MeritValue

CAPRICOR THERAPEUTICS, INC.

CAPRdata completeness 88%20 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CAPRICOR THERAPEUTICS, INC. earns about -94% on equity, but has diluted owners by 101% 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$244,8981$2.55M2$25.2M3$22.3M4$04
Net income−$20M5−$29M6−$22.3M7−$40.5M8−$105M8
Operating cash flow−$16.8M9$4.92M10−$25.6M11−$40M12−$69.8M12
Capital expenditure$1.2M13$2M14$1.31M15$1.17M16$2.9M16
Free cash flow (derived)−$18M9$2.92M10−$26.9M11−$41.2M12−$72.7M12
Total debt—————
Cash & equivalents$34.9M17$9.6M18$14.7M19$11.3M20$287.8M20
Diluted shares23.1M24.6M26.8M35.2M46.5M

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
$65.79
your share of equity
Profit it earned you last year
−$22.6
Free cash flow it threw off
−$15.65
Debt you’d be carrying
—

10 shares is a claim on $65.79 of net worth that earned you −$22.6 and generated −$15.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-94% avg · 5y
FY21 -64%FY22 -246%FY23 -99%FY24 -28%FY25 -34%

It earned an average -94% 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
+101% shares · 5y

Share count is up 101% 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 0001558370-23-004124 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002861 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003707 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-029580 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004124 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002861 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003707 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-029580 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004124 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002861 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003707 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-029580 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004124 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002861 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003707 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-029580 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-004124 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-002861 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-003707 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-029580 (CashAndCashEquivalentsAtCarryingValue)