MeritValue

Camp4 Therapeutics Corp

CAMPdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Camp4 Therapeutics Corp earns about -125% on equity, but has diluted owners by 7592% 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$350,0001$652,0002$3.5M2
Net income−$49.3M3−$51.8M4−$80.4M4
Operating cash flow−$44.2M5−$45.6M6−$29.6M6
Capital expenditure$678,0007$441,0008$279,0008
Free cash flow (derived)−$44.8M5−$46M6−$29.8M6
Total debt———
Cash & equivalents$38.4M9$64M10$109.5M10
Diluted shares394,9764.7M30.4M

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
$15.7
your share of equity
Profit it earned you last year
−$26.47
Free cash flow it threw off
−$9.82
Debt you’d be carrying
—

10 shares is a claim on $15.7 of net worth that earned you −$26.47 and generated −$9.82 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-125% avg · 3y
FY23 —FY24 -82%FY25 -169%

It earned an average -125% 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
+7592% shares · 3y

Share count is up 7592% 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
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 2023-12-31 · accession 0001736730-25-000022 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001736730-26-000016 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001736730-25-000022 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001736730-26-000016 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001736730-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001736730-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001736730-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001736730-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001736730-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001736730-26-000016 (CashAndCashEquivalentsAtCarryingValue)