MeritValue

BIO-PATH HOLDINGS, INC.

BPTHdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

BIO-PATH HOLDINGS, INC. earns about -478% on invested capital, and has bought back 38% 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
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue—————
Net income−$10.9M1−$10.4M2−$13.9M3−$16.1M4−$9.89M4
Operating cash flow−$11M5−$9.92M6−$15.1M7−$11.5M8−$10.6M8
Capital expenditure—$70,0009$21,0009——
Free cash flow (derived)—−$9.99M6−$15.1M7——
Total debt—————
Cash & equivalents$13.8M10$23.8M11$10.4M12$1.05M12$1.17M12
Diluted shares3.8M6.7M364,000478,0002.4M

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
$0.64
your share of equity
Profit it earned you last year
−$41.21
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.64 of net worth that earned you −$41.21 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-478% avg · 5y
FY20 -654%FY21 -490%FY22 -289%FY23 —FY24 —

It earned an average -478% 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
−38% shares · 5y

Share count is down 38% 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
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 2020-12-31 · accession 0001558370-22-003298 (NetIncomeLoss)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-23-005081 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-24-002730 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001558370-25-003837 (NetIncomeLoss)
  5. 10-K · period ending 2020-12-31 · accession 0001558370-22-003298 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2021-12-31 · accession 0001558370-23-005081 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-24-002730 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-003837 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-005081 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2020-12-31 · accession 0001558370-23-005081 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-24-002730 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-25-003837 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)