MeritValue

Biomea Fusion, Inc.

BMEAdata completeness 63%7 fiscal years on file

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

The thesis, from the filings

Biomea Fusion, Inc. earns about -129% on equity, but has diluted owners by 119% 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—————
Net income−$41.6M1−$81.8M2−$117.3M3−$138.4M3−$61.8M3
Operating cash flow−$35.4M4−$62.4M5−$96.6M6−$119.9M6−$70.4M6
Capital expenditure$3.17M7$1.03M8$3.37M9$362,0009—
Free cash flow (derived)−$38.6M4−$63.4M5−$100M6−$120.3M6—
Total debt—————
Cash & equivalents$145.7M10$111.9M11$176.9M12$58.3M12$55.8M12
Diluted shares23.9M29.3M34.1M36.1M52.2M

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
shares
Net assets behind them
$5.66
your share of equity
Profit it earned you last year
−$11.83
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.66 of net worth that earned you −$11.83 last year.

iii. Is this a good business?
Moat signal · return on equity
-129% avg · 5y
FY21 -23%FY22 -75%FY23 -69%FY24 -268%FY25 -209%

It earned an average -129% 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
+119% shares · 5y

Share count is up 119% 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 0000950170-24-038026 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-047775 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-121825 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-038026 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-047775 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-121825 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-038026 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-047775 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-121825 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-038026 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-047775 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-121825 (CashAndCashEquivalentsAtCarryingValue)