluted shares—12,90331.1M

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
shares
Net assets behind them
$132
your share of equity
Profit it earned you last year
−$43.04
Free cash flow it threw off
−$36.76
Debt you’d be carrying
—

10 shares is a claim on $132 of net worth that earned you −$43.04 and generated −$36.76 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-33% avg · 3y
FY23 —FY24 —FY25 -33%

It earned an average -33% 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
+241276% shares · 3y

Share count is up 241276% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 · period ending 2023-12-31 · accession 0001213900-25-022387 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-094112 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-094112 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-094112 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-094112 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-094112 (CashAndCashEquivalentsAtCarryingValue)