MeritValue

BioRestorative Therapies, Inc.

BRTXdata completeness 88%17 fiscal years on file
The thesis, from the filings

BioRestorative Therapies, Inc. earns about -948% on equity, but has diluted owners by 657% 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$46,0001$119,8002$145,8003$401,0004$359,7004
Net income−$44.3M5−$13.2M6−$10.4M7−$8.98M8−$14.2M8
Operating cash flow−$3.33M9−$5.91M10−$6.43M11−$8.23M12−$10.8M12
Capital expenditure$30,65813$265,22314$171,04315$106,18916$116,06916
Free cash flow (derived)−$3.36M9−$6.18M10−$6.6M11−$8.34M12−$10.9M12
Total debt$250,00017————
Cash & equivalents$21M18$1.71M19$884,37720$547,89021$1.51M21
Diluted shares1.2M3.6M4.2M7.8M9.0M

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
$0.4
your share of equity
Profit it earned you last year
−$15.84
Free cash flow it threw off
−$12.13
Debt you’d be carrying
—

10 shares is a claim on $0.4 of net worth that earned you −$15.84 and generated −$12.13 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-948% avg · 5y
FY21 -411%FY22 -128%FY23 -104%FY24 -105%FY25 -3992%

It earned an average -948% 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
+657% shares · 5y

Share count is up 657% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001493152-23-008960 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-023479 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012925 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008960 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-023479 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001011 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012925 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008960 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-023479 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001011 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012925 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-008960 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-023479 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001011 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012925 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-008184 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-008960 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-023479 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-001011 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-012925 (CashAndCashEquivalentsAtCarryingValue)