MeritValue

Climb Bio, Inc.

CLYMdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Climb Bio, Inc. earns about -34% on equity, but has diluted owners by 453% 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−$47.5M1−$45.2M2−$35.1M3−$73.9M4−$59.9M4
Operating cash flow−$36.1M5−$37.4M6−$20.6M7−$15.6M8−$54.4M8
Capital expenditure——$09$010$186,00010
Free cash flow (derived)——−$20.6M7−$15.6M8−$54.5M8
Total debt—————
Cash & equivalents$46.9M11$43.6M12$93.1M13$87.2M14$35.7M14
Diluted shares12.3M26.3M27.0M48.2M67.8M

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
$23.66
your share of equity
Profit it earned you last year
−$8.83
Free cash flow it threw off
−$8.04
Debt you’d be carrying
—

10 shares is a claim on $23.66 of net worth that earned you −$8.83 and generated −$8.04 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-34% avg · 5y
FY21 -28%FY22 -35%FY23 -33%FY24 -35%FY25 -37%

It earned an average -34% 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
+453% shares · 5y

Share count is up 453% 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 0000950170-23-006279 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038023 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-044350 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-092546 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006279 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038023 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-044350 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-092546 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-044350 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-092546 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-006279 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-038023 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-044350 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-092546 (CashAndCashEquivalentsAtCarryingValue)